工程机械行业简评报告：10月挖掘机内外销维持景气，未来工程机械需求有望持续改善

Investment Rating - The industry investment rating is "Positive" [2][10]. Core Insights - In October 2024, domestic excavator sales grew by 21.6% year-on-year, with total sales reaching 16,791 units, a 15.1% increase compared to the previous year. Cumulative sales from January to October 2024 amounted to 164,200 units, reflecting a 0.47% year-on-year growth [2][4]. - Loader sales in October 2024 showed a significant increase in exports, with a total of 8,355 units sold, marking an 11.1% year-on-year growth. However, domestic sales faced short-term pressure, declining by 7.1% [3][4]. - The implementation of debt reduction policies is expected to improve demand for construction machinery. The government plans to allocate 800 billion yuan annually from new local government bonds for five years, which could replace hidden debts totaling 4 trillion yuan [4]. Summary by Sections Excavator Market - October 2024 excavator sales reached 16,791 units, with domestic sales at 8,266 units, up 21.6% year-on-year. Exports totaled 8,525 units, a 9.46% increase [2][4]. - Cumulative excavator sales from January to October 2024 were 164,200 units, with domestic sales at 82,200 units (up 9.8%) and exports at 82,000 units (down 7.41%) [2][4]. Loader Market - In October 2024, loader sales totaled 8,355 units, with domestic sales at 4,032 units (down 7.1%) and exports at 4,323 units (up 36%) [3][4]. - Cumulative loader sales from January to October 2024 were 90,200 units, with domestic sales at 45,400 units (down 0.68%) and exports at 44,700 units (up 12.1%) [3][4]. Policy Impact - The government's debt reduction policies are expected to alleviate local fiscal pressures, potentially boosting construction machinery demand as funds become available for infrastructure projects [4]. - Investment recommendations include focusing on companies like Sany Heavy Industry, XCMG, Hengli Hydraulic, and Changling Hydraulic, as domestic manufacturers enhance their competitiveness in overseas markets [4].