Investment Rating - The industry investment rating is "Positive" for General Equipment and Engineering Machinery, while "Neutral" for Specialized Equipment and Transportation Equipment [1][4]. Core Viewpoints - The report highlights that excavator sales in August showed improvement, with overseas market sales turning positive for the first time this year. The focus remains on the globalization of leading companies in the industry [4]. - The report maintains a "Positive" rating for the industry and recommends "Increase" ratings for SANY Heavy Industry, Zoomlion Heavy Industry, and CRRC Corporation [4][26]. Industry News - In August, forklift sales reached 98,883 units, a year-on-year increase of 1.26%. Domestic sales decreased by 4.73%, while export sales increased by 11.6% [12]. - In August, the operating hours of Komatsu excavators in China were 93.0 hours, reflecting a year-on-year growth of 3.3% [13]. Industry Data - The steel composite price index (CSPI) slightly rebounded to 90.90 as of September 13, 2024 [14]. - As of September 17, 2024, WTI and Brent crude oil prices were 71.61 per barrel, respectively [14]. Company Announcements - Zoomlion Heavy Industry announced the termination of its subsidiary's plan for a separate listing due to changes in market conditions [17]. Market Review - From September 11 to September 17, 2024, the CSI 300 index fell by 1.14%, while the Shenwan Machinery Equipment industry dropped by 1.31%, underperforming the CSI 300 by 0.17 percentage points [18]. - As of September 17, 2024, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment industry was 20.50 times, with a valuation premium of 98.21% relative to the CSI 300 [20]. Weekly Insights - The report indicates that the demand for rail transit equipment is expected to grow, supported by government investments in transportation infrastructure. The report anticipates continued growth in fixed asset investments in rail transit [26].
机械设备行业周报：8月中国地区小松挖掘机开工小时数为93.0小时
渤海证券·2024-09-19 02:38