工程机械系列报告 内外需 V 型复苏在即，重视工程机械布局机会 glmszqdatemark 风险提示：国内需求复苏不及预期，海外拓展不及预期，行业竞争加剧。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 600031 | 三一重工 | 19.76 | 0.94 | 1.20 | 1.45 | 21 | 17 | 14 | 推荐 | | 000425 | 徐工机械 | 10.25 | 0.58 | 0.73 | 0.93 | 18 | 14 | 11 | 推荐 | | 000157 | 中联重科 | 8.55 | 0.56 | 0.70 | 0.87 | 15 | 12 | 10 | 推荐 | | 000680 | 山推股份 | 10.74 | 1.00 | 1.16 | 1.32 | ...

行 行业周报 宇树科技披露招股书，关注产业链投资布局机会 | | | | | | | | | ——机械设备行业周报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师： | 宁前羽 | SAC NO： S1150522070001 | | | | | | 2026 | 年 3 | 月 25 | 日 | | 机械设备 | | | | | | | | | | | | | | | 投资要点： | | | | | | | | | | | 证券分析师 | | | | | | | | | | | | | 宁前羽 | |  行业要闻 | | | | | | | | | | | ningqy@bhzq.com | | （1）1-2 月我国工程机械进出口贸易额为 110.72 | | | | | | 亿美元，同比增长 | | | 31.4%。 | | 022-23839174 | | | | | | | | | | | | | | | （2）2 月全国工程机械平均开工率为 24.65%。 | | | | ...

Investment Rating - The industry investment rating is "Buy" with an expectation that the stock price will outperform the market by more than 10% over the next 12 months [2]. Core Insights - The report identifies three main concerns regarding the engineering machinery sector: the impact of currency exchange rates, the pace of post-holiday resumption of work, and the effects of the US-Iran conflict on exports [5]. - It is suggested that the market may be overreacting to currency exchange risks, as the impact on financial statements is relatively limited when viewed annually [5]. - High-frequency data from March indicates a more optimistic outlook for domestic construction and overseas demand, leading to recommendations for specific companies [5]. Summary by Sections Currency Exchange Impact - The report discusses the potential impact of the RMB appreciation on corporate financial statements, noting that the USD/CNY exchange rate fell from 7.03 at the end of December to 6.89, a 2% decrease [5]. - For Sany Heavy Industry, the beta coefficient for overseas gross margin and exchange rate changes is 0.48, indicating that a 1% appreciation of the RMB affects overseas gross margin by approximately 0.48% [5]. - The report emphasizes that the exchange rate impact may be overstated, especially for companies with significant local operations [5]. Resumption of Work - Data from the construction industry shows a significant improvement in the resumption of work during the fourth week post-holiday, with rates of 62% for both resumption and labor engagement, and a funding availability rate of 51% [5]. - The new order price index from Pangyuan Leasing on March 20 was reported at 447, reflecting an 18% year-on-year increase, indicating improved activity [5]. Export Concerns - The report states that the Middle East accounted for only about 9% of China's excavator export value in December 2025, suggesting limited impact from the US-Iran conflict [5]. - Data from AEM indicates a 22% year-on-year increase in overseas excavator sales in January 2026, the highest growth since February 2022, driven by mining investment and recovery in Europe and the US [5]. Investment Recommendations - The report recommends stocks such as Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion, while also suggesting to pay attention to Aidi Precision and Shantui [5].

