【高端制造】工程机械上市公司业绩稳健增长，行业维持复苏趋势——工程机械行业2025年4月月报（黄帅斌/陈佳宁）

Core Viewpoint - The engineering machinery industry in China is expected to experience steady revenue growth in 2024 and Q1 2025, with profit growth outpacing revenue growth [2][3]. Revenue and Profit Performance - In 2024, the overall revenue of listed companies in the engineering machinery industry reached 355.12 billion yuan, a year-on-year increase of 3.5%. The complete machine segment generated 338.51 billion yuan, up 3.2%, while the parts segment achieved 16.60 billion yuan, growing by 10.4% [2]. - For Q1 2025, the overall revenue was 96.13 billion yuan, reflecting a year-on-year growth of 10.4%. The complete machine segment contributed 91.55 billion yuan, up 10.3%, and the parts segment reached 4.58 billion yuan, increasing by 14.2% [2]. Net Profit Analysis - In 2024, the net profit attributable to shareholders was 29.77 billion yuan, marking a 16.9% increase. The complete machine segment's net profit was 26.55 billion yuan, up 18.9%, while the parts segment's net profit was 3.22 billion yuan, growing by 3.0% [3]. - For Q1 2025, the net profit attributable to shareholders was 9.72 billion yuan, a significant year-on-year increase of 30.2%. The complete machine segment's net profit was 8.88 billion yuan, up 33.0%, and the parts segment's net profit was 0.84 billion yuan, increasing by 6.2% [3]. Profitability Metrics - The overall gross margin for the engineering machinery industry in 2024 was 25.5%, an increase of 0.3 percentage points year-on-year. The complete machine segment had a gross margin of 25.0%, up 0.3 percentage points, while the parts segment's gross margin was 35.7%, remaining stable [4]. - In Q1 2025, the overall gross margin was 25.1%, a decrease of 0.4 percentage points year-on-year. The complete machine segment's gross margin was 24.7%, down 0.3 percentage points, and the parts segment's gross margin was 31.9%, down 2.6 percentage points [4]. - The overall net profit margin for 2024 was 8.7%, an increase of 1.1 percentage points year-on-year. The complete machine segment's net profit margin was 8.1%, up 1.2 percentage points, while the parts segment's net profit margin was 19.7%, down 1.2 percentage points [4]. - For Q1 2025, the overall net profit margin was 10.3%, an increase of 1.5 percentage points year-on-year. The complete machine segment's net profit margin was 9.9%, up 1.6 percentage points, while the parts segment's net profit margin was 18.8%, down 1.2 percentage points [4]. Sales Trends - From January to April 2025, the sales of excavators (including exports) reached 83,514 units, a year-on-year increase of 21.4%. Domestic sales accounted for 49,109 units, up 31.9% [5]. - In April 2025 alone, excavator sales (including exports) were 22,142 units, a year-on-year increase of 17.6%, with domestic sales at 12,547 units, up 16.4% [5]. Export Performance - From January to April 2025, excavator export sales reached 34,405 units, a year-on-year increase of 9.0%. In April 2025, the export sales were 9,595 units, reflecting a 19.3% year-on-year growth [6]. - The engineering machinery export market is expected to grow, driven by infrastructure and mining machinery demand in Southeast Asia, Africa, and the Middle East, despite challenges such as U.S.-China tariff uncertainties [6]. Electric Machinery Growth - From January to April 2025, electric loader sales surged to 8,139 units, a remarkable year-on-year increase of 254.8%, with an electrification rate of 19.3%, up 14.3 percentage points [7]. - In April 2025, electric loader sales reached 2,924 units, a year-on-year increase of 211.1%, with an electrification rate of 25.1%, up 15.5 percentage points [7]. - The government’s focus on green transformation and energy-saving initiatives is expected to accelerate the electrification of the engineering machinery industry, enhancing revenue and profit for manufacturers [7].