The rapid growth of fixed asset investment and the recovery of the manufacturing industry are the main drivers of growth in the machinery industry, and the proportion of equipment tools in fixed asset investment has begun to accelerate. The increase in value-added and profit growth of industrial enterprises has laid the foundation for the continued growth of demand for machinery products in 2010.
The trend of sales growth in the machinery industry is increasing month by month. From January to October, the machinery industry completed sales value of 835.2 billion yuan, a year-on-year increase of 11.9%. We expect industry revenue to grow by 20% in 2010, and profit growth will exceed revenue growth rate, reaching around 25%.
The growth of various sub-sectors of machinery showed obvious differences. The best growth momentum was in the agricultural machinery industry, with a cumulative growth rate of 23.2%. The growth rate of construction machinery and heavy mining equipment was 19.5% and 14.4%, respectively. In addition, mechanical basic parts The growth rate of the instrument packaging and machine tool industries is also above 10%.
Construction machinery is the earliest recovery in 2009, and the industry with the best growth momentum is still in continuous recovery, and the growth rate is further expanded. It is expected that construction machinery will maintain growth of more than 20% in the first half of next year; recent real estate regulation will increase construction machinery. Bringing uncertainty and adding pressure to industry growth. In 2009, the growth of machine tools mainly benefited from the automobile industry. It is expected that with the overall recovery of the equipment manufacturing industry in 2010, the growth rate of the machine tool industry will reach more than 20%. At the same time, we continue to be optimistic about the growth of CNC machine tools and the improvement of profitability.
In 2010, the asset integration of the military industry will fully enter the climax stage. The integration of AVIC's helicopter company and system company can be focused. The space technology group's integration of electronics and satellites is promising. Optoelectronic assets and vehicle assets in the weapons sector will also be the focus of integration. The port equipment industry is at the bottom of the cycle, and there is a lot of room for future value enhancement.
We are optimistic about the growth and medium and long-term development prospects of the machinery industry in 2010. The industry's growth valuation is clearly attractive and we maintain a “recommended†rating. The machine tool industry and the military industry have a large growth potential, with clear growth expectations and maintain a “recommended†rating. Construction machinery is facing the pressure of real estate regulation and control. In 2010, the reasonable price-earnings ratio is 20 times. Currently, the “recommended†rating is maintained.
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