工程机械行业简评报告：9月挖掘机内销增速超20%，出口延续增长势头

Investment Rating - The industry investment rating is "Positive" indicating that the industry is expected to outperform the overall market performance [6]. Core Insights - In September 2024, domestic sales of excavators exceeded a 20% year-on-year growth, with total excavator sales reaching 15,831 units, a 10.8% increase year-on-year. Domestic sales accounted for 7,610 units, marking a 21.5% increase, while exports totaled 8,221 units, up 2.5% year-on-year [1][2]. - The cumulative excavator sales from January to September 2024 were 147,400 units, a 0.96% decline year-on-year, with domestic sales at 73,900 units (up 8.62%) and exports at 73,400 units (down 9.04%) [1]. - The working hours for Komatsu in China in September 2024 were reported at 95.3 hours, reflecting a 6.9% year-on-year increase [2]. - In September 2024, loader sales showed a negative growth in domestic sales, with total loader sales at 8,072 units, a 5.0% increase year-on-year. Domestic sales were 4,022 units (down 5.1%), while exports were 4,050 units (up 17.3%) [1]. - The cumulative loader sales from January to September 2024 were 81,800 units, a 4.7% increase year-on-year, with domestic sales at 41,400 units (down 0.01%) and exports at 40,400 units (up 10.1%) [1]. - The real estate sector is expected to stabilize, which may drive demand for construction machinery. Recent policy changes by the People's Bank of China, including a reduction in existing mortgage rates and adjustments to down payment ratios, are anticipated to support the recovery of the real estate market [1]. - Investment recommendations include focusing on companies such as Sany Heavy Industry, XCMG, Hengli Hydraulic, and Changlong Hydraulic, as domestic manufacturers are expected to enhance their competitiveness in overseas markets [1].