More than a decade ago, the Chinese construction machinery market was the world of international brands such as Komatsu, Caterpillar, Hitachi Construction Machinery and Liebherr. They account for 90% of the market. Today, Chinese companies not only share their market in China, but also ambitiously attack the global market. At the same time, with the continuous expansion of China's construction machinery market, other industrial capital has also targeted the field of construction machinery, and intends to take a slice of it. Is it the old way of copying light industry with high energy consumption, low price and low profit, or is it a different way? For Chinese companies, the choice is not difficult. Through mergers and acquisitions, China will build its own mechanical industry aircraft carrier. Strong rise of Chinese companies At present, in the domestic construction machinery market, Chinese companies have already threatened international giants. According to the latest data, in June, in the hydraulic excavator market, one of the most important construction equipment fields, 9 foreign brands sold 5,666 units, down 32.93% year-on-year, down 32.27% from the previous month, and sales accounted for 65.8 from the end of March. % dropped to 55.13%. The sales share of the eight major domestic brands has increased from 31.62% at the end of March to 33.93%. In the strong breakthrough of the local excavator brand, Sany Heavy Industry's performance is particularly eye-catching. In the first half of this year, the company sold a total of 13,800 units, an increase of 80.89% year-on-year, of which 1,123 units were sold in June, surpassing South Korea’s Doosan Infracore (China) Co., Ltd., becoming a domestic excavator after Japanese giant Komatsu (China). The second largest brand in the market. In January and June of this year, Sany Heavy Industry twice surpassed Komatsu (China) and became the industry's monthly sales champion. According to industry association estimates, in 2011, the market share of Japanese brands such as Komatsu (China) and Hitachi Construction Machinery will fall by 1.92% and 1.37% respectively, while the market share of Chinese excavator brands such as Sany Heavy Industry and Mountain Rebuilder will be respectively It was up 2.48% and 1.18% year-on-year. In the international construction machinery market, the new “Made in China†image has also been recognized by more and more consumers. At the China-ASEAN Machinery Industry Cooperation Forum held recently, many ASEAN representatives pointed out that China's construction machinery is cheap and cost-effective, and Chinese machinery products are gradually becoming the first choice for ASEAN buyers. Lu Renqi, vice president of the China Machinery Industry Federation, said that after the completion of the China-ASEAN Free Trade Area last year, eight construction machinery machines reduced tariffs, and the agreed tax rate was 5%. With the further construction of the free trade zone, the tariffs of the machinery industry will gradually drop to zero, so the cost of importing Chinese machinery products by ASEAN countries is lower. This provides more opportunities for China's construction machinery and transportation vehicles to expand the ASEAN market. Even in the construction machinery powers such as Germany and the United States, Chinese companies have appeared. On June 20 this year, Sany Heavy Industry's Betheborg Industrial Park was officially opened. Previously, Sany Heavy Industry's R&D and manufacturing center in the United States has officially put into production. Foreign-funded enterprises enhance their firepower through mergers and acquisitions In the face of the strong attack of Chinese enterprises, foreign-invested enterprises will naturally not give up the market. In August last year, Ober Herman, who just took over as chief executive of Caterpillar in the United States, said in an interview that although some US companies are afraid of competition from low-cost products in China, Caterpillar is willing to meet this challenge. . He also set the goal of making Caterpillar the top brand in the industry in China by 2015. In order to achieve this goal, Caterpillar began a new round of capital operation. On November 15, 2010, Caterpillar announced a $7.6 billion acquisition of Bucyrus International and assumed a $1 billion debt from Bucyrus, with a total transaction value of $8.6 billion, which is the largest in Caterpillar's 85-year history. A case of mergers and acquisitions. Bucyrus is one of the world's largest coal mining machine manufacturers and a leading producer of electric shovel, blasthole drilling rigs and stepping shovel in the global open pit mining industry. The acquisition has greatly enriched Caterpillar's product line in the field of mining machinery. Ober Herman said, "We expect urbanization to continue, which is the so-called urbanization process in developing countries. In recent years, corporate customers have been hoping that we can expand our product lines and services to meet their increasingly complex Demand. This transaction is a clear response to customer needs.†At the same time, Caterpillar has transferred Richard Laven, the former head of its global construction equipment business, from its global headquarters in Peoria, Ill., to Hong Kong. In order to be able to keep an eye on the Chinese market. Lavin said at an industry show in Las Vegas in March this year, "We must win in the Chinese market." He said, "Because of the huge scale of the Chinese market, in the long run, if we can not become the leader of the Chinese market, we will not be the global leader in the industry." Of course, not only Caterpillar will focus on the Chinese market as its own development. Liebherr and Komatsu of Germany also tilted their focus to China. In 2010, Komatsu established the first direct store in China to operate mining machinery sales and after-sales service, selling 300~400 t hydraulic excavators and large electric wheel trucks. Masahiro Sakane, vice chairman of the Japan