工程机械行业跟踪点评：2月挖机销量表现亮眼，海内外共振迎机遇
Dongguan Securities·2025-03-26 09:15

Investment Rating - The industry investment rating is "Market Weight" [36] Core Viewpoints - The excavator sales in February 2025 reached 19,270 units, representing a year-on-year increase of 52.84% and a month-on-month increase of 54.01%. Domestic sales accounted for 11,640 units, with a year-on-year growth of 99.42% [3] - The loader sales in February 2025 were 8,730 units, showing a year-on-year increase of 34.41% and a month-on-month increase of 10.23%. Domestic sales were 4,505 units, with a year-on-year growth of 63.05% [3] - The average working hours for major engineering machinery products in February 2025 was 46.40 hours, a year-on-year increase of 70.30% [4] - The newly added special bond limit for 2025 reached a historical high of 44,000 billion, a year-on-year increase of 12.82%, which is expected to support domestic demand [4] - The penetration rate of electric excavators and loaders is increasing, with electric loader sales reaching 1,327 units in February 2025, resulting in a penetration rate of 14.49%, up by 9.82 percentage points year-on-year [5] Summary by Sections Excavator Sales - February 2025 excavator sales: 19,270 units, YoY +52.84%, MoM +54.01% - Domestic sales: 11,640 units, YoY +99.42%, MoM +115.36% - Export sales: 7,630 units, YoY +12.69%, MoM +7.36% - Cumulative sales for January-February 2025: 31,782 units, YoY +27.21% [3] Loader Sales - February 2025 loader sales: 8,730 units, YoY +34.41%, MoM +10.23% - Domestic sales: 4,505 units, YoY +63.05%, MoM +21.56% - Export sales: 4,225 units, YoY +13.21%, MoM +0.26% - Cumulative sales for January-February 2025: 16,650 units, YoY +16.46% [3] Market Conditions - The average working hours for major engineering machinery products increased significantly, indicating a recovery in domestic demand [4] - The increase in special bond issuance is expected to further boost infrastructure projects and machinery demand [4] Electric Machinery - Electric excavator sales: 19 units in February 2025 - Electric loader sales: 1,327 units, with a penetration rate of 14.49% [5] Investment Recommendations - Continuous focus on industry leaders such as Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic is suggested [5]