关注 AI 基建、绩优板块及个股 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2026 年 03 月 02 日 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 机械设备 投资评级 看好 上次评级 看好 [Table_Author] 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui1@cindasc.com [Table_Author] 韩冰 机械行业分析师 执业编号：S1500523100001 邮 箱：hanbing1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127 号金隅大厦B座 邮编：100031 [Table_Title] 关注 AI 基建、绩优板块及个股 [Table_ReportDate] 2026 年 03 月 02 日 本期内容提要: 燃气轮机需求景气，关注产业链机遇。AI 数据中心建设带动电力需 求，燃气轮机凭借启动速度快、调峰能力强、碳排放低的优势，成 ...

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the metal products, machinery, and equipment repair industry, which increased by 69 to a total of 928 enterprises in 2025, representing a year-on-year growth of 8.03% [1] - The proportion of these enterprises in the total industrial enterprises is 0.18% [1] - The data indicates a shift in the threshold for large-scale industrial enterprises, which was raised from an annual main business income of 5 million to 20 million yuan starting from 2011 [1] Group 2 - The article references a report by Zhiyan Consulting titled "Market Operation Pattern and Prospect Strategic Analysis Report of China's Metal Products Industry from 2026 to 2032" [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to delivering comprehensive industry solutions to empower investment decisions through professional insights and quality services [1]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - January excavator sales showed a strong increase, with total sales reaching 18,708 units, a year-on-year growth of 49.5%. Domestic sales were 8,723 units, up 61.4%, while exports were 9,985 units, up 40.5%. The high domestic growth rate was influenced by the timing of the Spring Festival, and the export growth was driven by recovering overseas demand and high metal prices boosting mining activities [12][66] - The demand for gas turbines is strong, driven by AI data center construction increasing electricity demand. Gas turbines are favored for their quick start-up, peak-shaving capabilities, and low carbon emissions. GEV signed new gas turbine orders of 18GW in Q4 2025, with total orders expected to reach 80GW by the end of 2025. Siemens Energy also reported new orders of 26GW, a 94% year-on-year increase [13][66] - The report suggests focusing on the engineering machinery sector with high growth in both domestic and export sales, as well as the gas turbine industry chain and high-performing stocks [14] Summary by Sections Company Updates - **Rilian Technology**: A leading supplier of industrial X-ray intelligent detection equipment, with a nearly doubled order growth year-on-year in the first half of 2025. Revenue increased by 44.01%, and net profit grew by 18.83% [4][14] - **Kangst**: Engaged in the development and sales of digital testing instruments, with a Q3 2025 revenue of 148 million yuan, a 22.24% year-on-year increase, and net profit growth of 30.66% [5][15] - **Xinxin Co., Ltd.**: Specializes in hard alloys and tools, with Q3 2025 revenue growth of 38.02% and net profit growth of 75.40% [6][16] Market Overview - The machinery index (CITIC) rose by 2.47% last week, with the Shanghai Composite Index up 0.41% and the Shenzhen Component Index up 1.39% [17] - The manufacturing PMI for January 2026 was 49.3%, indicating a slight contraction, with new orders and export orders also declining [26] Industry Insights - The gas turbine market is expanding, with major companies like GEV and Siemens Energy planning to increase production capacity significantly by 2028-2030 [13][66] - Excavator sales are expected to continue growing due to domestic demand driven by infrastructure projects and equipment updates, despite a decline in fixed asset investment in construction and real estate [66]

Core Insights - The Chinese forklift manufacturing industry has developed a comprehensive production capacity over 70 years, becoming the largest manufacturing market globally, with production expected to approach 1.3 million units in 2024 [1] Production Trends - The production of forklifts in China has shown fluctuations, with the total production from 2015 to 2024 experiencing variations. In 2024, the production is projected to be nearly 1.3 million units [1] - The industry is highly concentrated, with the top three companies—Anhui Heli, Zhongli, and Hangcha Group—holding over 80% of the market share. Their production figures for 2024 are expected to be 350,000 units, 294,000 units, and 280,000 units respectively, reflecting year-on-year growth rates of 19.15%, 16.33%, and 12.82% [2] Sales Performance - The sales volume of forklifts in China is on an upward trend, with a record high of 1.286 million units expected in 2024, marking a year-on-year increase of 9.5%. For the first ten months of 2025, sales reached 1.2207 million units, up 14.2% year-on-year [4] - The leading companies in forklift sales for 2024 are projected to be Anhui Heli with 340,200 units (up 16.52%), Zhongli with 297,000 units (up 15.53%), and Hangcha Group with 280,000 units (up 14.05%) [5] Supply and Demand Dynamics - The Chinese forklift manufacturing industry has achieved a basic balance between supply and demand, with significant advancements in technology and production processes. The period from 2015 to 2018 saw excess inventory, but since 2019, the market has shifted towards a more balanced supply-demand scenario, with sales exceeding production [9]

Group 1 - The capital market serves as a barometer for regional economic conditions and a signpost for industrial structural transformation [1] - Henan Jiachen Intelligent Control Co., Ltd. successfully passed the listing committee review, marking the fourth company from Henan to achieve this in 2023, indicating a positive trend for local enterprises [1] - Jiachen Intelligent focuses on electrical control systems and has established partnerships with major manufacturers, demonstrating a strong position in the supply chain [1] Group 2 - The recent companies that passed the review are all "hidden champions," showcasing advancements in strategic emerging industries such as new energy vehicles and intelligent equipment [2] - Companies like Shenglong Co. and Tianhai Electronics are leading in their respective fields, reflecting a shift from traditional resource-based models to high R&D intensity and market share [2] - Increasing internationalization is evident as companies like Muyuan Foods plan to allocate 60% of their fundraising for overseas expansion, indicating readiness for global market engagement [2] Group 3 - The provincial government has prioritized company listings as a key strategy for industrial transformation, establishing a structured approach to support enterprises through various stages of the listing process [3] - The dual strategy of targeting both A-shares and Hong Kong markets provides broader opportunities for Henan enterprises [3] Group 4 - The emergence of the "Henan Legion" in the vibrant capital market signifies a growing presence and competitiveness of local companies [4]

