机械设备行业简评：挖掘机1-10月累计销量实现正增长

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [7]. Core Insights - The report highlights a positive growth trend in the sales of excavators and loaders, with excavator sales in October 2024 reaching 16,791 units, a year-on-year increase of 15.1% [3][4]. - Domestic excavator sales in October 2024 increased by 21.6%, exceeding expectations, driven by robust infrastructure investment and government policies promoting the replacement of old equipment [4]. - Loader sales also showed growth, with a total of 8,355 units sold in October 2024, marking an 11.1% increase year-on-year, and a significant 36% increase in exports [5]. Summary by Sections Excavator Sales - In the first ten months of 2024, a total of 164,172 excavators were sold, reflecting a slight year-on-year increase of 0.47% [3]. - Domestic sales accounted for 82,211 units, up 9.8%, while exports totaled 81,961 units, down 7.41% [3][4]. - The average working hours for excavators in October 2024 were 105.3 hours, a year-on-year increase of 4.3 hours, indicating a recovery in downstream operations [4]. Loader Sales - The cumulative sales of loaders from January to October 2024 reached 90,153 units, with a year-on-year growth of 5.29% [5]. - Exports of loaders increased by 12.1%, contributing to the overall growth in loader sales [5]. - The report notes a significant rise in electric loader sales, with cumulative sales reaching 9,361 units by October 2024, a year-on-year increase of 269.1% [5]. Company Performance - Leading companies in the industry, such as SANY Heavy Industry and LiuGong, reported substantial growth in their third-quarter performance, benefiting from overseas market expansion and improved product pricing [5]. - SANY Heavy Industry achieved a revenue of 19.3 billion yuan, a year-on-year increase of 18.98%, while LiuGong reported a revenue of 6.796 billion yuan, up 11.81% [5]. Future Outlook - The report suggests that with the implementation of large-scale equipment replacement policies and supportive real estate financial policies, domestic demand is expected to gradually recover [6]. - Companies are also expanding their overseas presence, establishing local production capacities, which is anticipated to enhance market penetration and smooth out domestic and international cycles [6].