机械设备行业周报：24年12月全球主要地区小松挖掘机开工小时数均实现增长

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase of over 10% relative to the CSI 300 index [30][40]. Core Insights - In December 2024, the national urban rail completed a passenger volume of 2.81 billion trips, a year-on-year increase of 5.2% [11]. - The EU has imposed anti-dumping duties ranging from 20.6% to 54.9% on Chinese mobile elevating work platforms [11]. - In December 2024, the operating hours of Komatsu excavators in China reached 108.0 hours, reflecting a year-on-year growth of 19.5% [12]. - The construction machinery industry is expected to benefit from the ongoing urban renewal initiatives and improved liquidity from local governments, which will likely sustain domestic demand [30]. Industry News - The EU's final ruling on anti-dumping duties on mobile elevating work platforms from China has varied rates, with some companies facing increased duties [11]. - The operating hours of Komatsu excavators globally showed growth, with Japan at 49.2 hours (up 3.1%), Europe at 51.6 hours (up 4.3%), North America at 54.9 hours (up 0.7%), and Indonesia at 203.6 hours (up 5.1%) [12]. Company Announcements - JiuLi Rigging plans to increase capital by 50 million RMB to its subsidiary in Henan, aiming to enhance its operational efficiency and establish a specialized steel wire and rope production base [17]. - Haoshi Electromechanical has forecasted a turnaround in its net profit for 2024, expecting to achieve a profit of 70 million to 102 million RMB due to increased market demand and improved cost management [18]. Market Review - From January 8 to January 14, 2025, the CSI 300 index rose by 0.64%, while the machinery equipment sector increased by 5.08%, outperforming the CSI 300 by 4.44 percentage points [20]. - The overall price-to-earnings ratio (TTM) for the machinery equipment sector was 25.93, with a premium of 117.75% relative to the CSI 300 [21]. Weekly Perspective - The excavator sales in 2024 reached 201,100 units, marking a year-on-year growth of 3.13%, with domestic sales showing significant growth while exports slightly declined [30]. - The focus on urban renewal and infrastructure investment is expected to drive demand for construction machinery, supported by government initiatives to stabilize the real estate market [30].