DOCSLIB.ORG

China Construction Machinery Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
China Construction Machinery Sector 7 March 2017 Asia Pacific/China Equity Research Construction & Farm Machinery China Construction Machinery Sector Research Analysts SECTOR REVIEW Amy Ji 852 2101 7735 [email protected] Strength in excavator/crane continues with Edmond Huang, CFA 852 2101 6701 concrete machinery catching up [email protected] Figure 1: Excavator sales tripled in Feb; concrete machinery catching up 50,000 350.0% 2000 25% 45,000 300.0% 1800 20% 40,000 250.0% 1600 15% 35,000 1400 200.0% 10% 30,000 1200 150.0% 5% 25,000 1000 100.0% 0% 20,000 800 50.0% -5% 15,000 600 0.0% 10,000 400 -10% 5,000 -50.0% 200 -15% 0 -100.0% 0 -20% Jan-09 Dec-09 Nov-10 Oct-11 Sep-12 Aug-13 Jul-14 Jun-15 May-16 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Excavator sales volume YoY (RHS) Operating hours (trailing 12 months) YoY(RHS) Source: Company data, Credit Suisse estimates ■ Strong February excavator sales with sufficient new orders. Official excavator sales volumes tripled in February, led by small/large-sized excavators (+317%/+345% YoY), beating market expectations. January- February volumes grew 189% YoY. Sany’s market share further expanded to 25% from 22% last month. We estimate that major machinery makers have already secured sufficient orders to fulfil their production in March- April. For truck cranes, the production pipeline has already reached May. ■ Concrete machinery is catching up. We turn more positive on concrete machinery, and expect their sales to register 15-20% growth in 2017 on a low base, vs our previous estimate of high single-digit growth. We expect Sany's concrete machinery sales to rise 180% YoY in January-February. The resilient infrastructure spending and rising replacement cycle are sufficient to offset a softening property market, in our view. Moreover, environment regulation has become a key growth driver. About 50% of mixing plants are sold for relocation demand due to environment issues. National V emission standards (from 17 July) could also help machinery companies improve margins by ~1%, based on their new product launch. ■ Disciplined supply with healthy financing terms. Utilisation of production capacity of key machinery makers is approaching 100% compared to less than 50% during the downturn. We expect profitability for Zoomlion and Sany to improve, thanks to their high operating leverage. We observe no price competition, and all financing terms remain healthy or even tighter. We expect accounts receivables (AR) quality to improve with better operating cash flow (OpCF). ■ Maintain OVERWEIGHT on construction machinery. We raise our construction machinery sector forecasts by 10-20% in 2017E, factoring in better-than-expected sales growth and lower costs. Our top pick is Zoomlion (H), as we expect it to register a stronger-than-industry average rebound with better margins and a healthier balance sheet. We like Sany for its exposure to excavator sales and high sensitivity to a concrete machinery rebound. DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 7 March 2017 Focus charts and table Figure 2: Excavator sales tripled in February Figure 3: Growth of truck cranes is catching up 50,000 350.0% 8,000 200% 45,000 300.0% 7,000 150% 40,000 250.0% 6,000 35,000 200.0% 100% 5,000 30,000 150.0% 25,000 4,000 50% 100.0% 20,000 3,000 50.0% 0% 15,000 2,000 10,000 0.0% -50% 1,000 5,000 -50.0% 0 -100.0% 0 -100% Jan-09 Dec-09 Nov-10 Oct-11 Sep-12 Aug-13 Jul-14 Jun-15 May-16 Jan-09 Dec-09 Nov-10 Oct-11 Sep-12 Aug-13 Jul-14 Jun-15 May-16 Excavator sales volume YoY (RHS) Truck crane sales YoY(RHS) Source: CCMA Source: CCMA Figure 5: Truck crane operating hours have reached Figure 4: Expect Jan-Feb loader sales to double a historical peak 45,000 250% 2000 25% 40,000 1800 20% 200% 35,000 1600 15% 150% 1400 30,000 10% 1200 25,000 100% 5% 1000 20,000 0% 50% 800 15,000 -5% 0% 600 10,000 400 -10% -50% 5,000 200 -15% 0 -100% 0 -20% Jan-09 Dec-09 Nov-10 Oct-11 Sep-12 Aug-13 Jul-14 Jun-15 May-16 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Loader sales YoY(RHS) Operating hours (trailing 12 months) YoY(RHS) Source: CCMA Source: Company data, Credit Suisse