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中国设备制造商抢占海外市场份额
添加时间:2016-05-30 21:13:03 浏览次数: 作者:未知
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  • China’s construction equipment makers2 are ramping3 up the competition against global leaders such as Caterpillar4, Komatsu and Deere and appear set to discount products to build market share, a new study has found.

    一份新的研究报告显示,中国建筑设备制造商正在加大与卡特彼勒(Caterpillar)、小松(Komatsu)和迪尔(Deere)等全球领军者的竞争,而且似乎打算通过低价来抢占市场份额。

    The Chinese companies — which include Sany, Zoomlion and XCMG — are likely to boost their market share outside China to around 15 per cent by 2025, up from an estimated 7 per cent currently (see chart), according to research by UBS Evidence Lab, which surveyed about 15,000 construction equipment dealerships around the world.

    UBS Evidence Lab的研究显示,到2025年,包括三一重工(Sany Heavy)、中联重科(Zoomlion)和徐工机械(XCMG)在内的中国公司在海外占有的市场份额可能将提高至15%左右,超过当前估计的7%(见图表)。UBS Evidence Lab对世界各地的约1.5万家建筑设备经销商进行了调查。

    “We think the Chinese are making moves to expand further into the west and we think they have a very good chance to take market share, if they are fully committed to doing so,” said Steven Fisher, UBS analyst6.

    瑞银(UBS)分析师史蒂文•费希尔(Steven Fisher)表示:“我们认为中国人正在采取行动,向西方市场进一步扩张,我们认为如果它们全力以赴的话,它们很可能可以抢占市场份额。”

    He said that the biggest competitive advantage of the Chinese companies was a relatively7 low cost base that allowed them to offer discounts in the region of 15 to 40 per cent to equivalent premium8 brand equipment.

    他说,中国公司最大的竞争优势在于相对较低的成本,这让它们能够在西方市场上提供比高端品牌相同配置产品低15%至40%的价格。

    This will allow them to take market share in Europe and the US, where the presence of Chinese brands in dealerships remains9 fairly scarce. The biggest operational challenge for the Chinese, Mr Fisher said, lies in providing aftersales support to dealerships, especially by ensuring that spare parts are supplied quickly and in sufficient quantity.

    这将让它们能够在欧洲和美国抢占市场份额——目前在欧美,中国品牌在经销商处仍然比较少见。费舍尔表示,中国人面临的最大的运营挑战在于为经销商提供售后支持,尤其是确保能够迅速地供应足够多配件。

    “We don’t generally assume that Chinese products are going head to head with Caterpillar and Deere,” Mr Fisher added. “But our point is that a discount on a base level product can end up applying pressure further up the chain.”

    费舍尔补充称:“总体而言,我们不认为中国产品会与卡特彼勒和迪尔正面竞争,但我们认为,基础级产品的较低价格可能最终对更高端产品构成压力。”

    The UBS Evidence Lab found in its survey of the 15,000 dealerships that Chinese manufacturers “have increased interest in expanding more aggressively” and — if they maintain this — may be able to scoop10 up about 1 per cent in market share outside China per year over the next decade.

    UBS Evidence Lab在对1.5万家经销商调查后发现,中国制造商“对实施更激进的扩张产生了更浓厚的兴趣”,如果它们保持这种兴趣的话,今后十年就可能每年在海外抢占大约1%的市场份额。

    The effect of this would be a reduction in the available profit pool for western giants such as Caterpillar, Metso, Komatsu, Sandvik, Volvo, Deere, Terex and others, the UBS research report said.

    瑞银的研究报告显示,随之而来的影响将是卡特彼勒、美卓公司(Metso)、小松、山特维克(Sandvik)、沃尔沃(Volvo)、迪尔、特雷克斯(Terex)等西方巨头的利润被分走一杯羹。

    However, the challenges before the Chinese companies in terms of market dynamics11 appear considerable. In the US, for instance, Chinese brands had only a 3.7 per cent presence in the dealerships surveyed (see map), defining a struggle for brand recognition. “Presence” in the survey was measured by the proportion of points of sale for Chinese brands versus12 other brands sold in dealerships.

    然而,就市场情况来看,中国公司面临的挑战似乎非常大。例如,在美国,中国品牌在受访经销商中只有3.7%的“存在感”,表明品牌认知度非常低。调查中的“存在感”是通过中国品牌销售点所占比例来衡量的,与其形成对照的是经销商处销售的其他品牌销售点所占比例。

    In emerging markets, though, the Chinese firms have made greater inroads, buoyed13 by infrastructure14 projects financed through Chinese financial institutions. In Kazakhstan, Chinese construction equipment brands had a presence in 42 per cent of dealerships, an 11 per cent footprint in Brazil, a 24 per cent presence in Russia, and in Iran — where business by European and US corporations has been limited by sanctions — Chinese equipment was on sale in 92 per cent of dealerships.

