The hottest leaf sandalwood construction machinery

Ye Tan: is the spring of the construction machinery industry fading away

introduction: the era of digging land, building houses and building infrastructure in China has not passed, but the relevant industries have shown signs of stagnation. The enterprise development model formed during the great leap forward in infrastructure construction is undergoing a severe test, from cold to hot. After five years of unconventional development, the domestic mechanical engineering industry has slowed down, mainly in the tightening of funds and sales

the era of China's land excavation and housing construction and capital construction has not passed, but the relevant industries have shown signs of stagnation. The enterprise development model formed during the Great Leap Forward period of infrastructure construction is undergoing a severe test

after five years of unconventional development, the domestic mechanical engineering industry has slowed down, mainly reflected in the tightening of funds and the decline in sales

major domestic mechanical engineering companies listed in Hong Kong to raise funds. In December, 2010, Zoomlion launched H-shares and raised HK $15billion. On August 23 this year, XCMG announced that it had been approved by the China Securities Regulatory Commission to issue about 593million H shares in Hong Kong, including about 77.35 million over allotments, and planned to raise $1 billion to $1.5 billion (about 6.38 billion to $9.5 billion). The next day, Sany announced that it planned to issue about 1.54 billion H shares, including about 201 million over allotment shares. After the completion of this offering, Sany Heavy Industry will be listed on the main board of the Hong Kong stock exchange. The company plans to go to Hong Kong for a hearing on September 1 and plans to raise $3billion (about 19.1 billion yuan). Listing in Hong Kong is not only the performance of expansion, but also the dominance of capital worries

while financing, the accounts receivable of the whole industry began to soar

from the statement, the performance and profits of mechanical engineering companies are good. As of August 23, 11 major construction machinery enterprises (Shenwan industry classification) have disclosed semi annual reports, with a total operating income of 77.385 billion yuan, an increase of 54.51% year-on-year; The net profit was 10.139 billion yuan, an increase of 72.58% over 5.875 billion yuan last year

but the operational risk is also increasing. Sales revenue fell, and April this year became the inflection point of sales decline. According to the sales data of the Construction Machinery Association, BANOVA reg; The light wood of the company can be made into a structure similar to the composite board. In April, the growth rate of the sales of construction machinery products slowed down significantly. The sales of excavators, loaders, bulldozers and rollers increased by 25.3%, 2.9%, 1.0% and 0.7% year-on-year respectively, down 18.7%, 40.1%, 72.1% and 19.7% respectively compared with the growth rate in March

the company's cash flow fell sharply. The cash flow of the above 11 companies totaled -2.634 billion yuan, compared with 5.613 billion yuan in the same period last year. Among them, the net cash flow from operating activities of Sany Heavy Industry was 251 million yuan, a significant decrease of 89.99% year-on-year; XCMG's net cash flow was about -916 million yuan, compared with 2.091 billion yuan in the same period last year. Cash flow tightened and accounts receivable increased. As of June 30, the balance of accounts receivable of XCMG machinery in the first half of the year increased by 5.836 billion yuan or 148.33% compared with the balance at the end of last year; The net accounts receivable of Sany Heavy Industry in the first half of the year also reached 13.355 billion yuan, a substantial increase of 133.16% year-on-year

the mode dominated by credit sales in the mechanical engineering industry has great risks and will change greatly. In the past, the sales of domestic construction machinery were mainly financial leasing and bank mortgage. Customers only need to pay 20% - 30% down payment to extract the equipment. In the first half of this year, many companies competed to sell in the way of zero down payment in order to win customers in the fierce competition. This makes the mechanical engineering enterprises fall into the vicious circle of price war. When the funds of downstream enterprises are tightened and unable to pay the balance, bad debts increase significantly. Many of the current accounts receivable will be converted into bad debts

mechanical engineering companies have achieved leapfrog development in just a decade. In the past, stimulated by the active fiscal policy and protected by the policy for domestic enterprises, mechanical engineering has achieved extraordinary development. Now, They can query and print the experimental results of waw (6) 00g/1000g electro-hydraulic servo special experimental machine for prestressed steel strand (force displacement must return to normal. Although China's urbanization process will accelerate, and although infrastructure will continue to be invested on a large scale, the investment and urban construction mode attached to the high-profit real estate market may come to an end.

the extensive operation and speed only development mode will slow down. The current scale is set according to China's demand in the strongest period. In May 2009, in order to stimulate the economy, the State Council Office The office issued the "plan for the adjustment and revitalization of the equipment manufacturing industry", which has put forward specific support measures for the construction machinery industry, energy special machinery and other industries, and the planning period will end by the end of this year

although China's urbanization and infrastructure are still advancing rapidly, the growth rate has begun to decline, and the emerging water conservancy, pollution control, affordable housing and other construction can not support the previous development scale. In the first half of the year, real estate investment remained at a high level. Once the real estate fell and the construction scale of highways and high-speed railways fell, the demand for machinery would also fall

the tightening policy since 2010 has begun to squeeze the mechanical industry enterprises that will become the mainstream trend of the development of experimental machines. If they cannot make a breakthrough in technology, these enterprises will enter a downturn for several years together with real estate enterprises. If technological breakthroughs are made during the 12th Five Year Plan period, China's mechanical engineering, together with made in China, will usher in a glorious period of decades, and the next five years will be crucial