Guoxin Securities·2025-10-10 09:36Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [4]. Core Views - The report emphasizes investment opportunities in AI infrastructure, humanoid robots, and import substitution, focusing on companies with strong fundamentals and technological capabilities [2][24]. - The mechanical industry is experiencing a structural upgrade driven by domestic industrial advancements and increasing global competitiveness [16][20]. Summary by Sections Market Overview - In September, the mechanical industry index rose by 5.29%, outperforming the CSI 300 index by 2.09 percentage points [12]. - The TTM P/E and P/B ratios for the mechanical industry are approximately 38.26 and 3.12, respectively, showing a quarter-on-quarter increase [12]. - The manufacturing PMI for September was reported at 49.80%, with the equipment manufacturing PMI at 51.90%, indicating a positive trend [12][19]. Key Investment Directions - AI Infrastructure: The report highlights significant investments in AI infrastructure, particularly in AI liquid cooling systems, gas turbines, and cooling units, driven by demand for computational power [25]. - Humanoid Robots: The humanoid robot sector is moving towards commercialization, with several manufacturers receiving large orders, indicating a growing market [3][25]. - Import Substitution: The report suggests focusing on companies that are positioned well in the import substitution space, particularly those with strong fundamentals and market positions [24][28]. Recommended Companies - Key recommended companies include: - AI Infrastructure: Feirongda, Gaolan Co., Tongfei Co., Nanfeng Co., and Yidong Electronics [25][29]. - Humanoid Robots: Feirongda, Longxi Co., Weiman Sealing, Hengli Hydraulic, and Huichuan Technology [3][29]. - General Recommendations: Huace Detection, Guangdian Measurement, Yizhiming, and others [24][32]. Performance Forecast - The report provides a performance forecast for key companies, indicating resilience in operations with expected revenue and profit growth across various sectors [33].