Export sales hold up half the sky of revenue，Reduce cost and improve efficiency“Be stingy” Profits 。This yearH1 Most listed companies of construction machinery maintain a positive growth rate。
The first half of this year，Affected by the continuous adjustment of the real estate market and other factors，The domestic construction machinery industry is still in the adjustment period.。Under the influence of last year's high base，This year, the growth rate of export volume and export amount of China's construction machinery products began to slow down.，Trade frictions impose certain restrictions on exports in some regions.。However, the strong leading enterprises are always reflected in the financial report.，Net profit growth is not high.，But under the background of poor domestic demand in the industry.，It's not easy.。
Second half of the year，Can industry boom maintain the momentum of recovery?？Construction machinery industry chain personage told the Financial Associated Press reporter.，With the development of overseas markets,、The incubation of emerging industries is driven by factors such as cost reduction and efficiency improvement.，In the first half of this year, the cyclical fluctuation of the industry was smoothed.，The proportion of overseas business revenue is expected to continue to increase in the second half of the year.，This will become a hedging cycle.、To achieve profit growth“Stabilizer”。From the domestic market，Favorable factors are expected to be gradually realized，The main logic is that the last round of mechanical equipment has been in a large-scale replacement window period.，Superimposed series of related policy promotion，Is expected to usher in“Large-scale equipment renewal+The industry updates itself”Doubly periodic resonance。
Cut more“Overseas cake”，H1 Most of the profits are growing.
From this yearH1 Interim Report of Major Construction Machinery Manufacturers“Report card” Look ，With the continuous improvement of industry concentration，Market share of leading enterprises expanded，It shows a trend that the strong are always strong.。Statistics show，XCMG（000425.SZ）、Sany Heavy Industry（600031.SH）、Zoomlion（000157.SZ）、Engineer Liu（000528.SZ）、Shantui shares（000680.SZ）A total of 19 construction machinery enterprises，Total revenue in the first half of the year 2964.4.3 billion yuan，Total net profit attributable to parent company 215.3.3 billion yuan。First half，Except for construction machinery（600984.SH）Outside，All the enterprises included in the statistics are profitable.。
Among，Double growth of revenue and net profit of 9 enterprises，More than 60% of enterprises have a positive growth rate of net profit.，Engineer Liu、China Longgong（03339.HK）The growth rate is faster，Year-on-year growth of 60.20%、49.19%。XCMG、Sany Heavy Industry、China Longgong this yearH1. Increase profits without increasing income。
First look“Construction machinery”Three leading companies，XCMG achieved operating income of about 496 in the first half of the year.3.2 billion yuan，Year-on-year decrease of 3.21%；Net profit attributable to shareholders of the listed company was approximately 37.5%..0.6 billion yuan，Year-on-year increase of 3.24%；
Sany Heavy Industry achieved operating income of 387 in the first half of the year.3.8 billion yuan，Year-on-year decline of 1.95%；Net profit attributable to shareholders of the listed company 35.7.3 billion yuan，Year-on-year growth of 4.80%；
Zoomlion achieved operating income of 245 in the first half of the year.3.5 billion yuan，Year-on-year growth of 1.91%；Net attributable profit 22.8.8 billion yuan，Year-on-year growth of 12.15%。
The financial report shows，The proportion of overseas revenue of these three leading enterprises has increased to varying degrees.，Take Zoomlion as an example.，The first half of this year，Overseas income of the Company 120.4.8 billion yuan，Year-on-year growth of 43.90%，Revenue share rises to 49 percent.10%，A significant increase of 14% over the same period last year.32 percentage points。
XCMGHThe international income is nearly 22 billion yuan.，The proportion of total revenue has increased to 44.%（40% in the same period last year.75%）；Sany Heavy IndustryHOverseas income accounted for 62% of the main business income.23%（The same period last year accounted for 56..88%）。
The financial report shows，Gross profit margin of XCMG's overseas products 24.41%（Year-on-year increase of 1.22 percentage points），Higher than 21 in China.69%。Introduction of the company，First half of 2024，The overall market share of the terminal sales of its overseas products is 4.43%，Year-on-year increase of 0.58 percentage points。Digging machine、Loader、Road Roller、The overseas market share of major products such as AeriaL Work Platforms has increased.。
The other two companies have a bigger gap between overseas and domestic gross margins.。TrinityH1 The gross profit margin of overseas products was 31.5%..57%，Higher than 23 in China.03%；ZoomlionH1 The gross profit margin of overseas products was 32..13%，Higher than 24 in China.63%。
