光大证券认为，8月工程机械内销"淡季不淡"，非挖品类景气度显著复苏，出口销量表现亮眼，仍看好 工程机械更新换代的持续增长对工程机械的销量拉动，行业短期具备良好催化剂；两会政策对工程机械 行业支持力度较大，行业中期需求持续复苏有保障；同时随着工程机械行业国际化、电动化进程不断推 进，工程机械龙头企业有望量利齐升；此外雅下水电工程开工有望进一步拉动工程机械需求提升。 万联证券认为，8月挖掘机和装载机内外销量延续增长趋势。国内市场方面，未来在设备更新等政策推 动下，国内需求有望加速复苏。出口方面，我国工程机械主机厂进行海外布局多年，国产工程机械产品 具备性价比优势，国内主机厂在海外市场的竞争力持续提升。在国内外需求共振的情况下，工程机械行 业需求有望不断改善，当前工程机械行业呈现"内外需共振+技术升级"的特点。 工业和信息化部、农业农村部、商务部等六部门联合印发《机械行业稳增长工作方案（2025—2026 年）》。方案提到，2025—2026年，机械行业运行保持平稳向好态势，重点产业链供应链韧性和安全水 平持续提升，力争营业收入年均增速达到3.5%左右，营业收入突破10万亿元。 ...

据央视新闻消息，记者从中国工程机械工业协会获悉，今年1至8月份，工程机械行业多类别产品销量同 比增长超过10%。其中，挖掘机销量154181台，同比增长17.2%；各类装载机销量83209台，同比增长 12.9%；叉车销量976026台，同比增长12.9%。 光大证券认为，8月工程机械内销"淡季不淡"，非挖品类景气度显著复苏，出口销量表现亮眼，仍看好 工程机械更新换代的持续增长对工程机械的销量拉动，行业短期具备良好催化剂；两会政策对工程机械 行业支持力度较大，行业中期需求持续复苏有保障；同时随着工程机械行业国际化、电动化进程不断推 进，工程机械龙头企业有望量利齐升；此外雅下水电工程开工有望进一步拉动工程机械需求提升。 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - In August 2025, domestic excavator sales showed resilience during the traditional off-season, with a significant recovery in non-excavator categories [3][4]. - The report highlights a robust growth trend in domestic demand for construction machinery, supported by government policies and infrastructure investments [5][10]. - The electric loader segment is experiencing substantial growth, with sales increasing by 159.4% year-on-year in August 2025, indicating a shift towards electrification in the industry [7][8]. Summary by Sections Sales Performance - In August 2025, excavator sales (including exports) reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units, up 14.8% [3][14]. - Non-excavator machinery categories also showed strong performance, with loaders up 18.3%, graders up 16.1%, and truck cranes up 28.2% [3][14]. Government Support and Policy - The government plans to issue long-term special bonds totaling 1.3 trillion yuan, which is expected to boost infrastructure investment and, consequently, machinery demand [5]. - The report emphasizes the ongoing implementation of new urbanization strategies and infrastructure projects, which will sustain demand for construction machinery [5]. Export Trends - Excavator exports in August 2025 reached 8,838 units, marking an 11.1% increase year-on-year, with a total of 73,553 units exported from January to August, up 12.8% [6][14]. - The report notes opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [6]. Electrification and Innovation - The electric loader sales reached 2,477 units in August 2025, with an electrification rate of 26.2%, reflecting a significant increase in the adoption of electric machinery [7][35]. - The report suggests that the trend towards green and electric machinery will enhance revenue and profit margins for leading manufacturers [8]. Major Projects Impact - The commencement of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost machinery demand, potentially reaching 120-180 billion yuan in equipment needs [9]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, Zoomlion, and XCMG, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10][11].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [24] Core Views - The company achieved a revenue of 54.808 billion yuan in the first half of 2025, representing a year-on-year growth of 8.04%, with a net profit attributable to shareholders of 4.358 billion yuan, up 16.63% year-on-year [7] - The growth in revenue was driven by a 22.37% increase in earthmoving machinery and a 16.64% increase in exports, which now account for 46.61% of total revenue [7][11] - The company's gross margin was reported at 22.03%, with a slight year-on-year decrease of 0.86 percentage points, while the net margin improved to 8.06%, an increase of 0.54 percentage points [8] Summary by Sections Financial Performance - The company reported a revenue of 54.808 billion yuan for H1 2025, with a net profit of 4.358 billion yuan, and a