机械行业周报：2月我国挖机销量增长53%至1.9万台，超预期-2025-03-11

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Insights - In February 2025, excavator sales in China increased by 52.8% year-on-year, reaching 19,270 units, exceeding expectations [4] - The machinery equipment industry rose by 5.5% last week, outperforming the Shanghai and Shenzhen 300 index by 4.1 percentage points [3][9] - The CMI index for February was 106.68 points, indicating a stable development phase with significant improvements in various indices, including new orders and production [5] Summary by Sections Market Review - The machinery equipment industry has shown strong performance with a 15.2% cumulative increase year-to-date, outperforming the Shanghai and Shenzhen 300 index by 16.6 percentage points [12] - The best-performing sub-sectors include engineering machinery components (59.6%) and metal products (30.3%) [12] Engineering Machinery - The domestic sales of excavators in February reached 11,640 units, a 99.4% increase year-on-year, while exports totaled 7,630 units, up 12.7% [4] - The average working hours for major engineering machinery products in February were 46.4 hours, a 70.3% year-on-year increase [5] Investment Recommendations - The report suggests focusing on sub-sectors such as engineering machinery, industrial robots, semiconductor equipment, and industrial control equipment, as they are expected to benefit from economic recovery and policy support [6] Key Company Earnings Forecasts and Ratings - Companies like Huichuan Technology and Zhongwei Company are rated "Buy" with projected revenue growth and profitability improvements [20] - Sany Heavy Industry is rated "Hold" with stable growth expectations [20] Fundamental Data - The report highlights the cumulative issuance of special bonds by local governments, which is expected to support infrastructure investment and machinery demand [21]