渤海证券研究所晨会纪要-2025-04-03

Core Viewpoints - The excavator sales show a significant recovery trend, with domestic market sales reaching 17,000 units in January-February 2025, a year-on-year increase of 51.40% [4] - The government work report emphasizes stabilizing the real estate market, which is expected to drive demand for construction machinery through urban renewal and old community renovations [4] - The humanoid robot sector is experiencing rapid advancements, with Tesla planning to produce 5,000 humanoid robots in 2025 and aiming for a production target of 50,000 units by 2026 [4] Market Overview - From March 2 to April 1, 2025, the CSI 300 index decreased by 0.06%, while the Shenwan Machinery Equipment sector fell by 0.83%, underperforming the CSI 300 by 0.77 percentage points [3] - As of April 1, 2025, the TTM price-to-earnings ratio for the Shenwan Machinery Equipment sector was 28.47 times, with a valuation premium of 140.80% compared to the CSI 300 [3] Individual Stock Performance - Notable stock performers included Zhejiang Huaye (up 160.61%), Klete (up 107.01%), and Changfu Co. (up 92.60%), while stocks like Xinyuan Technology (down 36.01%) and *ST Xinyan (down 32.60%) faced significant declines [3] Investment Strategy - The report maintains a "positive" rating for the machinery equipment industry and recommends "overweight" ratings for companies such as Sany Heavy Industry, Zoomlion Heavy Industry, Hengli Hydraulic, and CRRC [5]