渤海证券研究所晨会纪要-2025-03-13

Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a relative increase of over 10% compared to the CSI 300 index [22]. Core Insights - In February, excavator sales reached approximately 19,300 units, representing a year-on-year growth of 52.80% [7][10]. - The sales of loaders in February were 8,730 units, with a year-on-year increase of 34.40% [8]. - The average working hours for major construction machinery products in February were 46.4 hours, showing a significant year-on-year growth of 70.3% [8]. - The recovery in excavator sales is attributed to a low base in the same period last year and ongoing equipment renewal policies [10]. - The government work report emphasizes stabilizing the real estate market, which is expected to drive demand for construction machinery through urban renewal and renovation of old residential areas [10]. Summary by Sections Industry Overview - The mechanical equipment industry has shown a strong recovery, with significant increases in sales figures for excavators and loaders [7][10]. - The industry is expected to benefit from improved domestic funding and a rebound in global demand [10]. Company Recommendations - The report maintains "Buy" ratings for Sany Heavy Industry (600031), Zoomlion Heavy Industry (000157), Hengli Hydraulic (601100), and CRRC Corporation (601766) [10]. Financial Performance - Yunnan Aluminum Co., as a "green pioneer" in the aluminum industry, reported a net profit of 3.82 billion yuan for the first three quarters of 2024, marking a year-on-year increase of 52.49% [11]. - The company is expected to benefit from lower raw material costs and a favorable water supply situation in Yunnan, which will enhance its production capacity and profitability [11][12].