Construction Machinery Industry Exposure "Data Shady"

For the association to sell money, enterprises must rank rigorous and objective production and sales data, which should be a barometer reflecting the industry’s coolness and warmth and describing changes in the company’s business operations. However, what kind of harm will the industry bring if such data is put on the coat of interests and used by industry associations for self-interest? Recently, a number of industry insiders reported to the "Golden Securities" reporters that the construction machinery industry "data shady."

Business has "course"

For outsiders, the sales data of the construction machinery industry is rather mysterious.

Open the website of China Construction Machinery Industry Association, the “Data Statistics” column on the left side of the front page is impressive, including “Production statistics of some major enterprises in the industry in May 2012” and “Implement and sales of construction machinery industry from January to April in 2012. Analyze other important information. However, if you want to learn more about the details, you must go through the "Statistics Subscriber Login" level.

The "Golden Securities" reporter learned that at a recent institutional exchange meeting, executives of a listed A-listed construction machinery company could not help but "disclosure." “In the past, the statistical data in the industry was only used internally by us for reference, and each company took turns to do it. Later, the trade associations took it and sold it, which caused many companies to complain.”

Chen Yang (a pseudonym), another top management company of the large construction machinery company, also told the “Golden Securities” reporter. “When I joined the work in 1995, there was a practice of monthly sales statistics in the industry. Every month Once we have finished, we will report the production and sales data to the construction cranes branch, the shovel transportation machinery branch, the excavation machinery branch, etc., and then they will be summarized by the website of the Construction Machinery Industry Association so as to grasp the industry situation. The important data will be fed back to the member companies, and everyone can also exchange ideas, but now it has become tainted. The association peddles these data to units in the industry."

In this regard, the Construction Machinery Association does not shy away, and even price the relevant data statistics services.

"Gold Securities" noted that the website content shows that "the column information consists of monthly production and sales statistics, monthly import and export situation analysis, and market analysis. The number of readings in the full subscription is: monthly statistics 20 times, monthly import and export Analysis of the situation 20 times, market analysis 40 times. Members can be divided into sub-items, read on time.” Among them, the subscription price of the member is 500 yuan per item for a single subscription, 1000 yuan per item for the full item subscription, and 3 items for a subscription; the price for a non-member subscription is 5,000 yuan. / Full item (can not be sub-item subscription). This amount does not seem expensive, but Chen Yang told reporters that machinery companies also have to pay a certain membership fee each year. The company he belongs to pays an annual membership fee of 40,000 yuan.

Data bubble

“In fact, the industry’s production and sales data are very watery, and the reported member units have no enthusiasm. Non-member units are also well aware of the lack of interest in understanding.” Chen Yang told Gold Securities.

It is understood that after the second half of last year, with the slowdown in the growth of fixed investment, the prosperity of the construction machinery industry declined sharply. "Everyone knows that competition in this industry is extremely fierce. In order to compete for rankings, the trend of adulteration of sales data continues to spread." Chen Yang told “Gold Securities,” “The first few companies in the construction machinery industry are listed companies. We will not openly falsify financial data, but there are some ways to conceal sales. For example, dealers raised 5 sets from manufacturers. In fact, only two cranes were sold, and the reported data was five instead of two. This situation is quite common in the industry, and it is just a matter of doing more.” This is also the receivables of listed companies recently. Highly important reasons.

The aforementioned executives of listed companies also frankly stated to “Gold Securities” that after last year’s decline in industry profits, some companies were reluctant to accept facts for various purposes and there were false reports. Many of the data this year were more chaotic, sometimes low and sometimes high. Our company There are two sets of data, one set for the company’s internal executives and one set for the association.” For example, he said that a company’s product sold 40,000 units last year, and the actual reported data was 43,000 units. From January to May this year, the company’s sales of this product decreased by nearly 40% year-on-year. The actual figure was over 13,000 units, and the reported data was 17,000 units.

According to "King Securities", companies pay attention to skills when reporting data. In their own advantage projects, they can do their best to “bold up the dots”. As for short-legged products, they should report as truthfully as they can. “This is imaginary and practical, and it is more secretive.”

According to the current rumor, the construction machinery industry as a whole fell by nearly 20% this year. In May, sales of road rollers, loaders, bulldozers and excavators even fell by 29.70%, 25.77%, 29.90% and 23.92% respectively year-on-year. If you consider the factors of sales data doped with water, the overall situation of the industry should be even worse.

Chen Yang told the "Golden Securities" that "the current operating rate is only 50%, the existing production equipment can not eat, the new machine sales are not optimistic. The machine in the hands of dealers, and can not sell, time If it is long, it will inevitably rust and be damaged, and the listed company will have to bear maintenance fees and breakage fees.For some dealers with better relations, if necessary, they may even require the listed company to issue red tickets for return. Actually, many companies in the industry All are gambling, betting the market will improve in the second half of the year, otherwise a series of risks will be exposed."

The industry

Does the existence of industry data use profit? After the “Golden Securities” reporter dialed the phone number of Secretary of Construction Machinery Association Su Zimeng and heard the reporter’s intention to interview, he said: “The association now has more than 2,000 member units, and the industry coverage rate is over 85%. The data reported by each company is not It may be adulterated, but it is only a matter of statistical caliber. The association has also been improving.” After that, he hangs up the phone.

"Gold Securities" learned that as early as the end of 2010, the Engineering Machinery Industry Association Mining Machinery Branch held a data management seminar in Shanghai, it put forward "a clear definition of sales, must be the end user to purchase the data to declare."

On March 24 of this year, the 2012 Statistical Work Conference of the China Construction Machinery Industry Association was held in Guilin. Participants included major companies in the industry such as Xugong Group, Zoomlion, Xiagong, Longgong and Liugong. Su Zimeng pointed out at the meeting that “Intensifying efforts to do a good job in statistical information industry, we must establish a sound statistical system and indicator system; take measures to change the individual companies do not pay attention to statistical information, do not report on time, false reports and data leaks; strengthen statistics Analyze and change the status quo of weaker statistical analysis, and hope that all companies will do a good job in industry statistics with an open mind."

It is worth mentioning that at this meeting, the relevant person in charge also urged the member companies to “have been laid out in the annual report statistics in 2011. Some companies have already submitted data, and some companies have not yet reported. Please complete the annual report as soon as possible to submit the report to the Association. The target requirement of the annual report of the Association this year is that all major companies in various industries and all types of products shall have no leakage items."

According to the insider, "Golden Securities" revealed that "the statistical data of member companies' annual report is exactly the big income of the association."

During the interview, a researcher in Shenzhen felt that “The significance of numbers for each construction machinery company is self-evident. In the current Chinese construction machinery market, there is hardly any soil for them to truthfully publish production and sales data. On the one hand, construction machinery The data provided by the enterprises to the association is reported by the companies themselves, which gives the company complete operating space. In addition, statistical data has room for interest. This data is increasingly confidential and it is difficult to directly check; On the other hand, companies need to use their self-declared data to decorate their facades and try to squeeze into the so-called first and second legions. However, all parties are so quick to gain instant benefits, but the entire industry is hurt.”