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Machinery sector sees momentum
2019-07-24 Author: Source:www.chinadaily.com.cn Views:1006
Heavy Industry employees assemble trucks at a production facility in Changsha, capital of Hunan province. [Photo/Xinhua]
Strong infrastructure demand, enhanced capabilities boost companies' earnings
Major Chinese machinery equipment makers said their net income in the first six months may have doubled compared to the same period last year, taking advantage of strong infrastructure demand and the companies' enheavy Industry employees assemble trucks at a production facility in Changsha, capital of Hunan province.
Sany Heavy Industry Co Ltd, based in Changsha, Hunan province, predicted its net profit attributable to shareholders could reach between 6.5 billion yuan ($945 million) and 7 billion yuan, an increase of 92 percent to 107 percent from the same period last year.
"The main driving force for Sany's future growth will remain the overseas markets, which is also the company's priority," Fortune Securities Analyst Huang Hongwei said in a research note.
The manufacturer said several products such as excavators, concrete mixers and cranes posted rapid sales growth while its profitability increased significantly in the year's first half.
"Sany's export target of excavators is to reach 10,000 units in 2019.Overall, the overseas excavator market is expected to maintain a growth rate of around 5 percent in the next few years, so the company anticipates good demand for its products in overseas markets," Huang said.
The construction machinery manufacturing industry is a highly cyclical business.
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