estimates Figure 6: Valuation comparison—as of 6 March Market EPS Ticker Rating Target priceClose price Cap P/E (x) P/B(x) ROE (%) EV/EBITA Dividend Yield CAGR (local) (US$ bn) 2017E 2018E 2017E 2018E 2017E 2018E 2017E 2018E 2017E 2018E 2017-18 Zoomlion -H 1157.HK O 5.10 4.06 5.1 34.4x 17.5x 0.7x 0.7x 2.0% 3.9% 21.2x 15.6x 0.4% 0.9% n/a Lonking 3339.HK O 2.60 2.17 1.2 17.1x 13.2x 1.2x 1.1x 7.0% 8.8% 12.1x 10.0x 3.1% 4.6% 41% Sany 600031.SS O 9.00 7.29 8.1 38.0x 21.0x 2.3x 2.2x 6.2% 10.6% 15.1x 11.4x 0.8% 1.4% 197% Zoomlion -A 000157.SZ N 4.65 4.82 5.1 45.9x 23.4x 0.9x 0.9x 2.0% 3.9% 21.2x 15.6x 0.3% 0.6% n/a Source: Company data, Credit Suisse estimates, The BLOOMBERG PROFESSIONAL™ service China Construction Machinery Sector 2 7 March 2017 Strong February excavator sales China Construction Machinery Associate (CCMA) announced official excavator sales volume data: up 298% YoY in February. Monthly sales volume reached 14,540 units in February, 50,000 back to the same level350.0% as in 2012. January-February sales volume grew 189% YoY. 45,000 300.0% By product type, small-sized excavators (0-13 tonne) and large-sized excavators (>30 40,000 tonne) continued to250.0% show strong growth momentum, +317% and +345% YoY in 35,000 February, respectively200.0%. Mid-sized excavators also caught up with +252% YoY. The 30,000 trend was similar to 2H16's and we believe the growth reflects (1) resilient 150.0% 25,000 infrastructure demand, especially driven by municipal PPP projects (mainly using 100.0% 20,000 small-sizes excavators), and (2) continuous active mining activities. Rural 50.0% 15,000 development has also become a key driver for small-sized excavator sales. 10,000 As expected, Sany continue0.0% d to exceed industry average and registered 369% YoY 5,000 growth, with its market-50.0% share expanding from 22% in January to 25% in February. We 0 believe Sany will continue-100.0% to gradually gain market share on the back of its high Jan-09 Dec-09 Nov-10 Oct-11 Sep-12 Aug-13qualityJul-14 productJun-15 May-16s and strong sales and service teams. Excavator sales volume YoY (RHS) Figure 7: Excavator sales tripled in February Figure 8: Sany further expanded market share 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2012-12 2013-06 2013-12 2014-06 2014-12 2015-06 2015-12 2016-06 2016-12 Sany CAT XCMG Komatsu Liugong Source: CCMA Source: CCMA, Credit Suisse estimates Strong sales led to low inventory levels with sufficient new orders Machinery makers now have relatively low inventory levels due to stronger-than-expected machinery demand, especially for new machinery. Based on feedback from dealers, several types of machinery are even in shortage. One of the major machinery makers currently holds only a half month's shipments compared to its normal level of two months. On the other hand, new orders remain strong. Currently, major machinery makers have already secured sufficient orders to fulfil their production in March-April. For truck cranes, the production pipeline has already reached May. Concrete machinery is catching up Based on our recent channel checks, we turn more positive on concrete machinery and expect concrete machinery to register 15-20% growth in 2017 on a low base, vs our previous estimate of high single-digit growth. We observe that concrete machinery sales are largely muted due to a weakening property market, and we attribute the growth to (1) infrastructure demand, (2) replacement demand, and (3) environment regulations. We China Construction Machinery Sector 3 7 March 2017 estimate Sany’s concrete machinery sales to register ~180% YoY growth in January- February. We expect the trend to continue, as there are sufficient orders that are able to cover production until April/May. Infrastructure investment and replacement to offset the weak property market We reiterate our view that infrastructure investment and replacement demand should be able to offset the weakening property market. We estimate that the impact from the property market on concrete machinery is declining while infrastructure investment now accounts for ~50% of the demand. Pump truck sales almost tripled in February and we attribute the growth to infrastructure demand and replacement cycle.
