Sinolink Securities Bullish on Gas Turbines, Agricultural Machinery, and Humanoid Robots

Stock News11-24

Sinolink Securities released a research report highlighting its optimistic outlook on gas turbines, agricultural machinery, and humanoid robots.

**Gas Turbines: Siemens Energy Raises Expansion Targets** Siemens Energy has increased its gas turbine production targets, reinforcing Sinolink's positive stance on Yingliu Co., Ltd., a leading manufacturer of turbine blades. On November 20, Siemens Energy announced during its Capital Market Day that its gas turbine capacity would rise from 17GW in FY24 to 22GW in FY25-27 and exceed 30GW by FY28-30. This expansion signals strong demand and underscores the importance of upstream components like turbine blades. Yingliu Co., a key domestic supplier, has deepened its collaboration with Siemens Energy, with expectations for sustained high growth in turbine blade orders.

**Agricultural Machinery: Steady Recovery in Domestic Demand** Tractor production data for October remained stable, with large and medium tractor outputs at 7,017 and 14,886 units, down 3.6% and up 1.6% year-on-year, respectively. Meanwhile, corn prices have rebounded, achieving year-on-year growth for the first time in two years, with an increase exceeding 3%. This recovery supports a positive outlook for agricultural machinery demand.

**Humanoid Robots: Approaching Mass Production and Supply Chain Breakthroughs** Despite recent market-driven corrections, the robotics sector continues to advance. With Unitree Robotics completing its IPO preparations and Tesla's planned mass production next year, the industry is approaching a pivotal moment. Sinolink recommends focusing on companies with strong technological advantages in core components, such as Hengli Hydraulics (601100.SH) and Shuanghuan Driveline (002472.SZ), which may see valuation upside as production scales up.

**Sector Performance Overview** - **General Machinery**: Continued pressure - **Construction Machinery**: Accelerating growth - **Shipbuilding**: Slowing decline - **Oilfield Services Equipment**: Stabilizing at lows - **Railway Equipment**: Steady growth - **Gas Turbines**: Steady growth

Year-to-date, the SW Machinery Equipment Index has risen 25.58%, outperforming the CSI 300's 13.18% gain.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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