Workflow
工程机械行业简评报告：8月挖掘机内销延续增长势头，出口同比增速转正
Capital Securities·2024-09-25 00:07

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The domestic sales of excavators continue to show resilience, with a year-on-year growth of 11.8% in August 2024, totaling 14,647 units sold, while exports also turned positive with a 7.0% increase [1] - The cumulative sales of excavators from January to August 2024 reached 131,600 units, reflecting a year-on-year decline of 2.21%, with domestic sales at 66,300 units (up 7.32%) and exports at 65,200 units (down 10.3%) [1] - Loader sales in August 2024 reached 8,329 units, marking a year-on-year increase of 15.2%, with domestic sales at 4,036 units (up 9.0%) and exports at 4,293 units (up 21.8%) [1] - The electric loader sales in August 2024 were 955 units, with an electrification penetration rate of 11.5% [1] - Major domestic manufacturers are enhancing their competitiveness in overseas markets, with SANY Heavy Industry reporting overseas revenue of 23.542 billion yuan (up 4.79%) in H1 2024, accounting for 62% of total revenue [1] - The outlook for the industry suggests a gradual recovery, driven by the continuous improvement in the competitiveness of domestic manufacturers in overseas markets and the implementation of equipment renewal policies [1] Summary by Sections - Excavator Sales: In August 2024, excavator sales reached 14,647 units, with domestic sales at 6,694 units (up 18.1%) and exports at 7,953 units (up 7.0%) [1] - Loader Sales: Loader sales for the same month totaled 8,329 units, with domestic sales at 4,036 units (up 9.0%) and exports at 4,293 units (up 21.8%) [1] - Cumulative Sales Data: From January to August 2024, excavator sales totaled 131,600 units (down 2.21%), while loader sales reached 73,700 units (up 4.7%) [1] - International Revenue: SANY Heavy Industry's overseas revenue in H1 2024 was 23.542 billion yuan, with a gross margin of 31.57% [1] - Future Outlook: The industry is expected to gradually recover, with a focus on major companies like SANY Heavy Industry, XCMG, Hengli Hydraulic, and Changling Hydraulic [1]