Load more

Recommended publications
  • 2021 Yellow Table
    YELLOW TABLE 2021 Yellow Table Construction Mini or Compact Equipment midi or skid- 2020/ sales (US$ Share of Backhoe Excavators steer Powered Telescopic 2021 Change Company Country million) total Loaders (0 - 13 t) loaders Access Handlers Cranes 1 1 Caterpillar US 24,824 13.0% 2 2 Komatsu JP 19,995 10.4% 3 4 1 XCMG CN 15,159 7.9% 4 5 1 Sany CN 14,418 7.5% 5 10 5 Zoomlion CN 9,449 4.9% 6 3 3 John Deere US 8,947 4.7% 7 6 1 Volvo Construction Equipment SE 8,846 4.6% 8 7 1 Hitachi Construction Machinery JP 8,549 4.5% 9 8 1 Liebherr DE 7,808 4.1% 10 9 1 Doosan Infracore KR 7,109 3.7% 11 11 Sandvik Mining and Rock Technology SE 5,823 3.0% 12 16 4 Metso Outotec FIN 4,443 2.3% 13 12 1 JCB** UK 4,000 2.1% 14 14 Epiroc SE 3,923 2.0% 15 19 4 Liugong CN 3,338 1.7% 16 17 1 Kobelco Construction Machinery JP 3,152 1.6% 17 13 4 Terex US 3,076 1.6% 18 18 Kubota JP 2,767 1.4% 19 21 2 Sumitomo Heavy Industries JP 2,518 1.3% 20 15 5 Oshkosh Access Equipment (JLG) US 2,515 1.3% 21 22 1 Hyundai Construction Equipment KR 2,345 1.2% 22 20 2 CNH Industrial IT 2,170 1.1% 23 28 5 Lonking CN 1,869 1.0% 24 24 Wacker Neuson DE 1,841 1.0% 25 23 2 Manitou FR 1,807 0.9% 26 25 1 Palfinger AT 1,748 0.9% 27 26 1 Tadano JP 1,704 0.9% 28 29 1 Fayat Group FR 1,596 0.8% 29 27 2 Manitowoc US 1,490 0.8% 30 30 Hiab FIN 1,311 0.7% 31 35 4 Sunward CN 1,195 0.6% 32 34 2 Shantui CN 1,147 0.6% 33 31 2 Astec Industries US 1,024 0.5% 34 33 1 Takeuchi JP 988 0.5% 35 32 3 Ammann** CH 966 0.5% 36 36 Skyjack** CA 751
    [Show full text]
  • CRRC Corp -H 1766.HK, 1766 HK Outlook Bullish
    Asia Pacific Equity Research 30 October 2016 Overweight CRRC Corp -H 1766.HK, 1766 HK Outlook bullish. Weak Q3 and delayed orders factored Price: HK$7.15 ▼ Price Target: HK$12.50 in. Maintain OW Previous: HK$13.00 3Q16 result expectedly weak; guidance turned positive with MU China demand outlook raised. CRRC reported 3Q NPAT of Rmb2.7B, -16% Infrastructure, Industrials & Y/Y as revenue fell 4% Y/Y while GPM slipped 1.1ppts Y/Y. These Transport results were largely expected in light of CRC’s muted procurement Karen Li, CFA AC YTD. However, we observed that guidance was noticeably more bullish (852) 2800-8589 (inside for takeaways from the briefing) despite the near-term earnings [email protected] Bloomberg JPMA KLI <GO> pressure in 4Q16. Mgmt expects this year's pent-up orders to be released J.P. Morgan Securities (Asia Pacific) Limited soon with CRC's leadership transition completed, while highlighting the robust MU demand in coming years driven by new product sales, rising Price Performance aftersales services, and increasing MU density. We remain positive on 10.5 the demand outlook for rolling stock in China, recommending switching 9.5 HK$ to late cycle railway capex plays over E&C contractors. Our new Dec-17 8.5 PT is HK$12.5 for CRRC-H; maintain OW. 7.5 6.5 CRC leadership transition completed; pace of procurement to Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 1766.HK share price (HK$) accelerate into year-end. Mgmt was optimistic that this year’s long- HSCI (rebased) awaited orders will be released soon, highlighting CRC's new chief Mr.
