机械设备行业周报：9月挖掘机销量为1.58万台，同比增长10.8%

Investment Rating - The industry investment rating is "Positive" for general equipment and engineering machinery, "Neutral" for specialized equipment and transportation equipment [6][8]. Core Viewpoints - In September 2024, excavator sales reached 15,831 units, a year-on-year increase of 10.8%, with domestic sales growing by 21.5% [8]. - Loader sales in September 2024 totaled 8,072 units, up 4.98% year-on-year, while domestic sales decreased by 5.07% [9]. - The report highlights the implementation of the "Beijing Non-Road Mobile Machinery Scrapping and Updating Implementation Rules" to promote the replacement of old machinery with new energy equipment [10]. - The report maintains a "Positive" rating for the industry, with specific "Buy" ratings for SANY Heavy Industry, China CRRC, and Zoomlion [24]. Summary by Sections Industry News - September excavator sales were 15,831 units, a 10.8% increase year-on-year, with domestic sales at 7,610 units, up 21.5% [8]. - September loader sales were 8,072 units, a 4.98% increase year-on-year, with domestic sales at 4,022 units, down 5.07% [9]. - Beijing's new rules aim to accelerate the scrapping and updating of non-road mobile machinery [10]. Company Announcements - LiuGong announced a forecast for the first three quarters of 2024, projecting a net profit increase of 50%-70% year-on-year [14]. - Zhengzhou Coal Mining Machinery Group plans to acquire a 14.4728% stake in its subsidiary, Hengda Zhikong [15]. Market Review - From October 9 to October 15, 2024, the CSI 300 index fell by 9.40%, while the machinery equipment sector dropped by 12.13%, underperforming the CSI 300 by 2.73 percentage points [16]. - The overall price-to-earnings ratio for the machinery equipment sector as of October 15, 2024, was 24.75 times, with a valuation premium of 101.42% over the CSI 300 [18]. Weekly Insights - The report indicates that excavator sales in September met expectations, driven by large-scale equipment replacement policies, with domestic demand expected to improve [24]. - The report also notes that the demand for urban rail transit is expected to grow, supported by fixed asset investments in transportation [24].