Guotai Haitong: The total sales volume of the excavator industry in the first quarter of 2026 increased by 19.5%, and the industry's operating leverage is expected to gradually release.

Guotai Haitong released a research report stating that the domestic construction machinery industry is experiencing a cyclical recovery, and the export market is showing structural improvement in prosperity. With the gradual implementation of counter-cyclical policies, the industry's prosperity is expected to continue to improve. As the counter-cyclical fiscal policy gradually strengthens and the industry cycle moves upward, domestic sales growth of excavators is expected to continue to rise, and leading companies with overseas presence are gradually entering a period of harvest, with industry operating leverage expected to gradually release. Guotai Haitong's main points are as follows: Both domestic sales and exports maintain rapid growth In March 2026, sales of various types of excavators reached 37,402 units, a year-on-year increase of 26.4%. Among them: domestic sales were 24,101 units (including 43 electric excavators), a year-on-year increase of 23.5%; exports were 13,301 units (including 33 electric excavators), a year-on-year increase of 32%. From January to March 2026, a total of 73,336 excavators were sold, a year-on-year increase of 19.5%. Among them: domestic sales were 39,579 units (including 86 electric excavators), a year-on-year increase of 8.25%; exports were 33,757 units (including 60 electric excavators), a year-on-year increase of 36.1%. Operating hours increased month-on-month, but decreased year-on-year In March 2026, the average monthly working hours for major construction machinery products was 70.5 hours, a decrease of 21.8% compared to the previous year but an increase of 28% compared to the previous month. Among them: excavators worked an average of 63.9 hours; loaders 84.9 hours; truck cranes 75.3 hours; crawler cranes 67.8 hours; tower cranes 39.3 hours; road rollers 14.5 hours; pavers 12.8 hours; rotary drilling rigs 50.6 hours; off-road mining dump trucks 146 hours; concrete pump trucks 25.8 hours; concrete mixers 36 hours; forklifts 104 hours. Operating rates increased month-on-month, but decreased year-on-year In March 2026, the average monthly operating rate for major construction machinery products was 50.5%, a decrease of 10.3 percentage points compared to the previous year but an increase of 14.6 percentage points compared to the previous month. Among them: excavators had an operating rate of 54.9%; loaders 49.7%; truck cranes 53.5%; crawler cranes 46.7%; tower cranes 34.3%; road rollers 22.3%; pavers 21.8%; rotary drilling rigs 32.8%; off-road mining dump trucks 45.2%; concrete pump trucks 23.6%; concrete mixers 17.1%; forklifts 66.4%. Risk warning: risks related to fluctuations in macroeconomic conditions and market demand, intensification of trade disputes, increased market competition, decline in overseas demand.