    [Show full text]
  • Examples for Business Scenarios in Manufacturing Industry Published By: Deutsche Gesellschaft Für Internationale Zusammenarbeit (GIZ) Gmbh
    GLOBAL PROJ T Quality Infrastructure Examples for Business Scenarios in Manufacturing Industry Published by: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH Registered offices Bonn and Eschborn, Germany Global Project Quality Infrastructure Tayuan Diplomatic Office Building No.14, Liangmahe Nanlu, chaoyang District Text 100600 Beijing, PR China Standardization Council Industrie 4.0 DKE Deutsche Kommission Elektrotechnik E [email protected] Elektronik Informationstechnik in DIN und VDE, I www.gpqi.org 60596 Frankfurt am Main Design/layout: National Intelligent Manufacturing Standardisation Administration Group Iris Christmann, Wiesbaden China Electronics Standardization Institute, No.1 Andingmen East Street, Dongcheng District, Beijing, 100007, China Photo credits: Depositphotos Authors/Experts CHEN Jiangning, Siemens Ltd. China; CHENG Yuhang, China Electronics On behalf of Standardization Institute (CESI); CHEN Zhiman, Zhuzhou CRRC Times Federal Ministry of Economic Affairs and Energy (BMWi) Electric Co., Ltd.; Wolfgang Dorst, ROI Management Consulting AG; Lucas Gierging, Spanflug Technologies GmbH; Dr. Hannes Leonardy, UNITY AG; Beijing, China 2020 Prof. Dr. Ulrich Loewen, Siemens AG; ZHAO Haitao, Siemens Ltd. China A joint project of: EXAMPLES FOR BUSINESS SCENARIOS IN MANUFACTURING INDUSTRY 3 Contents Introduction ....................................................... 4 Background.........................................................4 Common Understanding of “Use Cases”....................................4 Objectives
    [Show full text]
  • Interim Report 2020 Sany Heavy Equipment International Holdings Company Limited 1 Financial Summary
    Contents Financial Summary 2 Corporate Information 3 Chairman’s Statement 4 Management Discussion and Analysis 6 Disclosure of Interests 15 Corporate Governance and General Information 22 Directors and Senior Management 25 Interim Condensed Consolidated Statement of Profit or Loss 32 Interim Condensed Consolidated Statement of Comprehensive Income 33 Interim Condensed Consolidated Statement of Financial Position 34 Interim Condensed Consolidated Statement of Changes in Equity 36 Interim Condensed Consolidated Statement of Cash Flows 38 Notes to Interim Condensed Consolidated Financial Information 39 Interim Report 2020 Sany Heavy Equipment International Holdings Company Limited 1 Financial Summary Six months ended 30 June (RMB: ’000) 2020 2019 (Unaudited) (Unaudited) Increase (%) Revenue 3,815,076 3,043,706 25.3% Gross profit 1,030,096 943,993 9.1% Profit before tax 753,952 640,283 17.8% Net profit 638,619 552,763 15.5% Profit attributable to owners of the parent 639,705 551,732 15.9% Total assets 17,390,102 13,332,412 30.4% Total equity 7,409,704 6,774,283 9.4% Cash flows of operating activities 648,604 515,687 25.8% Cash flows of investing activities (1,180,500) (521,098) 126.5% Cash flows of financing activities 466,877 (176,147) (365.0%) Earnings per share1 – Basic (RMB Yuan) 0.21 0.18 16.7% – Diluted (RMB Yuan) 0.18 0.15 20.0% Six months ended 30 June (Percentage) 2020 2019 Increase (%) Gross profit margin 26.2% 30.5% (4.3%) Percentage of profit margin before tax attributable to shareholders of the Company2 19.8% 21.0% (1.2%) Assets turnover 23.2% 23.2% – Gearing ratio 57.4% 49.2% 8.2% Average total assets (RMB’000) 16,468,269 13,128,553 25.4% 1 The weighted average number of ordinary shares for the six months ended 30 June 2020 was 3,104,960,486 (six months ended 30 June 2019: 3,061,638,898), details of which are set out in note 9 to the interim condensed consolidated financial statements.
