【Original article of Road Machinery Network】First three quarters of 2023，China's Construction Machinery Industry Continues to Adjust。Take the Excavator as an example.，According to the statistics of China Construction Machinery Industry Association on the main manufacturing enterprises of Excavators，In September 2023, all kinds of Excavator 14283 were sold.，Year-on-year decline of 32.6%，Including 6263 sets in China，Year-on-year decline of 40.5%；Export 8020 sets，Year-on-year decline of 24.8%。2023 1-September，A total of 148812 excavators were sold.，Year-on-year decline of 25.7%；Among them, domestic 68075 station，Year-on-year decline of 43.3%；Export 8073 7 sets，Year-on-year growth of 0.54%。Continuous decline has become the main theme of the industry，When to see the bottom，When to recover has become a common topic that everyone is looking forward to.。The world's political and economic situation is complex.，China is in a critical period of economic recovery and industrial upgrading.，Economic operation is facing new difficulties and challenges.。The spillover effect of monetary policy tightening in developed countries such as the United States continues to emerge.，Emerging markets and developing countries face currency devaluation、Capital outflow and debt risk。The world economy and trade growth slowed down.，This has increased the downward pressure on China's foreign trade exports.。This adjustment is different from the past.，High base growth scenario may not be reproduced，Game in stock market，Finding their own way out has become the focus of attention and efforts of industry enterprises.。With export growth slowing or even declining，The domestic market has not yet stabilized, and there is no doubt that the pressure on enterprises is enormous.。An uncertain market、An uncertain future，Become the haze of industry recovery in 2023。There's no denying it，After this cyclical adjustment.，High-quality development will become a magic weapon for enterprises to survive.，Perhaps the extensive management of the past will say goodbye forever.。It can be said，At present, China's construction machinery industry is in a period of change.，The industry is moving towards electrification、Digitize、The direction of intellectualization has changed，In the process,，Enterprises are also making internal adjustments.。Maybe for every business.，To break the limits of the industry development cycle is to change.。A change in business model、Change of business strategy, etc.。 Maybe ，An uncertain future，Change is always the main theme of certainty.。
Three quarterly reports with obvious differentiation
The first three quarters of this year，The three leading construction machinery enterprises have achieved net profit growth.，But in a single season，Sany Heavy Industry's Performance Declined，Zoomlion(000157.SZ)Large increase in net profit。Of the major listed companies，Construction machinery has a larger decline in profits.，Revenue in the first three quarters of 2023 is about 24.3.8 billion yuan，Year-on-year decrease of 15.01%；Net profit loss attributable to shareholders of the listed company was approximately 3..5.1 billion yuan，Year-on-year decrease of 662.72%；Basic earnings per share loss 0..279 yuan，Year-on-year decrease of 662.72%。Zoomlion、Shantui shares、Anhui Heli、Hang Cha Group、The single-quarter revenue and net profit of five enterprises in Zhejiang increased in the first three quarters and the third quarter.。Figure 1、Illustrated in Figure 2。
First three quarters of 2023，The performance of Sunward Intelligence has turned losses into profits.，Single quarter of the third quarter，Zoomlion、Engineer Liu、Shantui shares、Hangzhou Fork Group and Zhejiang Dingli's Profit Growth in 50%Above。
Whether it is the first three quarters of revenue or net profit scale.，XCMG after overall listing(000425.SZ)All in the first place.，But revenue declined.，716.700 million yuan，Year-on-year decline of 4.51%；Net profit was 48.3.9 billion yuan，A slight year-on-year increase of 3.5%。Sany Heavy Industry also increases profits without increasing income.(600031.SH)，Its revenue in the first three quarters was 555..2.2 billion yuan，Year-on-year decline of 5.15%；Net profit was 40.4.8 billion yuan，Year-on-year growth of 12.51%。
Look at the single season，Sany's third quarter net profit 6.4.7 billion yuan，Year-on-year decline of 32.78%，It is also the only one of the three leading enterprises whose performance declined in a single quarter.。The second quarter of this year，Sany's net profit is about 18..8.8 billion yuan。Based on this calculation，The company's third-quarter net profit fell 65% from the previous quarter.7%。Sany Heavy Industry said，Its third-quarter net profit fell.，This was mainly due to the decrease in government grants related to revenue received and the impact of exchange rate changes.。The same period，Sany Heavy Industry's exchange losses arising from changes in exchange rates due to receivables and payables and foreign currency monetary funds are classified as recurring losses.、Income from forward foreign exchange contracts arising from lock-in operations is included in non-recurring profits.，Resulting in a year-on-year decline in non-net profit of nearly 60 percent。
Slide down，It's still slipping
In September 2023, all kinds of excavator 14283 were sold.，Year-on-year decline of 32.6%，The decline was 5% larger than that in August.1%。Including 6263 sets in China，Year-on-year decline of 40.5%，The decline was 2% larger than that in August.8%；Export 8020 sets，Year-on-year decline of 24.8%，The decline was 7% larger than that in August.6%。Export sales accounted for 56 percent.2%，Maintain 55 for 5 consecutive months%Above。2023 1-September，A total of 148812 excavators were sold.，Year-on-year decline of 25.7%；Among them, domestic 68075 station，Year-on-year decline of 43.3%；Export 8073 7 sets，Year-on-year growth of 0.5%。Figure 3-5。
