机械行业2024年报业绩前瞻：24年传统制造业加速升级，推荐关注机器人&顺周期&出海&轨交四大方向

Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending attention to four key directions: robotics, cyclical recovery, overseas expansion, and rail transit [1]. Core Insights - The mechanical industry is expected to see significant growth in 2024, with several companies projected to achieve over 100% growth in net profit, including Liugong (300%), Zhongtung High-tech (299%), Sany Heavy Industry (136%), and XCMG (119%) [2][3]. - The report highlights the ongoing industrialization of humanoid robots, with major players like Nvidia and Huawei entering the market, indicating a shift from hardware to system integration [2]. - Rail transit investment is projected to be highly certain in 2024, with significant increases in passenger volume and fixed asset investment planned by the National Railway Group [2]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [2]. - The laser equipment market is experiencing rapid growth, driven by high-power iterations and new technology demands in specialized lasers [2]. Summary by Sections Robotics and Components - The humanoid robot industry is advancing, with a focus on product iterations and supply chain changes. Key companies to watch include Greentech Harmonic, Mingzhi Electric, and Estun Automation [2]. Rail Transit - The National Railway aims for a passenger volume of 4.28 billion in 2025, with a focus on infrastructure investment and new line construction. Recommended companies include China CNR and Siwei Control [2]. Engineering Machinery - The sector is witnessing a recovery with improved profitability and a low valuation base. Key companies include Sany Heavy Industry, XCMG, and Zhonglian Heavy Industry [2]. Laser Technology - General laser demand is growing rapidly, while specialized lasers are focusing on new technology changes. Recommended companies include Baichu Electronics and Lianying Laser [2]. Oilfield Equipment - The oilfield service sector is benefiting from high oil prices and increased capital expenditure in oil and gas, with a recommendation for Jerry Holdings [4]. Machine Tools and Cutters - The machine tool industry is shifting towards high-end and intelligent manufacturing, with a focus on domestic replacement of core components. Recommended companies include Haomai Technology and Neway CNC [4].