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研報掘金丨國泰君安:維持三一重工“增持”評級,6月挖機銷量好於預期

國泰君安研報指出,三一重工(600031.SH)作為國內工程機械龍頭,電動化、數智化進展順利,具備全球競爭力,在國內市場認可度高,出海佈局深遠,具備避免貿易摩擦的實力,看好公司業績成長。由於2023年行業築底,公司業績低於預期,根據可比公司PE估值,給予公司2024年26倍PE,下調公司目標價至18.46元,維持增持評級。6月挖機銷量好於預期,內銷同比增長25.6%。看好2024H2工程機械國內正增長,本輪增長由更新需求帶動。考慮到國內工程機械上輪週期高點及大中小挖設備不同使用壽命,經我們測算,2024年挖機更新需求約7.2萬台,其中小挖為當前的更新需求主力。另外,公司國際市場快速增長,海外銷售收入佔公司營業收入比重超過50%。

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