行 行业周报 1 月挖机销量为 1.87 万台，同比增长 49.5% | | | ——机械设备行业周报 | | | --- | --- | --- | --- | | 分析师： | 宁前羽 | SAC NO： S1150522070001 2026 年 2 月 | 12 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 月销售各类挖掘机 台，同比增长 49.5%。 18708 | | | 022-23839174 | | | | | | | （2）1 月销售各类装载机 11759 台，同比增长 48.5%。 | | | | | 月工程机械主要产品月平均工作时长为 小时。 （3）1 72.5 | | | 重点品种推荐 | | | | | 中联重科 | 增持 |  公司公告 | | | 恒立液压 | 增持 | （1）津荣天宇发布关于对外投资产业基金的公告。 | | | 捷昌驱动 | 增持 | | | | 豪迈科技 | 增持 | （2）艾迪精密公告 2025 年经营业绩情况。 | | | | | 周行情回顾 ...

Group 1 - On February 10, brokerages set target prices for listed companies with notable increases for Kehua Data, Nanwei Medical, and Fulete, with target price increases of 19.70%, 18.54%, and 14.09% respectively, belonging to the other power equipment, medical devices, and photovoltaic equipment industries [1][3] - A total of 21 listed companies received brokerage recommendations on February 10, with companies like Bailong Oriental, Chiplink Integration, and Tianrun Industrial each receiving one recommendation [3] - One company, Haomai Technology, had its rating upgraded from "Hold" to "Buy" by Guotou Securities on February 10 [4][5] Group 2 - Three companies received initial coverage on February 10, including Xin'ao Co., which was rated "Buy" by Shenda Securities, Bichu Electronics rated "Increase" by Jianghai Securities, and Huitai Medical rated "Buy" by Huayuan Securities [5][6] - The companies receiving initial coverage are in the textile manufacturing, computer equipment, and medical device industries [6]

Core Viewpoint - The report from Guotou Securities highlights that Haomai Technology, a leader in integrated casting and machining, is benefiting from the synergy of the tire, gas turbine, wind power, and machine tool industries, leading to continuous growth in revenue and profit per capita [1] Group 1: Company Performance - The company has established a management philosophy of "improvement is innovation, and everyone can innovate," sharing development results with grassroots employees [1] - The founder, Zhang Gongyun, has increased his shareholding multiple times since the company went public, indicating confidence in the company's future [1] - From 2008 to 2024, the company's revenue and net profit attributable to shareholders are expected to achieve a CAGR of 21.0% and 18.3% respectively, demonstrating strong operational performance across cycles [1] Group 2: Market Outlook - The company is expected to achieve simultaneous improvements in market share and profitability due to the resonance of various business sectors [1] - A target price of 95.84 yuan has been set for the next six months, corresponding to a 25x PE for 2026, with a "Buy-A" rating assigned [1]

2026 年 02 月 10 日 豪迈科技(002595.SZ) 铸造、机加一体化龙头，受益轮胎、燃 机、风电、机床景气共振催化 轮胎模具翘楚，机加+铸造一体化布局打开发展空间 公司以轮胎模具产业起家，向产业链上下游延伸的同时开辟了大型铸 件、数控机床和电加热硫化机等新业务，实现多元化布局。借助铸造、 机加工的一体化协同优势，公司人均创收、人均创利实现持续增长。 同时，公司树立 "改善即是创新，人人皆可创新"的管理理念，与 基层员工共享发展成果，创始人张恭运上市后多次增持股份，核心高 管团队长期稳定。2008-2024 年，公司收入/归母净利润 CAGR 分别达 到 21.0%/18.3%，经营表现穿越周期。 轮胎模具：全球龙头地位稳固，中资胎企海外扩产进入兑现期 轮胎模具属于轮胎产业的低值耗材，决定了轮胎花纹外观与使用性 能，胎企对供应商 Know-how、品牌效应要求高。公司深耕轮胎模具产 业多年，研发实力、成本交期优势显著。截至 2025 年，公司全球市 占率已超过 30%。受益轮胎产品种类的加速迭代与下游胎企扩大资本 开支建设新工厂，近 3 年公司轮胎模具业务呈现高景气。往后看，大 量中资胎企的海外工 ...

