Performance and Product Layout Inventory of Top Enterprises in the Agricultural Machinery Industry

From the consumption data of agricultural machinery purchase subsidies, in 2023, China's agricultural machinery subsidy consumption market sold over 2.98 million sets of agricultural machinery, with a subsidy fund of 16.7 billion yuan for agricultural machinery purchase, benefiting over 2.1 million agricultural machinery users and driving agricultural machinery sales to 81.2 billion yuan. China is not only the largest producer and manufacturer of agricultural machinery, but also the largest user of agricultural machinery.

In 2023, due to the upgrading of the agricultural machinery industry, the overall scale of the agricultural machinery market has significantly declined. During the rising market period, the industry is thriving, and most enterprises can live comfortably. When the market declines, it is the moment for companies to showcase their true strength.

Here, we will analyze the performance and product layout of leading enterprises in the agricultural machinery industry in 2023.

PART 01

Revenue King: Only 3 companies with over 10 billion yuan in revenue

No1. Weichai Lovol achieved a total operating revenue of 14.99 billion yuan in 2023.

According to the financial report of Yituo Group, the company achieved a total operating income of 11.528 billion yuan for the year, with a net profit attributable to shareholders of the listed company of 997 million yuan.

No. 3. Wode Agricultural Machinery has not disclosed its operating revenue for 2023. In 2022, it achieved an operating revenue of 11.215 billion yuan. Against the backdrop of a decline in the agricultural machinery market, it is expected that Wode Agricultural Machinery's operating revenue in 2023 will not exceed 11.215 billion yuan. However, considering its market share in the agricultural machinery industry, it is still among the top and is expected to exceed 10 billion yuan.

PART 02

Sales King: Three companies with sales exceeding 50000 units

According to the subsidy disclosure data for the purchase and application of agricultural machinery, there were nearly 3800 agricultural machinery production enterprises with subsidy disclosure sales in 2023, 45 enterprises with sales exceeding 10000 sets, and only 3 enterprises with sales exceeding 50000 sets.

PART 03

Product Line Competition

In 2023, there were nearly 3800 production enterprises with publicly announced sales data for agricultural machinery subsidies, including 11 enterprises with more than 10 product categories. These 11 enterprises include leading enterprises with comprehensive strength such as Weichai Lewo, China YTO, Wode Agricultural Machinery, and Zoomlion Heavy Industry, as well as production enterprises that focus on deepening a certain agricultural production link.

The enterprises with the highest number of product categories are Weichai Lewo and Wode Agricultural Machinery. In 2023, there are 20 categories of products with subsidized public sales. Weichai Lewo's products cover farming, planting, harvesting, post-harvest treatment, as well as other agricultural machinery fields; Wode Agricultural Machinery's products cover the stages of cultivation, planting, management, harvesting, and post-processing after harvest. From the perspective of revenue contribution, the top three products of Weichai Lewo in terms of revenue contribution are wheeled tractors, wheat harvesters, and corn harvesters; The top three products that contribute to the revenue of Wode Agricultural Machinery are rice harvesters, cotton harvesters, and wheeled tractors.

There are two companies that, although not among the top companies in terms of comprehensive strength, have a wide range of product coverage types. Henan Julong has 16 types of products, and Jiuquan Zhulong has 15 types of products. Although these two enterprises have a variety of product types, they mainly focus on the cultivation and planting process, and there are also a few involved in the harvesting process. However, they have not been involved in field management and post harvest processing.

Zoomlion Heavy Industry has 13 categories of products, and China YTO has 11 categories of products. Zoomlion Heavy Industry has corresponding products in the fields of cultivation, planting, harvesting, and post harvest processing; China Yituo's products mainly focus on cultivation, planting, and harvesting.

Judging from the published sales data of agricultural machinery subsidies, among the four enterprises with the highest comprehensive strength, only Ward Agricultural Machinery has distributed products in the field management link, including plant protection spray and plant protection unmanned aircraft. At present, Ward Agricultural Machinery has the most complete product line in providing agricultural machinery throughout the grain production. From the perspective of the enterprise's product publicity, Weichai Lovol has also launched two kinds of plant protection machinery: spray bar spray and air spray.

In the post harvest processing stage, from the sales data of subsidy publicity, there is still a lack of the presence of China Yituo; But according to public reports, China Yituo has launched a grain dryer to fill the gap in machinery for post harvest processing.

In terms of "planting", although all four companies are involved, their focus is different. China Yituo focuses on dry land sowing, Zoomlion Heavy Industry focuses on rice seedling cultivation and transplanting machinery in paddy fields, and Weichai Lewo and Wode Agricultural Machinery have product layouts in the fields of dry land and paddy field sowing.