徐工集团-（买入评级）：改革战略执行良好

14 May 2025 Equity Research Report XCMG Constr Machinery (000425 CH) Buy: Executing well on reform strategy Domestic sales to rebound from three-year contraction: According to the China Construction Machinery Association, domestic excavator sales grew 16% y-o-y in April on replacement demand, and exports grew 19% y-o-y on a low base, leading to aggregate industry growth of 21.4% y-o-y in 4M25 (Exhibits 1-2), better than our expectation. XCMG's 1Q25 revenue growth accelerated due to solid growth of road mach ...