2024年工程机械出海：挑战当前，未来可期：2024年以来，工程机械出口增速进一步放缓，相关企业面临多方面的挑战和不确定性；但当前海外市场仍是重要支柱，且未来仍有较大增长空间，出口表现有望平滑龙头企业的经营稳定性。

Investment Rating - The report indicates a stable outlook for the engineering machinery export sector, despite a slowdown in growth rates due to high base effects and demand fluctuations [2][9]. Core Insights - The export volume and value of China's engineering machinery have slowed down in 2024, but the current export scale remains at historical highs, with significant growth potential in overseas markets [2][3][9]. - Domestic engineering machinery companies are increasingly relying on exports to compensate for declining domestic demand, with overseas sales contributing significantly to their revenue [2][3]. - The international competitiveness of Chinese engineering machinery is improving due to advantages in cost-effectiveness, supply chain efficiency, and enhanced product quality [2][3][9]. Summary by Sections Export Performance - In the first half of 2024, excavator exports decreased by 13.80% year-on-year, while loader exports grew by 5.32%, indicating a mixed performance across different machinery types [3][9]. - Exports to "Belt and Road" countries increased by 4.22% to $12.4 billion, accounting for 48% of total exports, while exports to BRICS countries rose by approximately 10% to $7.1 billion [5][9]. Market Opportunities - The global engineering machinery market is projected to exceed $200 billion by 2028, with significant growth opportunities in regions like Russia, the U.S., and Indonesia [3][5][9]. - The report highlights that the demand for engineering machinery in Russia is expected to remain stable due to strong fixed asset investments and a favorable geopolitical environment [6][9]. Competitive Landscape - Chinese brands have gained market share in Russia, with exports increasing by 66.5% to $6.058 billion in 2023, largely due to the exit of Western competitors [6][9]. - However, the market share of Chinese brands in North America remains low, at less than 10%, indicating substantial growth potential [6][9]. Internationalization Efforts - Leading Chinese companies are expanding their international presence through overseas manufacturing, partnerships, and local market adaptations [11][12]. - The report notes that the internationalization of Chinese engineering machinery firms is still lagging behind established competitors like Caterpillar and Komatsu, particularly in market share and operational depth [14][18]. Future Outlook - Despite the current challenges, the report suggests that overseas sales will continue to be a crucial growth driver for the engineering machinery sector, with significant potential in emerging markets [18].