non-recurring net profit of 4.467 billion yuan, reflecting growth rates of 8.04%, 16.63%, and 35.57% respectively [7] - Domestic revenue was 29.263 billion yuan, growing by 1.5%, while international revenue reached 25.546 billion yuan, growing by 16.64% [21] Business Segments - Earthmoving machinery revenue was 17.019 billion yuan, accounting for 31.05% of total revenue, with a growth of 22.37% [10] - Crane machinery revenue was 10.474 billion yuan, representing 19.11% of total revenue, with a growth of 3.74% [10] - Other machinery and parts generated 15.395 billion yuan, accounting for 28.09% of total revenue, with a growth of 2.87% [10] Profitability Metrics - The gross margin for the company was 22.03%, with a net margin of 8.06% and a non-recurring net margin of 8.15% [8] - The company has successfully reduced various expense ratios, contributing to improved profitability [8] Industry Outlook - The engineering machinery industry is experiencing a recovery, with significant growth expected in the coming years, driven by equipment replacement cycles and international expansion [11] - The company is well-positioned as a leading player in the domestic market, with a strong international strategy that is expected to further enhance growth potential [11][12]

Group 1 - The core viewpoint of the article highlights that China Longgong (03339) has seen a stock price increase of over 5%, currently at 3.05 HKD, with a trading volume of 95.34 million HKD [1] - According to the Engineering Machinery Industry Association, excavator sales (including exports) are projected to reach 16,523 units by August 2025, representing a year-on-year growth of 12.8% [1] - Domestic sales are expected to be 7,685 units, showing a year-on-year increase of 14.8%, while export sales are anticipated to be 8,838 units, reflecting an 11.1% year-on-year growth [1] Group 2 - Guoyuan Securities indicates that domestic leading enterprises maintain strong competitive advantages in both supply and demand sides, supporting a positive outlook for the engineering machinery industry [1] - In the first half of this year, China Longgong achieved revenue of 5.596 billion RMB, a year-on-year increase of 69.67%, and a net profit attributable to shareholders of 632 million RMB, up 37.83% year-on-year [1] - Everbright Securities believes that the company's performance meets expectations and is likely to benefit significantly from the recovery of the domestic engineering machinery industry and trends towards internationalization and electrification [1]

Group 1: Market Strategy - The report suggests that liquidity remains the most important support for the market in the short term, while profitability will be a focus in the medium term, with mid-year performance potentially being the low point for the year [3] - The market is expected to rotate between growth and balanced styles in September, with recommended sectors for investment including TMT, electric new energy, military industry, automotive, non-ferrous metals, and machinery equipment [3] Group 2: Company Research - Petrochemical - The report indicates a downward adjustment in profit forecasts for Dongfang Shenghong due to falling oil prices and declining aromatics market conditions, with expected net profits for 2025-2027 at 9.65 billion, 14.04 billion, and 20.62 billion respectively, reflecting a 63% and 66% downward adjustment for 2025 and 2026 [4] - Despite the challenges, the company is advancing its new materials projects, maintaining a "buy" rating [4] Group 3: Company Research - Building Materials - The report notes that Kaisheng Technology's application materials business is under pressure, leading to a downward revision of net profit forecasts for 2025-2027 to 1.62 billion, 2.08 billion, and 2.51 billion, with a significant reduction of 38%, 35%, and 