竞争维度提升带来工程机械竞争格局优化：迈向高质量发展

Investment Rating - The report rates the industry as "Positive" [2] Core Views - The automation sector is under pressure with a Q3 2024 revenue growth of +7% year-on-year, but a decline in net profit by -7% year-on-year. The macroeconomic data reflects challenges for corporate profitability, particularly due to demand issues in downstream sectors like photovoltaic and lithium batteries. However, there is optimism for a rebound driven by policy stimulus [7][12]. - The engineering machinery sector is seeing improved operational quality with a Q3 2024 revenue growth of +4% year-on-year and a significant profit increase of +35% year-on-year. Companies are shifting focus from scale to quality, enhancing product quality and service systems, which is expected to lead to systematic improvements in profitability [7][8]. - The mining machinery sector shows internal differentiation, with intelligent mining equipment and overseas demand demonstrating high growth. Q3 2024 revenue decreased by -4% year-on-year, but profits increased by +13% year-on-year, indicating a mixed performance among companies [8][9]. - The photovoltaic equipment sector is still waiting for a turning point, with Q3 2024 revenue growth of +36% year-on-year but a profit decline of -2% year-on-year. The focus is on order fulfillment and profitability recovery among downstream clients [8][9]. Summary by Sections Automation - In Q3 2024, the automation sector's revenue increased by +7% year-on-year, while net profit decreased by -7% year-on-year. The macroeconomic indicators have weakened, impacting corporate performance. However, the sector is expected to stabilize as stimulus policies are implemented [12][13]. - Companies with diversified business structures, such as 汇川技术 and 麦格米特, have shown resilience in revenue growth [12]. Engineering Machinery - The engineering machinery sector achieved a revenue of 627 billion with a +4% year-on-year increase and a net profit of 55 billion, reflecting a +35% year-on-year growth. The focus has shifted to operational quality, with companies enhancing product quality and customer service [7][22]. - Sales of excavators and loaders have turned negative, but a gradual recovery is anticipated as stimulus measures take effect [22][24]. Mining Machinery - The mining machinery sector experienced a revenue decline of -4% year-on-year in Q3 2024, but profits rose by +13% year-on-year. Companies like 美腾科技 and 耐普矿机 have shown strong growth in intelligent mining equipment and overseas demand [8][9]. Photovoltaic Equipment - The photovoltaic equipment sector's revenue grew by +36% year-on-year in Q3 2024, but profits fell by -2% year-on-year. The focus remains on the execution of orders and the profitability of downstream clients [8][9].