LI AUTO(US:LI) Great Wall Securities·2025-06-18 07:52Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [74]. Core Insights - In May 2025, domestic sales of excavators reached 8,392 units, a year-on-year decrease of 1.48%. Total sales of excavators for the month were 18,202 units, reflecting a year-on-year increase of 2.12% [17][20]. - Domestic sales of loaders in May 2025 were 6,037 units, showing a year-on-year increase of 16.7%. Total sales for the month were 10,535 units, up 7.24% year-on-year [2][20]. - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have initiated a pilot program for intelligent elderly care service robots, aimed at enhancing the quality of life for the elderly and addressing caregiver shortages [3][22]. - Wuhan has announced a three-year action plan for the humanoid robot industry, focusing on application in hazardous industries, manufacturing, and public services, with financial incentives for successful implementations [4][24]. Summary by Sections Industry and Company News - The domestic sales of excavators in May 2025 were 8,392 units, down 1.48% year-on-year, while total sales reached 18,202 units, up 2.12% year-on-year [17][20]. - In May 2025, domestic sales of loaders were 6,037 units, a 16.7% increase year-on-year, with total sales of 10,535 units, reflecting a 7.24% year-on-year growth [2][20]. - The intelligent elderly care service robot pilot program aims to enhance elderly care services and is set to run from 2025 to 2027 [3][22]. - Wuhan's humanoid robot industry plan includes financial support for successful applications in various sectors, including hazardous materials handling and healthcare [4][24]. Key Data Tracking - In the first five months of 2025, total excavator sales reached 101,716 units, a year-on-year increase of 17.4%, with domestic sales up 25.7% [20]. - The total export value of mechanical and electrical products in May 2025 was $189.19 billion, a year-on-year increase of 7.3% [26]. - The mechanical equipment sector's price-to-earnings ratio as of June 13, 2025, was 30.99 times [12].