SUN CMCN
In the tide of globalized economy, China's construction machinery industry will show strong development momentum in 2023. According to the latest data, as of March 28, seven listed companies in the construction machinery industry have announced their 2023 annual results. The total revenue of these companies has reached an astonishing 308.194 billion yuan, and the total net profit has also reached 16.263 billion yuan. Among them, five companies have achieved a "double increase" in revenue and net profit, fully demonstrating the strong strength and market competitiveness of Chinese construction machinery companies.
It is worth mentioning that Weichai Power and Zoomlion, two industry giants, both achieved year-on-year growth of more than 50% in net profit. As a leading power system provider in China, Weichai Power's strong performance growth not only reflects the company's advantages in technology research and development and market expansion, but also contributes significantly to the overall development of China's construction machinery industry.
However, against the backdrop of rising global trade protectionism, China's construction machinery industry is also facing some challenges. On March 27, 2024, the European Commission issued an announcement and decided to launch a countervailing investigation into complete mobile lifting work platforms and complete sets of component products originating in China. This news undoubtedly brings certain pressure to China's construction machinery industry. But at the same time, it also reminds Chinese construction machinery companies that they need to pay more attention to technological innovation and brand building to enhance their competitiveness in the international market.
In terms of technological innovation, Sany Hydrogen Energy is undoubtedly a dark horse in China's construction machinery industry. The company has made significant breakthroughs in the field of hydrogen energy in recent years. It not only successfully won the bid for the world's largest integrated green hydrogen and green ammonia project, but also released the world's largest single hydrogen production electrolyzer and GW-level green electricity hydrogen production overall solution. . The achievement of these innovative achievements has not only injected new impetus into the development of Sany Hydrogen Energy itself, but also provided new ideas for the green transformation of China's construction machinery industry.
In addition, the commencement of the Liugong New Energy Intelligent Global Innovation Center has also injected new vitality into the innovative development of China's construction machinery industry. The construction of the center will further enhance Liugong's R&D capabilities in new energy and intelligent technologies, and is expected to provide strong support for the transformation and upgrading of China's construction machinery industry.
In terms of market competition, XCMG has become a leader in the industry with its excellent product quality and innovation capabilities. In the recently announced 2024 China Construction Machinery Annual Product TOP50 selection, XCMG won multiple awards, among which the XCMG XE7000 hydraulic excavator won the industry's highest award, the "Golden Finger Award." The achievement of this honor not only demonstrates XCMG's leading position in the field of construction machinery, but also sets an example for brand building in China's construction machinery industry.
Overall, China's construction machinery industry has achieved good results in 2023, but it also faces some challenges and opportunities. In the future, Chinese construction machinery companies need to continue to strengthen technological innovation and brand building to enhance their competitiveness in the international market. At the same time, it is also necessary to pay close attention to changes in the international trade situation and do a good job in risk prevention and response. I believe that with the joint efforts of all industry colleagues, China's construction machinery industry will surely usher in a better tomorrow.