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a positive outlook for specific companies within the machinery sector [10]. Core Insights - The agricultural machinery sector is expected to recover globally, with significant growth in domestic demand and exports, particularly in the tractor segment [4]. - Yushutech's IPO is highlighted, showcasing its leading position in humanoid robot sales and strong profitability metrics [4]. - The engineering machinery sector is experiencing high export growth, with recommendations for several leading companies due to their undervaluation and potential profit elasticity from overseas markets [4]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 6.26% over the past week, ranking 25th among 31 primary industry categories, while the CSI 300 Index decreased by 2.19% [12]. - Year-to-date, the SW Machinery Equipment Index has risen by 1.36%, ranking 12th among the same categories, with the CSI 300 Index down by 1.36% [14]. Agricultural Machinery - In January-February 2026, the production of large and medium tractors in China was 25,000 and 46,000 units, respectively, showing a year-on-year change of +9.4% and -3.5% [4]. - Exports of wheeled tractors reached 22,800 units, a year-on-year increase of 37.1%, with export value at $22.6 million, up 32.2% [4]. Engineering Machinery - The total export of excavators and loaders in January-February 2026 was 20,456 and 12,143 units, respectively, with year-on-year growth of 38.8% and 43.9% [4]. - The report emphasizes the potential for profit elasticity from overseas markets and recommends companies like XCMG, Hengli Hydraulic, Sany Heavy Industry, Zoomlion, and LiuGong [4]. Humanoid Robotics - Yushutech plans to issue at least 40.45 million shares to raise 4.2 billion yuan, aiming to become the first humanoid robot company listed on the A-share market [4]. - The company reported a revenue of 1.708 billion yuan in 2025, a year-on-year increase of 335%, with a gross margin of 60.27% and a net profit margin of 35.1% [4]. Sector Performance Indicators - General machinery is under pressure, while engineering machinery is accelerating upward, with stable growth in railway equipment and gas turbines [4]. - The shipbuilding sector is experiencing a slowdown, while oil service equipment is stabilizing at the bottom [4].

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on AI and mechanical equipment investment opportunities [1]. Core Insights - The report emphasizes the potential of AI-driven mechanical equipment, particularly in the robotics sector, where companies like Yushu Technology are showing significant growth in revenue and profitability [1]. - The GTC conference highlighted the increasing demand for AI computing power, which is expected to drive growth in PCB and liquid cooling segments [2]. - The solar equipment sector is poised to benefit from Tesla's procurement of photovoltaic equipment and Blue Origin's satellite launch plans, indicating strong demand for leading equipment manufacturers [3]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and Zhongwei Company, among others, across various segments including robotics, AI devices, and solar equipment [1][2][3]. Industry Trends - The robotics industry is experiencing a significant rebound, with Yushu Technology's IPO materials indicating a revenue increase of 335.36% and a net profit increase of 674.29% for 2025 [1]. - The AI device sector is seeing advancements in architecture and cooling solutions, with Nvidia's LPU architecture expected to enhance performance and drive PCB demand [2]. - The solar equipment market is benefiting from increased demand driven by major companies like Tesla and innovative projects like Blue Origin's satellite constellation [3]. Market Dynamics - The oil service equipment sector is facing short-term adjustments due to geopolitical tensions, but long-term demand is expected to rise as oil prices remain high and reconstruction efforts in conflict areas increase [7]. - The mechanical equipment industry is projected to see significant growth opportunities due to China's increasing foreign investments and the global demand for advanced machinery [37].

证券研究报告 2026年03月21日 工程机械 机械行业专题报告： 工程机械2026年1-2月海关数据更新 评级：推荐(维持) 张钰莹(证券分析师) S0350524100004 zhangyy03@ghzq.com.cn 最近一年走势 相关报告 -16% -7% 2% 12% 21% 30% 2025/03/21 工程机械 沪深300 《机械行业专题报告：工程机械2025年海关数据更新（推荐）*工程机械*张钰 莹》——2026-02-01 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 工程机械 | -13.3% | -6.4% | 6.0% | | 沪深300 | -2.0% | -0.0% | 14.9% | 请务必阅读报告附注中的风险提示和免责声明 2 摘要 2026年1-2月我国工程机械整体出口保持较高景气度： ü 根据海关总署，总体来看，2026年1-2月我国工程机械进出口贸易额为110.72亿美元，同比增长31.4%。其中进口金额3.86亿美元，同比下降7.46%；出 口金额106.86亿美元，同比增长33.4%。 挖掘机 ...

