持续看好人形机器人、AI基建及工程机械

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report maintains a positive outlook on humanoid robots, AI infrastructure, and engineering machinery [2] - The demand for AI-related infrastructure remains strong, with significant investments expected in the sector [13] - The engineering machinery sector is showing signs of recovery, with increasing sales across various equipment types [12][63] Company Summaries 1) Rili Technology - Rili Technology is a leading supplier of industrial X-ray intelligent detection equipment and core components, establishing significant technological barriers [3] - The company saw a nearly 100% year-on-year increase in new orders in the first half of the year, with a 44.01% increase in revenue and an 18.83% increase in net profit for the first three quarters [3][14] - The profit growth is expected to improve as the impact of new production base construction and other costs diminishes [3] 2) Konstar - Konstar focuses on the research and sales of digital testing instruments, facing challenges due to tariffs [4] - The company reported a significant recovery in Q3, with revenue, net profit, and net profit excluding non-recurring items increasing by 22.24%, 30.66%, and 36.2% respectively [4][15] - The resilience of international business under tariff pressures and strong domestic performance are noted as positive indicators for future growth [4] 3) Newray Co., Ltd. - Newray's main products include hard alloys and tools, with Q3 revenue, net profit, and net profit excluding non-recurring items growing by 38.02%, 75.40%, and 94.83% respectively [5][16] - The company has successfully passed on rising raw material costs to downstream customers, enhancing profitability [5] Industry Trends - In November, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales up 9.1% and exports up 18.8% [12][63] - The demand for engineering machinery is expanding beyond excavators, with significant growth in loader and crane sales [12][70] - The AI infrastructure sector is expected to benefit from substantial investments, with companies like NVIDIA planning to deliver AI chips to Chinese clients [13][58] Recommendations - The report suggests focusing on the rapidly developing humanoid robot sector, the ongoing AI infrastructure boom, and the improving performance of engineering machinery and tool sectors [14][58]