Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [43] Core Viewpoints - In April, excavator sales both domestically and internationally performed well, and there is continued optimism for a resonance in demand throughout the year. In April 2025, a total of 22,142 excavators were sold, representing a year-on-year increase of 17.6%. Domestic sales reached 12,547 units, up 16.4%, while exports totaled 9,595 units, marking a 19.3% increase [5][12] - The average working hours for major engineering machinery products in April 2025 was 90.1 hours, reflecting a year-on-year growth of 3.20%, indicating the effectiveness of steady growth policies [5][12] - The first quarter of 2025 saw significant profit growth for major manufacturers, with SANY, XCMG, Zoomlion, LiuGong, and Shantui reporting net profits of 2.471 billion, 2.022 billion, 1.410 billion, 657 million, and 273 million yuan respectively, with year-on-year increases of 56.40%, 26.37%, 53.98%, 32%, and 13.63% [5][12] Summary by Sections Industry Opinion and Investment Suggestions - The report emphasizes the strong performance of excavator sales in April and maintains a positive outlook for the year, driven by domestic demand and export growth [12][5] Key Industry News - The report highlights the sales figures for excavators and loaders in April 2025, with excavator sales reaching 22,142 units and loader sales at 11,653 units, indicating robust growth in the engineering machinery sector [13] Company Announcements - The report includes significant announcements from companies such as Zhongli Group and Jinggong Technology regarding strategic partnerships and contracts, which are expected to enhance their market positions and operational capabilities [29][30]
4月挖机内外销表现亮眼，继续看好全年国内外需求共振（20250505-20250511）
Tai Ping Yang·2025-05-12 00:35