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房屋新开工面积、基建固定投资和挖掘机国内销量的关系
房屋新开工面积、基建固定投资和挖掘机国内销量的关系
行业数据
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所属报告:
徐工机械-公司研究报告-国企改革提升竞争力出海、新兴板块打开新成长空间-250303(42页).pdf
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行业数据
2026-07-16
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中国挖掘机液压泵阀市场规
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行业数据
2026-07-16
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中国挖掘机缸市场规
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行业数据
2026-07-16
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挖掘机国内开工小时数
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行业数据
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图表28中国挖掘机销量及同比变化
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行业数据
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2026年5月以来行业龙头企业陆续对挖掘机械产品价格上调3%-5%
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图66.挖掘机国内月度销量及增速
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行业数据
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全球工程机械市场结构,挖掘机约占30%
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行业数据
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2020-2024年全球挖掘机累计销量及份额
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竞争格局
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2023年挖掘机10年保有量190万台
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行业数据
2026-04-02
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2024Q3挖掘机出口额同比增速进入正增长
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行业数据
2026-04-02
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2023年挖掘机8年保有量约170万台
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行业数据
2026-04-02
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2025年以来挖掘机内销小挖增速最快
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2026-04-02
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2025年以来挖掘机外销大挖增速最快(单位:亿元)
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2026-04-02
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中国挖掘机开工率降幅收窄(%)
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行业数据
2026-04-02
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地产宽松政策、基建逆周期调节有望改善国内工程机械需求。从历史情况看,挖掘机销量主要受到房地产和基建投资影响,其中与房地产相关性更高。地产方面,当下房屋新开工面积同比增速处于历史低位,国内房地产秉承“住房不炒”宗旨,未来房地产在国内经济中起到支持作用,2024 年 1-10 月我国房屋新开工面积为6.12 亿平方米,同比下降 22.67%,近期我国多地出台房地产新政策,预期地产开工面积降幅有望收窄,带动工程机械需求改善。基建方面,基建投资是对冲经济下行的重要手段之一,2024 年 1-10 月基建固定投资同比增长 9.35%,2024 年国家已出台多项利好基建投资政策,其中 2024 年 11 月推出的 12 万亿化债组合为近年来力度最大的化债举措,此次化债能够较大程度补充地方政府的流动性,基建开工端有望持续改善,带动工程机械需求的边际改善。小松挖掘机开工小时数方面,历史来看,2017-2020 年全年小松挖掘机开工小时数在 1200 小时以上,2021和 2022 年降低到 1000 小时左右,2023、2024 年下降至 1000 小时以下。2024 年上半年中国小松挖掘机小时开工数持续改善,8 月份小松挖掘机开工小时数同比转正,2024 年 12 月小松中国挖掘机开工小时数 108 小时,同比增长 19.47%,市场持续回暖。
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徐工机械-公司研究报告-国企改革提升竞争力出海、新兴板块打开新成长空间-250303(42页).pdf
财务预测与估值
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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