Excavator Exports Surpass Domestic Sales for the First Time, Construction Machinery Industry Recovery Accelerates(Oct 21)

Excavator Exports Surpass Domestic Sales for the First Time, Construction Machinery Industry Recovery Accelerates

Source: Sina Finance

Link: https://cj.sina.com.cn/articles/view/1801487174/6b60834602003a25u

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Excavator export volume has surpassed domestic sales for the first time this year, and the construction machinery industry's prosperity is accelerating its recovery. Driven by the resonance of overseas expansion and equipment renewal, 12 concept stocks are expected to achieve positive growth for two consecutive years.

In September, excavator sales exceeded expectations, with both domestic and export sales increasing year-on-year. According to data from the China Construction Machinery Industry Association, September 2026 excavator sales reached 22,717 units, up 14.4% year-on-year; loader sales reached 12,419 units, up 17.9% year-on-year. Cumulatively, January-September excavator sales reached 214,274 units and loader sales reached 117,077 units, up 23.1% and 24.9% respectively.

Exports are becoming the main engine of industry growth. September excavator exports reached 12,806 units, up 20.7% year-on-year; January-September cumulative exports reached 109,744 units, up 30.4%, with export share rising to 51.2%, surpassing domestic sales for the first time this year. According to customs data, China's construction machinery exports from January to August 2026 reached 46.614 billion USD, up 20.8% year-on-year, with excavator export volume achieving positive year-on-year growth for 26 consecutive months.

Downstream demand is also improving. In September, the average monthly working hours of main construction machinery products reached 80.7 hours, up 3.32% year-on-year, and the monthly operating rate increased 1.48 percentage points month-on-month, indicating continued recovery in terminal construction activity.

Construction machinery refers to mechanical equipment used in earthwork, road and bridge, port, and mining operations, covering excavators, loaders, cranes, and other main machines plus core components such as hydraulic parts. Currently, the domestic equipment renewal cycle and overseas demand recovery are resonating, with exports becoming the key support for smoothing industry cycles.

China Galaxy Securities pointed out that September excavator domestic sales growth rate increased month-on-month, showing characteristics of off-peak/peak season transition, with substantive recovery in physical engineering volumes. In the medium to long term, Chinese OEMs' overseas market share continues to have room for improvement — currently, domestic leaders hold only about 5% market share in North America and Europe, which account for nearly half of overseas demand.

Hualong Securities believes that with domestic demand recovery and high export growth, leading companies' alpha is significant. XuGong Machinery, Sany Heavy Industry, and Zoomlion havehave launched buyback and dividend plans, with XuGong Machinery explicitly committing to dividends of no less than 40% of distributable profit for 2025-2027.

According to East Money Choice data, 12 construction machinery concept stocks are expected to achieve positive net profit growth in both 2026 and 2027. Among them, Huadong Heavy Machinery's net profit may surge 3.9 times, and Wuxin Intelligence's net profit may grow 1.4 times, leading the concept sector.

As a construction machinery leader, Sany Heavy Industry continues to lead in overseas expansion. In the first half of 2026, the company's overseas revenue reached 32.04 billion yuan, up 21.82% year-on-year, with overseas revenue share rising to 61.33%. The Africa region's revenue grew 47.7% year-on-year, particularly outstanding. In September, the company signed contracts for approximately 500 units of equipment at an Indonesian mining exhibition, and Sany Heavy Truck achieved batch export of 883 new energy heavy trucks overseas in the same period, with a localization rate of overseas personnel reaching nearly 70%.

XuGong Machinery's semi-annual report shows that in the first half of 2026, overseas revenue reached 30.917 billion yuan, up 21.03% year-on-year, with the share of operating revenue exceeding 50% for the first time, reaching 50.48%. The company's marketing network covers over 190 countries and regions.

Chinese construction machinery's "going global" is shifting from simple product exports to localized manufacturing, localized services, and aftermarket capability building. Shantui Construction Machinery stated that in the first half of the year, the company added multiple overseas distributors, with electric and mining equipment being exported in batches, and its globalization strategy transitioning from product exports to localized operations.

In terms of product structure transformation, electric loaders have become mainstream domestically, while excavator electrification is still in the breakthrough phase. From January to September, domestic electric loader cumulative sales reached 33,865 units, with an electrification penetration rate exceeding 58%. During the same period, domestic electric excavator cumulative sales were only 629 units, with an electrification penetration rate of about 0.6%.

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