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Open Source Securities: Construction Machinery will experience a "resonance" of internal and external demand. Flexibility depends on domestic sales, while new highs are expected from going abroad.
Looking back on the excavator cycle, it takes about ten years for Construction Machinery to complete a full cycle, which is close to the average lifespan of an excavator; however, the current cycle is expected to be shorter, mainly due to the miniaturization of Construction Machinery and the increase in domestication rate.
Soochow Securities: The investment process of Chinese enterprises in Africa is accelerating, with growing demand for mining and Infrastructure in the future.
In 2024, leading domestic manufacturers have achieved rapid growth in the African region. Combined with the proactive overseas development intention of domestic manufacturers and the market expansion trend driven by mining and urbanization in Africa, Soochow believes that the African Construction Machinery market is likely to become one of the core driving forces for domestic manufacturers to achieve performance growth in the coming years.
Overview of the lifting of restrictions on trading A-shares | January 27.
According to Zhito Finance APP, on January 27, 22 listed companies had their restricted stocks released, with a total market value of approximately 76.517 billion yuan. The specific situation of the restricted stock release today is as follows: Stock Abbreviation Stock Code Restricted Stock Type Released Shares Shenzhen Ecobeauty 000010 Stock-based Incentive Restricted Circulation 45.48 million Jiangsu Eastern Shenghong 000301 Increased A Shares Legal Person Allocation Listed 1.112 billion Shantui Construction Machinery 000680 Stock-based Incentive Restricted Circulation 7.6725 million Xi'an Catering 000721 Increased A Shares Original Shareholder Allocation Listed 74.8584 million Angang Steel 000898 Stock-based Incentive Restricted Circulation 120.
Shantui Construction Machinery (000680): Undervalued with high growth potential, a strong A excavator opens up opportunities.
Investment Highlights: 1. One-sentence logic: Construction Machinery is an undervalued strong alpha variety, bulldozers are moving towards the Global market, and excavators are opening up space; the push of excavators is expected to drive performance growth and valuation enhancement beyond expectations. 2. Industry β and company α: 1. Construction Machinery
Soochow Securities: December excavator sales slightly exceeded expectations, focusing on current opportunities for low-level investments in Construction Machinery.
Looking ahead to 2025, the domestic market is in a cyclical uptrend, and excavator sales are expected to maintain approximately 10% growth; regarding the export market, by 2025, the impact of elections in various regions will be largely eliminated, coupled with a mild economic recovery in major areas, resulting in a significant narrowing of the decline in excavator sales.
Donghai Securities: Excavator sales reached 200,000 units for the year, and large hydropower projects have been approved, boosting demand.
It is recommended to pay attention to leading companies that have a deep overseas layout, high brand recognition, a complete product matrix, efficient cost management, and strong research and development capabilities.