机械设备行业周报：2024年6月挖掘机销量为16603台，同比增长5.31%

Investment Rating - The industry investment rating is "Positive" for General Equipment and Engineering Machinery, while "Neutral" for Specialized Equipment and Transportation Equipment [1]. Core Viewpoints - In June 2024, excavator sales reached 16,603 units, a year-on-year increase of 5.31%. Loader sales were 10,794 units, up 26.2% year-on-year. However, the operating hours for Komatsu excavators in China decreased by 2.5% year-on-year to 87.90 hours [2][11][12][13]. - The report anticipates a marginal improvement in engineering machinery demand in 2024 due to the introduction of large-scale equipment renewal policies and real estate optimization policies [4][29]. - Urban rail transit construction is expected to maintain growth, with fixed asset investment in rail transit likely to continue increasing under the goal of building a strong transportation nation [4][29]. Summary by Sections Industry News - June excavator sales were 16,603 units, a 5.31% increase year-on-year. Domestic sales were 7,661 units, up 25.6%, while exports were 8,942 units, down 7.51% [11]. - Loader sales in June were 10,794 units, a 26.2% increase year-on-year, with domestic sales at 5,296 units (up 22.6%) and exports at 5,498 units (up 29.8%) [12]. - Operating hours for Komatsu excavators in China were 87.90 hours in June, down 2.5% year-on-year [13]. Company Announcements - Jiechang Drive announced a projected net profit increase of 116.46%-128.18% for the first half of 2024 [17]. - Furui Special Equipment expects a net profit growth of 296%-381% for the same period [18]. Market Review - From July 3 to July 9, 2024, the Shanghai and Shenzhen 300 Index fell by 0.92%, while the mechanical equipment sector dropped by 2.81%, underperforming the index by 1.89 percentage points [20]. - As of July 9, 2024, the price-to-earnings ratio for the mechanical equipment sector was 22.46, with a valuation premium of 94.04% compared to the Shanghai and Shenzhen 300 Index [24]. Weekly Perspective - The report maintains a "Positive" rating for the industry and recommends "Increase" ratings for Sany Heavy Industry, Zoomlion Heavy Industry, and CRRC [4][29].