机械行业事件点评：9月我国挖机销量约1.6万台，同比增长10.8%

Investment Rating - The report suggests that the engineering machinery industry may have reached a bottom, indicating a good opportunity for bottom-fishing investments [6][22]. Core Viewpoints - In September 2024, excavator sales in China reached 15,831 units, a year-on-year increase of 10.8%, with domestic sales growing by 21.5% and exports increasing by 2.5% [5][6]. - Loader sales in September 2024 totaled 8,072 units, reflecting a year-on-year growth of 5.0%, with domestic sales decreasing by 5.1% while exports rose by 17.3% [5][6]. - The report highlights that domestic excavator sales have shown continuous positive growth for seven months since March 2024, driven by infrastructure and water conservancy project investments [6][22]. - The report emphasizes that the demand for equipment updates is expected to accelerate, supported by government policies and a stabilization in real estate and infrastructure investments [6][22]. - The report notes that the operating hours of excavators in China have been increasing since February 2024, indicating improved downstream demand [6][22]. - The report anticipates that domestic engineering machinery demand will continue to improve, driven by policy effects and increasing overseas market shares for domestic companies [6][22]. Summary by Sections Excavator Sales - In September 2024, excavator sales were 15,831 units, up 10.8% year-on-year, with domestic sales at 7,610 units (up 21.5%) and exports at 8,221 units (up 2.5%) [5][6]. - For the first nine months of 2024, total excavator sales were 147,381 units, down 1.0% year-on-year, with domestic sales at 73,945 units (up 8.6%) and exports at 73,436 units (down 9.0%) [5][6]. Loader Sales - In September 2024, loader sales reached 8,072 units, a 5.0% year-on-year increase, with domestic sales at 4,022 units (down 5.1%) and exports at 4,050 units (up 17.3%) [5][6]. - For the first nine months of 2024, total loader sales were 81,798 units, up 4.7% year-on-year, with domestic sales at 41,410 units (no change) and exports at 40,388 units (up 10.1%) [5][6]. Investment Recommendations - The report recommends focusing on leading companies in the engineering machinery sector that are expected to benefit from domestic demand recovery, such as Hengli Hydraulic, SANY Heavy Industry, and XCMG [6][22]. - It also highlights companies with rapidly growing overseas businesses, such as Zoomlion and Zhejiang Dingli, as key players in their respective segments [6][22].