Since 2025, the domestic construction machinery industry has shown a good trend of "stable growth in domestic demand and strong external demand".
Recently, the China Construction Machinery Industry Association released data showing that a total of 174000 excavators were sold in China in the first three quarters, a year-on-year increase of 18.1%. Among them, the domestic sales volume was 89900 units, a year-on-year increase of 21.5%; 84200 units were exported, a year-on-year increase of 14.6%.
At the same time, the average working hours of excavators in September were 62.7 hours, slightly lower than August's 63.3 hours, and the operating rate was 54.5%, also slightly lower than August's 54.8%.
According to a research report by Guojin Securities, the significant rebound in demand in Europe and the United States, as well as the maintenance of high economic prosperity in emerging markets, not only drives the growth of excavator exports, but also promotes the performance improvement of top enterprises. At present, the overseas revenue of top host manufacturers accounts for over 45%, and high gross profit overseas businesses have become the core source of profits.
Excavator sales in September increased by 25.4% year-on-year
According to data from the China Construction Machinery Industry Association, the sales volume of excavators in September was 19900 units, a year-on-year increase of 25.4%. Among them, the domestic sales volume was 9249 units, a year-on-year increase of 21.5%; Exported 10600 units, a year-on-year increase of 29%. The sales volume of electric excavators is 31 units, including 5 units below 6 tons, 17 units in the 18.5 to 28.5 ton class, 1 unit in the 28.5 to 40 ton class, and 8 units above 40 tons.
On October 16th, Zhou Jiali, the representative of Hengli Hydraulic Certification, told the Daily Economic News reporter that the growth in excavator sales was mainly due to the base factor, and the domestic and foreign demand in the third quarter of last year was relatively poor, belonging to a low base. In the third quarter of this year, both domestic and foreign demand were strong, with relatively fast growth rates in production, sales, and orders. Coupled with the low base effect, the growth was particularly high.
According to a research report by Guojin Securities, the growth in domestic demand for excavators mainly relies on two driving forces. One is the continuous release of the update cycle. In the case of a significant decline in operating rates from June to August, the domestic sales growth rates of excavators were 6.2%, 17.2%, and 14.8%, respectively; The export of second-hand excavators will absorb the domestic stock, and it is expected that the demand for excavator updates from 2025 to 2027 will be 143000 units, 195000 units, and 249000 units, respectively.
Secondly, large-scale infrastructure projects such as the Yaxia Hydropower Station project with a total investment of 1.2 trillion yuan, the 300000 kilometer rural road reconstruction project, and the Xinzang Railway have started construction one after another, which is expected to stimulate the demand for various types of construction machinery such as excavators, concrete machines, and cranes.
The overseas performance of leading enterprises has significantly increased
In terms of overseas markets, in the first half of 2025, leading listed companies in the industry chain such as Hengli Hydraulic (SH601100), Sany Heavy Industry (SH600031), XCMG Machinery (SZ000425), and Zoomlion Heavy Industry Science and Technology (SZ000157) achieved significant growth in overseas revenue.
Specifically, Sany Heavy Industry's overseas revenue in the first half of the year reached 26.302 billion yuan, a year-on-year increase of 11.72%. Among them, the revenue in the African region surged by 40.48% year-on-year, while the revenue in the Asia Australia region increased by 16.3% year-on-year. XCMG Machinery's overseas revenue in the first half of the year was 25.546 billion yuan, a year-on-year increase of 16.64%, of which export revenue was 21.123 billion yuan, a year-on-year increase of 21.1%, reaching a historical high. Zoomlion's overseas revenue in the first half of the year was 13.815 billion yuan, a year-on-year increase of 14.66%.
As a core component enterprise, Hengli Hydraulic's overseas performance is also impressive. Zhou Jiali revealed to reporters that the demand recovery of host factories in developed countries is better than that in China. The sales revenue of some overseas customers has increased by more than 50% year-on-year, and overseas orders have a leading role, which was already reflected in the second quarter and only concentrated in the third quarter. Due to the longer overseas payment cycle, sea freight time and delivery confirmation cycle also need to be considered.
Regarding the demand situation in Asia, Africa, and Latin America, Zhou Jiali stated that this can be seen from the export sales volume of host factories. In recent months, the growth rate of export sales has been higher than that in China, especially for large and medium-sized excavators, which not only relies on mines but also on the promotion of overseas infrastructure projects.
According to a research report by Guojin Securities, the overseas performance growth of top companies is mainly due to three factors: firstly, the recovery of demand in Europe and America. The Federal Reserve cut interest rates by 25 basis points in September and is expected to do so twice by the end of the year, which may further drive the recovery of the North American market; From April to July this year, China's exports of excavators to Europe achieved four consecutive months of positive growth, indicating a positive signal.
Secondly, emerging markets maintain high economic prosperity. The economic growth, urbanization, and mining exploitation in Southeast Asia jointly drive the demand for construction machinery. In addition, infrastructure policies in countries such as Saudi Arabia and high prices of resources such as copper and aluminum are driving demand for infrastructure and mining in the Middle East, Latin America, Africa, and other regions.
The third is the deepening of enterprise globalization layout, with top host factories accounting for over 45% of overseas revenue, and high gross profit overseas businesses becoming the core source of profits. In the first half of the year, the difference between the overseas and domestic gross profit margins of Sany Heavy Industry, XCMG Machinery, and Zoomlion reached 9.29, 3.73, and 7.26 percentage points, respectively.
