制造业固投增速回升，关注三季报业绩改善标的机械设备

Investment Rating - The report maintains a "Positive" investment rating for the manufacturing industry [1]. Core Insights - The manufacturing PMI for September 2024 is reported at 49.8%, an increase from 49.1% in the previous month, marking the first rise since March [4][14]. - Fixed asset investment in the manufacturing sector from January to September 2024 has seen a year-on-year growth of 9.2%, with an acceleration compared to August [4][14]. - The report suggests focusing on companies with strong Q3 performance and improving operational metrics amid economic recovery and expectations of sustained medium to long-term capital inflows [5]. Company Summaries - Bolong Technology: As a leader in pneumatic conveying, the company has seen significant revenue growth in Q2, with a strong order backlog indicating a high certainty of revenue growth over the next three years. Q3 and Q4 are expected to see accelerated order confirmations, providing room for valuation increases [5]. - Xugong Machinery: The company is expected to benefit from a low base in the domestic market, equipment renewal policies, and rural construction support. As a leading state-owned enterprise in engineering machinery, it is anticipated to enhance operational quality and order growth [6]. - Liugong: The company reported a strong performance in the first three quarters of 2024, with revenue of 22.856 billion yuan, a year-on-year increase of 8.25%, and a net profit of 1.321 billion yuan, up 59.82%. The third quarter alone saw revenue of 6.796 billion yuan, growing 11.81% year-on-year [7]. - Jack Shares: The company expects a net profit of 600-630 million yuan for the first three quarters, a growth of 45%-53%. Q3 net profit is projected to be between 183-213 million yuan, reflecting a year-on-year increase of 29%-50% [8]. - Shan Gu Power: The company reported a Q3 revenue of 2.285 billion yuan, a year-on-year increase of 9.7%, and a net profit of 208 million yuan, up 5.37%. The company is viewed positively due to its low valuation and cyclical nature, with expectations for ongoing order deliveries [9]. - Kangst: The company is benefiting from overseas orders in the petrochemical sector, with continuous breakthroughs in international business and improvements in the domestic market. The introduction of MEMS pressure sensors and pressure controllers is expected to further enhance performance [10]. Industry Trends - The report highlights the positive performance of the machinery sector, with significant increases in various sub-sectors such as textile machinery, lithium battery equipment, and lifting transportation equipment, which saw growth rates of 17.00%, 10.21%, and 10.09% respectively [12]. - The report emphasizes the ongoing recovery in the construction machinery sector, with excavator sales in September 2024 reaching 15,831 units, a year-on-year increase of 10.8% [32].