机械行业：机床工具协会发布4月数据，主要指标有所好转

Investment Rating - The report suggests a positive outlook for the machine tool industry, recommending to focus on leading domestic companies in this sector [5][23]. Core Viewpoints - The machine tool industry is expected to gradually recover due to the implementation of equipment renewal policies and a long-term update cycle in the industry. The April data from the Machine Tool Association indicates improvements in key operational metrics [4][5][23]. - Despite a decline in the PMI in May due to high base effects, production and business expectation indices remain at high levels, indicating potential for recovery in the manufacturing sector [5][23]. Summary by Relevant Sections Industry Performance - In the first four months of 2024, key enterprises in the machine tool sector reported a 3.0% year-on-year decline in revenue, with a narrowing of the decline by 2.2 percentage points compared to the previous period. Total profits decreased by 3.7%, with an increase in the decline by 0.4 percentage points [4]. - The new orders for metal cutting machine tools fell by 4.9% year-on-year, but the decline has narrowed by 6.2 percentage points compared to the previous period. The backlog of orders decreased by 14.7%, with a narrowing of the decline by 5.4 percentage points [4]. - The production of metal cutting machine tools reached 211,000 units, a 6.0% increase year-on-year, while the production of metal forming machine tools dropped by 16.4% [4]. Investment Recommendations - The report emphasizes the potential for demand recovery in the machine tool industry, driven by the gradual implementation of equipment renewal policies and a long-term update cycle. It suggests that investors should pay attention to leading domestic companies in the machine tool sector [5][23].