机械行业周报：1月我国挖机销量约1.25万台，保持增长趋势

Investment Rating - The industry investment rating is maintained at "Buy" [2] Core Views - The mechanical equipment industry has shown a cumulative increase of 3.9% in 2025, outperforming the CSI 300 index by 5.4 percentage points [11] - The report highlights that the sales of excavators in January 2025 reached approximately 12,512 units, representing a year-on-year growth of 1.1% [4] - The report anticipates that the mechanical equipment industry will benefit from various policies and economic recovery, particularly in segments such as construction machinery, industrial robots, semiconductor equipment, and industrial control equipment [5] Summary by Sections Market Review - The mechanical equipment industry experienced a decline of 0.2% last week, underperforming the CSI 300 index by 1.4 percentage points [3][8] - The best-performing segments included engineering machinery components (3.4%), lithium battery equipment (3.0%), and complete engineering machinery (2.5%) [3][8] Engineering Machinery - In January 2025, the sales of various loaders reached 7,920 units, with a year-on-year growth of 1.5% [4] - The sales of electric loaders surged to 1,086 units, marking a significant year-on-year increase of 193.5% [4] Investment Recommendations - The report suggests focusing on segments such as engineering machinery, industrial robots, semiconductor equipment, and industrial control equipment due to their strong cyclical nature and potential for growth [5] Key Company Performance - The report lists top-performing companies in the mechanical equipment sector, including Weipai Ge (47.0%), Hangzhi Qianjin (34.3%), and Shangong Shenbei (27.6%) [15][17] - Year-to-date, Jikai Co. has seen a remarkable increase of 144.5%, followed by Changsheng Bearing at 110.7% [17] Fundamental Data - As of February 16, 2025, the mechanical industry’s PE (TTM) stands at 32.6 times, while the PB (LF) is at 2.5 times, indicating a relatively high valuation compared to historical averages [13]