机械设备行业点评：5月挖掘机内销延续正增长，出口销量降幅收窄

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Insights - In May, domestic sales of excavators continued to show positive growth, while the decline in export sales narrowed. From January to May 2024, a total of 86,610 excavators were sold, representing a year-on-year decrease of 6.92%. Domestic sales increased by 1.81% to 45,746 units, significantly better than the same period in 2022 and 2023, which saw declines of 54.68% and 43.90% respectively [6][10] - In May alone, excavator sales reached 17,824 units, a year-on-year increase of 6.04%, with domestic sales growing by 29.22% to 8,518 units, marking three consecutive months of positive year-on-year growth [6][10] - The export volume of excavators faced pressure due to weakened demand in certain regions and high base effects, with cumulative exports from January to May 2024 down 15.08% to 40,864 units [6][10] Summary by Sections Domestic Market Performance - The domestic market for excavators showed a year-on-year growth of 1.81% in the first five months of 2024, with May sales reflecting a 29.22% increase compared to the same month last year [6][10] - The cumulative operating hours of Komatsu excavators in China turned positive in May, indicating a potential improvement in construction machinery demand [10] Export Market Performance - The export sales of excavators continued to decline, with a 15.08% drop in the first five months of 2024, although the decline rate improved in May compared to April [6][10] Financial Performance of the Industry - The SW engineering machinery sector achieved a revenue of 341.5 billion yuan in 2023, a year-on-year increase of 1.52%, with a net profit of 25.47 billion yuan, up 23.56% [5][11] - The overall gross margin and net margin of the sector improved, reaching 25.17% and 7.63% respectively in 2023, with further increases in Q1 2024 [5][11] - The overseas revenue of the SW machinery sector grew by 32.4% to 142.18 billion yuan in 2023, accounting for 41.63% of total revenue, marking a record high [5][11]