Group 1 - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.27%, while sectors such as media, comprehensive, and telecommunications performed well, and food & beverage and real estate sectors lagged behind [1] - The machine tool sector showed strength, with the Machine Tool ETF (159663.SZ) rising by 1.04%, and notable individual stocks like Haomai Technology up by 7.48%, Ding Tai High-Tech up by 4.96%, and others also showing significant gains [1] Group 2 - The 27th ITES Shenzhen Industrial Exhibition will take place from March 31 to April 3, 2026, at the Shenzhen International Convention and Exhibition Center, focusing on a deep integration model of "exhibition + conference" to connect five-axis machine tool companies with end manufacturers, promoting high-quality industrial development [3] - According to Jianghai Securities, with the domestic economy steadily improving, the demand for machine tools from manufacturing enterprises is continuously being released, projecting that by 2025, the production of metal cutting machines will reach 868,300 units, and forming machines will reach 179,000 units, representing year-on-year increases of 9.70% and 7.20%, respectively [3] - The Machine Tool ETF closely tracks the China Securities Machine Tool Index, covering a critical segment of the manufacturing industry—high-end equipment manufacturing, which includes laser equipment, machine tools, robots, and industrial control equipment, emphasizing innovation-driven and industrial upgrading practices [3]

Group 1 - The core point of the article is that Haomai Technology (002595.SZ) experienced a significant stock price increase of 7.38%, reaching a historical high of 92.680 yuan, with a total market capitalization of 74.144 billion yuan [1]

Summary of Conference Call Notes Industry Overview - The report focuses on the North American electricity shortage, driven by the non-linear growth of AI power demand and aging power grid infrastructure [1] - The demand side sees a surge in AIDC projects in the U.S., leading to a significant increase in electricity demand [1] - On the supply side, while total supply is expected to meet short-term demand by 2025, long-term challenges include a decline in stable supply and regional electricity shortages [1] Key Points Supply Challenges - **Decline in Stable Supply**: The aging power grid leads to frequent outages, failing to meet AIDC's requirement for 100% reliable power. The upcoming retirement peak of coal power plants and the instability of wind and solar energy further exacerbate the situation. Only natural gas can currently fill the gap [1][2] - **Regional Electricity Shortages**: By 2024, over 50% of data centers are expected to be located in Texas, California, and Virginia, putting significant pressure on regional power supplies. The fragmented nature of the U.S. power grid and poor interconnections have led to emergency controls due to power imbalances [1] Future Projections - NERC forecasts an average peak gap of over 20 GW in the U.S. from 2027 to 2030, with Texas, the Mid-Atlantic, the Midwest, and California facing significant risks. The DOE predicts an average peak gap of 20-40 GW by 2030 [1] Technology Solutions - **Gas Turbines**: Considered the optimal solution for AIDC self-built power, with efficiency exceeding 60% and the lowest cost per kWh. The global installation of gas turbines is accelerating, with major manufacturers like GE, Siemens, and Mitsubishi Heavy Industries having orders scheduled until 2029 [2] - **Gas Internal Combustion Engines**: Slightly lower efficiency than gas turbines but offer rapid deployment. Leading company Wärtsilä saw a 111% year-on-year increase in new orders for Q1-Q3 2025, with deliveries extending to 2028 [2] - **Solid Oxide Fuel Cells (SOFC)**: High efficiency but currently in early commercialization stages, making it less viable in the short term due to cost and capacity constraints [2] - **Diesel Generators**: Optimal for backup power due to quick start-up capabilities, with Cummins reporting a revenue growth of approximately 20% year-on-year for related products in Q1-Q3 2025 [2] Investment Recommendations - Investment opportunities are expanding from gas turbines to gas internal combustion engines and SOFCs, as the current electricity shortage in North America exceeds the total production capacity of various technologies [3] - **Gas Turbines**: Recommended companies include Jerry Holdings, Yingliu Co., Dongfang Electric, Linde Co., and Haomai Technology [3] - **Gas Internal Combustion Engines**: Focus on Linde Co., with additional attention to Weichai Power and Eagle Precision [3] - **SOFC**: Suggested to monitor Weichai Power [3] - **Diesel Generators**: Recommended companies include Linde Co., with additional focus on KOTAI Power, Weichai Power, and Eagle Precision [3] Risk Factors - Potential risks include lower-than-expected investment in AI data centers, international trade tensions, and slower-than-anticipated capacity ramp-up [4]

