工程机械行业月度点评：农田水利+全球化加速推动工程机械持续复苏

Investment Rating - The industry is rated as "In line with the market" [2] Core Views - The recovery of the construction machinery industry is driven by agricultural water conservancy projects and accelerated globalization, with a recommendation to focus on leading companies [9] - The construction machinery index has declined, and the price-to-earnings (PE) ratio has decreased, indicating a need for improvement [7][12] - Domestic demand in real estate remains weak, but the market for excavators and lifting equipment shows positive project progress [8] Summary by Sections Market Review - The construction machinery index has experienced a decline of 5.5% from June 1 to July 12, 2024, ranking 36th among 133 secondary industry sectors [12] - The PE ratio for the construction machinery sector is currently at 19.7, which is at a historical low of 36.8% [16][20] - Infrastructure investment from January to May 2024 reached approximately 7.7 trillion yuan, showing a year-on-year increase of 6.7% [22] Industry and Company Dynamics - The performance of excavators in the domestic market has been strong, with a year-on-year increase of 6.0% in May 2024 [32] - The export of construction machinery products has been robust, with a total export value of 211.9 billion yuan from January to May 2024, reflecting a year-on-year growth of 2.1% [28][30] - The demand for electric loaders is increasing, with sales of electric loaders in May 2024 reaching 1,250 units, a year-on-year increase of 408.1% [37] Economic Operation of the Industry - The prices of copper and other raw materials have decreased, leading to lower production costs for construction machinery companies [25][26] - The export trade of construction machinery continues to grow, particularly in the Belt and Road regions, which accounted for 61.4% of total exports from January to May 2024 [30] - The overall operating rate of construction machinery has shown a slight decline, but specific products like excavators and lifting equipment have seen increasing utilization rates [8][9]