Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [8] Core Insights - The report highlights a significant increase in domestic sales of excavators and loaders, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3%, and loader sales reaching 12,014 units, a year-on-year increase of 11.3% [5][7] - The domestic excavator market shows a strong recovery, with a 22.9% year-on-year increase in sales during the first half of 2025, driven by ongoing infrastructure investments and government policies supporting equipment upgrades [7] - Export growth is notable, with excavator exports in June 2025 increasing by 19.3%, reflecting a recovery in the external trade environment and expanding into emerging markets [7] Summary by Sections Excavator Sales - In June 2025, a total of 18,804 excavators were sold, with domestic sales of 8,136 units (up 6.2%) and exports of 10,668 units (up 19.3%) [7] - For the first half of 2025, total excavator sales reached 120,520 units, a year-on-year increase of 16.8%, with domestic sales growing by 22.9% [7] Loader Sales - In June 2025, loader sales totaled 12,014 units, with domestic sales of 6,015 units (up 13.6%) and exports of 5,999 units (up 9.11%) [5] - The first half of 2025 saw total loader sales of 64,769 units, reflecting a year-on-year increase of 13.6% [5] Market Trends - The report notes a strong recovery in domestic demand for excavators, supported by ongoing infrastructure investments and government policies aimed at replacing old equipment [7] - The trend towards electric loaders is evident, with 3,049 electric loaders sold in June 2025, achieving an electric penetration rate of 25.38% [7] Recommendations - The report suggests focusing on leading companies with strong brand recognition, comprehensive product matrices, efficient cost management, and robust R&D capabilities, such as Sany Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [7]
机械设备行业简评:上半年挖掘机内销大增,新兴国家加速渗透
Donghai Securities·2025-07-11 07:30