The Zhitong Finance App learned that heavy machinery stocks fell collectively. As of press release, Morimatsu International (02155) fell 4.98% to HK$4.77; Sany International (00631) fell 3.55% to HK$5.44; Sinotruk (03808) fell 2.92% to HK$19.28; and China Dragon Gong (03339) fell 2.21% to HK$1.33.
According to the news, according to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, 12,608 excavators of various types were sold in February 2024, down 41.2% year on year. Of these, 5,837 units were sold in China, down 49.2% year on year; 6,771 units were exported, down 32% year on year. From January to February 2024, a total of 24,984 excavators were sold, down 21.7% year on year; in China, there were 1,1258 units, down 24.6% year on year; 13,726 units were exported, down 19.1% year on year.
Orient Securities judged that the continued downward trend in domestic sales of excavators is mainly related to the fact that real estate demand has not yet penetrated the construction end. The growth rate of export sales fluctuated downward or was affected by a high base and demand differentiation in overseas markets during the same period. The bank believes that domestic demand for construction machinery is expected to gradually recover with policy support, and the slowing export growth rate will not change the momentum of leading companies to expand overseas. It is also expected that domestic demand in the construction machinery industry may continue to decline in 2024 from 2023, but the decline is expected to narrow; at the same time, exports are expected to resume positive growth under the global layout of domestic enterprises.