工程机械行业跟踪点评：4月挖机海内外销量延续同增态势

Investment Rating - The industry investment rating is "Market Weight," indicating that the industry index is expected to perform within ±10% of the market index over the next six months [33]. Core Insights - In April 2025, excavator sales reached 22,142 units, representing a year-on-year increase of 17.64% but a month-on-month decrease of 25.17%. Domestic sales accounted for 12,547 units, up 16.37% year-on-year, while export sales were 9,595 units, up 19.34% year-on-year [3][5]. - For the first four months of 2025, cumulative excavator sales totaled 83,514 units, a year-on-year increase of 21.41%, with domestic sales at 49,109 units (up 31.91%) and export sales at 34,405 units (up 9.02%) [3][5]. - Loader sales in April 2025 were 11,653 units, showing a year-on-year increase of 19.16% but a month-on-month decrease of 16.27%. Domestic sales were 7,191 units (up 35.45% year-on-year), while export sales were 4,462 units (down 0.18% year-on-year) [4][5]. - Cumulative loader sales for January to April 2025 reached 42,220 units, a year-on-year increase of 15.99%, with domestic sales at 23,570 units (up 27.79%) and export sales at 18,650 units (up 3.87%) [4][5]. - The report highlights that the domestic demand for excavators is supported by factors such as stock updates, accelerated issuance of local government bonds, and increased construction activity in infrastructure projects [5]. Summary by Sections Excavator Sales - April 2025 excavator sales: 22,142 units, YoY +17.64%, MoM -25.17% [3] - Domestic sales: 12,547 units, YoY +16.37%, MoM -35.71% [3] - Export sales: 9,595 units, YoY +19.34%, MoM -4.75% [3] - Cumulative sales (Jan-Apr 2025): 83,514 units, YoY +21.41% [3] Loader Sales - April 2025 loader sales: 11,653 units, YoY +19.16%, MoM -16.27% [4] - Domestic sales: 7,191 units, YoY +35.45%, MoM -11.96% [4] - Export sales: 4,462 units, YoY -0.18%, MoM -22.39% [4] - Cumulative sales (Jan-Apr 2025): 42,220 units, YoY +15.99% [4] Market Dynamics - The report notes a month-on-month increase in the average working hours of major construction machinery products and a rise in the construction rate [5]. - The export trade value of Chinese construction machinery products in March 2025 was $4.912 billion, a YoY increase of 8.47% [5]. - The first quarter of 2025 saw revenue and net profit growth of 10.62% and 31.15% respectively, benefiting from low raw material prices and expanded overseas markets [5].