March loader sales decreased 7% year-on-year

In March, the total volume of China’s loader industry was 24,612 units (including exports), which fell from the 32% in January-February to 7%. In the first quarter, the total sales volume of the industry was 41,486 units, a year-on-year decrease of 19%, which was better than the year-on-year decline of 30% in 2012.

Potential impact 1) Similar to the excavator market (down 6% year-on-year in March, and Longgong correcting its monthly excavator sales volume to 512 units), we see loader sales rebound from mid-March; Even better, the drop was 4% (Year-to-date, a 19% drop from the previous year).

2) The change in tonnage structure in the loader market is not as obvious as in the excavator market: 3 tons/5 tons/other tonnage loaders accounted for 26%/62%/12% of total sales so far this year, and 2012 It is 27%/59%/14%.

3) We see that sales in the southwestern provinces have performed relatively better year-on-year (Yunnan and Sichuan, respectively, decreased by 8% and 7%, and Guizhou by 4%), but northern provinces rich in mineral resources are relatively weak (Shandong, Xinjiang and Inner Mongolia) Respectively decreased by 37%, 32%, and 30%).

4) The year-to-date market share of the top four manufacturers has increased by 5% to 66% from 61% at the end of February, thanks to Lonking and Lingong’s strong performance in March which pushed their respective market shares to increase by 2.4% and 2.2% respectively from the end of February. %.

From the year-to-date, Lingong has the largest market share (19.1%, sales volume dropped 16% year-on-year); followed by Liugong (17.5%, sales decreased 23% year-on-year), Longgong (15.3%, sales decreased 20% year-on-year) and Xiagong (14.0%, sales fell 16% year-on-year).