机械设备行业周报：化债政策落地，关注工程机械和顺周期板块

Investment Rating - The report maintains a "Positive" investment rating for the machinery equipment sector [1]. Core Viewpoints - The report highlights the implementation of local debt policies, which include a total of 6 trillion yuan debt limit to replace local government hidden debts, and an annual allocation of 800 billion yuan from new local government special bonds for debt resolution starting in 2024 [4]. - The manufacturing PMI for October 2024 is reported at 50.1%, indicating a return to the growth zone, with a production index increase of 0.8 percentage points to 52.0% [4]. - The report suggests prioritizing investments in engineering machinery and cyclical sectors, as well as individual stocks with independent growth logic [4]. Summary by Sections Engineering Machinery - Excavator sales in October 2024 reached 16,791 units, a year-on-year increase of 15.1%, with domestic sales growing by 21.6% [32]. - The report anticipates continued high growth in domestic excavator sales due to supportive policies for infrastructure and real estate [32]. Key Companies 1. Bolong Technology: The company reported a significant profit increase of 60.2% year-on-year in Q3, with strong order visibility for the next three years [5]. 2. Xugong Machinery: The company is expected to benefit from low domestic baselines and supportive policies for equipment updates and rural construction [6]. 3. Liugong: The company achieved a revenue of 22.856 billion yuan in the first three quarters of 2024, a year-on-year increase of 8.25%, with a net profit growth of 59.82% [7]. 4. Jack Shares: The company reported a revenue of 4.706 billion yuan in the first three quarters, a year-on-year increase of 14.79%, with a net profit growth of 50.2% [8]. 5. Shenggu Power: The company saw a revenue of 2.285 billion yuan in Q3, a year-on-year increase of 9.7%, with a net profit growth of 5.37% [9]. 6. Jereh: The company received a project award letter for a digital transformation project worth approximately 9.2 billion USD (about 65.55 billion yuan) [10].