国君机械|资本开支景气度延续,国内矿山装备企业加速出海

Investment Rating - The report suggests a positive investment outlook for domestic mining equipment companies, driven by increased overseas mining capital expenditure and the expansion of Chinese mining companies abroad [1]. Core Insights - Mining capital expenditure is entering an upward trend, with significant potential in Belt and Road Initiative countries. Major global mining companies, including BHP and Rio Tinto, have gradually increased their capital expenditures since 2018, reaching new highs in 2023. For instance, copper exploration capital expenditure grew by 12% year-on-year in 2023, totaling $3.12 billion, marking a ten-year high [1]. - Chinese mining companies are accelerating their overseas expansion, with leading firms like Zijin Mining, Minmetals, and Luoyang Aluminum actively pursuing resource expansion and strategic positioning globally. These companies are planning to increase capital expenditures to extend service life and enhance production [2]. - The global mining equipment market is projected to exceed $98 billion in 2024 and reach $135 billion by 2029, with a compound annual growth rate of approximately 5.12%. Domestic mining equipment companies are expected to accelerate their overseas market penetration, supported by government policies and technological advancements [3].