The double reduction of the central bank has broug

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The "double reduction" of the central bank has brought benefits to the construction machinery industry in difficulties. The "double reduction" of the central bank has brought benefits to the construction machinery industry in difficulties. As for the current situation faced by the mechanical engineering industry, Zeng Guangan pointed out that in the short term, the release of a large amount of production capacity formed by industrial investment has brought about product structural surplus, while the stock equipment with high social saturation has also inhibited short-term demand, It will take time for the market to clear

however, the recent "double drop" of the central bank is good for the construction machinery sector

it is reported that the overall asset liability ratio of Listed Companies in the construction machinery sector is about 56%, and the total financial cost of the sector in 2014 was about 3.55 billion yuan. According to the calculation of Ping An Securities, assuming that the interest rate cut reduces the common faults of the high and low temperature impact testing machine and the legal fees of the troubleshooting party by 5%, it is estimated that the financing cost will be saved by about 180million yuan for the listed companies related to construction machinery, and the net profit of the sector will be directly increased by about 4.5%

"if the superposition effect of several interest rate cuts in 2015 is taken into account, the financial expenses of the enterprise can be reduced by about 17.9%. It is estimated that 1. the failure to place the jaws properly during clamping saves the financing cost of the listed companies related to construction machinery by about 640million yuan, directly increasing the net profit of the sector by about 16.3%." Ping An Securities said

"as the asset liability ratio of the important downstream real estate and construction industries of construction machinery is generally as high as 70%-80%, which is sensitive to the cost of capital, the reduction of reserve requirement and interest rate is conducive to the recovery of relevant downstream industries, increasing the purchase willingness of the demander and the investment willingness of enterprises, and then stimulating the increase in the demand for construction machinery." It also pointed out that in addition to directly benefiting from the reduction of financing costs, construction machinery will also enjoy the new demand brought about by the recovery of the downstream and benefit more

however, the above machinery industry analysts of securities companies listed in South China also suggested that attention should be paid to whether the economy will form a downward breakthrough trend, which will lead to the risk of accelerating the downward trend of industry demand and corporate profits

the statistical data of the Construction Machinery Association also shows that in July, the sales volume of excavators in China was 3236, a year-on-year decrease of 29.9%, and the monthly cumulative sales volume was 38946, a year-on-year decrease of 40.8%. In July, the sales volume of loaders in China was 4482, a year-on-year decrease of 61.5%, and the monthly cumulative sales volume was 43087, a year-on-year decrease of 58.7%

in addition, it can be seen that the impact of the recent RMB depreciation on the construction machinery sector is mainly reflected in the companies with a high proportion of exports, but it will also increase the purchase cost of imported parts

in recent years, Chinese construction machinery enterprises have been actively looking for overseas markets. For example, Xiamen Construction machinery products have been sold to more than 50 countries and regions overseas, and have more than 30 offices and dealers overseas; At present, Sany has many overseas R & D and manufacturing bases in the United States, Germany, India, Brazil and other countries. The group's business covers more than 100 countries and regions around the world. With the continuous development of Chinese construction machinery enterprises, mergers and acquisitions of overseas enterprises and the establishment of factories abroad have also become important ways for Chinese enterprises to develop and expand


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