Huaxi Securities: Go global with increasing speed, optimistic about the performance of the construction machinery sector.

Huaxi Securities research report states that the performance of the construction machinery sector continues to be realized, ushering in an upward cycle of internal and external resonance. In the first three quarters of 2025, the performance of the main engine factory continues to be realized, and with the overall recovery of overseas markets, main engine factories are expected to continue to contribute to profit growth; for the domestic market, the renewal cycle is expected to continue to drive domestic demand bottom-up rebound. From a long-term perspective, the construction machinery sector is experiencing a change in revenue structure, and profit and valuation centers are expected to continue to rise. The difference in gross profit margin between overseas and domestic markets is tending to stabilize. Main engine factories going global, realizing increased revenue and profits. Optimistic about the sector's performance steadily growing with the increase in exports, with profit margin centers trending upward.