Investment Rating - The industry rating is "Outperform the Market" [7][14] Core Insights - In 2024, the overall data for the national construction machinery industry remains stable, with various infrastructure projects progressing in an orderly manner, demonstrating strong resilience and vitality [2] - Domestic demand is expected to improve due to equipment upgrades and environmental policies, with a projected domestic sales increase of 11.7% for excavators in 2024, reaching 100,543 units [4][5] - The global market for construction machinery is three times larger than the domestic market, with a high concentration where the top 20 companies account for 80% of the sales among the top 50 [4] Summary by Sections Industry Dynamics - In 2024, 23 provinces in China have a comprehensive construction rate exceeding 50%, with the top ten provinces including Anhui, Zhejiang, and Jiangxi [3] - The operating rates for major equipment categories in 2024 are as follows: lifting equipment at 72.91%, excavators at 58.87%, and engineering equipment at 54.21% [3] - Total excavator sales in 2024 are projected at 201,131 units, marking a year-on-year increase of 3.13%, with domestic sales at 100,543 units and exports at 100,588 units, the latter showing a decline of 4.24% [3] Policy and Market Outlook - Recent fiscal policies, including a reduction in reserve requirements and interest rates, are expected to stimulate the real estate market and infrastructure investments [4] - The report anticipates a recovery in domestic demand and continued expansion in overseas markets, driven by the "Belt and Road" initiative [4][5] Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as the industry is expected to benefit from both domestic recovery and export growth [5]
工程机械：全国工程机械数据总体平稳，各项基础设施建设有序推进
Huafu Securities·2025-01-19 10:02