Practitioners who are familiar with the construction machinery industry know that June has always been the traditional off-season for the industry. However, the market trend in 2026 completely broke the pattern of previous years, and there was an abnormal situation in which demand continued to be strong during the off-season.
According to field visits and surveys in the industry, the production lines of many construction machinery manufacturers are currently operating at full capacity all day long. Among them, electrified equipment is even more difficult to find, and the delivery cycle for a large number of orders has been lengthened.
According to the company’s current production schedule, orders received in June will not be fully delivered until August. The industry has officially entered a high-prosperity cycle of electrification.
But what is interesting is that physical production and sales are in full swing, but related stocks in the secondary market are in a sluggish trend.
Industry statistics show that the stock prices of the core leaders in the sector have been weak throughout the year. A total of 8 companies have fallen by more than 10% during the year. The stocks with the deepest decline have fallen by more than 40%. The details are as follows:
1. Hangcha Group, the current stock price is 24.25 yuan, with a cumulative retracement of 7.34% this year
2. Zoomlion, the current stock price is 7.31 yuan, a cumulative decrease of 13.29% during the year
3. Sany Heavy Industry, the current stock price is 17.68 yuan, a cumulative decline of 16.33% during the year
4. Shantui Shares, the current stock price is 9.76 yuan, a cumulative decline of 17.78% during the year
5. Anhui Heli, the current stock price is 16.34 yuan, a cumulative decrease of 19.86% during the year
6. Xugong Machinery, the current stock price is 8.22 yuan, a cumulative decrease of 29.02% during the year
7. Liugong, the current stock price is 7.57 yuan, with a cumulative decline of 34.43% during the year
8. Sunward Intelligent, the current stock price is 7.30 yuan, a cumulative drop of 41.18% during the year
This list is basically all leading companies in the industry. Most of the stocks have fallen by more than 10% during the year. There is a strong contrast between the industry fundamentals and the stock market conditions.
As the world’s leader in construction machinery, Sany Heavy Industry’s concrete machinery and large excavators have ranked first in global sales all year round. Its new energy product layout is very complete. It has launched more than 40 electric complete machines, covering all categories of electric loaders, excavators, mixers, and dump trucks.
Data from the 2025 annual report show that the company’s new energy equipment has experienced explosive growth, with annual revenue from related products reaching 8.64 billion yuan, a year-on-year increase of 115%.
Even though the fundamental data is impressive, the stock price will continue to weaken in 2026, with a cumulative decline of 16.33% during the year. The current dynamic price-to-earnings ratio is about 16 times, and the valuation is in the mid-range, with no obvious overestimation or underestimation.
LiuGong, the domestic leader in small and medium-sized loaders, ranks at the forefront of the industry in export scale of small excavators.
In terms of electric products, the company has launched 15 models of complete electric machines, covering a variety of electric mining trucks, excavators, and loaders. The products have also obtained environmental protection qualification certifications from many overseas countries.
The 2025 annual report disclosed that Liugong’s electric construction machinery is exported to more than 60 countries around the world, and related business revenue has doubled.
However, the performance of the secondary market is very dismal, with a decline of 34.43% during the year. Today, the price-to-earnings ratio is only 6 times, and the price-to-book ratio is as low as 0.81 times, which has fallen below the net assets per share.
Based on the current situation of the entire sector, it is not difficult to see that industry production, sales, and overseas export data continue to improve, and the industrial prosperity is indeed picking up, but the stock price trend is completely out of touch.
In the short term, sufficient physical orders will continue to underpin corporate performance, and the long-term fundamental support logic is solid; as for when the secondary market stock price will recover, it still depends on the attitude of subsequent market funds, which is difficult to predict in the short term.
As the global low-carbon transformation policy continues to advance, overseas demand for electric construction machinery will be further released. Leading domestic companies are expected to occupy a larger share of the global market with their technology accumulation and supply chain advantages, and their long-term performance growth logic is clear.
