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工程机械内销淡季不淡,出口景气延续 | 投研报告
Core Viewpoint - The domestic sales of construction machinery in July showed strong performance despite being traditionally a slow season, with various equipment categories experiencing significant year-on-year growth [1][4]. Group 1: Domestic Sales Performance - Excavator sales reached 7,306 units, a year-on-year increase of 17.2% [4] - Loader sales totaled 4,549 units, up 2.48% year-on-year [4] - Grader sales were 97 units, reflecting a 7.78% increase [4] - Roller sales amounted to 544 units, with a growth of 24.2% [4] - Paver sales were 84 units, showing a substantial increase of 75% [4] - Truck crane sales reached 673 units, up 6.83% year-on-year [4] - Crawler crane sales were 62 units, marking a 72.2% increase [4] - All-terrain crane sales totaled 1,440 units, with a year-on-year growth of 9.34% [4] Group 2: Export Performance - Excavator exports reached 9,832 units, a year-on-year increase of 31.9% [4] - Loader exports totaled 4,451 units, up 13% year-on-year [4] - Grader exports were 527 units, reflecting a slight increase of 0.96% [4] - Roller exports amounted to 866 units, with a growth of 23.5% [4] - Paver exports were 25 units, showing a decline of 50% [4] - Truck crane exports reached 685 units, up 12.5% year-on-year [4] - Crawler crane exports totaled 179 units, marking a significant increase of 53% [4] - All-terrain crane exports were 347 units, reflecting an 8.1% increase [4] - The total export value of excavators in July was 6.77 billion yuan, a year-on-year growth of 33% [4] Group 3: Market Outlook - The construction machinery industry is expected to continue performing well in the second half of the year, driven by favorable policies in real estate and infrastructure, as well as the commencement of major water conservancy projects [4] - The overall trend for exports is also positive, with demand improving in European markets and sustained performance in Southeast Asia, South America, and Africa [4]
太平洋证券:7月挖机销售超预期 国内、出口均实现较高增速
智通财经网· 2025-08-11 07:04
Core Viewpoint - The domestic excavator market has shown significant recovery, with sales increasing by 22.9% year-on-year in the first half of the year, indicating a positive outlook for the engineering machinery sector in the second half of the year [1][2]. Group 1: Domestic Sales Performance - In July, excavator sales reached 17,138 units, a year-on-year increase of 25.2%, with domestic sales at 7,306 units, up 17.2% compared to the previous year [1][2]. - The first half of the year saw a total of 65,637 excavators sold domestically, with a quarterly growth of 38.3% in Q1, followed by monthly fluctuations, including a slight decline in May and a recovery in June and July [2]. Group 2: Export Sales Performance - Export sales have shown a significant upward trend, with a total of 54,883 units sold in the first half of the year, marking a 10.2% year-on-year increase, and July's sales being the highest monthly growth in nearly two years [3]. - The export market has seen strong performance in regions such as Europe, Southeast Asia, the Middle East, South America, and Africa, contributing positively to the profits of major manufacturers [3]. Group 3: Future Outlook - The engineering machinery sector is expected to continue its positive performance in the second half of the year, driven by favorable policies in real estate and infrastructure, as well as the commencement of significant projects like the Yarlung Tsangpo River water conservancy project [2]. - The ongoing recovery in both domestic and export markets is anticipated to positively impact the profitability of major manufacturers, with overseas profit contributions being substantial [3].