Under the influence of last year's high base，This year, the growth rate of export volume and export amount of China's construction machinery products began to slow down.，Trade frictions impose certain restrictions on exports in some regions.。Future overseas export growth“Wind direction”Whether there is any change？
“Compared with the domestic market, it is in the bottoming stage of the big cycle.，Huge overseas market space，The cycle volatility is small。”Xugong Machinery believes that，Internationalization is the most important and urgent way to cross the industry cycle.。
The relevant person in charge of Zoomlion told the Financial Associated Press reporter.，Look back two years.，Overseas market is still a blue sea market for China's construction machinery.。From the perspective of the proportion of major export markets，At present, there is still much room for improvement in the expansion of product categories in many countries.。
Compared with the big families going to sea，Some companies this yearH1. Net profit growth rate has declined，Construction machineryH1 Achieve total operating revenue 13.1.8 billion yuan，Year-on-year decline of 16.06%；Net profit loss attributable to parent company 4.2.1 billion yuan，The company's overseas revenue accounted for about 6 percent.5%；Revenue of China Railway Construction Heavy Industry in the first half of the year、Net profit fell 13. 5% year-on-year..67%、29.48%。Decrease in net profit，The company said，Mainly due to the decline in the scale of income，At the same time, investment income、Other income decreased as compared with the corresponding period of last year.。The financial report shows，The company's overseas business revenue accounted for 11..61%。
Looking at the Recovery Process of Domestic Demand in the Second Half of the Year
Affected by the continuous adjustment of the real estate market and other factors，This yearHDomestic demand of construction machinery industry is still hovering at the bottom。Major construction machinery enterprises improve efficiency through cost reduction、Adjust the product structure and other measures to improve the gross profit rate of products。In addition，The cost of construction machinery is mainly steel.，The downward trend of steel prices has eased the pressure on the cost side of construction machinery.，Gross profit margin has increased。
For example, China Longgong's revenue fell 6..39%，However, net profit increased by 49.%，The company said that the increase in net profit was mainly due to the effectiveness of the Group's efforts to improve quality control.，The comprehensive gross profit rate of products has increased year on year.。
Association statistics show that，In the first half of the year, the sales volume of major products in the industry showed the characteristics of stabilizing at the bottom.。In the first half of the year, the 12 major categories of products included in the association's statistics were sold at home and abroad by 96.890,000 units，Year-on-year growth of 4.58%；Among，Total domestic sales 59.710,000 units，Year-on-year growth of 0.31%；Exports totaled 37.170,000 units，Year-on-year growth of 12.3%。Twelve categories of major products are exported.，Ten categories have achieved positive growth.，Of which, the Paver increased by 89 percent.5%。
Look at the products，Excavator sales data become the vane of industry prosperity。CMEForecast sales of all kinds of Excavator 14300 in August this year，Year-on-year increase of 9%，Among them, 6600 sets were sold domestically.，Year-on-year increase of 17%，The growth rate was flat；Export 7700 units，Year-on-year increase of 4%，For the first time in 2024, it turned positive year-on-year.。
Zoomlion related executives previously told the Financial Associated Press reporter.，At present, the domestic sales of Excavators are mainly due to the growth of Small Excavators.。From the perspective of the company itself，The proportion of Earthmoving Machinery revenue in the company's total revenue has increased.。Especially in domestic sales.，Medium and large excavator product spectrum is more comprehensive。In addition，High Machine、Agricultural Machinery、Mining Machinery and other growth industries are developing rapidly.，The company can better respond to market changes through category expansion and extreme cost reduction.。
Another person from the main engine factory told the Financial Associated Press reporter.，The upward cycle of the last round of construction machinery is 2016.-2020，Based on 8-year service life，The last round of sales equipment has been in the window period of large-scale replacement.，Superimposed series of related policy promotion，Is expected to usher in“Large-scale equipment renewal+The industry updates itself”Doubly periodic resonance。
（Source：Financial Associated Press）
