机械行业2023年半年报分析：业绩表现优于预期高端装备韧性足

7、8Q2步的释放。（2）817（2023-2024年集团、安徽合力、捷佳伟创、欧科亿！风险提示：。43518个子行业为样本，属于不完全统计，但基本代表上市公司所处细分行业特征。重型机械25机床工具与自动化33*ST沈机工程机械2566专用设备50智能装备42泰尔股份华明装备徐工机械国机精工威海广泰博实股份宝鼎科技秦川机床柳工微光股份中船应急机器人通裕重工青海华鼎山推股份凯中精密天瑞仪器新元科技杭氧股份昊志机电厦工股份优德精密亿利达埃斯顿紫天科技华中数控苏美达文一科技华宏科技诚益通陕鼓动力亚威股份山河智能川仪股份豪迈科技巨轮智能川润股份山东威达达刚控股巨力索具集智股份华昌达科新机电恒锋工具森远股份襄阳轴承赛象科技五洋停车大连重工海天精工北方股份宝塔实业金盾股份智能自控华东重机合锻智能*ST海伦爱司凯中坚科技拓斯达中信重工佳士科技恒立液压金石亚药天鹅股份泰禾智能兰石重装瑞凌股份浙江鼎力昌红科技一拖股份三丰智能冀东装备锐奇股份建设机械宝色股份美亚光电克来机电弘宇股份蓝英装备艾迪精密金自天正三德科技*ST和科天桥起重上海沪工法兰泰克银宝山新凌霄泵业田中精机ST新研威尔泰浙矿股份福鞍股份君禾股份瀚川智能内蒙一机伊之密建科机械杭齿前进海鸥股份江苏北人铁建重工宇晶股份天成自控申科股份大元泵业瑞松科技金鹰重工华辰装备利柏特伟隆股份大丰实业埃夫特-U运机集团国盛智科长龄液压双一科技软控股份博杰股份锡装股份沃尔德邵阳液压日月股份长盛轴承佰奥智能国机重装思进智能唯万密封奇精机械耐普矿机联赢激光福斯达恒而达南方路机宏盛股份精准信息赛摩智能轻工机械杰克股份泰瑞机器能源装备富瑞特装恒润股份万讯自控海川智能36慈星股份浙海德曼34杰瑞股份大金重工国安达大宏立通润装备海源复材惠博普百达精工矩子科技亿嘉和*ST中捷宇环数控海默科技力星股份迈得医疗绿的谐波标准股份纽威数控通源石油神驰机电德固特天永智能巨星科技科德数控神开股份双飞股份银都股份豪森股份达意隆华锐精密应流股份国茂股份合力科技联测科技横河精密欧科亿江苏神通德恩精工*ST恒誉凯尔达金明精机轨交设备中国中车南风股份浙江力诺福立旺华依科技中亚股份23晋亿实业*ST海核威唐工业信测标准景业智能博深股份神州高铁中核科技锋龙股份谱尼测试巨一科技宝馨科技鼎汉技术纽威股份新强联国检集团信邦智能利君股份晋西车轴石化机械春晖智控广电计量迈赫股份弘亚数控康尼机电郑煤机ST天马泰福泵业均普智能宁波精达新筑股份天地科技宁波东力百胜智能智立方南兴股份今创集团山东矿机中大力德中金环境爱科科技上工申贝众合科技山东墨龙联德股份星球石墨固高科技永创智能中铁工业蓝科高新华丰股份博亚精工设备18金通灵哈空调绿岛风卓郎智能交控科技如通股份华民股份中际联合捷昌驱动天宜上佳梅安森海泰科欧圣电气越剑智能朗进科技厚普股份金沃股份西测测试泰坦股份威奥股份道森股份明志科技金橙子新美星运达科技中泰股份怡合达美埃科技康平科技日月明创力集团绿田机械瑞晨环保乐惠国际必得科技冀凯股份宜安科技日联科技凯迪股份祥和实业蜀道装备宏德股份/11经纬纺机工大高科迪威尔金道科技宏华数科雷尔伟航天工程丰光精密致远新能时代电气新柴股份吉冈精密远信工业哈铁科技卓然股份拓山重工大禹节水九州一轨德石股份联合精密华研精机机械11中广核技瑜欣电子物产金轮中环海陆冠龙节能炜冈科技美腾科技海力风电欧克科技电梯康力电梯超达装备鸿铭股份13远大智能唯科科技光伏设备迈为股份智能表计宁水集团新时达盛帮股份7弘元绿能12康斯特上海机电通力科技奥特维金卡智能快意电梯丰立智能罗博特科三川智慧沪宁股份万得凯高测股份秦川物联广日股份恒工精密京山轻机山科智能通用电梯3C设备易天股份捷佳伟创迈拓股份梅轮电梯14科瑞技术锂电设备先导智能瑞纳智能展鹏科技智云股份10赢合科技宏英智能华菱精工联得装备杭可科技思林杰同力日升劲拓股份福能东方真兰仪表森赫股份天准科技先惠技术汇中股份半导体设备5快克智能利元亨深科达斯莱克赛腾股份震裕科技博众精工骄成超声利和兴曼恩斯特安达智能强瑞技术凯格精机一、23H1机械行业营收、净利润稳步增长 1、上半年营业收入小幅增长，智能表具增速领跑制造业PMI（49.2），整个二季度PMI（动贬值。招商机械覆盖18个细分行业435实现总营业收入9103.1元，同比+4.74%Q2单季度收入同比增速较Q1单季度扩大：23Q1、23Q2单季度收入同比变化分别为+1.62%、+7.87%。一方面是去年同期（疫情管控下）较低基数的影响，另一方面是部分子行业维持高景气，业绩表现好。各板块具体表现如下：（2208.4亿元，+3.25%）。20231-65.10-44%2.99-32.1%1-65.782.67+25.6%电224.771.6%α（1362.6211314.2%376767.7%1237720.5%617120mm6mm16.9%长27.3%12.9%88艘/619.261.49%0.490.16亿元（还在交付2018-2019年的低价订单）。智能表具2023H1收入54.230.12%+++CAPP成主流方案，满足政策要求的同时助力公用事业企业实现精细化管理。因此，23H1智能表具企业下游需求得到较大幅的提振，整个板块收入端表现亮眼。实现营业收入14.516.17%。23Q28.14水务业务成为公司营收增长双引擎。