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HONG KONG, Sept 28, 2020 - (ACN Newswire) - With the COVID-19 pandemic gradually under control in Mainland China, the resumption of work and production has started while demand for infrastructure and real estate construction has driven the strong growth of construction machinery industry. Precision Tsugami (China) Corporation Limited ("Precision Tsugami", together with its subsidiaries, the "Group", stock code: 1651), the largest foreign-owned CNC high precision machine tool manufacturer in China has made advanced business deployment in the industry and capitalised on the related opportunities, leading to a substantial year-on-year growth of nearly 140% in construction machinery-related orders between January and August 2020.
According to the latest data issued by China Construction Machinery Association, statistics from 25 excavator manufacturers showed that a total of 20,939 excavators in different types were sold in August 2020, representing a growth of 51.3% year-on-year. Sales volume of excavators in China maintained a year-on-year growth of over 50% for the fifth consecutive month. Total sales volume in the first eight months this year already accounted for 89.3% of the annual sales volume in 2019.
The construction machinery industry is one of the downstream application sectors that the Group has been engaged in over the years. Buoyed by factors such as higher demand for infrastructure and equipment upgrades, the Group recorded a notable year-on-year growth of nearly 140% in the amount of construction machinery-related orders between January and August 2020. These orders mainly came from the renowned high-end hydraulic device manufacturers in China, with the Group serving as their provider of parts for high precision hydraulic device such as the spools of hydraulic pumps for excavators. As the largest foreign-owned CNC high precision machine tool manufacturer in China, the Group's core product CNC high precision automatic lathe has an edge over its peers in the processing of hydraulic device parts, with higher precision and rigidity requirements.
Looking ahead, China's flourishing construction machinery industry is expected to create opportunities for the CNC lathe industry, in particular the high-end CNC lathe products with high precision, high rigidity and high efficiency. The Group is focusing on developing models with higher processing efficiency for construction machinery products so as to complement the latest industry trends and expand its market share in the industry. As always, the Group will execute sound, pragmatic and aggressive business strategies to overcome difficulties in the challenging market environment and capitalise on opportunities in the industry with agility.
Topic: Press release summary
Source: Precision Tsugami (China) Corporation Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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