三一重工 买入 -对国内销售前景乐观

14 March 2025 Equity Research Report Sany Heavy Industries (600031 CH) Buy: Positive on domestic sales outlook 2M25 excavator industry sales beat expectation. According to China Construction Machinery Association (CCMA), domestic excavator sales increased 51% y-o-y to 17,045 units in 2M25, while export increased 7% y-o-y. We attribute the strong sales volume to small excavator replacement and better demand from rural development, water engineering and infrastructure projects with improved funding support (E ...