Economic Association and chairman of Komatsu, said recently: "For us, there is a very good opportunity in China." The continued growth of other industrial capitals in China's construction machinery market has also attracted A large number of other industrial capitals swarmed. On June 23, Yu Zheng, chairman of Jiangsu Rongsheng Machinery, made a generous speech on the “2011 China Construction Machinery Industry Strategic Development Forumâ€. He said, "In the construction machinery industry, we are new entrants and are 'little brothers'. But as local enterprises, we should have sufficient shares in the corresponding market and have our own right to speak. Revitalize China's construction machinery manufacturing. Industry is our responsibility." His speech can be seen as the slogan of the construction machinery industry, which is the smelt of the marine equipment manufacturing industry. On June 28, Rongsheng Heavy Industry announced that the new construction machinery factory in Hefei Economic and Technological Development Zone was officially put into operation, and the first excavator was also successfully launched. It is understood that the emerging forces that have entered the construction machinery industry include China National Heavy Duty Truck, Geely Group and Chery Automobile, and even the liquor leader Wuliangye Group. In this regard, Di Xiangdong, executive director of Liaoning Fusui Heavy Industry Holdings Co., Ltd. believes that these companies are keen to intervene in the construction machinery industry because they have seen the high rate of return from the high growth of China's construction machinery industry. During the "Eleventh Five-Year Plan" period, China's construction machinery industry has made great progress, and some mainstream construction machinery enterprises have achieved great growth in the past few years. For example, from 2005 to 2010, Sany Heavy Industry's market value increased by 34 times, with a compound annual growth rate of 80%. Di Xiangdong believes that listed companies have a lot of cash in hand and must also give the shareholder an account. "The funds must have an industry that the public is optimistic about to invest, and they can't just speculate like SMEs." It is in this case that listed companies have turned their attention to the construction machinery industry. However, is the money in the construction machinery industry really so profitable? People in the Construction Machinery Industry Association warned that at the beginning of the 21st century, China's loader industry had experienced rapid market growth and the industry's average profit margin continued to decline. At present, there are more than 70 manufacturers of wheel loaders, forklifts, excavators, tower cranes, etc., and there has been a low level of homogenization and disorderly competition in the market, which needs to be vigilant. China's construction machinery "aircraft carrier" is beginning to take shape. There are tigers before, and there are pursuers. If left unchecked, the construction machinery industry can easily enter the "old road" of light industry development. That is to rely on low-cost, high-volume, price warfare to let "Made in China" market globally, but it also carries the notoriety of dumping, polluting and destroying the global industrial chain. What is even more frightening is that the profit of the products has dropped drastically, which has caused the enterprises to fall into the trap of their own hands and can't extricate themselves. However, leading enterprises in the construction machinery industry are destined to take a different path. In the "Twelfth Five-Year Plan for China's Construction Machinery Industry" officially released by the Ministry of Industry and Information Technology, it is clearly stated that in the next five years, 3-4 enterprise groups with sales of 100 billion yuan and 5-6 billion yuan enterprises will be built. The group makes it an internationally renowned company of aircraft carriers. The Ministry of Industry and Information Technology has also pointed out the development path for these large enterprises to grow into aircraft carrier-type internationally renowned companies. Su Bo, deputy minister of the Ministry of Industry and Information Technology, clearly stated that during the "Twelfth Five-Year Plan" period, the company will respect the will of the company and promote mergers and acquisitions with the focus on eight major industries such as machinery manufacturing. Zuo Chuanhong, a consultant of the management policy, pointed out that the survey of global machinery listed companies shows that market leaders who only focus on one type of products have lower survival rates, and these companies have broadened their product lines to become large enterprises. Or being merged by a large enterprise. He said that if domestic companies want to make achievements in the industry, then scale and grouping are the way to go. The diversification of products and the expansion of the industrial chain, it is difficult to make major breakthroughs without using mergers and acquisitions. In the process of growth, Chinese companies have accumulated sufficient experience in mergers and acquisitions. In 2005, Sany Heavy Industry was strongly involved in the Kyle Xugong M&A case and issued its own voice in international competition. In September 2008, Zoomlion passed the CIFA company, the world's third-ranked concrete machinery manufacturer. The acquisition became the first large-scale multinational company in China's construction machinery industry; Liugong has successively acquired Jiangsu Road Machinery Factory and Zhen Zhenchong Amway since 2000, reorganizing Shanghai Huguang Forklift Factory, and holding Liuzhou Ouweimu and Shanghai Hongde Lee, Shanghai Jintai Construction Machinery Co., Ltd. has now built the most comprehensive product line in the industry. Chinese companies have already taken the road of setting up construction machinery aircraft carriers.
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