Investment Rating - The report maintains an "Overweight" rating for the engineering machinery industry [1] Core Insights - In October, forklift sales remained flat year-on-year, with domestic sales down 6% and export sales up 13%. The overall forklift sales reached 99,000 units, a year-on-year increase of 6.1%. The domestic manufacturing sector's low demand continues to pressure internal sales [1][2] - The forklift sector's performance in the first three quarters of 2024 showed steady growth, with revenue of 31.3 billion yuan, a year-on-year increase of 1%, and net profit of 3.04 billion yuan, a year-on-year increase of 15%. The sales gross margin improved to 22.3%, up 1.9 percentage points year-on-year [2] - The demand for forklifts is expected to recover as domestic policies are implemented and overseas inventory is digested. The industry has seen a compound annual growth rate (CAGR) of 7% from 2014 to 2023, with domestic and overseas sales growing at 13% and 4%, respectively [3] Summary by Sections Sales Performance - In October, the forklift industry saw total sales of 99,000 units, with domestic sales at 61,000 units (down 6% year-on-year) and export sales at 38,000 units (up 13% year-on-year) [1] - The manufacturing PMI was reported at 50.1, indicating slight improvement, while the logistics industry index was at 52.6, remaining in the growth zone [1] Financial Performance - The forklift sector achieved a revenue of 31.3 billion yuan in the first three quarters of 2024, with a net profit of 3.04 billion yuan. The sales gross margin was 22.3%, reflecting a year-on-year increase [2] Market Outlook - The forklift industry's demand is driven by growth in manufacturing and logistics investments, as well as rising labor costs leading to increased automation. The report anticipates a recovery in demand following policy support and inventory adjustments in overseas markets [3]
工程机械行业点评报告：10月叉车销量同比持平，关注后续内需修复趋势
Soochow Securities·2024-11-15 06:15