Global production capacity and service network layout improved

Release date 2026-05-09 09:21:32 Reading 1

used excavator The main business of the three major engineering projects is the research and development, manufacturing, sales, and service of construction machinery, with product lines covering five core categories: excavation machinery, concrete machinery, lifting machinery, piling machinery, and road machinery.

In 2025, the revenue of mining machinery will reach 34.54 billion yuan, and the domestic market will continue to be the sales champion for fifteen consecutive years, due to the company's pillar production business, which contributes nearly 40% of the revenue.

Similarly, the revenue of concrete machinery reached 15.74 billion yuan, maintaining its position as the world's top brand for fifteen consecutive years; The revenue of lifting machinery is 15.56 billion yuan, and its global market share is steadily increasing; Core products such as road machinery and pile driving machinery also maintain a stable market share in the first tier in China.

According to the cumulative revenue of core construction machinery products from 2020 to 2024, the three major engineering projects are the third largest construction machinery enterprise in China and the third largest in the world.

In the field of new energy, the three heavy industries are also at the forefront of the popular industry, having launched more than 40 new energy products, including mainstream models such as excavator, loader, pump truck, mixer truck, and crane.

used excavatorBy 2025, the sales of new energy products from three major projects will reach 8.64 billion yuan, a year-on-year increase of 115%. The market share of products such as electric mixer trucks, electric dump trucks, electric excavators, and electric cranes ranks first in the industry.

The four major domestic construction machinery companies, Sany Heavy Industry, Xuzhou Construction Machinery (000425. SZ), Zhong (000157 Lianzhong Science and Technology. SZ), and Liugong (000528. SZ), have different approaches.

Xuzhou Construction Machinery is large and comprehensive, used excavatorwith a product line covering almost all sub sectors, and a relatively low gross profit margin. There is a new company in the middle, and the proportion of revenue related to the real estate industry has dropped to around 10%, with the fastest growth rate going overseas. Liugong focuses on emerging markets such as South China, Southwest China, Africa, and Central Asia.

The advantages of the three major projects are: focusing on excavators and leading globalization. After globalization, let's talk about excavators first.

Excavators have always been a battleground for global construction machinery leaders: in developed regions such as Europe, America, and Japan, machines have replaced human attributes with excavators, and the impact of sales cycles is relatively small; In emerging markets such as Africa and Indonesia, excavators are essential for entering the field of mining machinery.

used excavatorThe service life of excavators is usually 8-10 years. The previous industry cycle started at the end of 2015 and reached its peak in 2021, which means that these devices have gradually entered a period of centralized updates.

In addition, the export of a large number of second-hand mobile phones to developing countries overseas has objectively lowered the number of construction machinery in China, freeing up space for new machine sales. According to Wu Guo Securities' calculation, based on the equipment life model, the average annual update demand growth rate for key mining in China is expected to exceed 20% from 2025 to 2028.

In addition to the update cycle, policies and funding are also providing support.

In 2025, 130 million yuan of ultra long term special national debt and 44 trillion yuan of special local government bonds will be issued. The 2026 government work report will propose arrangements for research, and 100 billion yuan of ultra long term special national debt will be used for "two-layer" construction. At the same time, 200 billion yuan of ultra long term special treasury bond will be allocated to support large-scale equipment upgrading.

These policies will support the sustained recovery of the construction machinery industry.

Take the hydropower project in the lower reaches of the the Yarlung Zangbo River as an example. Opened in July 2025, planned to be completed by 2035, with a total used excavatorinvestment of approximately 120 million yuan. According to the investment ratio of construction machinery and equipment of 10% -15%, the equipment demand in the next ten years will exceed 100 billion yuan. This does not include water conservancy, railway, farmland and other projects, such as water diversion from Daji to Min, water diversion from central Yunnan, Xizang Bobo secret to Ranwu section railway, Xinjiang Wuwei Expressway, etc.

Correspondingly, according to data from the China Construction Machinery Industry Association, the sales volume of excavators in China will reach 235257 units in 2025, a year-on-year increase of 17%; Among them, the domestic sales volume was 118518 units, a year-on-year increase of 17.9%; 116739 units were exported, with a year-on-year growth of 0.1%, and domestic sales accounted for more than exports.

In the first two months of 2026, the sales of excavators in China reached 35934 units, a year-on-year increase of 0.1%, indicating a continued recovery. Excavators take the lead, not just digging and following up. By 2025, the average sales volume of construction machinery such as installation and lifting equipment will increase year-on-year.

used excavatorThe internationalization of the three major projects has made used excavator significant progress, upgrading from early "product export" to "industry going global", and building a global research and development, manufacturing, marketing, and service system. As of 2026, the internationalization strategy has achieved outstanding results, mainly reflected in the following aspects: 1. The proportion of overseas revenue continues to rise

used excavatorIn 2025, three major projects will achieve overseas revenue of 55.8 billion yuan, representing a year-on-year increase of. 14%, accounting for as much as 64% of the total operating revenue

used excavatorThe gross profit margin of overseas business reached 31.64%, nearly 11 percentage points higher than the domestic market, becoming the core engine of the company's profit growth

2、 Global production capacity and service network layout improved

used excavatorWe have established major overseas regions and 32 national regions worldwide, with 1900 marketing and service outlets and over 3000 overseas service engineers

Build sixteen overseas manufacturing bases (starting from 2026), covering Germany, India, Indonesia, the United States, and other places, and promote China's intelligent manufacturing standards to go global

Sales are conducted in over 150 countries and regions, covering major markets such as Asia, Africa, Europe, and America

3、 Regional market performance differentiation is only overall strong

Australian Region: Revenue of 23.89 billion yuan in 2025, with a year-on-year growth of. 17%, making it the largest overseas market

Africa region: The fastest growth rate, with an income of 8.31 billion yuan, a significant increase of 29% compared to the same period

Europe and the Americas: achieved revenues of 12.5 billion yuan and 11.16 billion yuan respectively, an increase of 1.5% and 8.52% compared to the same period, maintaining stability

4、 Capital and strategic synergy recommendation for globalization

used excavatorOn October 28, 2025, three heavy industries were officially listed on the main board of the Hong Kong Stock Exchange, successfully building the "A+H" dual platform and strengthening their international financing capabilities

In the fundraising plan for port stocks, 45% will be used to expand the global sales and service network, and 20% will be used to expand overseas manufacturing capabilities, further consolidating the foundation of globalization

5、 Addressing Challenges and Future Prospects

Faced with trade barriers such as EU anti-dumping investigations, the company is actively responding and emphasizing that localized operations can reduce risks

Looking forward to 2026, the three heavy industries believe that the global investment in infrastructure and mining industry will maintain a high degree of vision, especially they like the "the Belt and Road" along the line and the demand of emerging markets

used excavatorOverall, the three major projects have grown into the third largest construction machinery enterprise in the world and the largest in China. This internationalization not only reflects scale expansion, but also comprehensively enhances localized operations, service response, and brand value

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High quality and low price

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Global production capacity and service network layout improved

High quality and low price

We guarantee the quality of each machine and promise to offer you the most favorable price.

Global production capacity and service network layout improved

We guarantee the quality of each machine and promise
to offer you the most favorable price.