Investment Rating - The report maintains an "Overweight" rating for the forklift industry [1][3]. Core Insights - Amazon has deployed over one million robots globally, establishing an efficient human-machine collaboration model, which is expected to further catalyze the development of the unmanned forklift industry [3]. - The rapid development of embodied intelligence is benefiting both domestic and international forklift companies, e-commerce logistics firms, and robotics companies, leading to a clearer trend towards unmanned forklifts and embodied handling robots [5]. - The report highlights the significant advancements made by leading companies in the unmanned logistics sector since 2025, including collaborations and technological innovations aimed at improving warehouse management and operational efficiency [5]. Summary by Sections Industry Overview - The forklift industry is experiencing a shift towards automation and intelligence, with a focus on unmanned and smart logistics solutions [5]. - Major players like Amazon are setting benchmarks in unmanned warehouse logistics, with their new robots capable of performing tasks at speeds comparable to human workers [5]. Company Developments - Domestic leaders such as Anhui Heli, Hangcha Group, and Zhongli Group are accelerating their investments in unmanned forklift technology and have made significant progress in partnerships and product innovations [5]. - Anhui Heli has announced collaborations with Huawei and major logistics companies to enhance digital transformation and smart logistics [5]. - Hangcha Group has established a smart logistics company in the U.S. and is exploring innovative collaborations in the "smart robot + logistics" sector [5]. - Zhongli Group has introduced new products in smart warehousing and robotics, indicating a clear trend towards automation in the industry [5]. Financial Projections - The report provides earnings forecasts for key companies in the industry, with Anhui Heli expected to have an EPS of 1.59 yuan per share in 2025, Hangcha Group at 1.71 yuan, and Zhongli Group at 2.30 yuan [6].

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 景气度向好，无人叉车快速放量 行业基本情况 | 收盘点位 | | 1574.84 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 《智能养老场景应用政策发布，长期看 好人形机器人应用场景向 C 端渗透》 - 2025.06.17 叉车行业 ...

Summary of Key Points from Conference Call Records Industry Overview - **PCB Equipment Industry**: Benefiting from high-end HDI board expansion and domestic substitution, with equipment orders from January to May 2025 increasing by 40%-50% year-on-year. Dongwei Technology's water cooling segment orders doubled. The current PCB expansion cycle is expected to last at least two years, starting from the second half of 2024 until the end of 2026 [1][4]. Core Insights and Arguments - **AI Capital Expenditure Impact**: Global capital expenditure in the AI sector is significantly driving demand for PCB and its equipment. Major companies like Microsoft, Google, Amazon, and Meta have a combined capital expenditure exceeding $320 billion, a 31% year-on-year increase. In China, ByteDance, Alibaba, and Tencent's expected capital expenditure exceeds 350 billion yuan, with a year-on-year increase of over 50%. Revenue for 14 listed PCB companies in China is projected to grow by 17% in 2024, with net profit increasing by 19% [2]. - **Robotics and Cloud Empowerment**: Huawei Cloud has launched a robotic model focusing on cloud empowerment, enhancing robot intelligence through simulation data and end-to-end task planning. The short-term commercialization expectations for CloudRobotics are low, with a focus on government projects and enterprise collaborations [1][5][10]. - **Domestic Engine Technology**: The domestic engine technology has seen breakthroughs, benefiting from price increases. The pricing system has shifted to a market-driven model, allowing domestic manufacturers to retain more profits. OEM manufacturers like Yuchai and Weichai are experiencing significant order growth due to these advancements [1][13]. Additional Important Content - **Solid-State Battery Equipment**: The solid-state battery equipment industry is expected to grow significantly in the coming years, with major manufacturers currently in trial production stages. The cost for a 1G watt-hour solid-state battery production line is estimated to be around 300-500 million yuan [3][16]. - **Forklift Industry Trends**: Domestic forklift sales turned positive for the first time in May, with exports maintaining double-digit growth. The industry is expected to benefit from increased automation and digitalization, with a focus on lithium battery and unmanned forklift developments [21][22]. - **Market Dynamics in Diesel Generators**: The diesel generator segment has seen a significant pullback in A-share OEM stocks, with a decline of 20%-40%. However, domestic manufacturers are expected to benefit from increased orders and production capacity, with a focus on the upcoming demand from major companies [11][12][14]. - **Investment Recommendations**: Companies such as Yuchai International, Weichai Heavy Machinery, and KOTAI Power are recommended for investment due to their strong positions in the diesel power sector and the expected growth from domestic production [18]. - **Future of Solid-State Battery Technology**: The transition from liquid to solid-state batteries is marked by significant changes in equipment requirements, with a focus on improving production efficiency and addressing challenges in material consistency [19][20]. This summary encapsulates the key points from the conference call records, highlighting the trends, insights, and recommendations across various industries, particularly in PCB equipment, robotics, engine technology, solid-state batteries, and forklifts.

