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工程机械行业月度报告：1-5月我国工程机械出口额同比增长10%，海外市占率持续提升-20250629
ZHESHANG SECURITIES·2025-06-29 10:24

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In May 2025, China's engineering machinery export value reached 36.168 billion yuan, a year-on-year increase of 10.1%, with a cumulative export value of 165.91 billion yuan from January to May, also up by 10.2% year-on-year [2][3] - The globalization of the engineering machinery industry is ongoing, with an expected continuous increase in overseas market share, where exports are becoming a major source of profit [2] - The "Belt and Road" initiative is driving demand growth and market share enhancement, particularly in emerging markets benefiting from urbanization and industrialization [2] Summary by Sections Export Performance - In May 2025, the export value of engineering machinery was 5.024 billion USD, a year-on-year increase of 8.5%, with a cumulative export value of 23.095 billion USD from January to May, up by 9.0% year-on-year [2] - The export volume of excavators from January to May increased by 23%, with an export value growth of 22% [14] Market Share and Profitability - The top three Chinese manufacturers, XCMG, SANY, and Zoomlion, hold a combined market share of 12.4% in the global top 50 engineering machinery manufacturers, indicating significant room for growth [2] - The overseas revenue and gross profit margins of the five major manufacturers are projected to reach 52% and 61% respectively in 2024, with year-on-year growth rates of 16% and 17%, surpassing domestic growth rates [2] Regional Export Breakdown - From January to May 2025, exports to Africa reached 3.21 billion USD, up by 49.3%, while exports to Asia were 10.163 billion USD, up by 15.6% [2] - Exports to countries along the "Belt and Road" totaled 11.13 billion USD, a year-on-year increase of 9.8%, accounting for 48.2% of total exports [2] Investment Recommendations - The report recommends focusing on industry leaders such as SANY Heavy Industry, XCMG, Shantui, Hengli Hydraulic, Zoomlion, LiuGong, Hangcha Group, Anhui Heli, and Zhongli [2]