金吾财讯 | 高盛近日发布研究报告，对中国建筑机械行业2024年第三季度的业绩进行了总结，指出国内市场的复苏正在进行，但速度缓慢。核心观点：1、产品类型对市场份额有显著影响。专注于土方机械（如挖掘机和轮式装载机）的公司，如三一重工和柳工，国内销售表现强劲，而专注于起重机、混凝土机械和摊铺机等周期性较晚的机械类别的公司，如徐工、中联重科和鼎力，国内业务持续疲软。3、海外市场的增长表明市场份额的增加。中国海关数据显示，挖掘机出口增长显著，中国企业在全球挖掘机市场的份额增加。4、盈利能力、现金流和资产负债表方面，非覆盖公司因海外销售贡献增加而提高了毛利率，而覆盖的公司因产品组合不利和外汇变动而毛利率下降。5、展望国内需求将持续复苏，尤其是土方机械，而其他机械类别可能触底。海外市场预计将继续面临压力，但下降幅度将缩小，中国企业的海外销售增长预期保持双位数。
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