Investment Rating - The industry investment rating is "Positive" [1][10] Core Viewpoints - The report indicates a significant improvement in domestic sales of non-excavation products in January and February, with a positive outlook for the domestic market's recovery [5][6] - The overall export of non-excavation products continues to rise, suggesting a synchronized recovery in both domestic and international markets [6] - The report emphasizes that the non-excavation sector is expected to enter an upward cycle this year, following the excavator segment [6] Summary by Sections Sales Performance - In the first two months of 2025, the sales of various non-excavation machinery showed mixed results, with notable improvements in some categories: - For cranes, the total sales of truck-mounted cranes were 3,306 units, a year-on-year increase of 13.69%, while sales of automotive cranes decreased by 13.49% [5] - Road machinery sales also saw significant growth, with roller sales increasing by 31.63% and grader sales by 40.37% [5] Export Trends - The export performance for non-excavation machinery in the first two months of 2025 showed a positive trend: - Truck-mounted cranes saw a 4.84% increase in sales, while road machinery like rollers and graders experienced growth rates of 39.76% and 20.59%, respectively [6] - The report anticipates that the external demand environment will improve compared to the previous year, with domestic brands expected to gain market share overseas [6] Investment Recommendations - The report suggests that the non-excavation sector is currently at a bottoming phase, with expectations for a recovery cycle this year [6] - The overall performance of the engineering machinery sector is viewed positively, with expectations for strong earnings releases from major manufacturers due to scale effects [6]
机械:1+2月非挖产品内销同比显著改善,出口整体继续向上
Tai Ping Yang·2025-03-18 00:30