一次性卫生用品设备行业深度报告：赛道长坡厚雪，结构性机会与增量市场并存

Investment Rating - The report recommends a "Buy" rating for the disposable hygiene products equipment industry, highlighting strong domestic competitiveness and growth potential in the market [6]. Core Insights - The disposable hygiene products equipment market in China is valued at 91 billion yuan as of 2019, with significant growth potential in the adult incontinence products segment, which is expected to grow at a CAGR of 16.6% from 2023 to 2032 [3][5]. - The adult incontinence products market is identified as the fastest-growing segment, driven by increasing disposable income and the aging population [4][5]. - Domestic manufacturers such as Hengchang Machinery and Haina Intelligent are positioned competitively against established international players [3][27]. Summary by Sections 1. Industry Overview - The disposable hygiene products equipment industry is a billion-yuan market, with a strong competitive edge among domestic companies [3]. - The market includes production lines for various disposable hygiene products, with a high degree of customization required for different product types [14][16]. 2. Demand Side - The market for disposable hygiene products in China reached 150.65 billion yuan in 2023, with adult incontinence products showing the highest growth potential at a CAGR of 16.18% [4]. - The market for adult incontinence products is expected to grow from 8.31 billion yuan in 2023 to 33.12 billion yuan by 2032 [5]. 3. Supply Side - The market is fragmented, with leading domestic companies like Hengchang Machinery and Haina Intelligent gaining market share against established foreign competitors [27][28]. - Domestic equipment manufacturers are increasingly replacing imported equipment, enhancing cost efficiency for local producers [27]. 4. Growth Opportunities - Structural opportunities exist due to the aging population and increasing penetration of adult incontinence products, with the market projected to expand significantly [5][25]. - Emerging markets in Southeast Asia present additional growth avenues, with domestic manufacturers poised to capitalize on their manufacturing capabilities [6]. 5. Investment Recommendations - The report suggests focusing on structural opportunities by aligning with midstream adult incontinence product manufacturers, which are expected to grow alongside the market [6]. - It also recommends exploring emerging markets in Southeast Asia, where domestic manufacturers can leverage their cost advantages [6].