通用设备行业月度点评：行业运行稳中有升，市场需求有待改善

Investment Rating - The report rates the general equipment industry as "In line with the market" [1] Core Views - The general equipment industry is experiencing a steady operation with a need for improvement in market demand [1] - The industry has seen a significant pullback, with the general equipment index down 7.7% from May 1 to June 16, underperforming the CSI 300 index by 6.0 percentage points [6] - The overall market performance of the general equipment sector has been weak, with various sub-sectors such as machine tools and other general equipment experiencing notable declines [6] Market Review - The general equipment sector has faced a substantial pullback, with the overall index down 7.7% from May 1 to June 16, ranking 93rd among 133 secondary industry indices [6] - The machine tool, other general equipment, and instrument sectors have seen declines of -12.7%, -9.4%, and -8.6% respectively [6] - The sector's price-to-earnings (P/E) ratio is currently at 27.8, which is at a historical low of 9.0% [9] Economic Performance - The general machinery industry has shown stable growth, with a 3.05% increase in revenue and a 7.52% increase in profit in the first quarter of 2024 compared to the previous year [14] - The total export delivery value for the general machinery industry reached 37.789 billion yuan, a year-on-year increase of 13.49% [14] - The production of key products such as pumps and compressors has seen significant growth, with some products achieving double-digit growth rates [14] Sub-sector Data Tracking - The forklift industry has seen a total sales volume of 123,876 units in April 2024, representing a year-on-year increase of 23.9% [27] - The production of industrial robots increased by 25.9% year-on-year in April 2024, indicating a recovery in demand driven by policy support and market recovery [28] - The machine tool sector has faced challenges, with a 13.8% decline in revenue and a 77.8% drop in total profit in the first quarter of 2024 compared to the previous year [21] Policy and Industry Dynamics - The implementation of policies to promote large-scale equipment updates is expected to enhance the demand for domestic general equipment [13][26] - The report suggests focusing on leading companies in the sector, particularly in machine tools and industrial robots, as they are likely to benefit from the upcoming demand surge [2]