20240315-招银国际-2M24__Solid_growth_of_forklifts__weakness_continued_for_tower_cranes___excavators_4页_521kb

Construction Machinery Sector Update: 2M 2024

Key Sales Data

• Forklifts: Reported 11% YoY sales volume growth in 2M 2024, driven by 5% increase in China sales and 22% in exports.
• All-terrain crane (AWP): Slight 6% YoY decline in sales, as 29% decline in China sales offset by 25% export growth.
• Excavators: 22% YoY decline in sales, with weaker domestic demand affecting China and slowing exports.
• Tower cranes: 49% YoY decline in sales, exacerbated by 56% fall in China demand, tied to property investment weakness.

Investment Views

• SANY Heavy (600031 CH, HOLD): Maintained cautious stance due to high excavator exposure and slowing exports.
• Zoomlion (1157 HK/000157 CH, HOLD): Confirmed conservative view as weak property-related machinery demand in China may offset export gains.
• Zhejiang Dingli (603338 CH, BUY): Kept positive stance based on strong overseas AWP growth.

Analyst Certification and Disclaimer

This report contains investment recommendations and disclaimers subject to market risks and should be reviewed for accurate decision-making.