机械行业:7月挖机超预期 国内、出口均实现较高增速
Chan Ye Xin Xi Wang· 2025-08-11 02:40
Core Viewpoint - The excavator sales in July 2025 exceeded expectations, with both domestic and export markets showing significant growth, indicating a positive outlook for the engineering machinery sector in the second half of the year [1][3]. Group 1: Domestic Sales Performance - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2%, with domestic sales reaching 7,306 units, up 17.2% [1]. - The domestic market has shown resilience, with a total of 65,637 excavators sold in the first half of the year, marking a 22.9% year-on-year growth [1]. - Monthly trends indicate a recovery from the previous year's low, with growth rates fluctuating: Q1 at 38.3%, April at 16.4%, May down by 1.5%, June up by 6.2%, and July further increasing to 17.2% [1]. Group 2: Export Sales Performance - Export sales have significantly improved, with July 2025 showing a year-on-year increase of 31.9%, the highest monthly growth in nearly two years [1][2]. - In the first half of 2025, a total of 54,883 excavators were exported, reflecting a 10.2% year-on-year increase [2]. - The European market has shown marginal improvement, while regions such as Southeast Asia, the Middle East, South America, and Africa have consistently performed well in terms of monthly export sales [2]. Group 3: Investment Outlook - The strong performance in July's excavator sales supports a positive outlook for the engineering machinery sector, with expectations for continued growth in domestic sales and sustained export demand [3]. - The anticipated commencement of major infrastructure projects and favorable policies in real estate and construction are expected to further boost demand in the second half of the year [1].
7月挖机销售超预期,国内、出口均实现较高增速 | 投研报告
Core Viewpoint - The sales data for excavators in July 2025 exceeded expectations, showing significant growth in both domestic and export markets, indicating a positive outlook for the engineering machinery industry in the second half of the year [2][3]. Group 1: Sales Performance - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2% [2][3]. - Domestic sales reached 7,306 units, with a year-on-year growth of 17.2%, marking an 11 percentage point increase compared to the previous month [2][3]. - Export sales amounted to 9,832 units, showing a year-on-year increase of 31.9%, which is the highest monthly growth rate in nearly two years [2][3]. Group 2: Market Trends - The domestic excavator market has shown resilience, with sales in the first half of the year totaling 65,637 units, up 22.9% year-on-year [2]. - Monthly trends indicate a recovery from a low point, with growth rates fluctuating but ultimately improving, particularly in July [2]. - Factors contributing to this growth include the commencement of major infrastructure projects, favorable policies in real estate and construction, and a cycle of equipment upgrades [2][3]. Group 3: Export Dynamics - Export sales have shown a significant upward trend, with a total of 54,883 units sold in the first half of the year, reflecting a year-on-year growth of 10.2% [3]. - The European market has shown signs of recovery, while regions such as Southeast Asia, the Middle East, South America, and Africa have maintained strong monthly export performance [3]. - Major manufacturers like SANY, XCMG, LiuGong, Zoomlion, and Shantui have reported substantial contributions from overseas sales to their profit margins, with percentages ranging from 51.20% to 71.10% [3].
工程机械行业跟踪点评:挖机6月内销同比转正,外销持续增长
Guoxin Securities· 2025-07-14 08:44
Investment Rating - The investment rating for the engineering machinery industry is "Outperform the Market" (maintained) [1][6][19] Core Viewpoints - The domestic excavator sales turned positive in June 2025, with a year-on-year growth of 6.2%, while exports continued to grow, with a year-on-year increase of 19.3% [2][7] - The overall demand for engineering machinery is expected to stabilize in the second half of the year, supported by government funding for infrastructure projects [3][7] - Long-term prospects for the industry remain positive due to the upcoming replacement cycle and increasing competitiveness of Chinese machinery products in international markets [3][17] Summary by Sections Excavator Sales - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year growth of 13.3%. Domestic sales accounted for 8,136 units (up 6.2%), while exports reached 10,668 units (up 19.3%) [2] - For the first half of 2025, a total of 120,520 excavators were sold, marking a year-on-year increase of 16.8% [2] Loader Sales - In June 2025, 12,014 loaders were sold, showing a year-on-year growth of 11.3%. Domestic sales were 6,015 units (up 13.6%), and exports were 5,999 units (up 9.11%) [2] - For the first half of 2025, loader sales totaled 64,769 units, with domestic sales increasing by 23.2% [2] Market Indicators - The average working hours for major engineering machinery products in June 2025 were 77.2 hours, a decrease of 9.11% year-on-year [3] - The operating rate for major engineering machinery products was 56.9%, down 7.55 percentage points year-on-year [3] Future Outlook - The domestic engineering machinery market is expected to continue its recovery, driven by infrastructure investments and a new replacement cycle [3][7] - Export growth is anticipated to persist due to the recovery of overseas economies and the stabilization of tariff expectations [3][7] Investment Recommendations - Key manufacturers to watch include XCMG, SANY Heavy Industry, LiuGong, Zoomlion, and Shantui. For parts manufacturers, focus on Hengli Hydraulic, and for industrial vehicles, consider Anhui Heli and Hangcha Group [4][17]
6月挖机销售表现亮眼,继续看好工程机械板块 | 投研报告
Core Viewpoint - The engineering machinery sector shows strong sales performance in June 2025, indicating resilience in domestic demand and a positive outlook for the industry [3][4]. Group 1: Sales Performance - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year increase of 13.3% [4]. - Domestic sales accounted for 8,136 units, with a year-on-year growth of 6.2%, while export sales reached 10,668 units, marking a 19.3% increase [4]. Group 2: Operational Metrics - The average working hours for major engineering machinery products in June were 77.2 hours, a decrease of 9.11% year-on-year [4]. - The monthly operating rate for major engineering machinery products was 56.9%, down 7.55 percentage points year-on-year [4]. Group 3: Market Outlook - The domestic market is experiencing a slowdown in operations due to the timing of fund availability, but the sales recovery in June suggests strong underlying demand [4]. - The industry is entering a renewal cycle, supported by favorable policies in real estate and infrastructure, which is expected to boost demand [4]. - Export sales continue to grow, with June marking the highest monthly sales volume since last year, driven by improving demand in Europe and strong performance in Southeast Asia, the Middle East, South America, and Africa [4]. - The overall outlook for the engineering machinery sector remains positive, with expectations of strong profit contributions from overseas markets [4].
渤海证券研究所晨会纪要(2025.06.12)-20250612
BOHAI SECURITIES· 2025-06-12 03:16
Market Overview - The A-share market saw most major indices rise last week, with the ChiNext Index experiencing the largest increase of 1.73%. The Shanghai Composite Index rose by 0.68%, while the Shenzhen Component Index increased by 1.04% [2] - As of June 10, the margin trading balance in the Shanghai and Shenzhen markets was 1,811.46 billion yuan, an increase of 12.36 billion yuan from the previous week. The financing balance was 1,799.24 billion yuan, up by 11.95 billion yuan, and the securities lending balance was 12.22 billion yuan, which increased by 0.42 billion yuan [2] Industry Insights - The electronic, computer, and machinery equipment sectors had significant net buying in margin trading, while the food and beverage, banking, and coal sectors saw less net buying [3] - The average working hours for major construction machinery products in May were 84.5 hours, a year-on-year decrease of 3.86% [5] - Excavator sales in May reached 18,200 units, a year-on-year increase of 2.12%, while loader sales were 10,500 units, up 7.24% [5] Company Announcements - Zhejiang Lino plans to acquire 100% of Xuzhou Chemical Machinery Co., Ltd. [6] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [6] Performance Review - From June 4 to June 10, the CSI 300 Index rose by 0.35%, while the machinery equipment sector increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [6] - The price-to-earnings ratio (TTM) for the machinery equipment sector as of June 10 was 26.18 times, with a valuation premium of 117.57% compared to the CSI 300 [8] Future Outlook - Cumulative excavator sales from January to May reached 101,700 units, a year-on-year increase of 17.40%, with domestic sales at 57,500 units, up 25.70% [8] - The report maintains a "positive" rating for the machinery equipment sector, emphasizing the potential for urban renewal initiatives to drive steady demand for construction machinery [8]
中联重科去年国内收入、毛利营收下滑,外销能否带动今年业绩复苏?
