LIUGONG(SZ:000528) 智通财经网·2026-02-10 02:52Group 1 - The core viewpoint of the report is that the domestic demand for construction machinery is recovering, driven by major water conservancy projects and the establishment of overseas production capacity by domestic companies, leading to an acceleration in globalization and increased market penetration [1][2][3] Group 2 - In January 2026, excavator sales reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and export sales at 9,985 units (up 40.5%) [1][2] - The demand for excavators is expected to continue its recovery due to upcoming projects in various sectors, including mining and infrastructure, as well as government policies promoting the replacement of old equipment [2] Group 3 - Loader sales in January 2026 totaled 11,759 units, reflecting a year-on-year growth of 48.5%, with domestic sales at 5,293 units (up 42.8%) and export sales at 6,466 units (up 53.4%) [1][3] - The electric loader segment saw sales of 2,990 units, achieving a penetration rate of 25.43%, indicating a growing acceptance of electric machinery in the market [3][3] Group 4 - LiuGong's projected net profit for 2025 is between 1.526 billion and 1.659 billion yuan, representing a year-on-year growth of 15-25%, driven by stable demand in the domestic market and a recovering international market [4] - The company's growth strategy focuses on comprehensive solutions, digitalization, and globalization, aiming to optimize business combinations and reduce costs across the value chain [4]