蜀道装备（300540）发布公告称，公司拟与蜀道产融(四川)私募基金管理有限公司(以下简称"蜀道基金 管理公司")、蜀道(四川)股权投资基金有限公司(以下简称"蜀道基金公司")共同投资设立蜀道(四川)气体 产业股权投资基金(有限合伙)。 据了解，该基金规模为20亿元，出资方均为蜀道投资集团实际控制的实体，基金主要投向将围绕 LNG、工业气体(含特种气体、电子气体)、氢能领域设立子基金或开展直接股权投资。 特别地，上述新设基金将充分遵循"优先级保障固定收益、劣后级享有超额回报"的原则，在8年基金存 续期(4年投资期+4年退出期)内按照优先级有限合伙人(LP)、劣后级有限合伙人(LP)、普通合伙人(GP)的 顺序依次按权益份额分配收益，门槛收益率为单利年化6%。有超额收益时，90%分配给有限合伙人， 其中优先级LP和劣后级LP按照4:6分配；剩余10%分配给普通合伙人。 必须看到，做强做优以实体经济为支撑的现代化产业体系，离不开资本市场的强大支撑。 作为国内最早进入气体液化及分离产业的企业之一，蜀道装备具备完整的核心技术体系，涵盖气体分 离、提纯、液化、尾气制氢等关键环节，产品广泛应用于核反应堆、半导体制造、医疗 ...

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The report emphasizes the need to focus on advanced technology and companies with safety margins due to escalating trade risks [2][15] - The report highlights the recovery in the engineering machinery sector and suggests that companies like Hengli Hydraulic and Yizhiming are well-positioned to benefit from this trend [3][4][16] - The report notes that the geopolitical risks, particularly related to U.S. tariffs on Chinese imports, necessitate attention to companies with overseas production capabilities [15][16] Summary by Relevant Sections 1. Key Companies - **Hengli Hydraulic**: As a leading player in the domestic transmission sector, it is expected to benefit from the recovery in engineering machinery. The company has completed the construction of its linear actuator project and has begun small-scale production, with a focus on increasing investment in the ball screw sector for sustained growth [3][16] - **Yizhiming**: This company, a leader in injection molding and die-casting machines, is optimizing its competitive capabilities through continuous domestic and international expansion. It is anticipated that the macroeconomic recovery will support ongoing industry demand [4][17] - **Fosda**: Specializing in deep-cooling technology equipment, Fosda is projected to achieve a net profit of 258-295 million yuan in 2024, reflecting a year-on-year growth of 34.97%-54.33%. The company has a robust order book and is expected to enhance its profitability through increased overseas business [5][18] - **Sande Technology**: The company is focusing on instrument equipment and unmanned intelligent equipment, with an expected net profit of 138-152 million yuan in 2024, indicating a significant year-on-year growth of 156.81%-182.86% [8][19] - **Jiaocheng Ultrasonic**: This company is concentrating on ultrasonic equipment and solutions, with projected revenue of 580 million yuan in 2024, a year-on-year increase of 11.03% [9][20] 2. Market Trends - The report indicates that the engineering machinery sector is experiencing a recovery, with excavator sales in March 2025 reaching 29,590 units, a year-on-year increase of 18.5% [59] - The manufacturing PMI for March 2025 is reported at 50.5%, indicating a continued recovery in the manufacturing sector [29] - The report highlights the increasing demand for industrial robots, with a cumulative production of 91,088 units in the first two months of 2025, reflecting a year-on-year growth of 27.0% [51] 3. Recommendations - The report suggests focusing on key sectors such as engineering machinery (e.g., Sany Heavy Industry, LiuGong, XCMG) and humanoid robots (e.g., Hengli Hydraulic, Yizhiming) [16] - It also recommends monitoring companies with independent growth logic and strong fundamentals, such as Hengli Hydraulic and Sande Technology [16]