Dongxing Securities·2025-05-22 04:48Investment Rating - The report maintains a "Positive" outlook on the machinery industry [2] Core Viewpoints - The machinery sector underperformed in 2024 but has shown strong performance in 2025, with a year-to-date increase of 10.44%, outperforming major indices [4][19] - The report highlights the importance of new quality productivity and suggests focusing on sectors such as low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][10] Summary by Sections Investment Summary - The machinery equipment index increased by 5.04% in 2024, lagging behind other sectors, while in 2025, it has risen by 10.44%, leading among sectors [4][19] - In Q1 2025, the machinery industry reported a net profit of 27.496 billion yuan, a year-on-year decline of 30.03%, marking the highest absolute value and growth rate since Q1 2021 [4][27] General Machinery Focus - The report recommends focusing on engineering machinery and compressors, anticipating a boost in demand due to government policies and infrastructure projects [5][44] - The government plans to issue long-term special bonds and accelerate key projects, which is expected to enhance the demand for engineering machinery [48] - Beneficiary companies include SANY Heavy Industry, Zoomlion, and XCMG [5][48] New Quality Productivity - Policies are expected to focus on enhancing overall factor productivity, particularly in low-altitude economy and deep-sea technology [6][8] - The low-altitude economy is projected to benefit from government funding and is expected to see significant growth in drone deliveries and eVTOL aircraft by 2035 [7][8] - Deep-sea technology is crucial for energy security, with significant potential for domestic equipment replacement in deep-water oil extraction [9][10] Humanoid Robots and Industrial Mother Machines - Humanoid robots are seen as a solution for customization in manufacturing, with a growing number of application scenarios expected by 2025 [10][11] - Industrial mother machines are essential for reducing costs in mass production of core components for humanoid robots, with a focus on enhancing profitability through scale effects [11][12]