A number of construction machinery companies recently released performance reports show.，The third quarter of this year，Industry leading performance differentiation is obvious。However，The entire first three quarters，Including XCMG、Sany Heavy Industry、Many leading construction machinery companies, including Zoomlion, still achieved positive growth in revenue.。

It is worth noting that，October twenty fourth，The Standing Committee of the National People's Congress approved the issuance of additional treasury bonds and the adjustment of budgetary arrangements.，Proposed to issue 1 trillion yuan of treasury bonds in the fourth quarter of 2023，It is mainly invested in eight directions such as supporting post-disaster recovery and reconstruction.。According to the institutional research report，At present, the construction machinery industry is still in the adjustment period.，Trillions of national debt will drive infrastructure construction.，It is expected to drive the recovery of construction machinery demand.。

November fifth，Direction of Zoomlion《》The reporter said，The state has intensified efforts to consolidate the foundation for economic recovery and development，Real estate stabilization policies continue to be introduced.，Super large、Megacities Actively Promote the Transformation of Villages in Cities，The recent issuance of 1 trillion yuan of treasury bonds、2.7 trillion yuan of special debt to further stabilize the economy。“Considering the lag in the effectiveness of macroeconomic policies,，At present, construction machinery is in the stage of bottoming.，The follow-up is expected to produce a bottom-up effect.，Pull up the operating rate of equipment。”Zoomlion said。

Performance of leading enterprises in the first three quarters has recovered

According to the third quarter performance reports recently disclosed by major listed companies in the construction machinery industry,，The leading performance of the industry is obviously differentiated.。

Revenue and net profit of some industry leaders increased in the first three quarters and the third quarter.。For example，On the evening of October 29th，Liugong released the third quarterly report of 2023.，The company achieved operating income of 211 in the first three quarters..1.4 billion yuan，Year-on-year growth of 5.39%；Net profit attributable to shareholders of the listed company 8.2.6 billion yuan，Year-on-year growth of 41.00%。Net profit attributable to shareholders of listed companies in the third quarter of 2023 2.1.2 billion yuan，Year-on-year growth of 99.20%。Liugong Securities Department said.，CompanyQ3 Net profit grew faster than the previous month.，It mainly depends on the joint action of the company's multiple products.，Smoothing of periodic fluctuations。

October 30，Shantui achieved operating income of 75% in the first three quarters.2.9 billion yuan，Year-on-year growth of 15.37%；Net profit attributable to shareholders of the listed company 5.0.3 billion yuan，Year-on-year growth of 3.34%。Third quarter，The company achieved operating income of 26..6.6 billion yuan，Year-on-year growth of 15.09%；Net profit of 200 million yuan，Year-on-year growth of 137.58%。

October 31，The third quarter report released by Zoomlion showed that，The first three quarters，The company achieved operating income of 355..1.4 billion yuan，Year-on-year growth of 15.87%；Net profit 28.5.5 billion yuan，Year-on-year growth of 31.65%。Among，Revenue of Zoomlion in the third quarter 114.3.9 billion yuan，Year-on-year growth of 22.35%；Net profit was 8.1.5 billion yuan，Year-on-year growth of 79.98%。During the period，Zoomlion Overseas Achieves Revenue of 46.5.7 billion yuan，Year-on-year growth of 78.43%。Zoomlion pointed out to reporters.，This is mainly due to the accelerated digitalization of the company in the third quarter.、Intelligent、Green transformation and upgrading，Accelerate the construction of construction machinery、Agricultural machinery and smart agriculture、Three major industrial sectors of new building materials，Strategic layout for accelerating globalization。

In the market segment，Zhejiang Dingli, the leader of aerial work platforms, has handed in its best report card over the years.。First three quarters of 2023，The three main business indicators of Zhejiang Dingli have reached a new high in the same period.：Operating income of 47.4.2 billion yuan，Year-on-year growth of 13.77%；Net profit attributable to parent company is 12.9.4 billion yuan，Year-on-year growth of 47.58%；Net profit after deduction of non-profits is 12.4.1 billion yuan，Year-on-year growth of 47.37%。The net profit attributable to the parent company and the net profit deducted from non-profits in the first nine months have exceeded the whole year of 2022.。

Hangzhou Fork Group Achieved a Total Revenue of 12.5 Billion in the First Three Quarters of 2023，Year-on-year growth of 10.12%，Net profit 13.100 million，Year-on-year growth of 74.89%。Among，The third quarter achieved a total operating income of 42..9.3 billion yuan，Year-on-year growth of 11.77%，Net profit 5.2.3 billion yuan，Year-on-year growth of 80.19%。

However，Some business performance“Fluttering red”In the meantime，There are also some industry leaders who have not performed well.。

For example，The third quarterly report of Railway Construction Heavy Industry in 2023 shows that，Company's main business income 73.9.5 billion yuan，Year-on-year decline of 5.39%；Net profit 12.1.6 billion yuan，Year-on-year decline of 13.39%。The third quarter of 2023，The company's main revenue in a single quarter is 18.3.2 billion yuan，Year-on-year decline of 25.4%；Net profit 1.900 million yuan，Year-on-year decline of 51.09%；The third quarter of this year，Sany Heavy Industry achieved revenue of 160.2.5 billion yuan，Year-on-year decrease of 15.17%；Net profit 6.4.7 billion yuan，Year-on-year decrease of 32.78%。

