中国机电产品进出口商会 2025年10月 1-10月中国挖掘机进出口看板 CCCMB 中国机电产品进出口商会 China Chanter of Cammerce for Impart and 最佳来源:海关总署 累计同比 累计出口量 当月同比 当月出口版 累计出口部 当月周比 包易中业 主要出口国别/地区市场情况 1-10月,我国挖掘机进出口总额86. 7亿 852375. 50 25. 90 253552 34. 03 87977. 23 19.06 837689, 33 关元,进出口金额网比增长24.7%。其中: 甲维尼真变 82991 48 月澳元、自 2025年1-10月挖掘机出口情况 出口85.2亿美元,同比增长25.9%;进口1.5 亿美元,同比下降20.6%;贸易顺差B3.8亿 17575 关元。市场需求持续回暖。 9 8 t The Real t 40 市场累计、当月均同比下降。 上耳其 25263 58 ar 进口方面,1-10月,挖掘机累计进口额持续同 出下降,10月当月进口额网比大幅下降74.8%。最后 式挖掘机进口占比995以上,主要进口来源国为日本 17 04 累计进口额 席计同比 ...

Investment Rating - The industry investment rating is "Market Weight" [1] Core Viewpoints - In October 2025, domestic sales growth of excavators slowed down, while exports maintained rapid growth. This is attributed to preemptive inventory replenishment that has overstretched demand. Long-term demand for construction machinery is expected to be supported by the commencement of major national projects, accelerated funding, and replacement policies [5][6] - Excavator sales in October 2025 reached 18,096 units, a year-on-year increase of 7.77% but a month-on-month decrease of 8.87%. Domestic sales were 8,468 units, up 2.44% year-on-year, while export sales were 9,628 units, up 12.94% year-on-year [3] - Loader sales in October 2025 totaled 10,673 units, a year-on-year increase of 27.74% and a month-on-month increase of 1.36%. Domestic sales were 5,372 units, up 33.23% year-on-year, while export sales were 5,301 units, up 22.62% year-on-year [4] Summary by Sections Excavator Sales Data - In October 2025, excavator sales were 18,096 units, with domestic sales at 8,468 units and export sales at 9,628 units, representing 53.21% of total sales. Cumulative sales from January to October reached 192,135 units, a year-on-year increase of 17.03% [3] Loader Sales Data - Loader sales in October 2025 were 10,673 units, with domestic sales at 5,372 units and export sales at 5,301 units. Cumulative sales from January to October reached 104,412 units, a year-on-year increase of 15.82% [4] Market Trends - The report highlights a slowdown in domestic sales growth for excavators, while exports continue to grow rapidly. The export trade value for construction machinery in September was $5.271 billion, a year-on-year increase of 29.78% [5] - The first three quarters of 2025 showed strong performance from major companies in the industry, with notable profit growth driven by globalization strategies and product optimization [6] - The report emphasizes the ongoing transition towards electrification and technological innovation in the construction machinery sector, with a focus on smart, high-end, and green technologies [6]

Core Viewpoint - The company reported a revenue of 6.675 billion yuan for the first three quarters, representing a year-on-year growth of 8.82%, and a net profit attributable to shareholders of 1.595 billion yuan, up 9.18% year-on-year [1] Group 1: Financial Performance - In Q3, the company achieved a revenue of 2.339 billion yuan, a year-on-year increase of 2.83%, while the net profit attributable to shareholders was 542 million yuan, a decrease of 14.72% year-on-year [1] - The gross margin for Q3 was 36.12%, down 1.48 percentage points year-on-year, and the net profit margin was 23.2%, down 4.81 percentage points year-on-year [1] - Financial expenses increased significantly in Q3, impacting the company's net profit margin [1] Group 2: Research and Development - The R&D expense ratio for Q3 was 3.4%, an increase of 0.81 percentage points year-on-year, indicating the company's commitment to enhancing R&D investment [1] - The company is continuously launching new products tailored to overseas market demands, thereby improving overall product competitiveness [1] Group 3: International Expansion - The company is accelerating its overseas expansion, with overseas revenue accounting for nearly 80% of total revenue [1] - The company has established a presence in over 100 countries and regions, enhancing its overseas channel construction through equity cooperation and local team formation [1] - Following the recent Federal Reserve interest rate cuts, there is an expectation for a rebound in demand for aerial work platforms in Europe and the U.S., which may further accelerate the company's international expansion [1] Group 4: Competitive Advantage - The company has established a clear competitive advantage by being the first in the industry to complete the electrification of its entire product line and offering a three-year warranty [2] - The company is the only global manufacturer capable of mass-producing oil-free electric scissor lifts, showcasing its innovation in product design [2] - The company continues to diversify its product offerings, including various high-quality new products that meet different customer needs across various application fields [2] Group 5: Investment Outlook - The company's product structure is continuously optimized, and its market competitiveness is gradually increasing, indicating potential for high-quality growth in the future [2] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 2.031 billion, 2.400 billion, and 2.754 billion yuan, with corresponding price-to-earnings ratios of 13.1, 11.1, and 9.6 times [2]