Core Viewpoint - The report from Dongwu Securities highlights significant regional power supply pressures in the U.S. due to the increasing establishment of data centers, particularly in Texas, California, and Virginia, with projections indicating a substantial power gap by 2030 [1][2]. Group 1: Supply and Demand Dynamics - Over 50% of data centers are projected to be built in Texas, California, and Virginia by 2024, leading to considerable regional power supply stress [1][2]. - The North American Electric Reliability Corporation (NERC) anticipates an average peak power gap of over 20 GW from 2027 to 2030, with Texas, the Mid-Atlantic, the Midwest, and California facing significant risks [1][2]. - The U.S. Department of Energy (DOE) forecasts an average peak power gap of 20-40 GW by 2030 [1][2]. Group 2: Supply Challenges - The U.S. power supply is facing long-term challenges, including a decline in stable supply due to aging infrastructure and frequent outages, which cannot meet the 100% reliability demands of AI data centers [2]. - The upcoming retirement of coal power plants and the instability of wind and solar energy further exacerbate the supply issues, necessitating reliance on natural gas for current gaps [2]. Group 3: Technology Solutions - Gas turbines are identified as the optimal solution for self-built power generation in AIDC, with combined cycle gas turbines achieving over 60% efficiency and the lowest cost per kilowatt-hour [3]. - Gas internal combustion engines, while slightly less efficient, offer rapid deployment capabilities, with a significant increase in orders reported by leading companies [3]. - Solid Oxide Fuel Cells (SOFC) have high efficiency but are still in early commercialization stages, making them less viable in the short term [3]. - Diesel generators are noted for their quick start-up advantages, serving as optimal backup power solutions [3]. Group 4: Investment Recommendations - Investment opportunities are shifting from gas turbines to gas internal combustion engines and SOFCs, as the current power deficit in North America exceeds the total production capacity of various technologies [4]. - Recommended companies for gas turbines include Jerry Holdings, Yingliu Co., Dongfang Electric, Linde Co., and Haomai Technology [4]. - For gas internal combustion engines, Linde Co. is recommended, with additional attention to Weichai Power and Weichai Heavy Machinery [4]. - SOFC investments should focus on Weichai Power, while diesel generator investments recommend Linde Co. and other related companies [4].

Core Insights - The 2025 Hurun China 500 list highlights the impressive performance of leading companies in the tire industry, with four firms making the list, reflecting the rising competitiveness of China's tire industry in the global value chain [1][12]. Company Summaries - **Haomai Technology**: Ranked 288th with a value of 54 billion yuan, it leads among tire-related companies. The company, known as an "invisible champion" in tire mold manufacturing, achieved over 26% growth in both revenue and net profit in 2025, showcasing the core value and profitability of high-end equipment manufacturing in the tire industry [3][14]. - **Sailun Tire**: Ranked 295th with a value of 52.5 billion yuan, Sailun has made significant strides in brand internationalization, becoming the first Chinese tire brand to enter the global top ten with a brand value of 905 million USD. This marks a shift from price competition to brand premium in the global market [5][6][16]. - **Zhongce Rubber**: Ranked 304th with a value of 51 billion yuan, Zhongce is the oldest tire manufacturer in China and had the largest IPO in 2025. The company reported nearly 40 billion yuan in revenue and 3.8 billion yuan in net profit for 2024, with nearly half of its income coming from overseas. Its global competitiveness is enhanced by new production bases in Thailand, Indonesia, and Mexico [8][17]. - **Wanda Holdings**: Ranked 453rd with a value of 36.5 billion yuan, Wanda's inclusion adds diversity to the list and demonstrates the collaborative development of the tire industry's upstream and downstream sectors [10][18]. Industry Overview - The total value of the 2025 Hurun China 500 companies reached 77 trillion yuan, a 38% increase, with the entry threshold rising to 34 billion yuan. The automotive industry, including major players like CATL, BYD, and Xiaomi, holds significant positions in the top rankings. The collective entry of these four tire companies is seen as a reflection of the booming automotive sector, benefiting from the new energy vehicle wave [11][19].

时代文/文艺 相关研究 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 2026年02月09日 行业点评 | 代码 | 公司 | | 公司收入(亿元) | | | 公司归母净利润(亿元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025Q4E | 2025Q4 yoy | 2025yoy | 2025Q4E | 2025Q4 yoy | 2025yoy | | 300747.SZ | 锐科激光 | 8.9 | 5% | 6% | 0.17 | 19% | 4% | | 688531.SH | 日時科技 | 3.1 | 37% | 42% | 0.45 | 1 ...