机械行业周报：三季报收关，经济复苏预期多板块有望受益

Investment Rating - The report maintains a "Recommended" rating for the machinery industry, indicating a positive outlook for the sector due to expected economic recovery and policy support [1][19]. Core Insights - The engineering machinery sector has shown strong performance in Q3, with excavator sales reaching 44,000 units, a year-on-year increase of 10.4%. Domestic sales continue to grow, while export declines have narrowed and turned positive [1][14]. - Major companies such as SANY Heavy Industry, XCMG, and Zoomlion reported revenue growths of 18.9%, -6.4%, and -13.9% respectively, with net profits increasing significantly for SANY by 96.5% [1][13]. - The report highlights the ongoing recovery in domestic demand and the potential for a rebound in the engineering machinery sector as various policies are gradually implemented [1][19]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 0.8%, while the machinery sector saw a decline of 0.9%. The boiler equipment sub-sector had the highest increase at 18.7%, while nuclear power equipment saw the largest drop at -15.6% [8][10]. Industry and Company Investment Views 1. SANY Heavy Industry: Q3 performance exceeded expectations with a revenue growth of 18.9% and a net profit increase of 96.5%. The company benefits from both domestic and overseas market recoveries [13][14]. 2. Zoomlion: Q3 results were better than expected, with a net profit growth of 29.5% after excluding share-based payment expenses. The company’s overseas revenue accounted for 51.3% of total revenue, reflecting strong international performance [17][18]. 3. Huangyang Co.: Q3 results met expectations, with a focus on demand recovery in the industrial gas sector. The company has a strong order backlog and is expected to enter a peak operational phase [20][21]. 4. Keli Sensor: The company reported a 21.87% increase in revenue for Q3, driven by the consolidation of new subsidiaries. The focus is on expanding its product offerings in the sensor market [23]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from large-scale equipment upgrades and policy support, including companies in the automation and robotics sectors [1][19]. - Specific companies recommended for investment include SANY Heavy Industry, XCMG, and Huichuan Technology, among others, due to their strong market positions and growth potential [1][19].