农业机械行业深度报告：大国之耕基，因地制宜解农机之困

Investment Rating - The report gives a "Buy" rating for Yituo Co., Ltd. [4] Core Insights - The agricultural machinery market is expected to exceed 1 trillion yuan, comparable to the construction machinery sector. The global agricultural machinery market reached $162 billion in 2022 and is projected to grow to $194.9 billion by 2026. In China, the agricultural machinery market was valued at 561.1 billion yuan in 2022, with an expected growth to 719.6 billion yuan by 2027 [2][25]. - The agricultural machinery industry in China is characterized by a large but not strong market, with policies and technological upgrades driving the demand for equipment replacement. The implementation of subsidies for the scrapping and replacement of old agricultural machinery is expected to accelerate industry capacity clearing and structural adjustments, leading to a cyclical turning point and recovery growth in the sector [2][22]. - Tractors, as a key agricultural machinery, are showing signs of weak recovery, with wheel tractors leading sales in 2023, accounting for 30% of total agricultural machinery sales [2][3]. Summary by Sections Agricultural Machinery Products - Agricultural machinery encompasses a wide range of equipment used in planting, livestock, aquaculture, processing, transportation, and basic agricultural construction. It is categorized into 32 major categories and 107 subcategories, with applications varying across different stages of agricultural production [9][10]. Market Development - The global agricultural machinery market is experiencing robust growth, with the Asia-Pacific region being the largest production area. In 2022, the market size reached $162 billion, with expectations of further expansion [18][19]. - China's agricultural machinery industry has developed later than in developed countries, but with government policies supporting mechanization, the comprehensive mechanization rate is steadily increasing, projected to reach 75% by 2025 [22][25]. Key Company Recommendations - Yituo Co., Ltd. is highlighted as a leading player in the tractor industry, benefiting from strong brand recognition and policy support. Revenue forecasts for 2024-2026 are 12.779 billion, 14.377 billion, and 16.070 billion yuan, respectively [3][4]. - Weima Agricultural Machinery is recommended for continued attention due to its unique position in the hilly and mountainous machinery sector, offering customized products and global reach [3].