3月20日，恒立液压（601100）发布公告，公司实际控制人、董事长汪立平被留置。 恒立液压表示，目前，公司已对相关工作进行了妥善安排。日常经营管理由高管团队负责，公司其他董事和高级管理人员均正常履职，生产经营情况正 常。上述事项不会对公司生产经营产生重大影响。 2026.03. 20 来源 | 公司公告、 大河财立方、今日武进等 股东信息显示，该公司由江苏恒立控股集团有限公司、宁波恒屹投资有限公司等共同持股。其中，汪立平通过江苏恒立控股集团有限公司、宁波恒屹投 资有限公司间接控股该公司，为该公司的最终受益人，最终受益股份30.9%。 | Q 是止查 制價企业就上最近 | 奢企业 ▪ 江苏恒立液压股份有限公司 应用, ♡老户特惠 供需集市 HAP | × | | | --- | --- | --- | --- | | 工商注册 ② △发生变更时提醒我 | | | | | 工商注册 历史工商注册 | 业 下载数 | | | | | | | 据 | | 企业名称 | 江苏恒立液压股份有限公司 | 统一社会信用代码 3 | 91320400773797680R | | 法定代表人 ② | 汪立平 a 4 TA有21 ...

突发。 恒立液压（601100）3月20日晚间公告，公司近日收到实际控制人、董事长汪立平家属通知，其收到江苏省监察委员会签发的 《立案通知书》和《留置通知书》，汪立平被留置。 公告称，目前，公司已对相关工作进行了妥善安排。公司拥有完善的组织架构和规范治理体系，将继续按照《公司法》《上海证 券交易所股票上市规则》《上市公司治理准则》及《公司章程》等法律法规和相关制度规范运作。日常经营管理由高管团队负 责，公司其他董事和高级管理人员均正常履职，生产经营情况正常。上述事项不会对公司生产经营产生重大影响。 截至3月20日收盘，恒立液压报99.67元/股，总市值为1336亿元。 综合自：公司公告 责编：李丹 校对：吕久彪 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 屏幕下方点个赞，天天抓牛殿！ 了 ...

记者丨曾静娇 3月20日，恒立液压股价报收99.67元，总市值1336亿元。 编辑丨江佩霞 越声投研： 热门题材公司线索延伸阅读 3月20日晚间，A股千亿液压龙头恒立液压(601100.SH)公告称，公司近日收到实际控制人、董 事长汪立平家属通知，其收到江苏省监察委员会签发的《立案通知书》和《留置通知书》，汪 立平被留置。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 公开信息显示，恒立液压成立于2005年，是一家专业生产液压元件及液压系统的公司。公司产 品涵盖高压油缸、高压柱塞泵、液压多路阀、工业阀、液压系统、液压测试台及高精密液压铸 件等。产品主要应用于挖掘机、盾构机、港口机械、高空作业平台等。 SFC 汪立平自2010年8月8日起担任公司董事长及董事，其出生于1966年，目前薪酬为130.44万 元。 恒立液压2025年第三季度报告显示，前三季度公司实现营业总收入77.9亿元，同比增长 12.31%；归母净利润20.87亿元，同比增长16.49%。报告期内，恒立液压基本每股收益为1.56 元，加权平均净资产收益率为12.34%。 字节跳动413亿元卖掉沐瞳科技 沪指失守4000 ...

2026 年 3 月 20 日 行业研究 1-2 月挖掘机出口大幅增长，政策支持行业景气度持续复苏 ——工程机械行业 2026 年 1-2 月月报 机械行业 买入（维持） 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 行业与沪深 300 指数对比图 -40% -20% 0% 20% 40% 25/03 25/06 25/09 25/12 26/03 机械行业 沪深300 资料来源：Wind 要点 2026 年 1-2 月挖掘机内销受春节假期影响短期承压，部分非挖品类景气度复苏 2026 年 1-2 月我国挖掘机（含出口）销量 35934 台，同比增长 13.1%；其中 内销 15478 台，同比下降 9.2%。部分非挖品类工程机械内销呈现明显复苏趋势， 2026 年 1-2 月装载机内销销量同比增长 11.5%；汽车起重机内销销量同比增长 2.4%；履带起重机内销销量同比增长 30.3%。 2026 年 ...