从行业销量增速来看，叉车行业外销依然保持较快增长，但国内已有良好复苏，特别是不含电动步行式 仓储车辆的叉车。根据中国工程机械工业协会微信公众号，1-5月，叉车行业销量60.2万台，同比 +9.3%，内销39.2万台，同比+6.7%，外销20.9万台，同比+14.7%;单5月份来看，行业销量12.3万台，同 比+11.8%，内销7.9万台，同比+9.3%，外销4.4万台，同比+16.6%。分车型来看，5月份不含电动步行式 仓储车辆的叉车销量为5.2万台，同比+10.4%，其中内销3.6万台，同比+9.9%，外销1.7万台，同比 +11.5%。 5月制造业景气环比改善，工业生产保持较快增长 智通财经APP获悉，国泰海通发布研报称，工程机械主要产品5月平均工作时长为84.5小时;工程机械主 要产品月开工率为59.5%，其中叉车56.5%。叉车与宏观经济关联度高，制造业景气回暖对国内叉车销 量有望带来积极影响。同时，国产叉车制造商凭借成本、电动化及交期优势持续开拓海外市场，凸显全 球竞争力。 国泰海通主要观点如下： 生产动能恢复，叉车开工时长及开工率转暖 5月份，叉车与工程机械行业整体生产状况有所分化。根据中国工程机 ...

Core Viewpoint - The article emphasizes the optimistic outlook for China's stock market, highlighting the emergence of new technology trends and business models, a decrease in opportunity costs for stock investments, and improved economic policies that favor investor returns. This creates a favorable environment for thematic investments, particularly in frontier technologies, advanced manufacturing, and structural improvements, with a focus on investment opportunities for the second half of 2025 [1][6][11]. Group 1: Frontier Technologies - Theme 1: AI and Embodied Intelligence - Artificial intelligence is expected to follow a path of "information infrastructure construction," "basic software deployment," "online application explosion," and "restructuring offline industries," with AI becoming a key catalyst for commercialization and increasing demand for computing power [2]. - The application of embodied intelligence is accelerating in fields such as research, education, and healthcare, with a focus on specific robotic products like quadrupedal and exoskeleton robots [2]. - Theme 2: Bioeconomy and Brain-Machine Interfaces - Biotechnology is rapidly advancing, enabling traditional industries to upgrade, with synthetic biology and information crossover technologies opening new spaces in the bioeconomy [3]. - The brain-machine interface industry is in the exploratory phase, with several tech companies attempting breakthroughs in hardware and applications [3]. - Theme 3: 6G Communication - 6G technology is set to revolutionize communication with significant improvements in speed and latency, with research expected to start in 2025 and commercial systems planned for 2030 [4]. Group 2: Advanced Manufacturing - Theme 4: Low-altitude Economy and Commercial Space - The low-altitude economy is entering a "manned era," with market size expected to exceed one trillion yuan by 2026, driven by the establishment of non-controlled airspace and operational certifications [7]. - The commercial space sector is anticipated to see significant growth due to the increasing demand for satellite launches and the development of satellite constellations [7]. - Theme 5: Deep-sea Technology - The government has prioritized deep-sea technology, with policies accelerating the industrialization process and a projected marine production value exceeding ten trillion yuan by 2024 [8]. - Theme 6: Self-sufficiency - The semiconductor sector is becoming a focal point in the technology competition, with policies promoting mergers and acquisitions to deepen domestic replacements [9]. Group 3: Structural Improvements - Theme 7: Smart Driving - The penetration of advanced smart driving technologies is accelerating, with significant cost reductions expected in related hardware due to scale effects from companies like BYD [10]. - Theme 8: New Consumption Brands - The consumption recovery is showing a "K-shaped" divergence, with traditional consumption under pressure while new consumption is thriving, driven by digital economy and infrastructure changes [12]. - Theme 9: Price Cycle Products - Some cyclical industries are beginning to reduce capacity, with expectations for improved supply-demand dynamics leading to price recoveries in related sectors [13]. - Theme 10: Regional Economy - There is an increasing urgency to address regional development imbalances, with accelerated investment in western infrastructure and supportive policies for local industries [14].

