XCMG(SZ:000425)2024-09-21 10:10Group 1: Domestic Market Outlook - The company observes positive signs in the domestic market, particularly in earthmoving machinery, which has shown growth for several consecutive months [1] - The issuance of 1 trillion yuan in government bonds and the "large-scale equipment renewal" policy may not lead to immediate changes but will support industry recovery in the medium to long term [1] - The company maintains an optimistic outlook on the economy and strong confidence in the engineering machinery industry due to factors such as uneven urbanization, significant internal investment growth, and the development of the new energy industry [1] Group 2: Overseas Market Expectations - The company expects continued good performance in the overseas market, with international revenue maintaining strong growth [2] - The overseas market for domestic brands is characterized by growth potential, with demand continuously being released [2] - The company's international revenue accounted for 40% in 2023 and is projected to reach 44% in the first half of 2024 [2] Group 3: Mining Machinery Development - The company's mining machinery sector is a burgeoning industry, ranking first domestically and among the top five globally [2] - Mining machinery products include mining excavators, which account for over 30% of revenue, and mining trucks, which account for over 50% [2] Group 4: Excavator Revenue Breakdown - In the first half of 2024, small excavators accounted for over 20% of excavator product revenue, while medium excavators made up over 40% [2] Group 5: Export Profitability - The company believes that export profit margins will further improve due to stable overseas markets and potential price increases in high-recognition areas [2] - Plans to optimize the overseas product structure and enhance service capabilities are expected to increase the profitability of exported products [2]