CIMC(SZ:000039) Century Securities·2025-03-31 05:08Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Views - The report highlights the growth in the domestic engineering machinery market, with the China Machinery Index (CMI) reaching 128.56 in March 2025, a year-on-year increase of 18.28% and a month-on-month increase of 20.51%, indicating a sustained upward trend in market sentiment [3]. - The humanoid robot sector is expected to grow as component costs decrease, with a significant number of component manufacturers participating in the recent ITES exhibition, suggesting a positive development trend for the supply chain [3]. - The photovoltaic sector is experiencing growth in inverter exports, with a total export value of 7.632 billion yuan in January-February 2025, a year-on-year increase of 5.97%. The Asian market, particularly India and Pakistan, is driving demand due to unstable power grids [3]. Summary by Sections Market Overview - From March 24 to March 28, 2025, the indices for mechanical equipment, electric power equipment, and automotive industries decreased by 3.49%, 1.70%, and 1.03%, respectively, ranking 12th, 17th, and 10th among 31 Shenwan primary industries [8][10]. Industry Insights 1. Engineering Machinery: The domestic market is showing signs of recovery, with a notable increase in excavator operating hours by 14.94% year-on-year in March 2025, indicating a positive construction activity trend [3]. 2. Humanoid Robots: The ITES exhibition showcased over 600 companies, indicating a robust interest in automation and robotics, with a focus on reducing component costs to accelerate commercialization [3]. 3. Photovoltaics: The report notes a significant increase in inverter exports to Asia, with January exports reaching 1.679 billion yuan (up 35.05% year-on-year) and February exports at 1.195 billion yuan (up 25.10% year-on-year) [3]. Company Announcements - Chuaneng Power announced plans to invest in a 300MW photovoltaic project in Aba, with a total investment not exceeding 1.395 billion yuan [17]. - Wolde is expanding its market for ball screw processing tools, with some revenue expected in 2024 [17]. - Zhongji Group reported a 39.01% increase in revenue for 2024, reaching approximately 177.664 billion yuan, with a significant rise in container manufacturing and marine engineering orders [18].