工程机械行业2024年三季报综述：三季度业绩改善明显，内外需共振助力行业景气延续

Investment Rating - The report maintains a "Recommended" investment rating for the engineering machinery industry [1]. Core Viewpoints - The engineering machinery industry has shown significant improvement in Q3 2024, with both domestic and international demand contributing to sustained industry prosperity [1]. - The industry has experienced a recovery in operating income, achieving a total of 267.96 billion yuan in revenue for the first three quarters of 2024, representing a year-on-year increase of 4.15% [15][16]. - Profitability has improved, with the overall gross margin reaching 25.81%, an increase of 0.64 percentage points compared to the entire year of 2023 [22][23]. Summary by Sections 1. Market Performance - The engineering machinery index outperformed the CSI 300 index, with a rise of 25.85% from the beginning of 2024 to November 6, 2024, compared to the CSI 300's 18.84% increase [11]. - The maximum increase in the engineering machinery index was 49.75%, exceeding the CSI 300's maximum increase of 43.17% [11]. 2. Growth Capability - The industry has seen a recovery in operating income after two years of decline, with Q3 2024 revenue reaching 824.53 billion yuan, a year-on-year increase of 3.52% [15]. - The revenue from complete machines was 784.2 billion yuan, up 2.98% year-on-year, while components generated 40.33 billion yuan, up 15.27% [15]. 3. Profitability - The gross margin for the engineering machinery industry was 25.81% in the first three quarters of 2024, reflecting an improvement in profitability [22]. - The net profit margin also improved to 9.17%, an increase of 1.54 percentage points from the previous year [22]. 4. Operational Capability - Cash flow for major manufacturers has improved significantly, with the net cash ratio for listed companies in the engineering machinery sector at 0.95 [1]. - Major manufacturers such as Sany Heavy Industry and Zhejiang Dingli have net cash ratios greater than or equal to 1, indicating strong operational quality [1]. 5. Debt Repayment Capability - The total contract liabilities in the engineering machinery industry increased to 15.737 billion yuan in the first three quarters of 2024, indicating potential for increased revenue recognition in the future [1]. 6. Future Outlook and Investment Recommendations - The report suggests that the domestic market is on a recovery path, with excavator sales showing positive growth for eight consecutive months since March 2024 [1]. - Key companies to watch include XCMG Machinery, Sany Heavy Industry, and LiuGong, which are expected to benefit from structural investment opportunities [2].