机械行业：5月我国挖机销量同比增长6.0%，增速继续回升

Investment Rating - The report suggests a positive outlook for the engineering machinery industry, indicating a potential bottoming out of the current down cycle, with recommendations to focus on leading companies benefiting from the recovery in excavator sales and those with rapid growth in overseas markets [6][26]. Core Insights - In May 2024, excavator sales in China reached 17,824 units, marking a year-on-year increase of 6.04%, with domestic sales up by 29.2% [5][6]. - The report highlights that the increase in excavator sales is driven by infrastructure and water conservancy project investments, alongside the gradual implementation of equipment renewal policies [6][26]. - The construction machinery operating rate reached 57.55% in April, with excavators showing a continuous increase over five months, indicating a recovery in domestic demand [6][26]. - The report notes a narrowing decline in excavator exports over the past three months, suggesting an improvement in overseas market conditions [6][26]. Summary by Sections Excavator Sales Data - In May 2024, a total of 17,824 excavators were sold, with domestic sales at 8,518 units (up 29.2%) and exports at 9,306 units (down 8.92%) [5]. - For the first five months of 2024, total excavator sales were 86,610 units, a year-on-year decrease of 6.92% [5]. Loader Sales Data - In May 2024, loader sales reached 9,824 units, with domestic sales at 5,172 units (up 14.3%) and exports at 4,652 units (up 2.4%) [5]. - For the first five months of 2024, total loader sales were 46,224 units, a year-on-year decrease of 3.78% [5]. Investment Recommendations - The report recommends focusing on leading companies in the engineering machinery and upstream components sectors that are expected to benefit from the recovery in excavator sales and those with strong overseas business growth [6][26].