机械设备行业政策点评：设备更新政策加码，机械设备景气度有望改善

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry, indicating expected returns above the market average over the next six months [1][10]. Core Insights - The mechanical equipment industry is expected to see marginal improvements in its business climate due to a series of supportive policies aimed at promoting large-scale equipment updates and the replacement of consumer goods [2]. - Key policies include a 1.5% interest subsidy on loans for eligible businesses and a commitment of approximately 300 billion yuan in long-term special government bonds to support equipment updates [2]. - Central enterprises are projected to invest over 3 trillion yuan in large-scale equipment updates over the next five years, emphasizing the importance of technological advancement and cost-effectiveness in procurement [2]. Summary by Relevant Sections Policy Support - The report highlights the continuous enhancement of policies supporting equipment updates, including the recent announcement from the National Development and Reform Commission and the Ministry of Finance [2]. - The focus is on optimizing support for small and medium-sized enterprises by removing the previous investment threshold of 100 million yuan for projects [2]. Beneficiary Sectors - The report identifies several sectors within the mechanical equipment industry that are likely to benefit from these policies: - High-demand and sustainable railway equipment sector, including companies like ThinkRail Control and CRRC [2]. - The machine tool sector, with companies such as Neway CNC and Haitan Precision [2]. - Forklift sector with significant export potential, including Noli and Anhui Heli [2]. - Injection molding machine sector, featuring companies like Yizhim and Haitian International [2]. - Engineering machinery sector, which is showing signs of recovery, including companies like LiuGong and SANY Heavy Industry [2]. Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a positive outlook for many firms within the industry [3]. - For instance, ThinkRail Control is projected to have an EPS of 1.45 yuan in 2024 with a PE ratio of 14, while SANY Heavy Industry is expected to achieve an EPS of 0.70 yuan with a PE of 23 [3].