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港股概念追踪|国内销售回暖+出口数据再度爆发 工程机械板块景气度回升(附概念股)

Hong Kong Stock Concept Tracking | Domestic sales are recovering + export data has exploded again, the Construction Machinery Sector is experiencing a rebound in prosperity (with concept stocks attached).

Zhitong Finance ·  Jan 15 13:51

Excavator sales have stopped declining and are on the rise, the Industry development environment is expected to continue improving.

Recent data released by the China Construction Machinery Industry Association shows that in 2024, a total of 201,131 excavators were sold, a year-on-year increase of 3.13%.

Among them, domestic sales were 100,543 units, a year-on-year increase of 11.7%. As a "barometer" of the Construction Machinery Industry, excavator sales in 2024 have rebounded, ending a continuous decline and releasing Bullish Signals.

In 2024, the excavator sales, reflecting the "barometer" of the Construction Machinery Industry, ended three years of continuous decline. The domestic market growth has "stabilized and rebounded," while overseas sales have remained above 0.1 million units for three consecutive years.

According to Zhitong Finance APP, a total of 19,369 various types of excavators were sold in December 2024, a year-on-year increase of 16%. Among them, domestic sales were 9,312 units, a year-on-year increase of 22.1%; export volume was 10,057 units, a year-on-year increase of 10.8%, with domestic sales meeting previous CME expectations and exports exceeding expectations.

In the domestic market, the sustained growth rate exceeding expectations is mainly benefited from the high prosperity of Water Conservancy projects and mining, which corresponds to good demand for both small and large excavators; exports have mainly benefited from inventory reduction completion and significant demand recovery in certain regions (with the Indonesian market as a typical example).

A research report from Founder Securities pointed out that the downstream of the Construction Machinery: excavators, cranes, and concrete machinery is mainly real estate and Infrastructure, benefiting from the demand pull of farmland and Water Conservancy and other downstream needs, the sales growth rate of small excavators achieved positive growth first, while large and medium excavators' sales are gradually stabilizing, and the growth rate of excavator domestic sales has maintained steady year-on-year growth since March last year.

Soochow Securities released a Research Report stating that looking ahead to 2025, the domestic market is in an upward cycle, and excavator sales are expected to maintain a growth of about 10%; in terms of the export market, the impact of regional elections will basically be eliminated by 2025, combined with a moderate economic recovery in major regions, resulting in a significant narrowing of the decline in excavator sales. Based on the continuous recovery of the Construction Machinery industry in 2025, it is predicted that core main manufacturers will have a revenue growth rate of about 15% and profit growth rate of about 20% in 2025, which corresponds to the current low valuation position and is considered a high cost-performance value for stable asset allocation.

Hong Kong-listed stocks related to construction machinery include:

Zoomlion (01157), Lonking (03339), First Tractor (00038), Sany Int'l (00631), Zhengzhou Coal Mining Machinery Group (00564), Sinotruk (03808), Weichai Power (02338), etc.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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