信达证券近日发布机械设备行业周报：11月挖机销量20027台，同比增长13.9%，其中内销9842台，同 比增长9.1%，出口10185台，同比增长18.8%，内销增速回升，外销持续快速增长。工程机械景气度从 挖机向非挖全面扩散，11月装载机销量11419台，同比增长32.10%，其中内销5631台，同比增长 29.39%，保持快速增长；出口5748台，同比增长34.80%。 以下为研究报告摘要： 本期内容提要: 公司主要产品包括硬质合金、硬质合金工具（凿岩工具、切削工具），Q3收入、归母净利润、扣非净 利润分别增长38.02%、75.40%、94.83%。公司收入、利润增长加速，尤其是利润端表现亮眼，主要系 原材料价格上涨背景下，公司积极将下游传导，推动盈利水平提升。公司业务增长稳健，盈利能力有望 持续改善。 建议关注密集催化的人形机器人、景气持续的AI基建产业链，业绩向好的工程机械、流程工业、刀具 板块，及绩优个股： 1）日联科技 公司是国内领先的工业X射线智能检测设备及核心部件供应商，在核心部件、AI软件、检测设备等方面 建立了核心技术壁垒。上半年公司新签订单同比增长近一倍，前三季度收入同比增长44.0 ...

看好人形机器人、AI 基建及流程工业 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2025 年 12 月 15 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] 看好人形机器人、AI 基建及流程工业 [Table_ReportDate] 2025 年 12 月 15 日 本期内容提要: 1）日联科技 公司是国内领先的工业 X 射线智能检测设备及核心部件供应商，在 核心部件、AI 软件、检测设备等方面 ...

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report highlights a significant growth in the sales of excavators and loaders, with excavator sales reaching 18,096 units in October, a year-on-year increase of 7.8%, and loader sales increasing by 27.7% [12][58] - The humanoid robot sector is experiencing rapid advancements, with companies like Xiaopeng and ZhiYuan launching new models aimed for mass production by 2026 [12][55] - The report emphasizes the resilience of companies like Rihuan Technology and Kangst, which have shown strong revenue growth despite external pressures [3][4][14] Summary by Sections 1. Company Highlights - Rihuan Technology, a leading supplier of industrial X-ray intelligent detection equipment, saw a nearly 100% increase in new orders year-on-year and a 44.01% revenue growth in the first three quarters [3] - Kangst, involved in digital detection instruments, reported a 22.24% increase in revenue and a 30.66% increase in net profit in Q3, demonstrating strong operational resilience [4][14] - Newrui Co., which produces hard alloys and tools, experienced a significant profit increase of 75.40% in Q3, driven by effective cost management amid rising raw material prices [5][15] 2. Industry Trends - The machinery sector is witnessing a broad recovery, with excavator and loader sales showing strong growth, indicating a positive trend in construction and infrastructure investment [12][58] - The humanoid robot market is set for significant growth, with advancements in technology and increasing investments from major companies [12][55] 3. Market Performance - The machinery index saw a slight decline of 0.25% last week, while other major indices like the Shanghai Composite Index increased by 1.08% [16] - The report notes that the machinery industry is experiencing varied performance across sub-sectors, with some segments like power distribution equipment showing strong gains [22] 4. Policy Support - Recent government policies are aimed at enhancing the industrial machinery sector, including support for high-end machine tools and automation technologies [28][35]

Group 1: Industry Overview - Excavator sales in September reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29.0) [1][2] - Loader sales in September totaled 10,530 units, showing a year-on-year growth of 30.5%, with domestic sales at 5,051 units (up 25.58%) and exports at 5,479 units (up 35.3%) [1][2] - Sales of truck cranes in September were 1,561 units, reflecting a year-on-year increase of 21.9%, indicating a positive growth trend in the construction machinery sector [1][2] Group 2: Robotics and Technology - The domestic humanoid robot industry is advancing, with Zhiyuan launching the G2 robot, which features high-performance joints and multi-modal voice interaction capabilities, suitable for various industrial applications [2] - Zhiyuan has signed a procurement contract worth over 100 million yuan with Junsheng Electronics for the initial delivery of the G2 robot [2] Group 3: Company Highlights - Riheng Technology, a leading supplier of industrial X-ray intelligent detection equipment, reported a nearly doubled order growth and a revenue increase of 38.34% year-on-year, with net profit rising by 7.8% [2] - Kangst, engaged in digital detection instruments, showed a positive Q3 performance with revenue and net profit growth of 22.24% and 30.66% respectively, demonstrating resilience under tariff pressures [3][4] - Newray's revenue and net profit increased by 28.97% and 2.88% respectively, with a stable business growth outlook and improving profitability expected [5]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The engineering machinery sector is experiencing a continuous recovery, with significant growth in excavator sales, which reached 19,858 units in September, a year-on-year increase of 25.4% [12][62] - The domestic humanoid robot industry is advancing towards commercialization, highlighted by the launch of the ZhiYuan G2 robot, which has secured over 100 million yuan in procurement contracts [12][55] - The report suggests focusing on the growth trajectories of engineering machinery, humanoid robots, and PCB equipment, while also monitoring the performance of process industries and tool sectors as quarterly reports are released [12][13][57] Summary by Sections Company Updates - **Rili Technology**: The company, a leading supplier of industrial X-ray intelligent detection equipment, saw new orders nearly double year-on-year, with revenue increasing by 38.34% and net profit rising by 7.8% [3][13] - **Kangst**: The company specializes in digital detection instruments and reported a significant recovery in Q3, with revenue, net profit, and non-recurring net profit increasing by 22.24%, 30.66%, and 36.2% respectively [4][14] - **Xinxin Co.**: The company, which produces hard alloys and tools, experienced revenue growth of 28.97% and net profit growth of 2.88% in the first half of the year [5][15] Industry Performance - In September, excavator sales reached 19,858 units, with domestic sales at 9,249 units and exports at 10,609 units, reflecting strong growth across the board [12][62] - The loader sales in September were 10,530 units, marking a 30.5% year-on-year increase, while the sales of automotive cranes also turned positive with a 21.9% increase [12][72] - The industrial robot sector saw a production increase of 28.3% in September, with a cumulative production of 594,816 units in the first nine months of the year, indicating robust growth in the market [48][49] Market Trends - The manufacturing PMI for September was reported at 49.8%, showing a slight recovery, with production and new orders indices also improving [25] - The report highlights the ongoing policy support for the machine tool industry, which is expected to enhance domestic production capabilities and drive growth in high-end machine tools [29][37] - The logistics sector is also showing resilience, with forklift sales in September reaching 130,380 units, a 23% increase year-on-year, supported by a favorable logistics index [38][42]

Core Insights - The company reported a revenue of 394 million yuan for the first three quarters of 2025, representing a year-on-year growth of 9.99% [1] - The net profit attributable to shareholders reached 94.32 million yuan, with a year-on-year increase of 5.49% [1] Domestic Market Performance - In the domestic market, the company achieved a revenue of 200 million yuan in the first three quarters, reflecting a year-on-year growth of 11.3% [1] - The revenue for the third quarter alone saw a significant increase of 22.9% compared to the same period last year, driven by a steady growth in domestic orders and accelerated revenue recognition in Q3 [1] - The company focused on revenue growth by addressing the demand in metrology and power industries, leveraging its core product advantages in pressure measurement to increase market share in instruments and sensors [1] International Market Performance - The company generated a revenue of 190 million yuan in the international market for the first three quarters, marking an 8.7% year-on-year growth [2] - The third quarter revenue from international markets also experienced a robust growth of 21.5% year-on-year [2]