机械设备行业周报：装备制造业利润增长向好，关注轨交、船舶、3C设备

Investment Rating - The report rates the industry as "Overweight" [5] Core Insights - The equipment manufacturing industry has become a significant support for industrial enterprise profits, with notable growth in the railway, shipping, and electronics sectors. In the first seven months of this year, profits from the equipment manufacturing sector accounted for 35.1% of total industrial profits, an increase of 0.8 percentage points year-on-year. Profits in this sector grew by 6.1% year-on-year, with the railway, shipping, and aerospace industries seeing profits increase by 36.9% and 25.1% respectively [6][10] Summary by Sections Railway Equipment - Passenger flow is active, with the China National Railway Group expected to release large-scale tenders in 2024. In 2023, the number of railway passengers reached 3.685 billion, a year-on-year increase of 128.8%. The first tender for this year will involve 165 standard train sets [6][12] - Low-carbon development is driving locomotive upgrades, with a target for electric locomotives to account for over 70% by 2030. The elimination of old diesel locomotives is ongoing, creating opportunities for new energy locomotives [12] - Existing trains are entering maintenance periods, with significant demand for upgrades expected. In 2024, there will be tenders for high-level repairs of 361 train sets, indicating a sustained high demand for maintenance services [6][12] Shipping Equipment - The International Maritime Organization's 2023 strategy aims to increase the share of zero-emission technologies and fuels in international shipping to at least 5% by 2030. The last major delivery period for ships was from 2008 to 2013, and many of these vessels will soon reach their 20-year renewal cycle [7][15] - In 2023, China accounted for 67% of new ship orders and 55% of the global order backlog, maintaining a leading position in the market [7][15] 3C Equipment - The consumer electronics sector is recovering, with smartphone sales rebounding. In Q2 2024, smartphone shipments in mainland China grew by 10% year-on-year [16] - Companies like Kuaike Intelligent are benefiting from this recovery, with their precision welding equipment seeing a revenue increase of 22.6% in the first half of 2024 [18] - The integration of AI technology is enhancing the automation of production lines, aligning with the strategies of consumer electronics manufacturers [16][18]