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The domestic machine tool industry maintains a high degree of prosperity. After the Spring Festival this year, the machine tool output and total import and export volume both showed a strong upward trend, mainly benefiting from the recovery of the downstream auto parts industry and the bearing industry. In April, the machine tool output continued to grow slightly on the basis of last month. Although the growth rate of the machinery industry has slowed down under the continuous tightening policy, from the perspective of the whole year, we are still optimistic about the construction machinery, CNC machine tools and energy equipment industries that benefit from urbanization, labor substitution, and green intelligence.
Affected by the continued austerity and the slowdown in the construction of high-speed rail and nuclear power projects planned by the state, the growth rate of construction machinery sales in April dropped significantly. However, the recovery of private investment can be seen in the rebound of machine tools, petrochemical general equipment, and foreign machinery product orders.
In many sub-segments of construction machinery, loaders and excavators have alternatives in terms of some functions. The sales volume of excavators in China has increased rapidly in recent years, with a compound growth rate of over 50%. In the traditional fields such as infrastructure and mining using loaders, demand still exists, and it is expected that the loader will maintain a steady growth of around 10%.
Tracing back to the source, the excavator has developed rapidly, mainly because China's accession to the World Trade Organization (WTO), the key hydraulic components required for excavators can be imported, reducing the sales price of excavators, and also giving Chinese domestic companies the opportunity to participate in excavator manufacturing and achieve rapid development. Opportunity. Although the excavator can replace the loader in some functions, the price of the loader in China is quite different from that of the excavator. Moreover, the conditions of working conditions in China are complicated, which limits the extension of the excavator's alternative to the loader, which leads to the symbiosis of the excavator and the loader in China.
Mechanical manufacturing tightening does not hinder long-term growth
The decline in construction machinery is exaggerated. Although austerity brings industry volatility, it does not represent a recession. In April, excavator sales increased by 21% year-on-year, loaders decreased by 2.86%, bulldozer sales increased by 1% year-on-year, and truck cranes increased by 14.6%.