3月挖机内销超预期，继续看好工程机械板块（20250407-20250413）

Investment Rating - The report maintains a positive outlook on the engineering machinery sector, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [46]. Core Viewpoints - In March, domestic excavator sales exceeded expectations, with 19,517 units sold, representing a year-on-year increase of 28.5%. Export sales also grew by 2.87% to 10,073 units [10][11]. - The domestic market is anticipated to enter a new upward cycle, supported by continuous policy efforts, a gradual recovery in construction activity, and an ongoing equipment replacement cycle [10][11]. - The government plans to allocate 4.4 trillion yuan in special bonds for local governments, an increase of 500 billion yuan from the previous year, aimed at investment in construction and infrastructure [10]. - The average working hours for major engineering machinery products in March 2025 reached 90.1 hours, a year-on-year increase of 6.53% and a month-on-month increase of 94.3% [10]. - The report expects a strong recovery in domestic excavator sales throughout 2025, driven by both domestic and international demand [10][11]. Summary by Sections Industry Viewpoints and Investment Recommendations - The report emphasizes the strong performance of excavator sales in March and maintains a positive outlook on the engineering machinery sector [10][11]. Key Industry News - The bauma 2025 exhibition in Munich showcased the latest technologies and products in the engineering machinery sector, attracting significant global participation [11][12]. - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced continued support for urban renewal actions, which will benefit the engineering machinery sector [13]. - Major engineering projects are ramping up, leading to increased demand for construction machinery, as highlighted by a report on SANY Heavy Industry's production capacity [14][15]. Key Company Announcements - Various companies in the sector reported significant revenue growth in their 2024 annual reports, with notable increases in both revenue and net profit [28][31][32].