工程机械2024年三季报总结：行业筑底复苏，利润弹性加速释放

Investment Rating - The report maintains an "Outperform" rating for the engineering machinery sector, indicating a positive outlook compared to the broader market [6]. Core Insights - The engineering machinery industry is experiencing a bottoming recovery, with profit elasticity accelerating due to improved operational efficiency and cost control measures [1][7]. - The sector's performance has been stronger than the market, with a year-to-date increase of 24.89% compared to the 22.47% rise in the CSI 300 index [1][14]. - The report highlights that the revenue for the engineering machinery sector reached 248.95 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 1.8%, driven primarily by international sales [1][18]. Summary by Sections 1. Engineering Machinery: Revenue Steady with Accelerated Profit Release - The engineering machinery sector's revenue and profit both achieved positive growth during the bottoming phase, with total revenue of 2489.49 billion yuan and net profit of 213.87 billion yuan, marking increases of 1.8% and 14.31% year-on-year, respectively [18][24]. - The sector's gross margin and net margin improved to 25.66% and 8.89%, respectively, due to lower raw material costs and enhanced operational efficiency [24]. 2. Market Outlook: Narrow Fluctuations Expected, Structural Alpha Remains Key - The report anticipates that the industry will continue to experience narrow fluctuations, with structural alpha being the main focus, particularly in emerging markets [2][10]. - Domestic demand is expected to recover gradually, supported by infrastructure investments and fiscal policies, while export growth is projected to stabilize [2][10]. 3. Investment Recommendations - The report suggests focusing on leading companies with strong recovery potential, such as SANY Heavy Industry, XCMG, and Zoomlion, which are expected to benefit from demand recovery and improved competitiveness in international markets [7][19]. - Companies with significant exposure to excavators and high market shares in emerging markets are highlighted as potential investment opportunities [2][7].