    [Show full text]
  • SINOPEC Lubricants for Off-Highway Equipment S in O PE
    SINOPEC Lubricants For Off-Highway Equipment SINOPEC Working Together For Wonderful Future For Wonderful Together Working SINOPEC Lubricant SINOPEC Lubricants for Off-Highway Equipment Contents Company Introduction Lubrication Solution for Off-Highway Equipment Major Lubricants for Off-Highway Equipment Integrity Leads To Win-Win Cooperation Introduction Sinopec Lubricant Co., Ltd. is a company specialized in lubricant marketing Lubricant Co., Ltd. has been committed to providing lubrication service for established by China Petrochemical Corporation (hereinafter referred to as “Shenzhou” series manned spacecrafts and “Chang’e” series lunar exploration “Sinopec Group”) to meet competition in the international lubricant market. satellites, making great contributions to the development of Chinese aeronautics Sinopec Lubricant Co., Ltd. has 12 lube oil & grease blending and manufacturing and astronautics course. Sinopec’s lubrication products completely satisfy the branches, 5 regional sales centers, 5 regional technical support centers, requirements set by ISO, API, ACEA, etc. 5 provincial sales branches, 3 joint ventures, 1 overseas subsidiary and 9 Keeping pace with the development of off-highway vehicles, Sinopec Lubricant RYHUVHDVRI¿FHVWRJHWKHUZLWKSURGXFW5 'LQVWLWXWHVDQGVWDWHUHFRJQL]HG Co., Ltd. has good cooperation with construction machinery enterprises and ODERUDWRULHV:LWKOHDGLQJLQQRYDWLYHDQG5 'FDSDELOLWLHVDQGZRUOGFODVV production equipments and process technologies, the Company boasts over distinct advantage in off-highway industry. SINOPEC lubricants are extensively 2,000 types of products such as lubricants for internal combustion engine, applied to famous enterprises such as XCMG, ZOOMLION, SANY, Lonking, industrial gear oils, hydraulic oils, greases, antifreezes, brake fluid, metal XGMA and SEM in China. With professional lubricants, Sinopec Lubricant Co., working fluids, Marine oils, lubricant additives, etc. divided in 21 categories, Ltd.
    [Show full text]
  • Construction Machinery
    2 November 2017 Manufacturing Construction Machinery Deutsche Bank Markets Research Asia Industry Date China 2 November 2017 Industrials Construction Manufacturing Machinery Recommendation Change Quality growth ahead instead of quantity Fei Sun, CFA Not too late in the cycle; expect quality growth in 2018 Construction machinery sales bottomed out in 3Q16 and have been growing Research Analyst rapidly, driven mainly by demand from infrastructure projects and replacement +852-2203 6130 orders. We identify the key drivers of construction machinery demand and our Vincent Ha, CFA top-down analysis suggests the industry will deliver moderate growth next year. Research Analyst Zoomlion would have relatively greater operating leverage as the sector continues +852-2203 6247 to recover, and we believe the valuation gap between Lonking and Zoomlion will narrow. We upgrade Zoomlion to Buy, as we expect an earnings rebound in Yuki Lu FY18-19 and asset quality to improve (less bad debt provision). We maintain a Research Associate Hold on Lonking as the positives, such as the ability to gain market share and +852-2203 5925 expand margins, are already factored into its share price. Key Changes Better-than-expected demand with balanced supply Company Target Price Rating According to China Construction Machinery Association (CCMA), excavator/ 1157.HK 3.89 to 4.80 Hold to Buy wheel loader/truck crane sales volume surged 100%/45%/122% in 9M17 amid 3339.HK 2.05 to 3.60 - robust replacement and infrastructure demand. Unlike the oversupply in the Source: Deutsche Bank previous down-cycle, construction machinery supply was balanced this time. This Top picks is because, unlike in 2011, fewer individual contractors have entered the industry, Zoomlion (1157.HK),HKD3.81 Buy allowing more rational market competition.
