机械设备行业跟踪周报：24年年报总结、未来展望：重点关注内需复苏（通用、检测）、看好装备出海（工程机械、油服、叉车、光伏设备等）-20250511

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Views - The machinery equipment industry is expected to benefit from domestic demand recovery and increased exports, particularly in sectors like engineering machinery and oil services [1][4] - The report highlights a significant improvement in the performance of engineering machinery companies, with projected revenue growth of 3% in 2024 and 11% in Q1 2025 [1] - The report emphasizes the importance of smart logistics in the forklift sector, suggesting a second growth curve for companies in this space [4] Summary by Sections Engineering Machinery - The analysis of 13 A-share listed companies in the engineering machinery sector shows a total revenue of 290.5 billion CNY in 2024, with a year-on-year increase of 3% [1] - The net profit for these companies is projected to reach 20.3 billion CNY in 2024, reflecting a 26% increase year-on-year [1] - Key companies to watch include SANY Heavy Industry, XCMG, and LiuGong [1] General Automation - The industrial automation sector is expected to see a revenue of 592.48 billion CNY in 2024, with a year-on-year growth of 6% [2] - The injection molding machine segment is projected to grow significantly, with companies like Haitian International and Yizumi showing strong revenue growth [2][22] - The report identifies opportunities in the FA automation segment, particularly for companies like Yihada [2][21] Forklift Industry - The forklift sector is projected to achieve a total revenue of 473 billion CNY in 2024, with a year-on-year increase of 2% [4] - The report notes a shift towards overseas markets, with overseas revenue expected to grow by 7% [4] - Companies such as Anhui Heli and Hangcha Group are highlighted as key players [4] Semiconductor Equipment - The semiconductor equipment sector is expected to see a total revenue of 732.2 billion CNY in 2024, with a year-on-year growth of 33% [10] - The net profit for semiconductor equipment companies is projected to reach 119 billion CNY, reflecting a 15% increase year-on-year [10] - Key companies include North China Innovation and Zhongwei Technology [10] Photovoltaic Equipment - The photovoltaic equipment sector is projected to achieve a total revenue of 848.6 billion CNY in 2024, with a year-on-year growth of 2% [11] - The report indicates a significant decline in net profit, expected to drop by 57% to 54.8 billion CNY [11] - Companies such as Jingcheng Machinery and High Measurement are recommended for investment [12] Testing Services - The testing services sector is expected to generate revenue of 468 billion CNY in 2024, with a year-on-year decline of 4% [9] - The net profit for the sector is projected to decrease by 56% to 18 billion CNY [9] - Recommended companies include Huace Testing and Guodian Measurement [9][30]