机械行业2024年中报总结：行业弱复苏，上游资产和出口链表现亮眼

Investment Rating - The mechanical equipment industry is rated as "Buy" in the report [2]. Core Insights - The mechanical equipment industry is experiencing a weak recovery, with a year-on-year revenue increase of 4% in the first half of 2024, while net profit decreased by 9% [2][8]. - The export chain is performing well, with nine representative export companies showing a revenue increase of 19% and a net profit increase of 21% in the first half of 2024 [2][29]. - The overall profitability of the industry is under pressure, with a decline in net profit margins observed in various segments, particularly in specialized equipment [2][8]. Summary by Sections 1. Industry Overview - The mechanical equipment industry achieved a revenue of 12,119 billion CNY in the first half of 2024, with a net profit of 791 billion CNY [8]. - The industry is characterized by weak recovery, with significant challenges remaining in terms of domestic demand and profitability [8]. 2. Export Chain - The export chain is highlighted as a bright spot, with strong performance driven by overseas infrastructure investments and improved global competitiveness of Chinese industrial products [29]. - In the first half of 2024, the export chain's gross profit margin was 36%, reflecting a year-on-year increase of 1.7 percentage points [23]. 3. Infrastructure and Energy Chain - The engineering machinery sector is seeing a recovery in domestic demand, while the shipbuilding and offshore oil service sectors are experiencing significant profit growth [2][8]. - The report notes that the profitability of engineering machinery companies improved, with net profit growth outpacing revenue growth [2]. 4. Manufacturing Chain - General automation is facing volatility, while specialized equipment segments are showing clear differentiation in performance [2][8]. - The semiconductor equipment sector is experiencing marginal revenue improvement, although profitability is slightly declining [2][8]. 5. Investment Recommendations - The report suggests focusing on export and upstream assets as the most promising areas within the mechanical equipment sector, with expectations for continued strong performance in these segments [2][8].