Investment Rating - The report assigns an investment rating of "Recommended" for the mechanical equipment industry [2][18]. Core Insights - The Federal Reserve is expected to open a rate cut channel, which may positively impact export chain equipment [2][6]. - The mechanical equipment sector experienced a decline of 2.87% this week, underperforming the broader market [6]. - The engineering machinery segment showed a slight improvement with a 1.33% decline, while other segments faced larger drops [6]. Summary by Relevant Sections Engineering Machinery - In August 2024, sales of various excavators reached 14,647 units, marking an 11.8% year-on-year increase. Domestic sales were 6,694 units (up 18.1%), and exports were 7,953 units (up 6.95%) [4][7]. - For the first eight months of 2024, a total of 132,000 excavators were sold, reflecting a 2.21% year-on-year decline [7]. - Sales of loaders in August 2024 reached 8,329 units, a 15.2% increase year-on-year, with domestic sales at 4,036 units (up 8.99%) and exports at 4,293 units (up 21.8%) [7]. Rail Transit Equipment - The China National Railway Group reported a net profit of 1.737 billion yuan for the first half of 2024, with a significant 90% increase in the second quarter [4][8]. - The gross profit margin for the first half of 2024 was 2.52%, up 2.06 percentage points year-on-year, indicating improved operational performance [7][8]. - The demand for rail transit equipment is expected to rise due to increased bidding for railway equipment [7]. Market Performance - The mechanical equipment sector remains in a bottoming phase with weak demand, and all sub-sectors experienced declines this week [6][8]. - The report suggests focusing on companies like Juxing Technology due to potential benefits from the anticipated rate cuts by the Federal Reserve [4][6].
机械设备行业周报：美联储降息通道即将打开，出口链设备有望收益
Guodu Securities·2024-10-09 13:30