    [Show full text]
  • The Annual World Petroleum & Petrochemical Event
    The Annual World Petroleum & Petrochemical Event The largest private exhibition company in China Top 10 Exhibition Companies in China Top 10 Influential Companies in China Exhibition Industry Vice-president Unit of China Convention and Exhibition Society Vice-chairman Unit of Exhibition Committee of China Chamber of International Commerce Zhenwei Exhibition, founded in 2000 and listed on New Three Board market on November 24, 2015 (innovation-layer enterprise, The significantly influential exhibitions held by Zhenwei Exhibition stock code: 834316), is the largest private exhibition company in China, one of the earliest Chinese members of UFI (Union of China International Petroleum & Petrochemical Technology and Equipment Exhibition (cippe) International Fairs), and vice-president unit of China Convention and Exhibition Society. Zhenwei Exhibition has developed into China (Tianjin) International Industrial Expo (CIEX) the industry-leading comprehensive service provider of global exhibition focusing on convention and exhibition and integrating exhibition & convention, digital information and e-commerce. Tianjin International Robot Exhibition (CIRE) Shanghai International New Energy Vehicle Industry Expo (NEVE) Headquartered in Binhai New Area, Tianjin and owns Tianjin Zhenwei, Beijing Zhenwei, Guangzhou Zhenwei, Xinjiang Zhenwei, Xi'an Zhenwei, Chengdu Zhenwei and Beijing Zhongzhuang Runda Exhibition. In 2015, Zhenwei Exihibition and Xinjiang China International Electric Vehicle Supply Equipments Fair (EVSE) International Expo Administration
    [Show full text]
  • China's Digital Platform Economy: Assessing Developments Towards
    MERICS REPORT CHINA’S DIGITAL PLATFORM ECONOMY: ASSESSING DEVELOPMENTS TOWARDS INDUSTRY 4.0 Challenges and opportunities for German actors Rebecca Arcesati | Anna Holzmann | Yishu Mao | Manlai Nyamdorj | Kristin Shi-Kupfer | Kai von Carnap | Claudia Wessling June 2020 MERICS REPORT | June 2020 | 1 CHINA’S DIGITAL PLATFORM ECONOMY: ASSESSING DEVELOPMENTS TOWARDS INDUSTRY 4.0 Challenges and opportunities for German actors Rebecca Arcesati | Anna Holzmann | Yishu Mao | Manlai Nyamdorj | Kristin Shi-Kupfer | Kai von Carnap | Claudia Wessling Content Acknowledgements ..................................................................................................... 7 Executive Summary ..................................................................................................... 8 1. Introduction: China’s push into the digital platform economy ............................... 13 2. The strategic context: Digital platforms play a critical role for Beijing’s industrial modernization plans ..............................................................................16 2.1 Beijing pursues ambitious targets for the development of digital industrial platforms ............................................................................................... 16 2.2 Platform development in China’s manufacturing industry is still in its infancy..... 18 2.3 China’s top-down approach to industrial digitalization reflects unique conditions ...19 3. The actors: China’s top-level design enables highly coordinated development of the industrial internet
    [Show full text]
  • Sany Motor Graders
    QUALITY CHANGES THE WORLD SANY MOTOR GRADERS M Sany Industrial Town, Changsha Economic and Technological Development Zone, Hunan, China Zip Code: 410100 Tel: 0086(0)731-84031888 Fax: 0086(0)731-84031888 Post Sales Service Hotline: 4008879318 Complaints Email: [email protected] Dealer Information Due to technological improvement, technical specifications may change without prior notification. Machines in pictures may include attachments. All rights are retained by Sany Heavy Industry. No content of this catalogue may be copied for any purpose without the prior written permission from Sany Heavy Industry. www.sany.com.cn QUALITY CHANGES THE WORLD Contents P03 SANY ROAD MACHINERY INNOVATIVE AND INDUSTRY P05 SMG SERIES HEAVY-DUTY LEADING TECHNOLOGIES MOTOR GRADERS P09 SAG SERIES MOTOR GRADERS P13 LEAN MANUFACTURING P15 TEST SYSTEM P17 CASES 1 2 SANY MOTOR GRADERS QUALITY CHANGES THE WORLD SANY ROAD MACHINERY Hunan Sany Road Machinery Co., Ltd, a subsidiary of Sany Heavy Industry, is one of the largest whole-set road machinery suppliers in China. Its products portfolios inlcude six product series: the asphalt paver series, the roller series, the asphalt mixing equipment series, the motor grader series, the cold planer series, and the casting-style asphalt paving equipment series. With its motto of "Quality changes the world," and the mission of "Creating Max. value for customers," the company has set up the Sany Road Machinery Research Institute in the US and the Sany Road Machinery Research Institute in Germany. Its products imbody the most cutting-edge technologies in the world. Among them, the heavy-duty motor graders designed in America and the tandem drum compactors designed in Germany are the best of the best in the world.
