机械行业：专用设备有望迎估值修复

Investment Rating - The report maintains a "Positive" outlook on the machinery industry, particularly on specialized equipment, anticipating a valuation recovery [2]. Core Insights - The specialized equipment sector, including laser, lithium battery, semiconductor, and photovoltaic processing equipment, has shown significant price increases during periods of RMB appreciation. The report highlights that these sectors are currently at historical low valuation percentiles, with projected PEG ratios for 2024 being less than 1, indicating potential for valuation recovery if RMB appreciation continues [2][9][17]. - The report identifies new processes driving increased penetration rates for laser equipment, particularly in emerging industries such as new energy materials processing and semiconductor manufacturing. Technologies like ultrafast laser precision processing and 3D printing are expected to mature and expand their applications [18][20]. - The domestic semiconductor equipment market is entering a virtuous cycle, with local manufacturers making significant technological advancements and benefiting from increased collaboration opportunities due to export restrictions on advanced semiconductor equipment [3][4]. - The photovoltaic industry is experiencing technological upgrades that enhance equipment efficiency, with a shift towards TOPCon battery technology requiring new equipment types [4][5]. - The lithium battery equipment sector is projected to maintain high capacity utilization rates, driven by strong demand and supportive policies, with global lithium battery market shipments expected to approach 2.4 TWh by 2025 [4][5]. Summary by Sections 1. Valuation Recovery of Specialized Equipment - Historical analysis shows significant price increases for specialized equipment during RMB appreciation periods, with notable growth in net profits for laser, lithium battery, semiconductor, and photovoltaic processing equipment sectors [9][14]. - The report emphasizes that the current valuation levels for these sectors are attractive, with a potential for recovery if RMB appreciation continues [2][17]. 2. New Processes Expanding Laser Equipment Market - Emerging industries are creating new demands, particularly in energy materials and semiconductor manufacturing, leading to increased laser equipment penetration [18][20]. - Technologies such as ultrafast lasers are becoming more widely adopted across various applications, enhancing processing efficiency [20][22]. 3. Semiconductor Equipment Market Dynamics - The domestic semiconductor equipment sector is benefiting from local innovation and increased collaboration opportunities, particularly in the context of export restrictions on advanced technologies [3][4]. - Local manufacturers are making strides in covering advanced process nodes, enhancing their market position [3]. 4. Technological Upgrades in Photovoltaic Equipment - The shift towards new battery technologies like TOPCon is driving demand for updated equipment, which is expected to enhance efficiency and reduce costs [4][5]. - The report highlights specific companies that are well-positioned to benefit from these technological advancements [4]. 5. Lithium Battery Equipment Outlook - The lithium battery market is projected to see significant growth, with high-end capacity utilization rates expected to remain strong due to robust demand and favorable policies [4][5]. - The report identifies key companies that are likely to benefit from this growth trajectory [4].