Changjiang Securities·2025-08-04 10:43Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overseas aerial work platform industry continues to show positive growth, with equipment rental income maintaining year-on-year growth in Q2 2025. The largest rental company, United Rentals, expects capital expenditure to remain at historical highs for the entire year of 2025 [2][6] - Leading manufacturers have seen an increase in new orders year-on-year in Q2 2025, with JLG's new orders returning to historical median levels, indicating stabilization in order volumes [2][8] Summary by Sections Overseas Rental Companies - United Rentals reported Q2 2025 equipment rental income of $3.415 billion, a year-on-year increase of 6.2%. The capital expenditure for Q2 2025 was $1.460 billion, up 7.7% year-on-year, with a total expected capital expenditure for 2025 projected to be between $3.65 billion and $3.95 billion, reflecting a slight year-on-year increase of 1.2% [6][19][25] - Sunbelt's Q1 2025 revenue was $2.308 billion, down 3.7% year-on-year, with capital expenditure of $1.808 billion, a decrease of 47% year-on-year. The company has increased its rental outlets in the U.S. [7][31][33] Overseas Equipment Manufacturers - Terex, under the Genie brand, reported Q2 2025 revenue of $607 million, down 17.1% year-on-year, but new orders increased by 70% year-on-year to $310 million. The backlog of orders was $714 million, down 36% year-on-year [8][41] - Oshkosh, which owns the JLG brand, reported Q2 2025 revenue of $638 million, a decline of 5.6% year-on-year, while new orders increased by 45% year-on-year to $640 million. The backlog of orders was $1.189 billion, down 64% year-on-year [8][48]