Guoxin Securities·2025-06-19 05:16Core Viewpoints - The report emphasizes focusing on high-quality leading companies in the mechanical industry to capture structural growth opportunities [17][22][26] Industry Background and Outlook - The mechanical industry is undergoing a transformation driven by domestic industrial upgrades and accelerated overseas development, with a focus on high-end equipment localization as a foundation for industrial autonomy [17] - The trend of industrial upgrading is evident, with advancements in digital technology and energy transformation enhancing social efficiency and reducing costs [17] - The export development of the industry is evolving from import substitution to export substitution, with competitive manufacturing enterprises accelerating their export growth [17] Research Framework - The mechanical companies are categorized into four types: upstream core component companies, midstream specialized/general equipment companies, downstream product companies, and service companies, each with distinct investment characteristics [22][23] Key Investment Combinations and June Investment Views - Recommended investment combinations include companies such as Huace Detection, Guodian Measurement, Yizhiming, and others, focusing on value and forward-looking opportunities [26][33] - The report highlights specific stocks as "golden stocks" for May, including Longxi Co., Jindi Co., Xugong Machinery, and others [2][26] Market Performance Review - In May, the mechanical industry index increased by 0.79%, underperforming the CSI 300 index by 1.06 percentage points, ranking 22nd among 27 industries [37] - The report notes stable valuation levels in the mechanical sector, with the TTM price-to-earnings ratio at approximately 31.03 times [37] Key Sub-Sectors and Recommendations - The report identifies promising sub-sectors such as humanoid robots, AI infrastructure-gas turbines, and intelligent welding robots, recommending companies like Hengli Hydraulic and Aotwei [28][30] - In the engineering machinery sector, companies like Hengli Hydraulic, Xugong Machinery, and Sany Heavy Industry are highlighted as key recommendations [31] - The nuclear power equipment sector is also emphasized, with recommendations for companies like Jiadian Co. and Jiangsu Shentong [31] Import Substitution and Hidden Champions - The report suggests focusing on industries with significant import substitution potential, particularly in scientific instruments and high-end manufacturing equipment, recommending companies like Dingyang Technology and Puyuan Precision [32][35] - It also highlights hidden champions in the industry, such as Yulide and Huaxiang Co., which are expected to perform well due to their stable earnings and high dividends [32][35]