机械设备行业跟踪周报：推荐低估值确定增长的工程机械、叉车板块，重点关注近期回调、高景气的AI设备-20251123

Investment Rating - The report maintains a "Buy" rating for companies in the engineering machinery and forklift sectors, emphasizing undervalued growth potential [1]. Core Insights - The report highlights the strong performance of NVIDIA in FY26Q3, with revenue reaching $57.01 billion, a year-on-year increase of 62.5%, and a quarter-on-quarter increase of 22.0%, indicating robust demand in the AI equipment sector [2][3]. - The engineering machinery sector is expected to see a recovery in demand, with domestic excavator sales projected to grow at an annual rate of over 30% from 2025 to 2028, despite current funding challenges affecting sales conversion [4]. - The forklift industry shows a positive trend with October sales reaching 114,000 units, a year-on-year increase of 16%, driven by low domestic demand baselines and recovering overseas demand [4]. Summary by Sections Recommended Companies - The report recommends a focus on companies such as Northern Huachuang, Sany Heavy Industry, and others in the engineering machinery and AI equipment sectors [1][14]. AI Equipment - NVIDIA's strategic partnerships with OpenAI and other tech giants are expected to enhance AI infrastructure, with significant revenue growth anticipated in the upcoming quarters [3]. - Recommendations for AI equipment include Dazhu CNC for PCB drilling equipment and Hongsheng for liquid cooling solutions [4]. Engineering Machinery - October data shows a significant improvement in domestic sales of various machinery types, with excavator sales expected to peak at 250,000 units by 2028 [4]. - Key companies recommended in this sector include Sany Heavy Industry, XCMG, and others [4]. Forklift Industry - The forklift sector is experiencing steady growth, with a notable increase in both domestic and export sales, indicating a recovery in demand [4]. - Recommended companies include Hangcha Group and Anhui Heli [4]. Lithium Battery Equipment - The report anticipates a 40% growth in energy storage demand from 2025 to 2026, driven by the increasing penetration of new energy vehicles and AI data centers [4]. - Key recommendations include suppliers like Xian Dao Intelligent and Hangke Technology [4]. General Market Trends - The overall machinery industry is expected to benefit from a recovery in fixed asset investment and a rebound in demand across various sectors, including construction and logistics [4].