中联重科加速海外收购
英国《金融时报》 汤姆•汉考克 上海报道2018.12.28 12:00
中国最大的重型机械制造商中联重科(Zoomlion)正在欧洲寻觅收购机会，以增强技术实力，并在全球市场赢得更大份额。中国国内工程机械市场明年预计将出现收缩。
对中国的工程机械制造商而言，海外销售成了一个亮点。中国重型机械工业协会(CHMIA)的数据显示，中国工程机械制造商今年的出口额将超过200亿美元，而2001年时仅有16亿美元。
频频的海外收购使中国的重型机械集团对美国的卡特彼勒(Caterpillar)、日本的小松(Komatsu)等公司构成了越来越大的挑战，尤其是在青睐低成本机械的新兴市场。
在香港上市拥有276亿港元（合35亿美元）市值的中联重科，已经进行了一系列海外收购，包括2012年完成以4.9亿美元收购意大利CIFA公司，2013年收购德国水泥搅拌机制造商M-Tec，以及上月收购了德国塔机制造商威尔伯特(Wilbert)。
中联重科海外公司总经理助理夏军表示：“我们正在寻找更多的收购目标。未来我们将寻求收购具备独特技术、在某一特定领域表现出色的小企业。”他说，公司正在研究在德国和法国的收购计划，但没有透露细节。
近年来，欧洲和美国对来自中国的投资持越来越强硬的态度，议员们纷纷呼吁对技术领域的收购进行限制。
2016年，中联重科被迫放弃以34亿美元收购美国建筑设备制造商特雷克斯(Terex)的计划。中联重科表示双方未能就条款达成一致，但也有人怀疑中联重科能否获得美国外国投资委员会(CFIUS)的批准。当时，中联重科处于亏损状态，且债务负担沉重。2016年的债务股本比为89%，2017年降至76%。
夏军表示，这样的交易对双方都有利。
夏军说：“我们收购企业，吸收它们的技术，然后进行合作。”他还表示，以前M-Tec在德国、CIFA在意大利制造的混凝土泵、起重机等机械，如今可以在中国进行制造。
夏军称：“4年时间足够对技术进行吸收，但我们也尝试利用它们的研究平台设计新产品。”他还表示，较低的劳动力成本可以让中国企业在东南亚、中东、拉美等发展中市场占据优势。
中联重科正在加入三一重工(Sany Heavy)、徐工机械(XCMG)等本土竞争对手的行列，随着国内市场放缓增长而把重点转向出口业务。中联重科去年实现净利润13亿元人民币，主要来自国内的销售。中国重型机械工业协会的数据显示，去年国内工程机械市场规模约为800亿美元。
中国的房地产市场推动着建筑业发展，但随着房地产销售达到历史峰值，根据咨询公司Off-Highway Research估计，挖掘机、装载机和自卸卡车的销量预计将在2018年增长30%之后，明年下降7%至8%。
沃尔沃建筑设备(Volvo CE)中国区总裁岑家辉(Francis Sum)表示，他预计明年中国重型机械市场萎缩幅度最大可能达到10%，不过他补充称，沃尔沃将凭借较高端的产品继续获得增长。
中国政府已经宣布，明年将加大基础设施投入以提振经济，但几乎没人指望2008年金融危机后出台的大规模刺激计划施会重现。那一轮刺激曾带来了工程机械的热销。
夏军说：“市场不会再出现像我们之前看到的那样的刺激计划。”
译者/何黎
以下为此文英文原文：China’s Zoomlion pursues overseas technology deals
By Tom Hancock in Shanghai
Zoomlion, China’s largest heavy machinery company, is hunting for acquisitions in Europe to boost its technological prowess and win a greater share of the global market, with the construction segment at home expected to contract next year.
Overseas sales have been a bright spot for Chinese construction machinery makers, whose exports are set to exceed $20bn this year, up from just $1.6bn in 2001, according to the country’s heavy machine industry association.
Foreign acquisitions have allowed Chinese machinery groups to pose an increasing challenge to companies such as US-based Caterpillar and Japan’s Komatsu, especially in emerging markets where low-cost machinery is favoured.
Zoomlion, which has a HK$27.6bn ($3.5bn) valuation on the Hong Kong stock exchange, has made a series of overseas acquisitions including the $490m purchase of Italy’s CIFA, completed in 2012; German cement mixer maker M-Tec in 2013; and German tower crane company Wilbert last month.
“We are looking for more acquisition targets. In the future we will pursue small companies with special technology, who do very well in a particular field,” said Xia Jun, a vice-president at Zoomlion. He said the company was considering deals in Germany and France, but gave no details.
Attitudes to Chinese investment in Europe and the US have hardened in recent years, with lawmakers calling for curbs on acquisitions of technology.
Zoomlion was forced in 2016 to scrap a planned $3.4bn takeover of US construction equipment maker Terex. The Chinese company said the two sides could not agree on terms, but questions had also been raised about Zoomlion’s chances of getting approval from the Committee on Foreign Investments in the US. At that time the company was lossmaking and heavily indebted. Its debt to equity ratio was 89 per cent in 2016, which reduced to 76 per cent in 2017.
Mr Xia said such deals were beneficial for both sides.
“We acquire companies, absorb their technology and then we co-operate,” said Mr Xia, adding that machinery such as concrete pumps and cranes once made by M-Tec in Germany and CIFA in Italy could now be made in China.
“Four years is enough to absorb the technology, but we also try to use their research platforms to design new products,” said Mr Xia. Cheaper labour costs can give Chinese companies an edge in developing markets, such as south-east Asia, the Middle East, and Latin America, he added.
Zoomlion, which reported net profit of Rmb1.3bn last year mainly from sales in China, is joining local rivals such as Sany Heavy and XCMG in shifting to exports as growth slows in their domestic market, worth about $80bn last year, according to the industry association.
China’s property market drives construction, but with property sales having reached a historic peak, sales of excavators, loaders and dump trucks are expected to fall 7-8 per cent next year after growing 30 per cent in 2018, according to consultancy Off-Highway Research.
Francis Sum, head of China for Volvo Construction Equipment, said he expected the total Chinese heavy machinery market to shrink by as much as 10 per cent next year, though he added Volvo would continue to grow thanks to its higher-end offerings.
Beijing has vowed to plough more into infrastructure next year to prop up the economy, but few expect a repeat of the massive stimulus rolled out after the 2008 financial crisis, which caused a boom in construction equipment sales.
“The market will not have a stimulus like we saw before,” said Mr Xia.
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