Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the market over the next six months [4][8]. Core Insights - In August, the sales of excavators and loaders in China continued to show double-digit year-on-year growth, with excavator sales reaching 16,523 units (up 12.8%) and loader sales at 9,440 units (up 13.3%) [1][2]. - The recovery of the engineering machinery industry is supported by solid fundamentals and long-term logic, with domestic equipment renewal policies and infrastructure projects driving short-term demand, while global infrastructure needs and enhanced competitiveness of Chinese brands are expected to sustain overseas growth [3]. - The competition in the industry has shifted from price wars to comprehensive competition in technology, branding, channels, and supply chains, with leading companies in smart and electric technology expected to better navigate cyclical fluctuations and enjoy long-term growth benefits [3]. Summary by Sections Excavator Sales - In August, a total of 16,523 excavators were sold, marking a 12.8% year-on-year increase, with domestic sales at 7,685 units (up 14.8%) and exports at 8,838 units (up 11.1%) [2]. - From January to August 2025, 154,181 excavators were sold, reflecting a 17.2% year-on-year growth, with domestic sales of 80,628 units (up 21.5%) and exports of 73,553 units (up 12.8%) [2]. Loader Sales - In August, loader sales reached 9,440 units, a 13.3% year-on-year increase, with domestic sales at 4,774 units (up 18.3%) and exports at 4,666 units (up 8.69%) [2]. - For the first eight months of 2025, a total of 83,209 loaders were sold, representing a 12.9% year-on-year increase, with domestic sales of 44,945 units (up 20.2%) and exports of 38,264 units (up 5.3%) [2]. Future Outlook - The domestic market is expected to accelerate recovery due to equipment renewal and local government debt management policies, while the competitiveness of domestic manufacturers in overseas markets is anticipated to improve, driven by the cost-effectiveness of Chinese machinery [3]. - The engineering machinery industry is characterized by a resonance of domestic and international demand alongside technological upgrades, suggesting a positive outlook for companies with market advantages and proactive overseas strategies [3].
机械设备行业快评报告:8月挖掘机和装载机销量同比双位数增长
Wanlian Securities·2025-09-29 09:42