    [Show full text]
  • China's Belt and Road Initiative in the Global Trade, Investment and Finance Landscape
    China's Belt and Road Initiative in the Global Trade, Investment and Finance Landscape │ 3 China’s Belt and Road Initiative in the global trade, investment and finance landscape China's Belt and Road Initiative (BRI) development strategy aims to build connectivity and co-operation across six main economic corridors encompassing China and: Mongolia and Russia; Eurasian countries; Central and West Asia; Pakistan; other countries of the Indian sub-continent; and Indochina. Asia needs USD 26 trillion in infrastructure investment to 2030 (Asian Development Bank, 2017), and China can certainly help to provide some of this. Its investments, by building infrastructure, have positive impacts on countries involved. Mutual benefit is a feature of the BRI which will also help to develop markets for China’s products in the long term and to alleviate industrial excess capacity in the short term. The BRI prioritises hardware (infrastructure) and funding first. This report explores and quantifies parts of the BRI strategy, the impact on other BRI-participating economies and some of the implications for OECD countries. It reproduces Chapter 2 from the 2018 edition of the OECD Business and Financial Outlook. 1. Introduction The world has a large infrastructure gap constraining trade, openness and future prosperity. Multilateral development banks (MDBs) are working hard to help close this gap. Most recently China has commenced a major global effort to bolster this trend, a plan known as the Belt and Road Initiative (BRI). China and economies that have signed co-operation agreements with China on the BRI (henceforth BRI-participating economies1) have been rising as a share of the world economy.
    [Show full text]
  • Growing China Regional Contributions to Economic Success IBM Institute for Business Value Executive Report Analytics and Strategy
    Growing China Regional contributions to economic success IBM Institute for Business Value Executive Report Analytics and Strategy How IBM can help To succeed in today’s environment, businesses need to lead through increased complexity and volatility, drive operational excellence and enable collaboration across enterprise functions, develop higher-quality leadership and talent, manage amid constant change and unlock new possibilities grounded in data. The IBM Business Analytics and Strategy practice integrates management consulting expertise with the science of analytics to enable leading organizations to succeed. For more information, please visit: ibm.com/ services/us/gbs/strategy. 1 Advancing the vision A path toward sustained prosperity China’s economic growth over the past 30 years has As outlined in our earlier study, China’s growth over the past two decades has been been extraordinary, helping more than one-half billion unprecedented. Never in the history of the world have so many people been brought into the people transcend poverty and turning China into a middle class so quickly. China’s cities have become booming metropolises with near-universal highly urbanized industry titan.¹ To understand the literacy and ongoing improvements in education and healthcare.3 challenges and opportunities before China, the IBM In this environment, the Chinese executives we surveyed indicated they are optimistic about the Institute for Business Value surveyed 1,150 Chinese future. And they say that the nation has an increasingly important role to play in the global executives, who revealed a renewed vision for the economy. Fifty-three percent say that China will remain a leading producer of high-value-added Chinese economy.
    [Show full text]
  • Reports Available the European Service
    REPORTS AVAILABLE THE EUROPEAN SERVICE MARKET REPORTS: MONTHLY EQUIPMENT ANALYSES AGRICULTURAL DIESEL ENGINES MOTOR GRADERS TRACTORS France Germany France Germany Germany Italy ROUGH TERRAIN Italy UK LIFT TRUCKS UK France DUMP TRUCKS Germany ASPHALT FINISHERS France Italy Germany Germany UK Italy Italy UK UK SKID-STEER LOADERS BACKHOE LOADERS HYDRAULIC France Europe EXCAVATORS Germany France Italy COMPACTION Germany SUBSCRIPTIONUK SERVICES FOR FURTHER DETAILS, Available on an annual subscription basis and published PLEASE CONTACT: EQUIPMENT Italy monthly, they monitor, analyse and provide objective opinions on these key construction equipment markets. David C.A. Phillips Simon Battersby n WESTERN EUROPE Managing Director Sales Account Manager Off-Highway Research Limited Off-Highway Research Ltd. France UK n CHINA* WHEELED Southfields, Southview Road, Southfields, Southview Road, n INDIA Wadhurst, East Sussex, Wadhurst, East Sussex, * Also available in Chinese language version. TN5 6TP, United Kingdom TN5 6TP, United Kingdom Germany LOADERS T: +44 (0)1892 786 270 T: +44 (0)1892 786 232 Each service is made up of the following elements: F: +44 (0)1892 784 086 F: +44 (0)1892 784 086 Italy MINI EXCAVATORS n COMPANY PROFILESFrance E: [email protected] E: [email protected] n EQUIPMENT ANALYSES www.offhighway.co.uk www.offhighway.co.uk n COUNTRY ANALYSES (Europe only) UK France n MARKET REPORTSGermany CHINA INDIA n ENQUIRY PRIVILEGES SHI Yang Samir Bansal Off-Highway Research Ltd. Off-Highway Research India Germany DATABASEItaly
    [Show full text]