国信证券：1-2月挖掘机内销同比增长51% 外销增长趋势延续

Core Viewpoint - The domestic sales of excavators in China saw a significant year-on-year increase of 51% in January and February 2025, driven by seasonal factors and the upcoming sales peak in March [1][5]. Excavator Sales - In February 2025, a total of 19,270 excavators were sold, marking a year-on-year increase of 52.8%. Domestic sales accounted for 11,640 units, up 99.4%, while exports reached 7,630 units, increasing by 12.7% [2]. - Cumulatively, from January to February 2025, excavator sales totaled 31,782 units, reflecting a year-on-year growth of 27.2%, with domestic and foreign sales at 17,045 and 14,737 units respectively, representing increases of 51.4% and 7.37% [2]. Loader Sales - In February 2025, 8,730 loaders were sold, which is a year-on-year increase of 34.4%. Domestic sales were 4,505 units, up 63%, while exports were 4,225 units, increasing by 13.2% [3]. - For January to February 2025, loader sales reached 16,650 units, showing a year-on-year growth of 16.5%, with domestic and foreign sales at 8,211 and 8,439 units respectively, reflecting increases of 26.2% and 8.33% [3]. Market Index - In February 2025, the operating hours for Komatsu excavators in China averaged 56.8 hours, a year-on-year increase of 100.7%. The monthly operating rate for major construction machinery products was 44.6%, which is an increase of 12.3 percentage points year-on-year, although it decreased by 6.22% month-on-month [4]. Industry Outlook - The domestic market has been recovering since 2024, with excavator sales expected to continue positive growth from March to December 2024. The significant year-on-year increase in February 2025 is attributed to seasonal factors and the ongoing demand driven by the replacement cycle of excavators [5]. - Exports of excavators have shown consistent positive growth for seven consecutive months, with a year-on-year increase of 7.37% in January and February 2025. The strengthening of cooperation with countries along the "Belt and Road" initiative and the increasing competitiveness of Chinese construction machinery products are expected to support continued growth in exports [5].