BOHAI SECURITIES·2025-06-11 07:52Investment Rating - The industry is rated as "Positive" [5] - Specific companies recommended for "Increase" rating include Sany Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC [5] Core Viewpoints - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, while loader sales were 10,535 units, up 7.24% year-on-year [13][14] - Cumulative excavator sales from January to May 2025 totaled 101,716 units, reflecting a 17.40% year-on-year growth, with domestic sales at 57,501 units, up 25.70% [4][13] - The average working hours for major construction machinery in May 2025 were 84.5 hours, a decrease of 3.86% year-on-year [14] - The construction machinery industry is currently in a renewal cycle, with urban renewal initiatives expected to steadily boost engineering demand amid a sluggish real estate sector [4][31] Industry Data - As of June 10, 2025, the Shenyin Wanguo Machinery Equipment industry P/E ratio (TTM, overall method, excluding negative values) was 26.18 times, with a valuation premium of 117.57% relative to the CSI 300 [3][23] - The average monthly operating rate for major construction machinery products in May 2025 was 59.5%, down 2.45 percentage points month-on-month [15][31] - The steel composite price index (CSPI) was at 90.31 as of June 6, 2025 [16] Company Announcements - Zhejiang Lino plans to acquire 100% equity of Xuzhou Chemical Machinery Co., Ltd. for 260 million yuan [20] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [21] Market Review - From June 4 to June 10, 2025, the CSI 300 index rose by 0.35%, while the Shenyin Wanguo Machinery Equipment industry increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [22] - Notable stock performances included Jiao Da Tie Fa with a 262.09% increase and Kai Le Co., Ltd. with a -40.62% decrease [28][30]