    然而,在新兴市场,得益于中国金融机构提供融资的基础设施项目,中国公司取得了更大的进展。在哈萨克斯坦,中国建筑设备品牌在42%的经销商中有售,这个数字在巴西是11%,在俄罗斯是24%,在欧美企业因制裁而业务受限的伊朗,这个数字达到92%。

    The lending firepower of China’s two policy banks — the China Development Bank and the Export-Import Bank of China — is likely to enhance the prospect15 of contracts for Chinese construction equipment makers in coming years. The two banks already lend almost as much as the six western-backed multilateral development institutions put together.

    中国两家政策银行——国家开发银行(China Development Bank)和中国进出口银行(Export-Import Bank of China)充足的放贷能力,可能改善了中国建筑设备制造商今后数年签署合同的前景。这两家银行发放的贷款已经几乎相当于6家西方支持的多边发展机构发放的贷款总和。

    However, the Chinese companies tend to be more heavily mired16 in debt. Zoomlion is the most egregious17, with a total debt to ebitda (earnings before interest, tax, depreciation18 and amortisation) multiple of 21, while XCMG and Sany have multiples of 15.3 and 8.1 respectively. Caterpillar and Komatsu are considerably19 lower, while Deere has a multiple of 10.9.

    然而,中国公司背负的债务往往更重。中联重科是最突出的,其债务总额为息税折旧及摊销前利润(EBITDA)的21倍,徐工和三一的这个数字则分别为15.3倍和8.1倍。卡特彼勒和小松的这个数字要低得多,迪尔的这个数字则为10.9倍。

    But in spite of the heavy debt loads carried by Chinese companies, their appetite for overseas acquisitions appears to have remained undiminished. Zoomlion made a cash bid for Terex, the US company, earlier this year, though the result of that overture20 is still uncertain.

    尽管中国公司背负巨额债务,但它们对海外收购的兴趣依然不减。中联重科今年年初对美国公司特雷克斯(Terex)发出现金收购要约,尽管现在结果仍不确定。

    LiuGong, a Chinese machinery21 maker1 with a debt multiple of 16, has made no secret of its intent to boost overseas revenues to 50 per cent by 2020, up from 35 per cent of total revenues now, UBS said. Sany, for its part, announced this year that it had acquired another US-based dealer5 for earth movers, calling it part of an “aggressive” expansion of the company’s earth moving dealer network.

    瑞银表示,中国机械制造商柳工(LiuGong)毫不掩饰其这一打算,即在2020年年底前,将海外收入占公司总收入的比例从目前的35%提高至50%(该公司的债务为EBITDA的16倍)。三一今年则宣布,它收购了另一家总部位于美国的推土机经销商。该公司称,此举为“大胆”扩张其推土机经销商网络的一部分。

