Dongguan Securities·2025-07-21 08:56Investment Rating - The industry investment rating is maintained at "Market Weight" [36] Core Viewpoints - In June 2025, excavator sales reached 18,804 units, a year-on-year increase of 13.26% and a month-on-month increase of 3.31%. Domestic sales were 8,136 units, up 6.20% year-on-year but down 3.05% month-on-month. Export sales were 10,668 units, up 19.30% year-on-year and 8.75% month-on-month, accounting for 56.73% of total sales [2] - Loader sales in June 2025 totaled 12,014 units, reflecting a year-on-year increase of 11.30% and a month-on-month increase of 14.04%. Domestic sales were 6,015 units, up 13.58% year-on-year but down 0.36% month-on-month. Export sales were 5,999 units, up 9.11% year-on-year and 33.37% month-on-month [3] - The average working hours and operating rates of major construction machinery products decreased by 8.56% and 2.65 percentage points respectively, indicating weak terminal demand. However, the report suggests that sufficient project reserves in domestic downstream sectors could enhance operating rates if funding is timely [4] Summary by Sections Excavator Sales - June 2025 excavator sales: 18,804 units, +13.26% YoY, +3.31% MoM - Domestic sales: 8,136 units, +6.20% YoY, -3.05% MoM - Export sales: 10,668 units, +19.30% YoY, +8.75% MoM, 56.73% of total sales - H1 2025 cumulative sales: 120,520 units, +16.77% YoY [2] Loader Sales - June 2025 loader sales: 12,014 units, +11.30% YoY, +14.04% MoM - Domestic sales: 6,015 units, +13.58% YoY, -0.36% MoM - Export sales: 5,999 units, +9.11% YoY, +33.37% MoM - H1 2025 cumulative sales: 64,769 units, +13.59% YoY [3] Market Outlook - The report highlights a positive outlook for overseas expansion of domestic manufacturers, which is expected to enhance global penetration of domestic equipment. The export trade value of construction machinery in May 2025 was $5.024 billion, up 8.64% YoY, while the cumulative export value from January to May was $23.097 billion, up 9.00% YoY [4]