金吾财讯 | 中联重科(01157)早盘股价持续上攀，截至发稿，报5.58港元，涨4.69%，成交额2293.77万港元。消息面上，东吴证券发布研报称，2024年12月销售各类挖掘机19369台，同比增长16%。其中国内销量9312台，同比+22.1%；出口量10057台，同比+10.8%，内销符合此前CME预期、出口超预期。
展望2025年，国内市场处于周期上行通道，挖机销量有望保持约10%的增长；出口市场来看，2025年各地区大选影响基本消除、叠加主要地区经济温和复苏，挖机销量降幅有望明显收窄。基于2025年工程机械行业景气度持续回暖，预测核心主机厂2025年收入增速在15%左右，利润增速在20%左右，对应当前估值位置较低，作为稳健性资产配置性价比较高。
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