23H1公司数字燃气、数字水务分别同比增长14.0%、52.5%2000公用事业企业超4000家。11.2193.49%。公司营收高增主要原因：①新添稀土回收业务；②传统智能水表业务增速较高667%6.322H1总营收的64.8%。NB-IoT53.8%。3.033.69%。（单价更高但是产品性能更好）转换为智能远传水表订单。因此，公司上半年整体业务量有所增加。4.2023H1锂电设备收入224.1亿元，同比增长21.66%。2022年下半年以来，锂电池厂商扩产意愿大幅下滑，2023年后市场未见大规模招标。行业整体增速较往年已经放缓许多。从半年报业绩来看，锂电设备经营业绩出现明显的分化，部分龙头公司（如先导智能、曼恩斯特）半年报业绩增长较为可观。实现营业收入70.930.03%。-4.3%+53.6%0.5-1202288.722%，10611.9180.40%。公司营收增长主要原因系控股子公司福建东恒新能源集团有限公司自2022Q33.577.21%。2.778.8%；757668%）2、原材料成本下行+汇率优势，净利润增速更亮眼2023H1机械行业实现625.3且Q2更明显。23Q1机械行业营收净利润增速分别为1.62%、2.51%，23Q2营收净利润增速分别为7.87%16.06%22到报表中。C（6000+4.5、锂电设备（+42.14%）。工程机械23H1实现净利润142.1增长26.68%。增长主要原因：22H1112.2主要产品出口增速高于国内，出口产品整体利润率高于内销。以三一重工为例，23H1公司出口、内销产品毛利率分别为31.0%、24.4%。③去年年底，工程机械国三排放标准切换为国四排放标准，产品售价逐步企稳。3C7.79.40%，23H11.5+386.06%75.8%1.6017.3+48.51%其23H18.4行业分类收入净利润数值（亿元）同比增速数值（亿元）行业分类收入净利润数值（亿元）同比增速数值（亿元）同比增速重型机械700.433.27%41.58-1.42%轻工机械329.10-16.62%29.55-29.26%机床工具与自动化203.135.24%20.78-2.84%制冷、通风设备204.2018.50%18.6921.91%轨交设备1218.988.37%69.9313.91%船舶、港口机械1362.551.56%25.83-19.73%工程机械2208.443.25%142.1426.68%能源装备670.5310.94%61.6619.28%机械基础件零部件435.505.11%40.287.70%专用设备396.94-1.84%41.47-5.46%电梯226.8210.75%17.2848.51%智能装备271.8815.94%14.600.67%光伏设备231.998.50%36.8718.02%锂电设备224.1121.66%25.3339.49%叉车/物流自动化设备245.627.14%20.8531.56%智能表具54.2030.12%6.369.23%3C设备80.419.40%7.6660.00%半导体设备38.24-9.38%4.47-45.79%机械行业9103.14.74%625.39.84%资料来源：、表2：2023H1机械上市公司分行业经营效益指标（亿元）行业分类销售收入销售成本销售费用管理费用财务费用研发费用利润总额净利润归母净利润重型机械700.43576.2412.9531.734.7025.2446.2041.5840.65轻工机械329.10244.5518.4420.48-2.1413.3434.0229.5529.28机床工具与自动化203.13146.1113.0811.87-0.5311.4524.1520.7820.57制冷、通风设备204.20151.9810.6911.081.087.8721.4718.6918.68轨交设备1218.98947.5649.4378.54-2.1671.5079.7769.9357.79船舶、港口机械1362.551202.9517.9271.66-14.8239.2734.7125.8318.62工程机械2208.441778.40108.6054.04-15.7383.45164.46142.14130.63能源环保装备670.53500.8925.4637.53-0.7429.6873.0561.6655.70机械基础件零部件435.50329.0916.3724.57-0.2019.8646.1040.2840.20专用设备396.94283.5623.8426.11-2.7421.4647.1641.4741.10电梯226.82186.2510.8410.71-1.978.4118.4517.2814.62智能装备271.88200.0315.2122.661.8916.8116.0414.6014.35光伏设备231.99166.616.328.50-1.7613.4841.4336.8736.89锂电设备224.11152.675.9114.10-0.0819.0327.3825.3322.85叉车/物流自动化设备245.62195.409.338.42-0.9111.8723.9720.8519.68智能表具54.2035.516.233.21-0.314.147.176.366.293C设备80.4150.257.966.27-0.4310.707.937.667.31半导体设备38.2419.343.254.490.257.465.364.474.67机械行业9103.17167.4361.8446.0-36.6415.0718.8625.3579.9数据来源：，图：22H1图220312022/122023/62022/122023/62/6202

