The construction machinery industry ushered in recovery in March, and national engineering construction ushered in the “Golden Three” peak season.
According to CCTV Financial News, the average operating rate of construction machinery in March was 41.49%, an increase of 16.84 percentage points from the previous month.
The operating rate in 14 provinces increased by more than 20 percentage points month-on-month, showing the characteristics of an echelon of recovery with “strong recovery in the northwest, accelerated restoration in the northeast, and follow-up efforts in north and east China.” The pace of resumption of work in 14 provinces including Ningxia and Beijing is significantly faster than the national average.
As a barometer of construction machinery, the sales of excavators intuitively reflect the “spring” of the industry.
Statistics from the China Construction Machinery Industry Association on major excavator manufacturing companies show that 37,400 excavators of various types were sold in March this year, a year-on-year increase of 26.4%.
Among them, domestic sales were 24,000 units (including 43 electric excavators), a year-on-year increase of 23.5%; exports were 13,300 units (including 33 electric excavators), a year-on-year increase of 32%, and a month-on-month increase of 27%.
Looking back on the first three months, due to the Spring Festival holiday, domestic sales dropped by about 40% year-on-year. Overall excavator sales hit a trough in February, with 17,200 units sold that month, a year-on-year drop of about 10%.
Taken together, in the first quarter of this year, major manufacturing companies sold a total of 73,300 excavators, a year-on-year increase of 19.5%.
Among them, domestic sales were 39,600 units (including 86 electric excavators), a year-on-year increase of 8.25%; exports were 33,800 units (including 60 electric excavators), a year-on-year increase of 36.1%, and the growth trend was maintained every month.
Last year, the domestic construction machinery industry entered a stage of moderate recovery.
Catalyzed by the large-scale equipment update policy, the trend of “machine replacement” and macro policies, the domestic market sentiment has steadily recovered, and the share of Chinese companies in overseas markets has also gradually increased.
Last year, major excavator manufacturers sold a total of 235,300 excavators, a year-on-year increase of 17%.
Among them, domestic sales were 118,500 units, a year-on-year increase of 17.9%; exports were 116,700 units, a year-on-year increase of 16.1%.
As sales recover, construction machinery companies are also showing a growth trend.
Last year, excavator leader Sany Heavy Industry (600031.SH) achieved operating income of 89.231 billion yuan, a year-on-year increase of 14.73%; net profit attributable to the parent company was 8.408 billion yuan, a year-on-year increase of 41.18%.
Among them, international business revenue was 55.86 billion yuan, a year-on-year increase of 15.1%, accounting for 64% of Sany Heavy Industry’s total revenue.
Judging from the financial report chart, the Asia-Australia region is the main overseas revenue of Sany Heavy Industry, reaching 23.89 billion yuan, a year-on-year increase of 16.17%; the European region’s revenue is 12.5 billion yuan, an increase of 1.5%; the Americas region is 11.16 billion yuan, an increase of 8.52%; the African region has the fastest growth, an increase of 55.29%, reaching 8.31 billion yuan.
Zoomlion’s (000157.SZ) overseas revenue last year increased by 30.52% year-on-year to 30.515 billion yuan, accounting for 58.56% of total revenue; the gross profit margin of overseas business was approximately 30.78%, which was nearly 6 percentage points higher than the domestic market.
Last year, Zoomlion achieved operating income of 52.107 billion yuan, a year-on-year increase of 14.58%; net profit attributable to the parent company was 4.858 billion yuan, a year-on-year increase of 38.01%.
Zoomlion’s business has grown rapidly in emerging regions such as Africa, Latin America, Southeast Asia, and the Middle East. Among them, the African region has grown by more than 157% year-on-year. Last year, a total of more than 40 new construction outlets were built around the world.
As for the domestic market in 2026, Sany Heavy Industry said that the domestic construction machinery market is expected to accelerate its recovery, and global infrastructure and mining investment will maintain a high level of prosperity.
Zoomlion remains cautiously optimistic about the domestic sales of the industry during the “15th Five-Year Plan” period, judging that the overall industry will show a moderate recovery trend. The core driving factors mainly include national policies to continue to increase infrastructure support, the gradual implementation of super-large projects, the accelerated penetration of new energy products, and replacement demand entering the release cycle.
