光大证券晨会速递-20250625

Core Insights - Exports to North America have shown a significant decline in May, particularly in electric tools and lawn mowers, with year-on-year changes of -3% and -1% respectively, while the engineering machinery category maintains a high growth rate [2] - The engineering machinery sector's exports from January to May have seen double-digit growth, with excavators, tractors, and mining machinery growing by 22%, 30%, and 23% respectively, indicating a positive trend [2] - The domestic sales of excavators are under short-term pressure, but the ongoing replacement demand is expected to drive long-term growth in sales, supported by favorable policies from the Two Sessions [3] - The company Akole (603722.SH) has announced a restricted stock incentive plan, which is expected to enhance the motivation of core members and lead to mass production of COC/COP products by 2025 [4] - Yuanli Co., Ltd. (300174.SZ) has adjusted its 2025 net profit forecast down by 25% to 290 million yuan due to slowing terminal demand, but remains optimistic about its long-term investment value due to progress in new energy carbon materials [5] - Chip manufacturer Chipsea Technology (688595.SH) is experiencing a recovery in downstream demand, with stable shipments of single-cell BMS and significant growth in multi-cell BMS among major clients [6] Industry Summary - The engineering machinery industry is expected to benefit from ongoing internationalization and electrification trends, with leading companies likely to see both volume and profit growth [3] - The overall demand for engineering machinery is projected to continue recovering in the medium term, supported by government policies [3] - The high-end manufacturing sector is facing challenges in domestic sales but remains optimistic about future growth driven by product upgrades and international expansion [3]