收入增速 净利润增速

80%

收入增速 净利润增速专用设备叉车/物流自动化…智能表具半导体设备资料来源：、 资料来源：、二、23Q2收入、净利润同环比齐升 2023年Q2Q2机械行业整体实现收入亿元，同比+7.87%，环比+26.31%，净利润370.8亿元，同比+16.06%，环比+47.44%23Q2电梯（+22.04%）。净利润增幅前三为船舶、港口机械（+69.65%）、工程机械（+55.49%）、3C设备（+54.45%）。Q2实现收入821.417.25亿元，同比增长69.65%。板块内，Q2净利润增速最高的为中国船舶5-62019（工程机械Q2实现收入1175.3亿元，同比增长2.85%；实现净利润79.9亿元，同比增长55.49%，净利润增速明显高于营收增速。板块内，Q2净利润同比增速前三的公司为山推股份（+246.50%）、利柏特（+140.12%）、徐工机械（+109.46%）。结合三家公司半年报信息，在行业整体景气度不高的背景下，实现净利润高增的主要途径有：①高毛利高附加值产品占比、自主研发率提升；销售，上半年工程机械主机毛利率同比提升4.15pct，海外收入占比提升至51.61%。锂电设备Q2收入124.3亿元，同比增长25.21%；净利润14.0亿元，同比增长421797%（458（58）净行业分类收入净利润数值（亿元）同比增速数值（亿元）行业分类收入净利润数值（亿元）同比增速数值（亿元）同比增速重型机械377.40-0.52%22.48-2.72%轻工机械177.65-13.21%17.96-7.34%机床工具与自动化108.4113.98%12.096.75%制冷、通风设备111.0120.74%11.0819.97%轨交设备742.679.84%50.374.02%船舶、港口机械821.3816.41%17.2569.65%工程机械1175.302.85%79.8555.49%能源装备362.9210.72%37.3111.54%机械基础件零部件229.876.69%20.55-11.65%专用设备209.11-0.09%24.352.33%电梯133.1415.54%11.1224.98%智能装备154.8422.04%8.7716.79%光伏设备127.1414.60%18.513.70%锂电设备124.3225.21%14.0142.01%叉车/物流自动化设备132.459.57%12.9030.52%智能表具30.4134.93%3.7412.78%3C设备42.910.61%5.3354.45%半导体设备20.19-15.26%3.18-39.52%机械行业5081.117.87%370.8416.06%资料来源：、行业分类销售收入销售成本销售费用管理费用财务费用行业分类销售收入销售成本销售费用管理费用财务费用研发费用利润总额净利润归母净利润重型机械377.40311.666.8515.691.6214.0465.7422.4821.97轻工机械177.65131.8510.0510.61-4.186.8945.8017.9617.71机床工具与自动化108.4177.687.196.00-1.566.2530.7312.0911.74制冷、通风设备111.0182.445.965.79-0.224.2928.5711.0811.05轨交设备742.67577.8530.4442.09-4.9840.01164.8250.3742.93船舶、港口机械821.38733.709.7838.40-18.3823.2987.6817.2513.39工程机械1175.30941.0558.9826.89-23.2545.18234.2479.8573.63能源环保装备362.92267.7814.0519.80-3.6216.1095.1437.3134.35机械基础件零部件229.87173.758.8012.92-1.4110.8356.1220.5520.45专用设备209.11148.4613.3513.64-3.8711.7760.6524.3524.03电梯133.14108.545.845.67-1.405.0824.6011.129.51智能装备154.84114.918.3011.410.409.1539.938.778.54光伏设备127.1491.774.024.27-2.017.7435.3818.5118.42锂电设备124.3286.183.447.43-0.6810.0338.1414.0112.09叉车/物流自动化设备132.45103.914.904.16-1.336.0428.5412.9012.03智能表具30.4120.323.281.64-0.252.2110.093.743.673C设备42.9126.904.123.17-0.695.4716.015.335.10半导体设备20.1910.091.632.25-0.203.7910.103.183.38机械行业5081.14008.8201.0231.9-66.0228.21072.3370.8344.0数据来源：，3Q2022营业收入4Q2022 