【出版时间及名称】：20100722里昂证券建筑机械行业季度报告
      【作者】：CLSA
      【文件格式】：PDF
      【页数】：28
      【目录或简介】Over half of almost 70 dealers of 12 well-known construction
machinery brands say Beijing’s tightening policy on the property
sector has impacted their sales. As a result, they are trimming 3Q
and full year growth targets. However, most dealers believe the
government-funded investment cycle won’t peak until 2011,
supporting sales to the infrastructure sector and helping to cushion
the property slowdown. With inventories rising, ASP of excavators
and loaders are expected to be flat in 3Q10, and dealers are
offering lower down-payment rates to promote sales. Meanwhile,
67 end users CRR spoke with prefer the Liugong, Lonking and
Komatsu brands.
Property tightening bites. Some 61% of the 67 dealers we visited
admitted that government tightening has hurt their sales to the property
sector, forcing them to cut their full year revenue growth target from 33%
to 26% YoY. Sales to the property sector are expected to fall by 0.4% QoQ,
though still up 3% YoY in 3Q10. XCMG (Xugong), Sany, Hitachi, and
Komatsu are relatively better able to cope thanks to more diversified
customer bases