广发机械“求知”系列一：从出口到出海，工程机械全球化的空间在哪里？

Industry Investment Rating - The industry is rated as Buy [1] Core Views - Internationalization is a necessary path for the rise of construction machinery companies, and there is still room for domestic companies to expand globally [1] - Since 2020, the Chinese construction machinery market has experienced cyclical contraction, while the European and American markets have continued to expand, accelerating the overseas expansion of Chinese construction machinery companies [1] - In 2023, the combined overseas revenue of China's top 4 construction machinery companies reached 110.2 billion CNY, a fourfold increase compared to 2020, with the overseas revenue share increasing to 46% [1] - The global construction machinery market size in 2023 is estimated at $156.8 billion, with earthmoving machinery accounting for the largest share at $109.1 billion [1] - Chinese companies hold less than 5% market share in Europe, the US, and Japan, and less than 20% in Belt and Road countries [1] Global Market Space - The global construction machinery market size in 2023 is $156.8 billion, with earthmoving machinery accounting for 70%, followed by lifting machinery (15%), concrete machinery (7%), and aerial work platforms (8%) [1][24] - By region, Europe, the US, and Japan account for 62% of the market, while China accounts for 11%, and other regions account for 27% [1][24] - The global construction machinery market is dominated by earthmoving machinery, with a market size of $109.1 billion in 2023 [24] Market Share of Chinese Companies - Chinese companies hold a 16% global market share in construction machinery, with higher shares in concrete machinery (42%) and lifting machinery (32%), and lower shares in earthmoving machinery (10%) [1][24] - In terms of regional market share, Chinese companies dominate the domestic market with an 81% share, while their shares in Belt and Road countries and Europe, the US, and Japan are 17% and 4%, respectively [1][24] - Chinese companies have a significant presence in concrete machinery, with a global market share of 42%, largely due to acquisitions of global leaders like Cifa, Putzmeister, and Schwing [1][41] Overseas Expansion Strategies - Chinese companies are transitioning from product exports to capacity globalization and localized operations, with overseas revenue accounting for 46% of total revenue in 2023 [1][44] - The overseas revenue of China's top 4 construction machinery companies reached 110.2 billion CNY in 2023, compared to 225 billion USD for Komatsu, indicating significant room for growth [1][47] - Companies like Sany, XCMG, and Zoomlion have established overseas production bases in regions such as Southeast Asia, Europe, and South America, with localized production rates reaching up to 85% in some cases [1][50][52] Investment Recommendations - The report recommends focusing on leading companies such as Sany Heavy Industry, XCMG, Zoomlion, Liugong, Zhejiang Dingli, and Hengli Hydraulic, as they have significant potential for market share growth in Europe, the US, Japan, and Belt and Road countries [1]