该行认为，所有负面因素似乎都已被消化，而内地的轮式装载机需求相对于挖掘机需求似乎已经在2023年正常化至中国以外的全球平均水平。Goldman Sachs holds a cautious attitude towards the demand cycle of Construction Machinery in the mainland.
According to a research report released by Goldman Sachs, based on the latest sales trends of LONKING (03339) major products, the earnings per share for 2024-2026 have been slightly adjusted by 0-2%, while maintaining the Target Price of HKD 1.6 and a 'Neutral' rating.
The report indicates a cautious attitude toward the demand cycle of Construction Machinery in the mainland. Within the coverage of Construction Machinery in the mainland, the bank believes LONKING is in the most disadvantaged position, as the consolidation of the wheeled loader market in the mainland reflects very little growth potential for market share, structural losses in the market share of excavators, limited export potential, and its weakness in the mainland excavator sector.
The bank believes that all negative factors seem to have been absorbed, and the demand for wheeled loaders in the mainland appears to have normalized in 2023 to the global average level outside of China relative to excavator demand.
