I. Revenue of Listed Construction Machinery Companies
1. The industry remains sluggish, and the turning point has not yet appeared
In the first half of 2013, 21 listed companies completed operating revenue of RMB 118.549 billion, down 13.07% year on year; achieved operating profit of RMB 8.986 billion, down 44.17% year on year; and achieved net profit of RMB 7.624 billion, down 44.68% year on year. Among them, the traditional construction machinery industry as a whole was in a downward channel. Sany Heavy Industry, Zoomlion, XCMG and other companies saw revenue decline by 30%, 31% and 24% respectively due to sharp declines in revenue from core businesses such as concrete machinery or truck cranes; road machinery companies such as Dagang Road Machinery and Senyuan Corporation saw operating revenue grow by more than 90% year on year; Xinzhu Corporation and Xingma Automobile benefited from changes in business structure and achieved explosive growth in performance, but the main businesses of these two companies have already changed. In the first half of the year, most categories of construction machinery, represented by excavators, were in a weak recovery. Since May, industry sales have successively turned positive year on year month by month, but concrete machinery fell sharply in the first half of this year due to irrational promotions in the first half of last year. As major construction machinery companies began to adopt more cautious sales policies in the second half of last year, the base for the second half of this year is low. Therefore, it is expected that most construction machinery categories, represented by excavators, will achieve positive year-on-year growth in the second half, with full-year sales basically flat with last year; because concrete machinery demand was severely pulled forward last year, it is expected to still decline by about 30% for the full year this year.
Table 1 Performance Growth of Listed Companies in the Construction Machinery Industry in the First Half of 2013
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