Guoxin Securities·2025-12-09 01:27Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5][12]. Core Views - The focus on humanoid robots and AI infrastructure is expected to drive significant growth in the industry, with the U.S. government under Trump prioritizing the development of the robotics sector [2][19]. - TikTok plans to invest $38 billion in building a data center in Brazil, indicating a strong commitment to AI infrastructure [20]. - Jerry Holdings has secured contracts exceeding $100 million for generator sets, highlighting its competitive advantage in the data center power supply sector [21]. Humanoid Robots - Humanoid robots are seen as a crucial carrier for AI, with ongoing advancements expected to continue. The report suggests focusing on companies with strong positions in the supply chain, particularly those linked to Tesla [2][9]. - Key companies to watch include: - Core suppliers: Feirongda, Longxi Co., Weiman Sealing, Hengli Hydraulic, Huichuan Technology, Green Harmony, Lens Technology, and Wuzhou New Spring [2]. - Incremental opportunities: Weiman Sealing, Longxi Co., Feirongda, Weike Technology, and Hanwei Technology [2][9]. AI Infrastructure - AI computing power is identified as a high-growth investment theme, with a focus on the energy supply chain for AI data centers. Gas turbines are expected to benefit significantly from the demand for data center power [3][9]. - Key companies in the gas turbine supply chain include: - Gas turbine hot-end blades: Yingliu Co., Wanze Co. - Gas turbine generator sets: Jerry Holdings. - Other components: Haomai Technology, Liande Co., and supporting heat recovery steam generators [3][9]. Key Company Earnings Forecast and Investment Ratings - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform": - Green Harmony: 2024 EPS of 0.33, PE of 474 [12][29]. - Mingzhi Electric: 2024 EPS of 0.19, PE of 370 [12][29]. - Huichuan Technology: 2024 EPS of 1.60, PE of 46 [12][29]. - Hengli Hydraulic: 2024 EPS of 1.87, PE of 60 [12][29]. - Longxi Co.: 2024 EPS of 0.31, PE of 91 [12][29]. - Yingliu Co.: 2024 EPS of 0.42, PE of 97 [12][29].