银河证券每日晨报-20250527

Key Insights - The report highlights a marginal improvement in the mechanical equipment industry in Q1 2025, with a focus on domestic demand recovery and robotics [2][4] - The mechanical industry achieved a total revenue of 24,902 billion yuan in 2024, reflecting a year-on-year increase of 5.18%, while net profit decreased by 9.90% to 1,377 billion yuan [2] - In Q1 2025, the mechanical industry reported revenues of 5,630 billion yuan, up 9.05% year-on-year, and net profits of 391 billion yuan, an increase of 17.43% [2] - The report suggests focusing on infrastructure and real estate chains driven by policy support, as well as cyclical general equipment and new technologies such as humanoid robots and low-altitude economy [4] Mechanical Equipment Industry - The mechanical industry experienced a slight decline in profitability, with an overall gross margin of 21.82% in 2024, down 1.09 percentage points year-on-year, and a net margin of 5.53%, down 0.93 percentage points [2] - In Q1 2025, the gross margin was 21.96%, a decrease of 0.39 percentage points year-on-year but an increase of 1.09 percentage points quarter-on-quarter, while the net margin improved to 6.95% [2] - The top five sub-industries in terms of revenue growth in 2024 were semiconductor equipment (+35%), injection molding machines (+22%), shipbuilding and offshore engineering (+20%), photovoltaic equipment (+13%), and machine tools (+5%) [3] Investment Recommendations - The report recommends focusing on sectors benefiting from policy initiatives, such as engineering machinery and urban rail signaling systems, as well as cyclical general equipment including industrial control, machine tools, industrial gases, and testing services [4] - New technologies and industries emerging from new productive forces, such as humanoid robots and low-altitude economy, are highlighted as potential investment opportunities [4] Electric Power and New Energy - The report notes significant growth in solar power installations, with a total of 104.93 GW added in the first four months of 2025, representing a year-on-year increase of 74.6% [11][12] - Wind power installations also saw growth, with 19.96 GW added, up 18.5% year-on-year [11] - The report emphasizes the importance of establishing a sustainable pricing mechanism for new energy, which is expected to clarify future revenue expectations for the industry [14]