工程机械行业点评报告：10月挖掘机内外销持续景气，化债力度空前加大逆周期调节

Investment Rating - The report maintains a "Recommend" rating for the engineering machinery industry, indicating a positive outlook for investment opportunities [1]. Core Insights - In October 2024, excavator sales reached 16,791 units, a year-on-year increase of 15.1%, with domestic sales growing by 21.6% and exports increasing by 9.5% [1]. - The report highlights significant government measures to increase local government debt limits by 6 trillion yuan, aimed at replacing hidden debts and supporting economic recovery, which is expected to benefit the engineering machinery sector [1]. - Loader exports showed strong performance, with a 36% year-on-year increase in October 2024, while the electric loader penetration rate reached 12.4% [1]. - The report notes a 0.2% year-on-year increase in engineering machinery export trade value in September 2024, with notable growth in exports to South America and the Middle East [1]. Summary by Sections Excavator Sales - In October 2024, excavator sales totaled 16,791 units, marking a 15.1% increase year-on-year, with domestic sales at 8,266 units (up 21.6%) and exports at 8,525 units (up 9.5%) [1]. - Year-to-date sales for excavators reached 164,172 units, a 0.5% increase compared to the previous year [1]. Loader Sales - In October 2024, loader sales amounted to 8,355 units, reflecting an 11.1% year-on-year increase, with domestic sales declining by 7.1% to 4,032 units, while exports surged by 36% [1]. - Year-to-date loader sales reached 90,153 units, a 5.3% increase year-on-year [1]. Export Performance - The engineering machinery export trade value in September 2024 was $4.07 billion, a slight increase of 0.2% year-on-year, with significant declines in exports to Russia, the U.S., and Indonesia [1]. - Countries in South America and the Middle East, such as Brazil and the UAE, showed high growth rates in exports, with increases of 57.7% and 55.0% respectively [1]. Investment Recommendations - The report suggests a positive outlook for domestic excavator sales, driven by rigid demand for equipment updates and supportive policies [1]. - It recommends companies such as SANY Heavy Industry, Hengli Hydraulic, and Zoomlion, while also suggesting to pay attention to Liugong and XCMG [2].