The environmental testing industry is still in the doldrums. From January to April, the sales of China's constant temperature and humidity test chambers once fell, and the growth rate of the total industrial output value and sales total output value fell sharply; in addition to the main products benefiting from high and low temperature test chambers, salt spray test chambers, The demand for customized products such as temperature shock test chambers has been continuously reduced. The company's competition intensified, the stronger the stronger. The operating income growth rate of the eight major construction machinery listed companies declined, and their profitability generally declined. Except for Zhonglian Heavy Industry and Sany Heavy Industry, the operating income maintained positive growth in the first quarter and the net profit margin increased slightly. Negative growth, and the decline in sales net interest rate, significantly reduced profitability; in the face of the market downturn, various manufacturers have increased their promotional efforts, the proportion of credit sales continues to rise, and even zero down payment, the company's accounts receivable increase rapidly Cash flow is not optimistic.
In the near future, the policy is expected to focus on the leader. At present, the PE (TMT, overall method) of the construction machinery industry is 11.75 times, which is equivalent to the trough in 2008. We believe that with the successive growth policies, the growth rate of fixed asset investment will gradually pick up, the construction machinery industry will gradually pick up from the third quarter, the industry valuation will be repaired, and the industry will be given an "overweight" rating.
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