Sany Heavy Industries explained this.，Net profit declined in the third quarter，This was mainly due to the decrease in government grants related to revenue received and the impact of exchange rate changes.。The same period，Sany Heavy Industry's exchange losses arising from changes in exchange rates due to receivables and payables and foreign currency monetary funds are classified as recurring losses.、Income from forward foreign exchange contracts arising from lock-in operations is included in non-recurring profits.，Resulting in a year-on-year decline in non-net profit of nearly 60 percent。

The third quarter，There are also corporate revenues.、Net profit has declined.。For example，October twenty seventh，The report released by XGMA shows that，The first three quarters of this year，The Company achieved an operating income of 6.3.4 billion yuan，Year-on-year decrease of 19.3%；Net profit attributable to shareholders of the listed company-4404.0.90 million yuan，Loss decreased by 32.12%。

Both internal and external demand of the industry is expected to pick up

Comprehensive information display，At present, the construction machinery industry is still in the downward adjustment cycle.。According to China Construction Machinery Industry Association，The first nine months of this year，Excavator sales are declining year on year.，The decline in September was more than 30 percent，The domestic market continues to be depressed.；On the export side，Since June, excavator exports have continued to decline year-on-year.，And the decline continues to expand.，Exports in September fell by about 25% year-on-year%。

“Domestic sales are at the bottom，Overseas Demand Declines, Supermarket Expectations。”China International Capital Corporation（601995）Recently released research reports pointed out that，Export Market Continues to Decline Beyond Expectations，Mainly due to the decline in demand in the traditional construction machinery market in Southeast Asia, the market exceeded expectations.，Secondly, demand in the US market has slowed down.。

However，October twenty fourth，The Standing Committee of the National People's Congress approved the issuance of additional treasury bonds and the adjustment of budgetary arrangements.，In the fourth quarter of 2023, 1 trillion yuan of treasury bonds were issued and the deficit rate was raised to 3..8%。It is reported that，Trillion National Debt Will Be Focused on Eight Major Aspects，Including post-disaster recovery and reconstruction、Key flood control project、Natural disaster emergency response capability improvement project, etc.。

Recognized in the industry，The pull of special treasury bonds on infrastructure，It will boost the construction machinery industry.。Zheshang Securities Research Report pointed out.，Increase deficit by issuing additional treasury bonds，The central finance has made active efforts.，Increased investment in infrastructure，Downstream demand of construction machinery industry is expected to be restored，The expected margin is good；Bohai Securities Research Report also judged，From the downstream demand，Since September，Many cities across the country have successively optimized their real estate policies.，It is expected that the downstream construction will enter the peak season and the real estate policy will continue to be good.，Domestic demand for construction machinery is expected to pick up gradually。

Construction machinery enterprises are also full of confidence.。November fifth，Zoomlion pointed out to reporters.，The state has intensified efforts to consolidate the foundation for economic recovery and development，Real estate stabilization policies continue to be introduced.，Super large、Megacities Actively Promote the Transformation of Villages in Cities，Recent issuance of 1 trillion treasury bonds、2.7 trillion special debt to further stabilize the economy；Considering the lag in the effectiveness of macroeconomic policies,，At present, construction machinery is in the stage of bottoming.，The follow-up is expected to produce a bottom-up effect.，Pull up the operating rate of equipment。

Macro-control policies continue to expand、In addition to boosting the domestic construction machinery industry to stabilize upward，Confidence has also been injected into overseas markets.。

Soochow Securities believes，According to the renewal cycle of construction machinery，2024-Domestic market is expected to usher in a new round of renewal cycle in 2025，The leading company is expected to gradually start its performance this year.。At the same time，Overseas construction machinery as a whole is in the upward cycle.，High export base in the industry、Under the Background of Overseas Supply Chain Recovery，The growth rate of industry export data is under periodic pressure.，But it will not change the trend of overseas growth.；Bohai Securities also pointed out.，With the improvement of comprehensive competitiveness of China's construction machinery products in the global market,，The overseas market is expected to become an important starting point for hedging the decline in domestic sales.。

At a recent investor relations event，Talking about the export trend of the industry，People from Xugong Machinery Securities Department affirmed.，“Overseas markets will maintain a good trend in the future.”。

“In the medium and long term，First，For domestic brands, overseas markets have the characteristics of growth.，And with the normalization of economic activity abroad,，The depressed demand in overseas markets will continue to be released.；Secondly，With the improvement of the quality of domestic products，The overseas channel layout of domestic enterprises is becoming more and more perfect.，The comprehensive competitiveness of domestic brands is improving.，Overseas market penetration will also increase.。”According to the analysis of XCMG,，From the perspective of the proportion of major export markets，Most products still have a lot of room for improvement.。“In general，During the 14th Five-Year Plan，Domestic brand industry overseas market sales are expected to maintain a growth trend.，It is an important growth point of the construction machinery industry.。”