Core Viewpoint - Luoketech has officially submitted its application for a mainboard listing on the Hong Kong Stock Exchange, with a significant reliance on Xiaomi for its ODM business, which poses risks to its profitability and cash flow [1][15]. Financial Performance - For the first three quarters of 2023-2025, Luoketech reported revenues of 1.015 billion yuan, 1.086 billion yuan, and 774 million yuan, with year-on-year growth rates of 7.0% and 11.5% respectively [14]. - Net profits for the same periods were 14.026 million yuan, 53.113 million yuan, and 31.981 million yuan, showing substantial year-on-year increases of 278.7% and 369.2% [14]. - Despite revenue growth, the company's profitability is declining, with gross margins falling from 35.2% in 2024 to 31.2% and net margins decreasing from 4.9% to 4.1% [14]. Business Structure - The revenue from Luoketech's own brand consumer products has been declining, accounting for 31.5%, 27.7%, and 20.5% of total revenue in the respective periods [16]. - The average selling price of its own brand smart locks fell below 1,000 yuan, a decrease of 18.4% compared to the same period in 2024, while sales volume only increased by 0.6% [16]. - ODM projects accounted for 66.2% of total sales volume and over 60% of total revenue, but the average selling price dropped significantly, leading to a gross profit margin of only 20.1% [3][16]. Customer Dependency - Xiaomi is identified as Luoketech's largest customer, contributing over 90% of the procurement from the top five clients, with its share of total revenue increasing from 48.6% to 60.6% over the periods [17]. - The reliance on Xiaomi gives it significant bargaining power, impacting Luoketech's pricing and profitability [17]. Cash Flow and Receivables - Trade receivables increased from 196 million yuan to 283 million yuan, a growth of 44.4%, with accounts receivable turnover days extending to 101 days, indicating cash flow challenges [20]. - Operating cash flow turned negative in 2025, with a net outflow of 38.307 million yuan, and cash reserves dropped by 57.2% compared to the end of 2024 [20]. Investment and Valuation - Luoketech has raised 845 million yuan from various VC/PE institutions since 2014, with 76.2% already utilized [21]. - The company's valuation reached 3.5 billion yuan after the last financing round in November 2025, representing a 262.56 times increase from the initial round [21]. - Several institutional investors have exited, with notable returns, indicating a trend of diminishing patience among early investors [21][22].

Group 1 - The company emphasizes the importance of market value management and is committed to enhancing its market image and investor recognition [2]

Group 1 - The company, Noli Co., stated that its production and operations are currently normal [2] - The company will fulfill its information disclosure obligations in a timely manner if there are any significant matters to disclose in the future [2]

2月12日，北京证券交易所上市委员会2026年第15次审议会议结果公告显示，河南嘉晨智能控制股份有 限公司（简称：嘉晨智能，代码：874302.BJ）符合发行条件、上市条件和信息披露要求。 01 基本情况 嘉晨智能是一家深耕工业自动化控制行业的电气控制系统产品及整体解决方案提供商，主营业务为电气 控制系统产品及整体解决方案的研发、生产和销售，致力于成为工业车辆电气控制系统领域的领军企 业。 公司主要产品包括电机驱动控制系统、整机控制系统和车联网产品及应用等，目前下游主要应用场景为 工业车辆，并已逐步拓展至挖掘机械、高空作业机械等其他工程机械场景以及场地车、移动机器人等多 元化应用领域。 公司坚持"进口替代"战略，通过十余年技术攻坚，自主掌握电机控制算法、电力电子集成设计等核心技 术，自主研发的电机控制器已实现关键元器件的国产化替代。 主要客户 公司主要客户包括杭叉集团、安徽合力、诺力股份、龙工、柳工等国内工业车辆行业龙头，客户集中度 较高。2022年至2024年，公司前五大客户销售收入占比分别为87.05%、87.71%、82.02%及80.31%，其 中第一大客户杭叉集团销售占比分别达52.95%、44.6 ...

工业车辆，泛指能够对成件托盘类货物进行装卸、堆垛和短距离运输、重物搬运作业的各种轮式搬运车 辆。其中，机动工业车辆俗称叉车，是现代物流与制造业不可或缺的物料搬运设备。在"双碳"战略持续深化 的背景下，全球工业车辆正加速向电动化转型，而叉车则是其中电动化渗透率最高的品类。 在此背景下， 河南嘉晨智能控制股份有限公司 （以下简称"嘉晨智能"）即将于2月12日迎来北交所上市审 议。公司主要从事电气控制系统产品及整体解决方案的研发、生产和销售，其主要产品是新能源工业车辆 的核心零部件之一，决定着新能源工业车辆性能、效率与安全性。凭借过硬的技术实力与产品口碑，嘉晨 智能已成功切入杭叉集团、安徽合力、比亚迪等国内外龙头企业供应链，在进口替代浪潮与行业电动化趋 势下，正迎来业绩与估值的双重增长机遇。 电动化浪潮孕育核心机遇，自主创新突破外资壁垒 叉车工业历史悠久，发轫于美国，是支撑现代物流与制造业高效运转的关键设备，广泛应用于批发零售、 制造业、仓储物流等核心领域，其市场景气度与经济活跃度紧密相连。我国工业车辆行业虽起步稍晚，但 经过多年奋起直追，自2009年起已连续稳居全球第一大叉车生产国和消费市场。 按动力源划分，叉车 ...