工程机械行业月度报告：3月挖机增长18.5%，开工小时和利用率明显改善

Investment Rating - The investment rating for the engineering machinery industry is "Outperform" with a focus on specific companies such as Sany Heavy Industry, Zoomlion Heavy Industry Science and Technology, XCMG Construction Machinery, and Jiangsu Hengli Hydraulic, while Guangxi Liugong Machinery is identified as a beneficiary target [2][20]. Core Insights - The report indicates that domestic excavator sales growth is expected to continue rising due to counter-cyclical fiscal policies and an upward industry cycle. Despite trade friction risks, most engineering machinery manufacturers have minimal exposure to the U.S. market, making the overall risk controllable. The year 2025 is anticipated to present more opportunities than risks [2][20]. - In March 2025, domestic excavator sales reached 29,590 units, marking an 18.5% year-on-year increase, with domestic sales at 19,517 units (up 28.5% YoY) and exports at 10,073 units (up 2.87% YoY). For the first quarter of 2025, total excavator sales were 61,372 units, up 22.8% YoY [2][20]. - The average monthly working hours for major engineering machinery in March 2025 were reported at 90.1 hours, a 6.53% increase YoY, with excavators averaging 86.9 hours. The monthly operating rate for major machinery was 60.8%, showing a slight decline YoY [2][20]. Summary by Sections Sales Performance - In March 2025, excavator sales totaled 29,590 units, with domestic sales at 19,517 units and exports at 10,073 units. The first quarter saw total sales of 61,372 units, with domestic sales at 36,562 units and exports at 24,810 units [2][20]. Working Hours and Utilization - The average monthly working hours for major engineering machinery were 90.1 hours in March 2025, with a significant increase in utilization for Pangyuan rental tower cranes, which improved to 49.7% [2][20]. Trade Risks - The report highlights that the trade friction risk is manageable, with most Chinese engineering machinery manufacturers having minimal exposure to the U.S. market, ensuring overall risk remains controllable [2][20].