31% respectively [5] - The report maintains an "increase" rating for the company [5] Group 4: Company Research - High-end Manufacturing - Jingjin Equipment's revenue decreased by 9.6% to 2.83 billion in the first half of 2025, with net profit down 28.5% to 330 million, attributed to weak demand in the filter press market [7] - The company is actively exploring new markets and is expected to achieve net profits of 730 million, 860 million, and 940 million for 2025-2027, maintaining a "buy" rating [7] Group 5: Company Research - Engineering Machinery - LiuGong reported a 25.1% increase in net profit to 1.23 billion in the first half of 2025, with slight downward adjustments to profit forecasts for 2025-2027 [9] - The company is expected to benefit from the recovery of the domestic engineering machinery industry and trends towards internationalization and electrification [9] Group 6: Company Research - Electric New Energy - Sany Renewable Energy's revenue increased by 62.75% to 8.594 billion in the first half of 2025, but net profit fell by 51.54% to 210 million [13] - The company is expected to achieve net profits of 1.502 billion, 2.514 billion, and 2.915 billion for 2025-2027, maintaining a "buy" rating [13] Group 7: Company Research - Food and Beverage - Yili Group's revenue for the first half of 2025 was 61.933 billion, a year-on-year increase of 3.37%, while net profit decreased by 4.39% to 7.2 billion [18] - The company is projected to have EPS of 1.80, 1.94, and 2.10 for 2025-2027, maintaining a "buy" rating [18]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 18.18 billion with a year-on-year growth of 13.2% and a net profit of 1.23 billion, reflecting a 25.1% increase [1]. - The company aims to reach a revenue target of 60 billion by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% [1]. - The demand for earthmoving machinery is supported by the ongoing equipment upgrades and the commencement of the Yaxia hydropower project, which is expected to further boost demand for large excavators and loaders [2]. - The company has seen a 10.5% year-on-year growth in overseas revenue, reaching 8.52 billion, with significant growth in emerging markets [3]. - The sales of electric loaders in China have surged by 172.8%, with the company benefiting from a leading position in the electric loader market [4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 18.18 billion, a 13.2% increase year-on-year, and a net profit of 1.23 billion, up 25.1% [1]. - The gross margin stood at 22.3%, a slight increase of 0.2 percentage points, while the net margin remained stable at 6.3% [1]. Market Demand - The earthmoving machinery segment saw a revenue of 11.65 billion, growing 17.3% year-on-year, with loaders and excavators experiencing over 20% and 25% growth in sales, respectively [2]. - The commencement of the Yaxia hydropower project is expected to further enhance demand for the company's machinery [2]. International Expansion - The company achieved overseas revenue of 8.52 billion, marking a 10.5% increase, with a notable 40% growth in emerging markets [3]. - The company’s market share in earthmoving machinery has increased, with significant growth in sectors like mining and aerial work platforms [3]. Electric Machinery Development - The sales of electric loaders increased by 193.0% year-on-year, with the company capturing over 50% of the industry’s electric loader exports [4]. - The company has received over 20 intent orders for autonomous electric loaders, indicating strong market interest [4]. Profit Forecast and Valuation - The report projects a slight downward adjustment in net profit forecasts for 2025-2027, with expected profits of 1.86 billion, 2.46 billion, and 3.08 billion, respectively [5]. - The expected EPS for the same period is projected to be 0.92, 1.22, and 1.52 yuan [5].

