It is worth mentioning that the new carbon fiber composite pump truck released by Zoomlion this time. Through the application of carbon fiber technology, the boom of the four axle pump truck is extended from 50m to 56m, which is 35% lighter than the steel boom. The boom weight is reduced by 300kg and the whole machine is 3 tons lighter. Compared with imported similar products, the cost is greatly reduced. Zoomlion also added the carbon fiber and metal mixed structure to the chip sensor to realize the deep combination of lightweight and intelligence.
In addition, Sany Heavy Industry has launched electric products for excavators, dump trucks, mixers, loaders, cranes and port tractors. State machinery Changlin, Anhui Heli, Hangcha group and Zhejiang Dingli also have their own electric construction machinery products on the market.
The market competition for electric construction machinery is about to begin. It is expected that major construction machinery manufacturers will launch their main electric products in 2023, and 2025 will usher in the first peak of sales of electric products. Since Chinese construction machinery manufacturers have occupied the commanding heights of some industries, the electric transformation, which is laid out in advance and has gained advantages, has become a blessing to the existing advantages. Taking Zoomlion as an example, the moat of the company's core plate is strong, and the competitive advantages of hoisting machinery and concrete machinery products are obvious. With the advance layout and timely harvest of electrification, Zoomlion has firmly locked the incremental space of relevant construction machinery market segments.
Superimposing the concept of 'carbon neutralization', the construction machinery sector highlights the investment value
In 2020, China's unique economy will drive a shares to rise all the way. The performance of the construction machinery sector under the expectation of steady growth is eye-catching. In 2021, although the A-share market fluctuated sideways for several months, the trend of individual stocks related to the concept of 'carbon neutralization' sang all the way. It is worth mentioning that although the valuation focus of each leader in the construction machinery sector will decline in 2021, the recent green transformation trend of the industry as a whole has opened up imagination space for the next trend.
Wind data shows that recently, the funds on the floor are eager to chase the stocks related to the concept of 'carbon neutralization', and the trend of this subject also shows an obvious upward trend. Among the 'carbon neutral' related stocks, in addition to the traditional green industries such as new energy materials, photovoltaic and environmental protection, automobile, parts and other related equipment manufacturing enterprises also appeared. Looking forward to the stock market in 2022, the market's pursuit of the concept of 'carbon neutralization' is expected to extend downstream, and the construction machinery sector is likely to become the main battlefield.
'Carbon neutralization' theme performance all the way up. Data source: wind
With the introduction of the 'double carbon' policy, the investment scale of new energy fixed assets has increased, and the application fields of motorized and intelligent energy enabled construction machinery have been continuously expanded. The industry boom is expected to usher in a new high. CSC believes that leading construction machinery enterprises have stronger R & D strength and earlier layout in the field of electrification, which will lead the progress and change of the industry. Sany Heavy Industry, Zoomlion and other companies that layout new energy products in advance are expected to take the lead in benefiting.
On the track, Zoomlion has established its leading edge by making layout in advance and making continuous efforts. The 'military parade' of new energy products on November 26 covered a full range of new energy products and diversified combinations of new energy applications, fully demonstrating Zoomlion's product, technical strength and industry leading ability.
At the same time, the fundamentals of the construction machinery industry will also be improved. With the strengthening of policies and measures to stabilize growth, the issuance of follow-up special bonds is expected to speed up. It is expected that the proportion of special bonds invested in infrastructure in the second half of the year will be higher than that in the same period last year, which will support the rebound of infrastructure investment. In terms of the demand boom of different products, the growth rate of pump truck, mixer truck and tower crane in the post cycle is generally better than that of the industry. Pump truck and tower crane are still at the peak of renewal. Mixer trucks benefit from overload control policies and lightweight. It is expected that in the subsequent process of industry demand repair, the growth rate of post cycle equipment is expected to be higher and the boom sustainability is good.
In 2022, the construction machinery sector will continue to maintain the situation that the strong will always be strong, and the performance of old brand leaders with stable operation is still worth looking forward to. Taking Zoomlion as an example, in the first three quarters of this year, the company's sales scale of tower cranes ranked first in the world, the sales volume of truck cranes of 30 tons and above ranked first in the industry, and the domestic market share of crawler cranes ranked first in the industry. The market position of the company's concrete machinery remains 'one of the best'. Among them, the market share of long boom pump truck, on-board pump and mixing plant still ranks first in the industry. The advantages of lightweight mixer products are prominent, and the market share ranks among the top three in the industry.
As of the date of this article, the price earnings ratio of Zoomlion's share price is 8.38 times. It has been a corresponding depression in the construction machinery sector, which has been adjusted in place compared with the high of 20 times in March this year. With the company's sales expected to stabilize in the fourth quarter and the advantages of new energy products recently displayed by the company, Zoomlion with the concept of 'carbon neutralization' is worth looking forward to.