According to the statistics of China Construction Machinery Industry Association on the main loader manufacturing enterprises，Sales of 7689 loaders of various types in September 2023，Year-on-year decline of 20.5%。4237 units were sold in the domestic market.，Year-on-year decline of 24.2%；Export sales of 3452 sets，Year-on-year decline of 15.4%。2023 1-September，A total of sales of various types of loader 78104.，Year-on-year decline of 15%。Among them, 414 units were sold in the domestic market.，Year-on-year decline of 30.2%；Export sales volume 36690 set，Year-on-year growth of 12.7%。Figure 6、Illustrated in Figure 7。
2023 1-A total of 2100 electric loaders were sold in September（3 tons 8 sets，5 tons 1602 sets，6 tons 490 sets），435 units were sold in September.。From last year to this year，Steady increase in sales of electric loaders，Especially after April.，Sales increased by 100% year on year%Above，In September, it reached an astonishing 540.%，Electric loaders also accounted for 10% of total sales%。Illustrated in Figure 8。
Export Growth Slows, Road to Recovery Adds New Variables
According to customs statistics，In the first three quarters of 2023, China's import and export trade volume of construction machinery was 390.$5.6 billion，Year-on-year growth of 12.6%。Of which, the import amount is 19.$4.3 billion，Year-on-year decline of 8.61%；Export amount 371.$1.3 billion，Year-on-year growth of 13.9%，Trade surplus 351.$700 million，Year-on-year increase of 47.$2.2 billion。Total imports and exports in September 2023 42.$4.7 billion，Year-on-year decline of 3.51%。Among，Import value 1.$900 million，Year-on-year growth of 1.81%，Exports 40.$5.8 billion，Year-on-year decline of 3.75%，Shown in Table 1。Exports of construction machinery products in the third quarter of 2023 122.$1.2 billion，Year-on-year decline of 3.92%。Third-quarter imports 6.$3.5 billion，Year-on-year growth of 1.41%。Calculated on the basis of exports denominated in RMB，Exports in September were 291.$4.9 billion，Year-on-year growth of 1.83%；1-The export volume in September was 2593.500 million yuan，Year-on-year growth of 21.7%。Shown in Table 2。But exports fell in August from a year earlier.，Drop 0.52%，September saw a slight increase of 1.83%。
1-September，The largest increase in exports was in Europe.，The export volume is 100.$0.6 billion，Growth 35.3%，Exports accounted for 27 percent%。Asian exports, which account for a large proportion of exports, are 148..$6.3 billion，Accounting for 40% of total exports.05%，Year-on-year growth of 10.3%；Exports to Africa 33.$8.7 billion，Year-on-year growth of 16.4%，9%.13%；Export to South America 32.$7.9 billion，Growth 8.85%，8%.84%；Exports fell in North America by 40 percent.$1.4 billion，Year-on-year decline of 3.77%，10%.82%，Oceania 15.$6.3 billion，Year-on-year decline of 2.72%，4%.21%。
Construction machinery export growth showed a downward trend.，Affected by the change of international market demand and RMB exchange rate，Since June, the rapid growth of export volume has slowed down.，7、8、Exports in dollar terms fell 5. 5% in September..89%、2.02%、3.75%。
Export growth slowed down，Undoubtedly, it adds another variable to the recovering industry.。
Trillions of additional treasury bonds are expected to boost the industry
2023 1-September，National fixed asset investment growth rate 3.1%，Growth continued to slow down during the year.。Infrastructure investment growth rate 6.2%，Among them, the road transport industry increased by 0..7%、Public facilities management industry grew by 1.2%，The growth rate is much lower than that of infrastructure as a whole.，Despite the overall infrastructure to maintain a relatively high growth rate。Figure 9、Illustrated in Figure 10。
Figure 9 2023 1-Infrastructure growth in September
Figure 10 2023 1-Growth rate of some infrastructure industries in September
Real estate policy continues to be good，Marginal improvement in demand，Look forward to the start of construction。New housing construction area in September 2023、Infrastructure investment、The cumulative year-on-year growth rates of coal mining and investment were:-23.4%、8.64%、9.40%。Real estate development end，1-In September, investment in real estate development fell 9..1%，Among them, the amount of construction and installation projects completed decreased by 20% year on year.9%，Construction and installation investment goes down synchronously。Look at the construction end，The new construction area is still in a state of deep decline.，1-Year-on-year drop of 23 in September.4%，Under the influence of new construction and deep drawdown，Construction area was also weak.，1-September down 7. 5% from a year earlier.1%。Figure 11、Illustrated in Figure 12。
Figure 11 2023 1-Real estate development investment growth in September
Figure 12 2023 1-Growth rate of new real estate construction area in September
October twenty fourth，The Standing Committee of the National People's Congress approved the issuance of additional treasury bonds and the adjustment of budgetary arrangements.，2023Q4. Issuing 1 trillion yuan of treasury bonds and raising the deficit rate to 3.8%，Among，This year, we plan to use 500 billion yuan.，500 billion yuan carried forward to next year，According to the Ministry of Finance，Focus on eight major areas：Post-disaster recovery and reconstruction、Key flood control project、Natural Disaster Emergency Response Capacity Improvement Project、Other key flood control projects、Construction and transformation of irrigation areas and key soil erosion control projects、Action to improve urban drainage and waterlogging prevention capacity、Key Natural Disaster Comprehensive Prevention and Control System Construction Project、Construction of high-standard farmland in Northeast China and disaster-stricken areas in Beijing, Tianjin and Hebei。In addition，One trillion treasury bonds were issued in the fourth quarter of this year.，It means that it will not squeeze the debt quota and market liquidity next year.，On the basis of effectively supporting this year's steady economic recovery,，It will also provide more room for fiscal policy next year.，It is conducive to maintaining the sustainability of policy efforts.。Increase deficit by issuing additional treasury bonds，The central finance has made active efforts.，Increased investment in infrastructure，Construction machinery industry demand is expected to improve。
【Original article of Road Machinery Network，Please indicate the source for reprinting.】
