Seasonal rebound in mechanical sales,industry valuation safety margin gradually emerging
Fixed assets investment has stabilized, and the recovery of growth rate still needs to wait
Release time：
2024-08-20
Source：
Fixed assets investment has stabilized, and the recovery of growth rate still needs to wait. From January to August, the cumulative investment in fixed assets was 18.06 trillion yuan, up 25.0% year on year, and the cumulative completed amount of new fixed assets investment was 7.4 trillion yuan, up 35.0% year on year, which is not much different from the previous period. Real estate investment in major downstream industries remains relatively stable, while the growth rate of railway investment has significantly declined. Due to the continued high CPI, it is unlikely that policies will be relaxed in the short term, and railway investment will need to wait until the investigation into high-speed rail accidents is completed before restarting. On the whole, the recovery of growth rate of fixed assets investment still needs to wait.
The sales volume of the construction machinery industry has rebounded seasonally compared to the previous period. In August, entering the peak season for construction machinery sales, the year-on-year decline in sales of excavators, cranes, and bulldozers has narrowed, while the year-on-year increase in sales of loaders has expanded; Each sub industry has shown varying degrees of growth compared to the previous period; The export market has rebounded. September is the traditional peak sales season for the second half of the year, and it is expected that the sales of construction machinery will rebound in the next 1-2 months compared to the previous month. However, due to the high base since September last year, the year-on-year decline may continue.
The safety margin of industry valuation is gradually emerging. At present, the overall static PE of the construction machinery sector is 12.64X, and the overall PB is 2.56X, with a valuation level close to the level during the 2008 financial crisis. The urbanization process in our country is still advancing, and with the continuous improvement of product quality, there is still room for growth in import substitution and exports. Investors will gradually become accustomed to the industry returning to stable growth from high-speed growth in previous years. After significant adjustments in the early stages, the industry valuation gradually reflects pessimistic expectations. After the stock price continues to adjust, construction machinery will have a certain safety margin.
industry,autoindustry
Related News
2025-04-10
E-mail: sales@apsmachinery.com
No.311,Panlong district ,Kunming,Yunan,China
COOKIES
Our website uses cookies and similar technologies to personalize the advertising shown to you and to help you get the best experience on our website. For more information, see our Privacy & Cookie Policy
COOKIES
Our website uses cookies and similar technologies to personalize the advertising shown to you and to help you get the best experience on our website. For more information, see our Privacy & Cookie Policy
These cookies are necessary for basic functions such as payment. Standard cookies cannot be turned off and do not store any of your information.
These cookies collect information, such as how many people are using our site or which pages are popular, to help us improve the customer experience. Turning these cookies off will mean we can't collect information to improve your experience.
These cookies enable the website to provide enhanced functionality and personalization. They may be set by us or by third-party providers whose services we have added to our pages. If you do not allow these cookies, some or all of these services may not function properly.
These cookies help us understand what you are interested in so that we can show you relevant advertising on other websites. Turning these cookies off will mean we are unable to show you any personalized advertising.
