2025年机械年度策略——减量更新，增量成长

Investment Rating - The report provides an investment strategy for the mechanical equipment industry, indicating a cautious approach with a focus on incremental growth in 2025 [1]. Core Insights - 34% of listed mechanical companies experienced a decline in both operating revenue and net profit margin year-on-year, with only the engineering machinery sector showing growth in net profit [4][5]. - The overall revenue of the mechanical industry is expected to maintain a low single-digit growth rate in 2025, aligning with the China Machinery Industry Federation's forecast of 5% growth [4][5]. - The domestic market is in a phase of reduction and update, with a shift towards new energy and technology-driven equipment, indicating a stable yet progressive trend [4][5]. - The overseas market is seeing an increase in the competitiveness of Chinese machinery, with companies enhancing their capabilities in branding, channels, after-sales, financial services, and supply chain management [5]. Summary by Sections 2024 Mechanical Industry Review - The mechanical industry saw slight revenue growth driven by exports, particularly in the transportation equipment sector, which grew by 12.2% [21]. - The number of companies with both revenue and profit declines increased, with only 37% of companies showing growth in both metrics [26]. - The overseas revenue share for the mechanical industry reached 23.5%, with engineering machinery leading at over 30% [32]. 2025 Mechanical Industry Outlook - The industry is expected to see slight revenue growth, with profit growth anticipated to outpace revenue growth due to stable raw material prices and cost control measures [5][6]. - The report emphasizes the importance of overseas market expansion as a key investment theme for the coming years [5][6]. Investment Strategy for 2025 - The report recommends focusing on sectors encouraged by policy, such as autonomous controllability and cyclical recovery, while also considering merger and acquisition opportunities within the mechanical sector [6]. - Specific sectors highlighted for investment include humanoid robotics, liquid cooling technology, industrial mother machines, and agricultural machinery, among others [6][8].