Group 1: Steel Industry - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions" in February 2025, which aims to evaluate steel enterprises under two categories: "standard enterprises" and "leading standard enterprises" [4] - The profitability of the steel sector is expected to recover to historical average levels, and the price-to-book (PB) ratio of steel stocks is likely to improve accordingly [4] Group 2: Chemical Industry - Shandong has suspended the qualification of the Gaomi Renhe Chemical Industrial Park, impacting the supply of certain raw materials [5] - The chemical industry is facing safety incidents, but there is a long-term value outlook for leading companies in the sector [5] Group 3: High-end Manufacturing - Domestic sales of excavators faced short-term pressure in May, but the ongoing trend of equipment upgrades is expected to drive sales growth [6] - The engineering machinery sector is supported by favorable policies from the Two Sessions, ensuring sustained mid-term demand recovery [6] - Exports of engineering machinery to North America showed a significant increase, with excavators, tractors, and mining machinery experiencing growth rates of 22%, 30%, and 23% respectively from January to May [8] Group 4: Company-Specific Developments - Yuanli Co., Ltd. completed its employee stock ownership plan, indicating a gradual emergence of its long-term investment value [9] - Akole Co., Ltd. announced a restricted stock incentive plan, which is expected to motivate core team members and facilitate the mass sales of COC/COP products within 2025 [10] - Chipsea Technology is experiencing a recovery in downstream demand, leading to an increase in shipment volumes [11]

Core Viewpoint - The domestic excavator sales in May 2025 are under short-term pressure due to weak downstream construction activity and the earlier high growth in sales that has overstated future demand [1][2] Group 1: Sales Performance - In the first five months of 2025, China's excavator sales (including exports) reached 101,716 units, a year-on-year increase of 17.4%, with domestic sales at 57,501 units, up 25.7% [1] - In May 2025, excavator sales (including exports) totaled 18,202 units, a year-on-year increase of 2.1%, while domestic sales were 8,392 units, showing a decline of 1.5% [1] - The average working hours for major construction machinery products in May 2025 were 84.5 hours, down 3.9% year-on-year and 6.3% month-on-month [1] Group 2: Future Outlook - The company remains optimistic about the continuous growth in the replacement of construction machinery, which is expected to support future excavator sales, with a projected compound growth rate of around 30% for replacement demand in the coming years [2] - The government plans to issue 1.3 trillion yuan in special bonds and increase local government special bonds to 4.4 trillion yuan, which is expected to stimulate infrastructure investment and subsequently boost equipment demand [3] Group 3: Export Trends - In the first five months of 2025, excavator exports reached 44,215 units, a year-on-year increase of 8.2%, with May exports at 9,810 units, up 5.4% [4] - The company sees opportunities in Southeast Asia, Africa, and the Middle East for construction machinery exports, despite challenges such as the changing geopolitical landscape and uncertainties related to US-China tariffs [4] Group 4: Electrification Trends - In the first five months of 2025, electric loader sales surged to 10,904 units, a remarkable year-on-year increase of 207.7%, with an electrification rate of 20.7%, up 14.5 percentage points [5] - The government emphasizes green transformation and the promotion of electric machinery, which is expected to accelerate the electrification process in the construction machinery sector, enhancing revenue and profits for manufacturers [5]

Core Viewpoint - The engineering machinery industry is experiencing a recovery, driven by growth in sales, internationalization, and electrification trends, supported by favorable policies from the government [1][2][3] Group 1: Industry Performance - The engineering machinery industry in China is showing a growth trend, with significant support from recent government policies [1] - In Q1 2025, listed companies in the engineering machinery sector reported revenue of 915.5 billion yuan, a year-on-year increase of 10.3%, and a net profit of 88.8 billion yuan, up 33% [1] - The overall gross margin for the engineering machinery sector was 25.1%, a decrease of 0.4 percentage points year-on-year [1] Group 2: International Trade and Market Expansion - From January to April 2025, China's engineering machinery import and export trade amounted to 18.947 billion USD, an increase of 8.51% year-on-year, with exports reaching 18.07 billion USD, up 9.01% [2] - XCMG Group aims to double its scale by 2030, with international revenue expected to account for over 60% [2] - The demand for Chinese engineering machinery is increasing in overseas markets, particularly in Southeast Asia, Africa, and the Middle East [3] Group 3: Electrification Trends - The sales of electric loaders in China reached 8,139 units from January to April 2025, representing a year-on-year increase of 254.8%, with an electrification rate of 19.3% [2] - The electrification of engineering machinery is seen as a key development direction, with domestic manufacturers leveraging this trend to enhance revenue and profits [3]