Guojin Securities: Optimistic about gas turbines, agricultural machinery, and humanoid robots

The Zhitong Finance App learned that Guojin Securities released a research report saying that Siemens Energy raised its target to expand combustion engine production and continues to be optimistic about gas turbine turbine blade leading flow stocks. The October data for tractors was stable, and corn prices returned to positive year-on-year growth. We are optimistic about the recovery in domestic demand for agricultural machinery. Leading overseas robot companies are close to mass production and fixed industrial chains, focusing on the breakthrough potential of domestic suppliers.

With the completion of Yushu Technology's IPO consultation and Tesla's mass production next year, the robot industry will usher in a singular moment, and key configurations are recommended. Looking ahead, against the backdrop of robot supply chain companies continuing to emerge, and there is a long-term trend of deflation, Guojin Securities is optimistic about the card core component circuit and companies that have strong technical advantages. As mass production approaches, such companies implied that there is room for robot valuations to continue to rise. It is recommended to focus on Hengli Hydraulic (601100.SH), Double Ring Drive (002472.SZ), etc. which have large differences in expectations.

Guojin Securities's main views are as follows:

Market review

This week's sector performance: Last week (2025/11/17-2025/11/21), the SW Machinery Equipment Index fell 4.78% in 5 trading days, ranking 13th in Shenwan's 31 first-level industry categories; the Shanghai and Shenzhen 300 Index fell 3.77% during the same period. Performance since 2025: The SW Machinery and Equipment Index rose 25.58%, ranking 6th in Shenwan's 31 first-level industry categories; the Shanghai and Shenzhen 300 Index rose 13.18% during the same period.

Core ideas

Siemens Energy raised its target to expand combustion engine production and continues to be optimistic about combustion engine turbine blade leading flow stocks. On November 20, Siemens Energy stated on Capital Market Day that the combustion engine production capacity was 17 GW in FY24, which is expected to increase to 22 GW in 25-27, and exceed 30 GW in 28-30. Siemens Energy has now set a target for expanding production after 28 years. We believe that on the one hand, this move reflects that the demand side of combustion engines has exceeded expectations. On the other hand, the completion of OEMs' production expansion goals will depend on expanding production of upstream core components such as turbine blades. Yingliu Co., Ltd. is a leading domestic turbine blade leader. In July 2025, senior Siemens Energy officials visited Yingliu Group and stated that in the future, they hope to take more responsibility for Siemens' main models and provide a wider range of products. Cooperation between the two sides has further deepened, and we are optimistic that Yingliu Co., Ltd. will continue to increase its orders for combustion engine blades from Siemens Energy.

The October data for tractors was stable, and corn prices returned to positive year-on-year growth. We are optimistic about the recovery in domestic demand for agricultural machinery. According to the National Bureau of Statistics, the production of large and medium haulers in October was 7017/14886 units, respectively, -3.6%/+1.6% compared with the same period last year. The overall situation is similar to that of September and is relatively stable. According to Huiyi Network, corn prices have rebounded steadily again after experiencing a relatively obvious correction in the fall harvest season in October. The latest data shows that corn prices finally achieved year-on-year growth after a lapse of about two years. The increase has reached more than 3%. I am optimistic that domestic demand for agricultural machinery will be repaired.

Leading overseas robot companies are close to mass production and fixed industrial chains, focusing on the breakthrough potential of domestic suppliers. Recently, the robotics sector has taken a deep rebound due to market style, but the industry is progressing as planned. With the completion of Yushu Technology's IPO consultation and Tesla's mass production next year, the robot industry will usher in a singular moment, and key configurations are recommended. Looking ahead, against the backdrop of robot supply chain companies continuing to emerge, protracted, or deflationary, we are optimistic about companies that have strong technical advantages in the card core components circuit. As mass production approaches, such companies implied that there is room for robot valuations to continue to rise. It is recommended to focus on Hengli Hydraulic, Double Ring Transmission, etc. which have large differences in expectations.

Industry segment sentiment indicators: general machinery (continuous pressure), construction machinery (acceleration upward), ships (downward slowing), oil service equipment (stabilizing at the bottom), railway equipment (steady upward), gas turbines (steady upward).