Summary of Key Points from Conference Call Records Industry Overview - **Export Chain Companies**: Chinese export chain companies are rapidly increasing their global market share in 2025, particularly in the forklift and construction machinery sectors, by intensifying development efforts in South America and Africa, leading to strong growth in the Middle East, Asia-Pacific, Africa, and South America markets [1][5] - **European and American Markets**: The European market is expected to recover due to the anticipated ceasefire in the Russia-Ukraine conflict and infrastructure projects. The U.S. market shows positive growth in industrial machinery and forklifts, with a projected recovery in 2026, benefiting from Chinese market penetration [1][6] Company Performance - **Lian De Co.**: Reported a 9.27% year-on-year revenue increase, with a quarterly revenue growth of 25%. Order volume grew by 41% in the quarter, with a gross margin of 44.29% and a net profit increase of 2.4 percentage points. The Ningde factory has become profitable, and increased capacity at the U.S. factory is expected to enhance profits [1][7] - **Hao Mai Technology**: Achieved unexpected progress through three driving forces: tire molds, large components, and machine tools. The tire mold segment showed significant benefits, while the large components segment benefited from a 30-40% demand increase in the wind power sector [1][7] - **Niu Wei Co.**: Future growth points include increased demand for oil service equipment from Middle Eastern oil and gas investments, high delivery levels of FPSO and LNG ship orders, new product approvals from Saudi Aramco, and good growth in nuclear power and water treatment sectors. The company has a full order book and good cash collection [1][8] Financial Performance - **Company's Q3 Results**: The company reported a revenue of 5.6 billion yuan, a 26% year-on-year increase, and a net profit of 1.11 billion yuan, up 35% year-on-year. The adjusted net profit was 1.09 billion yuan, reflecting a 33% increase. Overall, the company's quarterly and annual performance growth remains stable at around 20-30% [1][9] - **Chunfeng Power**: Faced some impacts from tariff issues in Q3 but is progressing well with its Mexican factory. The company expects to sell approximately 600,000 electric vehicles in 2025, potentially reaching 1 million in 2026, with a chance to turn profitable [1][12] Market Dynamics - **Impact of U.S.-China Talks**: Recent U.S.-China talks resulted in a "very successful framework" agreement, which could benefit export chain companies. Many companies have adjusted their overseas production bases and tariff estimates, leading to stable performance predictions for the next year despite potential new tariffs [2] - **General Machinery Sector**: The general machinery sector is indirectly affected by the global trade environment, with high-end manufacturing demand growing significantly. However, traditional manufacturing and some regional exports are impacted by local demand downturns and trade frictions [1][17] Investment Recommendations - **Focus Areas**: It is recommended to focus on sectors with high growth potential, including automotive, aerospace, high-end manufacturing, and liquid cooling robotics. Companies like Jinshang Yuchuang, which saw order growth exceeding 40% in August, are highlighted as attractive investment opportunities [1][20] Noteworthy Companies - **Hai Tian International**: Holds a nearly 20% market share in the global injection molding machine market. Despite a decline in orders from April to September, there was a recovery in September. The current valuation is around 10 times, expected to drop to about 9 times next year, indicating long-term investment value amid global supply chain restructuring [1][21] - **A-Share Market**: Companies such as Niu Wei CNC, Hai Xin Military Industry, and Yi Zhi Mi are noted for their stable performance and reasonable valuations, making them worthy of attention in the A-share market [1][22]

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, with a focus on expanding overseas operations and enhancing product competitiveness through increased R&D investment [1][2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.336 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.052 billion yuan, up 27.63% year-on-year [1]. - In Q2 2025, the company reported revenue of 2.438 billion yuan, a 1.27% increase year-on-year, and a net profit of 623 million yuan, reflecting a 19.4% year-on-year growth [1]. - The company's gross margin was 32%, an increase of 0.19 percentage points year-on-year, while the net profit margin reached 25.57%, up 3.86 percentage points year-on-year [1]. Group 2: Overseas Expansion - The company's overseas revenue reached 3.374 billion yuan in the first half of 2025, marking a 21.25% year-on-year increase, with overseas revenue accounting for 77.83% of total revenue [2]. - The company has successfully expanded its products to over 100 countries and regions, enhancing its overseas channel construction through equity cooperation and establishing local teams [2]. - Efforts are being made to strengthen partnerships with large overseas leasing companies and to explore new markets and customers [2]. Group 3: R&D Investment and Product Competitiveness - The company increased its R&D investment to 144 million yuan in the first half of 2025, a year-on-year growth of 21.82% [2]. - The company has completed the electrification of its entire product line and offers a three-year warranty, with innovative designs that reduce transportation costs and improve shipping efficiency [2]. - It is noted as the only manufacturer globally to achieve mass production of oil-free, all-electric environmentally friendly scissor lifts [2]. Group 4: Investment Outlook - The company is expected to continue optimizing its product structure and enhancing market competitiveness, with projected net profits for 2025-2027 of 2.131 billion, 2.442 billion, and 2.764 billion yuan, respectively [3]. - Corresponding price-to-earnings ratios are forecasted to be 12.7, 11.1, and 9.8 times for the same period [3].