Zheshang Securities: Maintains "Buy" rating on XCMG Machinery, moving toward becoming a global construction machinery leader.

Zheshang Securities research report points out that XCMG Machinery's 2026H1 operating net profit increased 41% year-on-year; moving toward becoming a global construction machinery leader. In the first half of the year, net profit attributable to shareholders was 3.96 billion yuan, down 9% year-on-year; Q2 net profit attributable to shareholders was 1.91 billion yuan, down 18% year-on-year and down 7% quarter-on-quarter. In 2026H1, the company's wheeled and crawler crane market share remained firmly first in the industry, with performance in the high-end regions of Europe, America, and Australia doubling. Mining machinery accounted for 8%, up 2% year-on-year. In 2026H1, the company's Mining Machinery Business Division saw new energy revenue grow 43% and intelligent product revenue grow 406%. Overseas business and mining machinery business are future growth highlights. The company has deepened cooperation with major overseas customers such as BHP, Rio Tinto, Vale, and Australia's FMG, with open-pit mining and hauling equipment ranking fourth globally. Maintain "Buy" rating.