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and oil service equipment sectors [1] Core Insights - The oil service equipment sector is experiencing rapid growth in exports to the Middle East, driven by China's increasing foreign investments in energy projects, with a projected total investment of $50.28 billion from 2020 to 2024 in six countries [2][21] - The engineering machinery sector shows a mixed outlook, with a decline in domestic excavator sales but a recovery in non-excavator sales and exports, indicating undervalued investment opportunities [3] - The trend towards lightweight humanoid robots is accelerating, with increased application of magnesium alloys and PEEK materials, enhancing performance and efficiency [4][27] Summary by Sections Oil Service Equipment - China's foreign investment in energy projects in the Middle East is expected to reach $50.28 billion from 2020 to 2024, with oil and gas projects accounting for $29.15 billion [2][21] - Leading companies like Jerry and Neway have seen explosive growth in orders from the Middle East, with Jerry's orders expected to double in 2024 [2][23] - The Middle East oil service market is projected to be worth over $100 billion, with significant growth potential for Chinese companies [2][21] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, with domestic sales declining by 1.48% [3] - Non-excavator machinery sales are recovering, with significant year-on-year increases in sales of road rollers and pavers [3] - The sector is currently undervalued, presenting investment opportunities as export sales continue to support overall performance [3] Humanoid Robots - Lightweight design is becoming a core focus for humanoid robot manufacturers, utilizing materials like magnesium alloys and PEEK to reduce weight and improve performance [4][25] - Magnesium alloy's density is only two-thirds that of aluminum, offering advantages in strength and processing, while PEEK materials are expected to see increased application as costs decrease [26][27] - Investment opportunities in magnesium alloy die-casting and PEEK materials are highlighted, with specific companies recommended for attention [5][28] Forklifts and AI in Logistics - The integration of AI in logistics is driving the transformation towards automation, with a focus on unmanned forklifts and smart logistics solutions [6] - Key players in the forklift industry are forming strategic partnerships to enhance their technological capabilities and market reach [6] Lithium Battery Equipment - The lithium battery equipment sector is expected to benefit from the expansion of major players like CATL, with significant investments in new production facilities [10][30] - The report emphasizes the importance of solid-state battery technology as a future growth area, with companies like Xian Dao Intelligent positioned to capitalize on this trend [10][30] Investment Recommendations - The report suggests focusing on companies in the magnesium alloy die-casting sector such as Xusheng Group and Baowu Magnesium, as well as PEEK material companies like Zhongyan Co. and Watte [5][28]

Group 1 - AI technology is accelerating the development of forklift technology, with multiple listed companies actively positioning themselves in the industry [1] - The core of smart forklifts lies in the control system, which enables the forklift to execute tasks based on natural language commands and navigate autonomously [1] - AI enhances the efficiency of warehouse logistics by enabling forklifts to quickly identify shelf locations, types of goods, and storage positions, thus optimizing routes and improving space utilization [1] Group 2 - Anhui Heli (600761) has entered into a deep cooperation agreement with Huawei to enhance its smart logistics solutions through digital transformation and AI technology [1] - Hangcha Group (603298) has established three business units focusing on smart logistics solutions, including AGV and software integration systems, to strengthen its market position [2] - The application of AI technology in forklifts is expected to expand into more scenarios, such as ports and open road environments, promoting broader logistics automation [2]

Group 1 - Zhongce Rubber Group Co., Ltd. successfully listed on the Shanghai Stock Exchange on June 5, 2023, with a closing price of 50.65 CNY per share, an increase of 8.92% from the issue price of 46.5 CNY, resulting in a market capitalization of 44.293 billion CNY [2][9] - The company is part of the "Juxing System," which includes four listed companies with a combined market value exceeding 100 billion CNY as of June 5, 2023 [6][30] - Zhongce Rubber, established in 1992, is recognized as the leader in China's tire industry, producing various types of tires for major domestic automotive manufacturers [6][15] Group 2 - The controlling shareholder of Zhongce Rubber is Qiu Jianping, who, along with his daughter Qiu Fei, holds 46.95% of the company's shares through Juxing Holding Group [4][29] - The company has a significant reliance on distributors, with nearly 80% of its revenue generated from this channel, and 74 distributors have become indirect shareholders through a debt-to-equity swap [16][17] - Financial performance from 2021 to 2024 shows steady growth, with revenues increasing from 306.01 billion CNY to 392.5 billion CNY, and net profits rising from 13.75 billion CNY to 37.9 billion CNY [15][22] Group 3 - The company's main products, steel radial tires and semi-steel tires, account for nearly 80% of its revenue, with semi-steel tires becoming a new growth driver due to the rise of electric vehicles [13][15] - Zhongce Rubber's financial structure has raised concerns, with a high debt ratio, which was 65.83% at the end of 2019, and has remained above 60% in subsequent years [22][23] - The company has engaged in complex capital operations, including the conversion of distributor debts into equity, which has been characterized as "visible equity, hidden debt" [22][25]

