机械设备行业周报：10月挖机市场有望持续回暖，看好工程机械龙头
Yong Xing Zheng Quan·2024-11-07 05:55

Investment Rating - The industry investment rating is "Increase" [6][21]. Core Viewpoints - The excavator market is expected to continue its recovery in October, with CME estimating sales of around 16,000 units, a year-on-year increase of approximately 10% [3][8]. - For the first ten months of 2024, overall excavator sales in China are expected to remain stable year-on-year, with a narrowing decline. The domestic market is projected to grow over 9%, while export sales are expected to decline by 8% [3][8]. - The domestic market shows a clear recovery trend, with October sales estimated at 8,000 units, reflecting a nearly 18% year-on-year increase. Factors contributing to this include a new round of concentrated replacement cycles and the gradual effects of real estate policy easing [3][8]. - The export market is also recovering, with an estimated 8,000 units sold in October, representing a year-on-year increase of nearly 3% [3][8]. - Major manufacturers like SANY Heavy Industry, XCMG, and Zoomlion have maintained growth in profitability, with overseas revenue proportions increasing [3][8]. Summary by Sections 1. Market Review - From October 28 to November 1, the Shanghai Composite Index fell by 1.68%, while the A-share machinery equipment index decreased by 0.05%, ranking 15th among 31 first-level sub-industries [2][10]. - The engineering machinery sector performed well, increasing by 4.9%, while automation equipment declined by 2.35% [10]. 2. Key Company Announcements - SANY Heavy Industry reported a revenue of 191.52 billion yuan for Q3 2024, a year-on-year increase of 19.4%, with a net profit of 12.95 billion yuan, up 96.49% [12]. - China National Heavy Duty Truck Group achieved a revenue of 91.86 billion yuan in Q3 2024, with a net profit of 3.15 billion yuan, marking a 97.88% increase [13]. 3. Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, Liugong, and Hengli Hydraulic, as the excavator market shows signs of recovery [4][9].