工程机械行业跟踪：小松开工小时数亮眼，传统需求指引乐观

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The increase in Komatsu's working hours in December indicates a positive outlook for traditional demand in the engineering machinery sector. In December 2024, Komatsu's working hours in China reached 108 hours, a year-on-year increase of 19.5%, marking seven consecutive months of positive growth [6][7] - The recovery of excavator sales in 2024 is driven by new demand and replacement policies, with significant regional disparities. A total of 201,131 excavators were sold in 2024, representing a year-on-year increase of 3.13%, with domestic sales up by 11.7% [6][7] - The overseas market is also showing signs of recovery, with all regions reporting positive working hours in December 2024, which is significant for future demand [6][7] Summary by Sections Industry Overview - The report highlights that the recovery in excavator sales is crucial for the growth in 2025, with traditional sectors like infrastructure and real estate expected to drive demand [2][6] Market Performance - December 2024 saw a notable increase in working hours for Komatsu, which serves as a barometer for traditional demand in construction machinery [6][7] - The report indicates that the domestic excavator market has shown a clear turning point, with main manufacturers starting to realize profits [6][7] Company Recommendations - The report recommends investing in companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, while also suggesting to keep an eye on Shantui [6][7]