我国3月份工程机械国内销量强劲

Capital Goods Strong domesticsales of earth-moving machineryin Mar ChinaConstruction Machinery Association (CCMA)releasedtheearth-movingmachinerysalesdata forMar.Domestic sales of excavators/wheel loadersgrew29%/23%YoY,suggesting strongdemandin the traditional peak season.Webelieve excavatoroffersresiliencewithgrowthdrivenlargely by thedomesticreplacementdemand, which is less affected by thetariffwar.ReiterateBUYonSANY Heavy(600031 CH)giventhe high contribution from excavatorsales. We also likeZoomlion (1157 HK / 000157 CH, BUY)givenitsstrategicfocusonemerging markets (theUS contributes <1% of revenue). China Capital Goods Sector Wayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk Related reports: Excavatorsales+18% YoY inMar.Domestic salessurged29%YoYto19.5kunits.Exportsincreased3%YoY to10kunits.In1Q25, totalexcavator sales grew 23% (domestic:+38%;export: +6%). SANYI (631 HK, BUY)–Set for arecovery–2 Apr 2025 (link) Sinotruk (3808 HK, HOLD)–Staycautious on exports–31 Mar 2025 (link) Wheel loadersales+13% YoY inMar.Domesticsalesgrew23%YoYto8.2k units.Exportsslightlyincreased1% YoY to5.7k units. Electric wheelloader sales volume reached2.8k units(+3x YoY), representing20% ofthe total wheelloader sales, which is a record high.In1Q25, total wheelloader sales grew 15% YoY (domestic: +25%;export: +5%). Weichai Power (2338 HK /000338 CH,BUY)–Strong engine margin expansionin 2024; 55% dividend payout ratio arecord high–28 Mar 2025 (link) Zoomlion (1157 HK / 000157 CH, BUY)-2024 results below expectation;Stillpositive on the structural overseasgrowth trend–26 Mar 2025 (link) The sales data for other construction machinery will be released by CCMAlater this month. Capital Goods–Newsubsidies on truckreplacement cover NES IV and naturalgas trucks; +ve to Weichai–20 Mar2025 (link) Capital Goods–Who are the potentialbeneficiaries of Germany’s megainfrastructure investment plan? 18 Mar2025 (link) Capital Goods–Non-earth-movingmachinery sales data mixed in Feb–17Mar 2025 (link) Capital Goods–Domestic excavatorsales +99% YoY in Feb a surprise–10Mar 2025 (link) EHang Holdings (EH US, BUY)-Firstmover in eVTOL set to ride on themomentum of low-altitude economy–25Feb 2025(link) Weichai Power (2338 HK / 000338 CH,BUY)–Expect strong volume growth ofengines for data centres–25 Feb 2025(link) Capital Goods–A good start for earth-moving machinery sales in Jan–12 Feb2025 (link) Capital Goods–Export volume growthacross all machines in Dec–10 Jan2025(link) Capital Goods–Decent export growthacross major machines in Nov; AWPstood out–17 Dec 2024 (link) Capital Goods 2025 Outlook:Emerging markets the key growthdriver; China market to bestabilized–9 Dec 2024(link) SANY Heavy (600031 CH,U/G toBUY)–Riding on the upcycle of excavator+ overseas expansion–9 Dec 2024(link) Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source:Komatsu, CMBIGM Source: Komatsu, CMBIGM Source: CCMA, CMBIGM estimates Source: Komatsu, CMBIGM Source: CCMA, CMBIGM estimates Source:CCMA, CMBIGM Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM estimates Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his orher compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in thisreport.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY HOLDSELLNOT RATED : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad marketbenchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsGlobal MarketsLimited OUTPERFORMMARKET-PERFORMUNDERPERFORMCMB International Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel:(852) 3900 0888Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wh