     11级    英语新闻 


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    1 maker [ˈmeɪkə(r)] DALxN   第8级
    n.制造者,制造商
    参考例句:
    • He is a trouble maker. You must be distant with him. 他是个捣蛋鬼,你不要跟他在一起。
    • A cabinet maker must be a master craftsman. 家具木工必须是技艺高超的手艺人。
    2 makers [] 22a4efff03ac42c1785d09a48313d352   第8级
    n.制造者,制造商(maker的复数形式)
    参考例句:
    • The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
    • The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》
    3 ramping [ræmpɪŋ] ae9cf258610b54f50a843cc4d049a1f8   第9级
    土堤斜坡( ramp的现在分词 ); 斜道; 斜路; (装车或上下飞机的)活动梯
    参考例句:
    • The children love ramping about in the garden. 孩子们喜欢在花园里追逐嬉戏,闹着玩。
    • Have you ever seen a lion ramping around? 你看到过狮子暴跳吗?
    4 caterpillar [ˈkætəpɪlə(r)] ir5zf   第10级
    n.毛虫,蝴蝶的幼虫
    参考例句:
    • A butterfly is produced by metamorphosis from a caterpillar. 蝴蝶是由毛虫脱胎变成的。
    • A caterpillar must pass through the cocoon stage to become a butterfly. 毛毛虫必须经过茧的阶段才能变成蝴蝶。
    5 dealer [ˈdi:lə(r)] GyNxT   第7级
    n.商人,贩子
    参考例句:
    • The dealer spent hours bargaining for the painting. 那个商人为购买那幅画花了几个小时讨价还价。
    • The dealer reduced the price for cash down. 这家商店对付现金的人减价优惠。
    6 analyst [ˈænəlɪst] gw7zn   第9级
    n.分析家,化验员;心理分析学家
    参考例句:
    • What can you contribute to the position of a market analyst? 你有什么技能可有助于市场分析员的职务?
    • The analyst is required to interpolate values between standards. 分析人员需要在这些标准中插入一些值。
    7 relatively [ˈrelətɪvli] bkqzS3   第8级
    adv.比较...地,相对地
    参考例句:
    • The rabbit is a relatively recent introduction in Australia. 兔子是相对较新引入澳大利亚的物种。
    • The operation was relatively painless. 手术相对来说不痛。
    8 premium [ˈpri:miəm] EPSxX   第7级
    n.加付款;赠品;adj.高级的;售价高的
    参考例句:
    • You have to pay a premium for express delivery. 寄快递你得付额外费用。
    • Fresh water was at a premium after the reservoir was contaminated. 在水库被污染之后,清水便因稀而贵了。
    9 remains [rɪˈmeɪnz] 1kMzTy   第7级
    n.剩余物,残留物;遗体,遗迹
    参考例句:
    • He ate the remains of food hungrily. 他狼吞虎咽地吃剩余的食物。
    • The remains of the meal were fed to the dog. 残羹剩饭喂狗了。
    10 scoop [sku:p] QD1zn   第7级
    n.铲子,舀取,独家新闻;vt.汲取,舀取,抢先登出
    参考例句:
    • In the morning he must get his boy to scoop it out. 早上一定得叫佣人把它剜出来。
    • Uh, one scoop of coffee and one scoop of chocolate for me. 我要一勺咖啡的和一勺巧克力的。
    11 dynamics [daɪ'næmɪks] NuSzQq   第10级
    n.力学,动力学,动力,原动力;动态
    参考例句:
    • In order to succeed, you must master complicated knowledge of dynamics. 要取得胜利,你必须掌握很复杂的动力学知识。
    • Dynamics is a discipline that cannot be mastered without extensive practice. 动力学是一门不做大量习题就不能掌握的学科。
    12 versus [ˈvɜ:səs] wi7wU   第7级
    prep.以…为对手,对;与…相比之下
    参考例句:
    • The big match tonight is England versus Spain. 今晚的大赛是英格兰对西班牙。
    • The most exciting game was Harvard versus Yale. 最富紧张刺激的球赛是哈佛队对耶鲁队。
    13 buoyed [ˈbu:i:d] 7da50152a46b3edf3164b6a7f21be885   第10级
    v.使浮起( buoy的过去式和过去分词 );支持;为…设浮标;振奋…的精神
    参考例句:
    • Buoyed by their win yesterday the team feel confident of further success. 在昨天胜利的鼓舞下,该队有信心再次获胜。
    • His encouragement buoyed her up during that difficult period. 他的鼓励使她在那段困难时期恢复了乐观的情绪。 来自《简明英汉词典》
    14 infrastructure [ˈɪnfrəstrʌktʃə(r)] UbBz5   第7级
    n.下部构造,下部组织,基础结构,基础设施
    参考例句:
    • We should step up the development of infrastructure for research. 加强科学基础设施建设。
    • We should strengthen cultural infrastructure and boost various types of popular culture. 加强文化基础设施建设,发展各类群众文化。
    15 prospect [ˈprɒspekt] P01zn   第7级
    n.前景,前途;景色,视野
    参考例句:
    • This state of things holds out a cheerful prospect. 事态呈现出可喜的前景。
    • The prospect became more evident. 前景变得更加明朗了。
    16 mired [ˈmaired] 935ae3511489bb54f133ac0b7f3ff484   第10级
    abbr.microreciprocal degree 迈尔德(色温单位)v.深陷( mire的过去式和过去分词 )
    参考例句:
    • The country was mired in recession. 这个国家陷入了经济衰退的困境。
    • The most brilliant leadership can be mired in detail. 最有才干的领导也会陷于拘泥琐事的困境中。 来自《现代汉英综合大词典》
    17 egregious [ɪˈgri:dʒiəs] j8RyE   第11级
    adj.非常的,过分的
    参考例句:
    • When it comes to blatant lies, there are none more egregious than budget figures. 谈到公众谎言,没有比预算数字更令人震惊的。
    • What an egregious example was here! 现摆着一个多么触目惊心的例子啊。
    18 depreciation [dɪˌpri:ʃɪ'eɪʃn] YuTzql   第8级
    n.价值低落,贬值,蔑视,贬低
    参考例句:
    • She can't bear the depreciation of the enemy. 她受不了敌人的蹂躏。
    • They wrote off 500 for depreciation of machinery. 他们注销了500镑作为机器折旧费。
    19 considerably [kənˈsɪdərəbli] 0YWyQ   第9级
    adv.极大地;相当大地;在很大程度上
    参考例句:
    • The economic situation has changed considerably. 经济形势已发生了相当大的变化。
    • The gap has narrowed considerably. 分歧大大缩小了。
    20 overture [ˈəʊvətʃʊə(r)] F4Lza   第9级
    n.前奏曲、序曲,提议,提案,初步交涉
    参考例句:
    • The opera was preceded by a short overture. 这部歌剧开始前有一段简短的序曲。
    • His overture led to nothing. 他的提议没有得到什么结果。
    21 machinery [məˈʃi:nəri] CAdxb   第7级
    n.(总称)机械,机器;机构
    参考例句:
    • Has the machinery been put up ready for the broadcast? 广播器材安装完毕了吗?
    • Machinery ought to be well maintained all the time. 机器应该随时注意维护。

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