工程机械行业跟踪点评：6月挖机销量好于预期，Q2出口环比改善

Investment Rating - The industry investment rating is maintained at "Market Weight" [3][62]. Core Insights - June excavator sales exceeded expectations, with a total of 16,603 units sold, representing a year-on-year increase of 5.31%. Domestic sales reached 7,661 units, up 25.63% year-on-year, while export sales were 8,942 units, down 7.51% year-on-year [2][3]. - The excavator sales in June showed a seasonal resilience, indicating a gradual stabilization and potential acceleration of a new cycle, supported by favorable policies [3]. - The first half of 2024 saw a total of 103,213 excavators sold, a year-on-year decrease of 5.15%, with domestic sales increasing by 4.66% to 53,407 units, while exports fell by 13.81% to 49,806 units [3]. - The construction and mining fixed asset investment remains relatively stable, with May figures at 6.68% and 17.70% respectively, despite slight month-on-month declines [3]. - The electric machinery trend is evident, with electric excavator sales in June reaching 16 units, a month-on-month increase of 128.57%, and electric loader sales at 1,570 units, up 418.15% year-on-year [4]. Summary by Sections Excavator Sales Data - In June 2024, excavator sales totaled 16,603 units, with domestic sales at 7,661 units and exports at 8,942 units. The year-on-year growth for domestic sales was 25.63%, while exports saw a decline of 7.51% [2][3]. - The first half of 2024 recorded 103,213 excavators sold, with domestic sales increasing by 4.66% and exports decreasing by 13.81% [3]. Market Trends - The construction machinery sector is showing signs of recovery, with a stabilization in sales and a potential for a new cycle driven by policy support [3]. - The electric machinery segment is growing rapidly, with significant increases in sales of electric loaders and excavators, indicating a shift towards electrification in the industry [4]. Investment Recommendations - The report suggests focusing on industry leaders such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic for potential investment opportunities [4].