机械设备行业海外龙头观察系列（1）：海外工程机械及农机龙头24Q4成绩单与未来展望

Investment Rating - The report maintains a "Positive" outlook for the machinery equipment industry [4] Core Insights - Two leading overseas construction machinery companies forecast a pessimistic demand for global construction and mining equipment in 2025, while Chinese manufacturers are expected to enhance market share through proactive market strategies and targeted product development [2][23] - The overseas agricultural machinery leaders anticipate a significant decline in agricultural equipment demand in North America for 2025, with slight declines in other markets [2][23] - Chinese agricultural machinery products are expected to perform better in overseas markets outside North America, where demand is contracting at a slower pace [2] Summary by Sections 1. Latest Financial Status of Overseas Machinery Leaders - Caterpillar reported Q4 2024 revenue of $16.215 billion, a 5% year-on-year decline, with operating profit of $2.924 billion, down 6.7% [11][12] - Komatsu achieved revenue of ¥989.2 billion in FY2024 Q3, a 1.8% increase year-on-year, with operating profit of ¥162.6 billion, up 4% [11][12] - John Deere's FY2025 Q1 revenue was $8.508 billion, down 30.2% year-on-year, with operating profit of $1.724 billion, down 42.9% [11][12] 2. Latest Business Conditions of Overseas Machinery Leaders - Caterpillar's construction and resource sectors faced demand pressure, while the energy sector remained stable, with a 27% increase in power generation demand [14][15] - Komatsu's construction, mining, and public utility equipment sales remained stable, with growth in Oceania and Indonesia, despite declines in other regions [16][17] - John Deere's sales across its main business segments saw significant declines due to reduced shipment volumes [19] 3. Future Expectations of Overseas Machinery Leaders - Caterpillar expects a slight revenue decline of about 1% in 2025, with construction and resource sectors facing downturns, offset by growth in the energy sector [19][20] - Komatsu has raised its demand forecast for North America and China for FY2024, expecting a 3.2% revenue increase [20][21] - John Deere predicts a significant decline in demand for large agricultural equipment in the U.S. and Canada, with expectations of recovery later in the year [23][24]