机械设备行业双周报（2025、04、04-2025、04、17）：多因素支撑挖机内需高景气延续-20250418

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [73]. Core Insights - The mechanical equipment sector has experienced a decline of 7.57% in the past two weeks, underperforming the CSI 300 index by 5.26 percentage points, ranking 29th among 31 sectors [13][29]. - The excavator domestic sales continue to show high demand due to factors such as stock replacement and increased funding for infrastructure projects, with expectations of continued recovery in April and May [6][70]. - The report highlights significant stock movements, with top gainers including Huicheng Vacuum (up 40.81%), Haineng Technology (up 29.03%), and Wantong Hydraulic (up 28.75%) [2][18]. Conversely, Zhejiang Huaye, Linzhou Heavy Machinery, and Ningbo Jingda saw declines of 30.13%, 24.10%, and 23.00% respectively [22][23]. Summary by Sections Market Review - The mechanical equipment sector has seen a year-to-date increase of 0.99%, outperforming the CSI 300 index by 5.12 percentage points, ranking 8th among 31 sectors [13][29]. - Among the five sub-sectors, the rail transit equipment II sector had the smallest decline of 2.47%, while automation equipment fell the most by 10.08% [16][17]. Valuation Situation - As of April 17, 2025, the overall PE TTM for the mechanical equipment sector is 25.82 times, with sub-sectors showing varied valuations: general equipment at 30.44 times, specialized equipment at 24.16 times, rail transit equipment II at 17.59 times, engineering machinery at 21.14 times, and automation equipment at 40.75 times [2][25]. Industry News - The report notes that approximately 70% of key products in the equipment industry saw production growth in Q1 2025, with a significant increase in exports of industrial robots by 67.40% [68]. - The participation of humanoid robots in the 2025 humanoid robot half marathon is expected to advance leg joint technology, indicating strong market potential for robotics [3][70]. Company Recommendations - The report suggests focusing on companies such as Sany Heavy Industry (600031), Hengli Hydraulic (601100), Huichuan Technology (300124), and Greening Harmonic (688017) due to their strong market positions and growth potential [6][71].