证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 推荐基本面困境反转&固态电池催化的锂电 设备板块 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天国际、柏 楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、长川科技、华测检 测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科技、伊之密、新莱 应材、高测股份、纽威数控、华中数控。 2.投资要点： 【锂电设备】固态电池 0-1 产业化加速，设备商优先受益 政策端来看 2025 年 4 月工信部印发建立全固态电池标准体系，此前投入 60 亿全固态专项研发资 金；应用端来看终端路试&电池龙头中试逐步落地，宝马、奇瑞等车企接连启动路试，商业化进 展超预期，同时宁德时代、清陶等电池厂商全固态中试线搭建。工信部项目预计 2025 年底前进行 中期审查，目前固态电池难点主要在于制造环节，预计 2025-2026 年进入中试线落地关键期，设 备迎来持续迭代优化阶段。与传统液态相比，全固态设备变化集中在前道&中道，全固态特别是 硫化物 ...

AIDC 景气上行，装备投资还有哪些催化？20250511 摘要 • 英伟达 H20 芯片预计 7 月推出，缓解国内算力供给紧张，叠加阿里云栖大 会蔡崇信强调 AI 驱动业务，以及腾讯、阿里财报预期上修资本开支，国内 算力建设需求强劲，市场悲观情绪修复。 • IDC 设备领域，长期算力需求确定，机柜功率密度提升，柴发供需偏紧格 局不变。国内算力需求增加、卡禁令缓解、大厂资本开支超预期等因素推 动算力需求持续加码。 • 腾讯反馈第三方 IDC 占比或超 50%，CAPEX 和 OPEX 有上修空间。海外 外资原厂柴发机组紧缺，后续招标依赖进口发动机与国产 OEM 厂商，五 六月份大厂招标加剧紧缺程度，释放价格弹性。 • 泰豪公司与互联网大厂对接，拥有 MTU 柴油发动机资源，盈利弹性大。与 玉柴合作全面，覆盖各功率段柴油发电机组。关注东南亚市场出口柴油发 电机组及柴储一体化方案。 • 潍柴公司 3 月份在大厂批量签单或框架协议，一季度柴油发电机组贡献利 润增量，导入大厂节奏加快，国产替代确定性强，未来放量预期可观。 Q&A 近期海外大厂的财报发布对 IDC 设备板块有何影响？ 近期海外大厂陆续发布财报，资本开支 ...

Core Viewpoint - The company, Sumida, reported a revenue of 117.17 billion yuan in 2024, a decrease of 4.75% year-on-year, while net profit attributable to shareholders increased by 11.69% to 1.15 billion yuan, indicating a focus on enhancing operational efficiency and resilience in a challenging economic environment [28]. Company Overview - Sumida operates in various sectors including shipbuilding and shipping, diesel generator sets, outdoor power equipment, clean energy, ecological environmental protection, and textile and apparel [4][14]. Industry Situation Shipbuilding and Shipping - In 2024, China's shipbuilding completion volume reached 48.18 million deadweight tons, a year-on-year increase of 13.8%, with new orders rising by 58.8% to 113.05 million deadweight tons, and the hand-held order volume increasing by 49.7% to 208.72 million deadweight tons [4]. - The Baltic Dry Index (BDI) averaged 1,754.7 points in 2024, up 27.3% year-on-year, with the Capesize Index (BCI) seeing the largest increase of 37.85% [5]. Diesel Generator Sets - The diesel generator set market is benefiting from the implementation of national initiatives like "new infrastructure" and "East Data West Computing," leading to significant growth opportunities [6]. Outdoor Power Equipment (OPE) - The global OPE market is dominated by North America and Europe, accounting for over 85% of demand, with a steady growth trajectory under the dual carbon goals [7]. Clean Energy - In 2024, China's newly installed photovoltaic capacity reached 277.57 GW, a year-on-year increase of 28.3%, while the export value of photovoltaic products fell by 33.9% to approximately 32.02 billion USD [8]. Ecological Environmental Protection - The government continues to promote pollution prevention and ecological restoration, with a focus on reducing emissions and enhancing green transformation [9]. Textile and Apparel - China's textile and apparel export value reached 301.1 billion USD in 2024, a year-on-year increase of 2.8%, with textile exports growing by 5.7% and apparel exports by 0.3% [11]. Financial Performance - The company achieved a total import and export volume of 12.93 billion USD in 2024, a year-on-year increase of 5%, with exports amounting to 5.48 billion USD, up 12% [28]. - The company's supply chain segment generated a revenue of 83.51 billion yuan, contributing significantly to overall performance [32]. Strategic Initiatives - The company is focusing on dual circulation development, enhancing international and domestic market capabilities, and leveraging the Belt and Road Initiative to boost exports to participating countries [33]. - The company is also investing in digital transformation and innovation to improve operational efficiency and customer engagement [39].