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The machinery industry is experiencing a continuous recovery in its economic climate, particularly in the engineering machinery segment, with significant growth in sales and production expected in 2025 [6][13]. - The introduction of the "Ge Wu - Zhi Zhi" general embodied intelligence development platform is expected to accelerate the application and research of humanoid robots, addressing existing challenges in the field [3]. - The report highlights the importance of various sub-industries, including humanoid robots, machine tools, agricultural machinery, and engineering machinery, each showing distinct trends and growth potential [4][7][8][13]. Summary by Relevant Sections Humanoid Robots - The launch of the "Zhi Zhi" platform aims to enhance humanoid robot development by integrating core technologies across operating systems, middleware, and software frameworks [3]. - Companies like Shanghai Aoyi Information Technology and Hefei Zero Point are introducing innovative humanoid robots targeting various applications, including healthcare and hospitality [4][5]. - The humanoid robot industry is projected to see significant production increases in 2025, with a focus on high-complexity dexterous hands and cost reduction in production [6]. Machine Tools - Japan's machine tool orders in April 2025 reached 130.206 billion yen, showing a year-on-year increase of 7.7% [7]. - China's metal cutting machine tool production in the first four months of 2025 was 264,000 units, reflecting a year-on-year growth of 16.8% [7]. Agricultural Machinery - The agricultural machinery market in China showed a decline in the AMI index to 47.9% in April 2025, indicating a downturn in the sector [8]. - Despite the current challenges, long-term demand for agricultural machinery is expected to rise, particularly in the context of the Belt and Road Initiative [9]. Engineering Machinery - The engineering machinery sector is witnessing a recovery, with excavator sales in April 2025 reaching 22,142 units, a year-on-year increase of 17.6% [13]. - The report suggests that infrastructure investment will remain robust, supporting the demand for engineering machinery [13]. Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment, particularly photolithography machines [16]. - The establishment of the third phase of the Big Fund, with a registered capital of 344 billion yuan, is expected to significantly boost the domestic semiconductor industry [17]. New Energy Equipment - The report highlights several new energy projects, including the launch of a 100GW monocrystalline silicon wafer production line by Longi Green Energy, indicating a strong push towards renewable energy technologies [19]. - The market for photovoltaic components is expected to stabilize and grow due to policy support and technological advancements [19]. Low-altitude Economy and EVTOL - The report discusses the government's initiatives to promote the low-altitude economy, including the development of drone delivery systems and infrastructure [20][22]. - The low-altitude economy is anticipated to drive new consumption patterns and industry growth, with significant investments being made in this area [22].

Core Viewpoint - Zhejiang Zhongli Machinery Co., Ltd. participated in the 2024 Shanghai Stock Exchange Low Carbon New Energy Collective Performance Briefing, discussing its operational results and financial status for 2024 and Q1 2025 with investors [1][2]. Group 1: Company Performance and Market Strategy - The company's revenue from the U.S. market accounts for approximately 15% of its total revenue, despite facing a cumulative tariff increase of about 30%, leading to a total tariff of 55% on its products [2][3]. - To mitigate the impact of tariffs, the company has adjusted product prices, increased production capacity at its U.S. factory, and accelerated the construction of its factory in Thailand to reduce costs [3]. - The company maintains a higher gross margin than its peers in the forklift industry, with electric forklifts making up 74% of its revenue and gross margins of 26.24%, 29.5%, and 29.2% from 2022 to 2024 [4][5]. Group 2: Investment and Financials - The company's cash outflow for investment activities in 2024 is projected to be 1.045 billion, a 75% increase from 597 million in 2023, primarily due to investments in expanding production capacity and new projects [6]. - The company is also increasing investments in financial products, reflecting a significant rise in idle funds compared to the previous year [6]. Group 3: ESG Initiatives - The company has implemented solar energy solutions in its factories and established photovoltaic charging stations to enhance the use of clean energy [7][8]. - It is expanding its electric product line to replace traditional fuel-powered equipment, thereby reducing emissions [9]. - A recycling and remanufacturing system for old forklifts has been established to minimize new parts production and lower energy consumption [10]. Group 4: Future Outlook and Strategic Planning - The company is optimistic about future market opportunities, driven by global economic growth and increasing demand for efficient, intelligent, and environmentally friendly solutions [12]. - It is enhancing R&D efforts, with 46 innovation projects and 68 new products launched in 2024, focusing on smart handling products [13]. - The company is pursuing a global and localized strategy, expanding its presence in key markets, including the establishment of a new marketing headquarters in the U.S. and enhancing operations in Europe and Southeast Asia [14].