Di Yi Cai Jing Zi Xun· 2025-03-25 14:12
Core Viewpoint - Zhonglian Heavy Industry's domestic revenue and gross profit declined last year, raising concerns about whether overseas sales can drive a recovery in this year's performance [1][2] Group 1: Financial Performance - In 2024, Zhonglian Heavy Industry reported total revenue of 45.478 billion yuan, a year-on-year decrease of 3.39%, while net profit was 3.52 billion yuan, a slight increase of 0.41% [1] - Domestic sales revenue fell significantly, reaching 22.098 billion yuan, down 24.24% from 29.17 billion yuan in the previous year, with a gross margin decrease of 0.6 percentage points [2] - In Q4, the company achieved revenue of 11.092 billion yuan, a year-on-year decrease of 4.05%, but a quarter-on-quarter increase of 12.61%, with net profit dropping 41.42% year-on-year and 55.19% quarter-on-quarter to 381 million yuan [2] Group 2: Product Performance - Revenue from core products such as concrete machinery and cranes declined, with year-on-year decreases of 6.8% and 23.35% respectively; cranes accounted for the largest revenue segment at 14.786 billion yuan, down 45.05% [2] - Agricultural machinery emerged as a highlight, with revenue growth of 122.29%, increasing from 2.092 billion yuan to 4.65 billion yuan [3] Group 3: Market Dynamics - Overseas revenue reached 23.38 billion yuan, accounting for 51.41% of total revenue, surpassing domestic revenue for the first time; this was a significant increase from 17.905 billion yuan and 38.04% in the previous year [6] - The demand for excavators, a key indicator of macroeconomic trends, showed a notable increase, with export sales in January and February totaling 10.08 billion yuan, a year-on-year growth of 28.72% [6] Group 4: Institutional Actions - The Stock Connect program saw continuous reductions in holdings of Zhonglian Heavy Industry from Q2 to Q4 last year, with a total reduction of 12.3128 million shares in Q4 [3] - Public funds displayed mixed actions, with 32 funds holding 15.8 million shares by the end of Q4, an increase of approximately 2.4 million shares from Q3 [3] Group 5: Industry Outlook - The engineering machinery industry is characterized by strong cyclicality, with the last update cycle peaking in 2021; the current market is closely watching for signs of recovery [4] - Analysts believe that overseas business growth is more certain compared to domestic demand, with foreign gross profit margins for major manufacturers significantly higher than domestic ones [4][6]
徐工机械:国企改革提升竞争力,出海、新兴板块打开新成长空间-20250303
Guoxin Securities· 2025-03-03 10:50
Investment Rating - The report assigns an "Outperform" rating to the company, with a reasonable valuation range of 9.38 to 11.39 CNY per share, corresponding to a PE ratio of 14 to 17 times for 2025 [4][6]. Core Insights - The company is a leading player in the domestic engineering machinery sector, with a comprehensive product portfolio including cranes, excavators, loaders, rollers, and concrete machinery. It ranks fourth globally and first in China with a sales revenue of 12.964 billion USD in 2023 [1][17]. - The domestic market is stabilizing, with expectations for a recovery in demand driven by equipment replacement cycles and supportive government policies. The overseas market presents significant growth opportunities, with a compound annual growth rate (CAGR) of 43.84% in excavator exports from 2015 to 2023 [2][4]. - The company's competitive edge is enhanced through state-owned enterprise reforms and an expanding international presence, with overseas revenue increasing from 8.26% in 2020 to 40.09% in 2023 [3][4]. Summary by Sections Company Overview - The company is recognized as a leader in the engineering machinery industry, with a strong backing from its controlling shareholder, Xugong Group. It has achieved significant milestones, including the acquisition of key assets and the establishment of a global marketing network [1][33]. Financial Performance - In 2023, the company reported revenues of 92.848 billion CNY, a slight decrease of 1.03% year-on-year, while net profit attributable to shareholders increased by 23.51% to 5.326 billion CNY [5][43]. - The forecast for net profit from 2024 to 2026 is projected to be 6.309 billion CNY, 7.961 billion CNY, and 10.211 billion CNY, respectively, indicating a steady growth trajectory [4][5]. Market Dynamics - The global engineering machinery market was valued at 243.4 billion USD in 2023, with China’s market share increasing from 13.4% in 2013 to 17.2% in 2023 [2][66][67]. - The domestic market is expected to stabilize due to infrastructure investments and a recovery in real estate, which are crucial for the demand for engineering machinery [70]. Competitive Landscape - The competitive landscape remains stable, with leading companies maintaining their market positions. The company ranks fourth globally, with significant market shares in various machinery segments [67][68]. Future Outlook - The company is well-positioned for future growth, driven by ongoing reforms, international expansion, and a focus on high-margin products. The expected recovery in domestic demand and continued growth in overseas markets are key factors for its performance [3][4][43].