工程机械行业2024年三季报业绩综述：土方机械恢复较快增长，行业拐点渐行渐近

Industry Overview - The engineering machinery sector showed steady growth in the first three quarters of 2024, with total revenue reaching 268 billion yuan, a year-on-year increase of 1.64% [2] - Net profit attributable to the parent company was 23.9 billion yuan, up 12.77% year-on-year, with a gross profit margin of 25.80%, an increase of 0.49 percentage points [2] - Operating cash flow surged by 90.91% to 23.4 billion yuan, indicating strong cash flow quality [2] - Overseas revenue accounted for 41.21% of total revenue, up 2.97 percentage points year-on-year, reflecting the sector's growing global competitiveness [13] Key Companies Performance Sany Heavy Industry - Sany Heavy Industry reported a 3.92% year-on-year increase in revenue to 58.36 billion yuan in the first three quarters, with net profit up 19.66% to 4.87 billion yuan [2] - In Q3, revenue grew by 18.87% to 19.3 billion yuan, and net profit surged by 96.49% to 1.3 billion yuan, driven by strong domestic and overseas performance [26] - Overseas revenue accounted for 40.34% of total revenue, with ongoing expansion in Indonesia, India, and South Africa [27] XCMG - XCMG's revenue declined by 4.11% year-on-year to 68.73 billion yuan in the first three quarters, but net profit increased by 9.71% to 5.31 billion yuan [29] - In Q3, revenue fell by 6.37% to 19.09 billion yuan, but net profit rose by 28.28% to 1.6 billion yuan, with a gross profit margin of 25.54%, up 2.53 percentage points [30] - Overseas revenue accounted for 46.66% of total revenue, with significant progress in markets like Brazil, Germany, and Mexico [30] Zoomlion - Zoomlion's revenue decreased by 3.18% year-on-year to 34.39 billion yuan in the first three quarters, but net profit grew by 9.95% to 3.14 billion yuan [35] - In Q3, revenue dropped by 13.89% to 9.85 billion yuan, but net profit increased by 4.42% to 851 million yuan, with a gross profit margin of 28.52%, up 1.06 percentage points [36] - Overseas revenue accounted for 49.10% of total revenue, with strong growth in Latin America, Africa, and India [36] Liugong - Liugong's revenue increased by 8.25% year-on-year to 22.86 billion yuan in the first three quarters, with net profit surging by 59.82% to 1.32 billion yuan [38] - In Q3, revenue grew by 11.81% to 6.8 billion yuan, and net profit rose by 58.74% to 337 million yuan, with a gross profit margin of 23.67%, up 1.75 percentage points [39] - Overseas revenue accounted for 48.02% of total revenue, with strong performance in Latin America and rapid growth in excavator sales [42] Industry Trends and Demand - The construction machinery industry is approaching an inflection point, with demand showing marginal improvement [3] - Infrastructure investment grew by 9.3% year-on-year in the first three quarters, driven by rural and water conservancy projects, which are expected to boost demand for construction machinery [3] - The industry is expected to enter a new replacement cycle in 2025, with overseas exports maintaining steady growth and the "machine replacing human" trend becoming more evident [3] - Excavator sales grew by 8.6% year-on-year in the domestic market in the first three quarters, with exports showing signs of recovery in August and September [75] Investment Recommendations - The report recommends focusing on leading manufacturers such as Sany Heavy Industry, XCMG, Zoomlion, and Liugong, as well as core component suppliers like Hengli Hydraulics and high-altitude platform leader Zhejiang Dingli [3] - Other recommended companies include Shantui for bulldozers and Anhui Heli and Hangcha Group for forklifts [3]