Jul. 13, 2022
Since this year, excavator sales growth has bottomed out ahead of long term loan growth, and marginal improvement in the industry is expected to accelerate. From historical data, the growth rate of medium- and long-term loans has a strong correlation with the growth rate of excavator sales, which can be used as an antecedent indicator for reference. in the first half of 2022, the downturn in domestic demand overlaid with the impact of the epidemic, the peak season in previous years was further erased, making the bottom of excavator sales growth (March 22) precede the bottom of medium- and long-term loan growth (May 22). Referring to the sales data from the Construction Machinery Association, excavator sales in June were 20,800 units, down 10.1% year-on-year, with the rate of decline narrowing rapidly; the ringgit growth was 0.7%.
The ringgit growth rate turned positive. We believe that the sales promotion effect of the capital side can be reflected in the significant increase in medium- and long-term loans, as well as the benign chain of excavator sales. If the growth rate of medium- and long-term loans can be sustained, the marginal improvement in demand may accelerate.
Sales of hydraulic fitting &adapters will see favorable news as the market picks up. Order demand will also continue to increase in the second half of the year. We are very bullish on the market outlook
With the epidemic under control, the market demand from the resumption of production will gradually emerge and continue to grow
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