Double wheel drive high altitude work platform engineering machinery industry also has "Tenbagger"
Introduction: drift, or go ahead?
The macro economic downturn, the strong cycle of the engineering machinery industry is generally low, short or difficult to recover. In comparison, the high altitude operation platform sub industry has shown a good performance, and has become a bright color in the bleak engineering machinery industry. So, can the future of the industry maintain a single show, the market space and the growth of the future will be?
High altitude operation platform: the core of safety and economy, and the leaseholder in the ecological center of the industrial chain
Construction is the main application field of high altitude operation platform, but the application of non building field is expanding continuously. Compared with the traditional boarding equipment, high altitude operation platform better meet the core needs of the terminal customers for security and economy, and the future replacement space is wide. Equipment manufacturers, middle rents / distributors and end users are three main links of the aerial work platform industry chain. The three interlocking and mutually precondition together have built the ecosystem of the aerial work platform industry chain. Among them, as the platform of the high-altitude operation platform is dominated by leasing, the middle renter / dealer becomes the key link of the industrial chain ecosystem, which plays a crucial role in the development of the industry.
Trend: "machine replacement + rental market" double wheel drive, the industry is expected to be born Tenbagger
The European and American high altitude operation platform market has the characteristics of leasehold, high market concentration and steady growth. In the past 14 years, the amount of American aerial work platform increased by 10.42% over the same period. At present, there are only 20 thousand units of the aerial work platform in China, while 53 in the US and 240 thousand in Europe. According to the calculation, the potential space of the industry is 24 times higher than that of the current market, and the number of reserves is expected to exceed 480 thousand. The development trend of construction industry, machine substitutions, leasing industry booming double superposition leveraging industry is entering the accelerated growth cycle, and it is because the industry is currently very low permeability, we believe that investment growth downward in the short and medium term and will not be affected the core factor of the growth of the industry, the construction machinery industry in the future Tenbagger is expected to be from birth.
Investment strategy: select the industry leader with "soft and hard" strength
The experience of the international giants showed the following common: 1) to strengthen research and development, focus on quality to brand barriers; 2) the product structure presents series, high-end, intelligent trend; 3) the establishment of financing services, training and customer service in one of the service system, especially personal financing solutions. Learn from international experience and combine the actual domestic giants, we believe that the enterprise has the following advantages: 1) talent shows itself a greater probability of deep industry accumulation, with strong R & D and marketing capabilities, can provide series, high-end, intelligent quality products; 2) financial strength, to provide personalized financial solutions. A key recommendation of Zhejiang daily, the company for the domestic leading aerial work platform, and has established the development of leasing companies financing lease and cross-border leasing business. At the same time, recommend actively layout of aerial work platform, the transformation of intelligent logistics system integrators Noblelift co..
Risk hints: the growth rate of the industry is less than expected.
