Net Loss Ahead of Our Estimate, but Core Construction Machinery Sees Signs of Recovery
Our preliminary view on construction machinery firm Zoomlion’s cumulative nine-month net loss of CNY 874 million is that, while the loss is deeper than our full-year net loss estimate of CNY 830 million, we expect some profit in the fourth quarter and keep our forecast unchanged. Zoomlion’s revenue dropped 5.6% year on year to CNY 14.1 billion, in line with our assumption. Management expects concrete and crane machinery sales to rebound on the pickup in infrastructure spending.  Our fair value e...Zoomlion Heavy Industry Science And Technology Co., Ltd. is principally engaged in the research, development, manufacture and sales of engineering equipment, environmental sanitation equipment and agricultural equipment. The Company operates through four segments. The Engineering Equipment segment includes concrete equipment, lifting equipment, earthmoving equipment, foundation construction equipment, road construction equipment and forklifts, which mainly serve the construction of infrastructure and real estate. The Environmental Industry segment is engaged in the production of sanitation equipment, as well as environmental management investment and operating business. The Agricultural Equipment segment consists of farming machinery, harvesting machinery, drying machinery and agricultural machinery, among others. The Financial segment provides financial leasing and other financial services.
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