机械设备行业跟踪周报：看好锂电设备估值底部、基本面反转机会-20250602

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The lithium battery equipment sector is expected to benefit significantly from domestic and international expansion, with leading companies like Xian Dao Intelligent projected to achieve a transaction scale of approximately 8.5 billion yuan in 2025 [1] - The excavator market is showing signs of recovery, with a shift in demand towards non-excavator machinery, indicating a new upward trend in the engineering machinery sector [3] - Forklift sales are experiencing a mixed performance, with domestic sales declining slightly while exports are growing, driven by increased lithium battery penetration [4] Summary by Sections Lithium Battery Equipment - Recent IPO by CATL raised 35.3 billion HKD, with 90% of funds allocated for the construction of a factory in Hungary, expected to reach a total capacity of 72 GWh by 2027 [1] - Xian Dao Intelligent is highlighted as a key beneficiary, with a significant improvement in cash flow and gross margin expected due to the expansion of overseas business [1] Excavators and Engineering Machinery - Excavator sales are on the rise, with a notable recovery expected in the second half of 2024, while demand for road machinery is also increasing [3] - Sales figures for April 2025 show significant year-on-year growth for road machinery, indicating a positive trend in the engineering machinery sector [3] Forklifts - April forklift sales reached 130,000 units, with exports growing by 18% while domestic sales saw a slight decline of 1% [4] - The report anticipates that domestic demand will stabilize with potential government stimulus measures and ongoing improvements in export channels [4] General Machinery - The report emphasizes the importance of overseas market expansion for Chinese machinery manufacturers, particularly in regions with high demand for construction equipment [20][22] - Companies like Sany Heavy Industry and XCMG are noted for their strategic global expansion efforts, which are expected to mitigate tariff impacts and enhance market share [24]