Five hundred billion, the rise of the mechanical leasing market
According to statistics, there are already five hundred billion market scale in China's construction machinery rental service industry.
China's manufacturing industry is currently a large team in China. With the rise of second-hand machinery market, the construction machinery rental market is also growing.
The five hundred billion market is estimated according to the quantity, rent and occupancy rate of construction machinery, and the most important ones are excavators (32%), loaders (29%) and tower cranes (15%). The participants in the construction machinery leasing market are mainly professional entity leasing providers and financial leasing firms with the manufacturing background.
Is different from simple equipment leasing, construction machinery leasing industry not only provide equipment, while also providing services, requires practitioners to have advanced technology and rich experience in the industry, the need to lease the service provider familiar with process related engineering construction, is a high technical barriers to service industry, cross industry participants to enter. The main participants in the current industry include two categories: 1) professional entity rental service providers.
Leading enterprises have the predominance. Subject to the operation of downstream construction enterprises, the turnover time of accounts receivable in construction machinery rental industry is deteriorating. According to our estimate, the turnover time of accounts receivable is about 436 days, the highest in recent 5 years.
The industry concentration is relatively low. The market share of *ST in leading enterprises is less than 2/1000. Compared with the market share of 9%-10% in the US, there is still much room for improvement. The industry concentration is expected to improve in the future. With the slowdown in investment in fixed assets under the background of the high base, lower construction enterprises demand for equipment will be more by buying into leasing industry in the future, the stability of the industrial scale is a high probability event, and is expected to usher in a modest growth; high technical barriers to service industry.
Generally, the development of the construction outsourcing link, mainly engaged in business leasing. The advantages are technical specialty, flexible service, lack of capital, lack of financing capacity, financing leasing companies of manufacturing enterprises.
The listed companies of industrial chain are relatively scarce. At present, the most pure construction machinery rental enterprises in the market are the *ST machines to lease the industry leading Pang Yuan leasing, which is expected to expand revenues and thickening performance by enhancing industry concentration, consolidate moat and improve its position in the industrial chain.
Generally, it relies on the manufacturing enterprise. It is mainly engaged in financing lease for the holding company or business department of the manufacturing enterprise. The essence of it is to help the manufacturing enterprise sell equipment. The advantage is relatively abundant capital, and the shortcoming is that professional is not as good as entity leasing, and development is limited by the background of manufacturing enterprises. Under such economic environment, if the financing side does not have obvious advantages, it is easy to drag down businesses by blindly adding leverage. On the other hand, the advantages of the leading enterprises in the industry are expected to be further expanded if they have a lower cost of capital.
In addition, related equipment leasing subject and provide building protection support equipment leasing Huatie technology, environmental protection and oil and gas drilling equipment leasing Baode shares, provide the new field of energy related equipment leasing services Chinese Kang Fu and aircraft equipment manufacturing and leasing services rental in Bohai.
