Overseas markets strengthened, and the net profit of the three major construction machinery leaders continued to grow positively in the first half of the year.

Recently, Sany Heavy Industry (600031), Xugong Machinery (000425), and Zoomlion Heavy Industry (000157) successively disclosed semi-annual reports. During the reporting period, the net profit of the three companies all achieved positive year-on-year growth. Among them, Xugong Machinery has the largest revenue and net profit. Zoomlion Heavy Industry's performance has the highest year-on-year growth rate, and Sany Heavy Industry's overseas market share has increased to 60%.

Specifically, in the first half of the year, XCMG Machinery achieved revenue of 49.632 billion yuan, a year-on-year decrease of 3.21%, and a net profit of 3.706 billion yuan, a year-on-year increase of 3.24%; Sany Heavy Industry achieved revenue of 38.738 billion yuan, a year-on-year decrease of 1.95%, and a net profit of 3.573 billion yuan, a year-on-year increase of 4.8%; Zoomlion achieved revenue of 24.535 billion yuan, a year-on-year increase of 1.91%, and net profit of 2.288 billion yuan, a year-on-year increase of 12.15%.

All three companies above stated in their announcements that the improvement in performance was affected by the growth of overseas revenue.

According to reports, in the first half of the year, all three companies achieved growth in overseas income, and the proportion of overseas income further increased. Among them, Sany Heavy Industry achieved overseas revenue of 23.542 billion yuan, a year-on-year increase of 4.79%, and its proportion in total revenue increased to 62.23%. Xugong Machinery's overseas revenue was 21.9 billion yuan, a year-on-year increase of 4.8%, and its share of total revenue increased to 44%. Zoomlion's overseas revenue grew the highest, with a year-on-year increase of 43.9%, and its proportion in total revenue increased to 49.1%, surpassing XCMG Machinery.

In addition, the gross profit margin of overseas products of the three companies is higher than that of domestic products, with Zoomlion's domestic and foreign products having the highest gross profit margin. In the first half of the year, the gross profit margins of overseas products of Zoomlion Heavy Industry, Sany Heavy Industry, and Xugong Machinery were 32.13%, 31.57%, and 24.41% respectively, while the gross profit margins of domestic products were 24.63%, 23.03%, and 21.69% respectively.

From the overall perspective of the industry. In the first half of 2024, my country's construction machinery import and export trade volume was US$27.134 billion, a year-on-year increase of 3.13%. Among them, the export value was US$25.837 billion, a year-on-year increase of 3.38%.

Data from the China Construction Machinery Association shows that in the first half of the year, the cumulative domestic and foreign sales of the 12 major categories of products included in the association's statistics were 969,000 units, a year-on-year increase of 4.58%; of which, the cumulative domestic sales were 597,000 units, a year-on-year increase of 0.31%; The cumulative export sales were 372,000 units, a year-on-year increase of 12.3%.

In addition, in the first half of the year, electrified construction machinery products grew significantly.

XCMG Machinery stated that in the first half of the year, revenue from high-end products increased by more than 10% year-on-year, accounting for more than 32% of total revenue, a year-on-year increase of 4 percentage points. Among them, new energy products entered the fast lane of growth, with revenue increasing by 26.76% year-on-year. Revenue from new energy loaders nearly tripled year-on-year, accounting for 23.3% of total revenue, ranking first in the industry in sales. Driven by lithium-battery straight-arm platform vehicles, XCMG Fire Services accounted for 74% of its revenue from new energy products, a year-on-year increase of 6.7 percentage points.

Zoomlion mentioned in its announcement that new energy hosts continue to expand and the industrialization of key components is accelerating. In the first half of the year, the company listed 22 new energy host products, covering aerial work machinery, concrete machinery, engineering cranes, earth-moving machinery, etc. A number of new energy hosts such as 100-ton pure electric telescopic boom crawler cranes and 55-ton towed wire electric digging have been rolled off the production line.

According to statistics from the China Construction Machinery Industry Association, in the first half of this year, a total of 5114 domestic electric loaders were sold, a year-on-year increase of 361%; electric forklifts were sold 469,000 units, an increase of 24.2% over the same period last year, accounting for 70.8% of total forklift sales; The electric rate of lifting work platforms exceeds 90%.

Sany Heavy Industry said that in the first half of 2024, the overall operation of the construction machinery industry will gradually improve. Domestic demand has bottomed out and rebounded. Driven by multiple positive factors such as the gradual implementation of a series of policies such as the "Action Plan to Promote Large-scale Equipment Renewal and the Swap of Consumer Goods", the replacement of labor by machinery, and the acceleration of the industry's low-carbon transformation trend, the market has accelerated. recovery trend. The overseas market is making steady progress. The global competitiveness of Chinese companies continues to improve, the overseas market share has steadily expanded, and the overseas market has broad prospects.

As of the close of August 30, Sany Heavy Industry reported 16.12 yuan/share, with a total market value of 136.617 billion yuan; Xugong Machinery reported 6.36 yuan/share, with a total market value of 75.151 billion yuan; Zoomlion Heavy Industry reported 6.32 yuan/share, with a total market value of 54.845 billion yuan.