1Q20232Q20233Q20224Q20223Q2022营业收入4Q2022 1Q20232Q20233Q20224Q2022净利润1Q20232Q2023重型机械365.59383.11323.03377.4020.4613.4119.1022.48轻工机械194.12194.65176.64177.6523.98-4.4513.9717.96机床工具与自动化95.12102.0689.39108.419.090.257.6012.09制冷、通风设备87.0996.7088.31111.018.76-1.296.7011.08轨交设备715.631127.27476.31742.6751.8974.2419.5750.37船舶、港口机械758.77940.63541.17821.3817.30-12.828.5917.25工程机械1221.10985.041033.141175.3057.8213.8962.2979.85能源装备313.06365.32307.61362.9223.8730.2024.3637.31机械基础件零部件218.61229.18201.28229.8717.5816.5119.1320.55专用设备212.52242.06185.08209.1121.3118.3416.5724.35电梯150.35130.2093.68133.149.72-6.936.1611.12智能装备131.10172.39115.28154.847.37-1.265.638.77光伏设备116.34119.28104.85127.1422.9713.2018.3618.51锂电设备121.19114.8896.33124.3214.025.589.7214.01叉车/物流自动化设备112.32135.96113.16132.457.996.797.9512.90智能表具24.6933.7721.8230.413.275.832.193.743C设备56.3561.4737.5142.917.683.752.335.33半导体设备23.4030.7118.0620.194.304.311.293.18机械行业4917.355464.684022.645081.11329.38179.54251.52370.84资料来源：，3Q2022营业收入同比增长4Q2022 1Q20232Q20233Q2022净利润同比增长3Q2022营业收入同比增长4Q2022 1Q20232Q20233Q2022净利润同比增长4Q2022 1Q20232Q2023重型机械5.66%-0.34%8.08%-0.52%32.04%302.43%0.14%-2.72%轻工机械-4.94%-13.14%-7.03%-13.21%47.28%-161.03%-37.56%-7.34%机床工具与自动化-3.09%-0.67%-3.52%13.98%-11.57%68.83%-14.66%6.75%制冷、通风设备8.47%9.08%16.05%20.74%38.32%-226.57%31.35%19.97%轨交设备9.79%7.48%6.17%9.84%19.77%40.70%50.81%4.02%船舶、港口机械-0.17%-5.82%-14.91%16.41%-67.29%-41.69%-61.00%69.65%工程机械9.36%-12.80%3.70%2.85%-9.42%-46.90%2.36%55.49%能源装备12.28%1.41%11.21%10.72%31.87%1606.92%33.46%11.54%机械基础件零部件0.74%1.70%3.60%6.69%-27.49%70.93%40.61%-11.65%专用设备8.47%6.55%-4.13%-0.09%-0.39%236.69%-16.55%2.33%电梯6.73%-7.42%4.58%15.54%-5.76%-2353.95%124.87%24.98%智能装备13.36%19.07%8.96%22.04%-27.12%-73.62%-16.31%16.79%光伏设备43.63%43.21%1.92%14.60%118.37%87.27%37.11%3.70%锂电设备70.21%21.00%16.10%25.21%71.41%8.55%36.00%42.01%叉车/物流自动化设备2.41%1.78%4.43%9.57%33.04%-27.00%33.28%30.52%智能表具17.37%16.82%26.96%34.93%2.37%2.57%7.83%12.78%3C设备15.43%18.76%21.53%0.61%39.57%-271.18%74.30%54.45%半导体设备29.54%36.31%-1.76%-15.26%8.99%10.31%-56.80%-39.52%机械行业7.95%-0.47%1.62%7.87%-0.17%63.16%2.51%16.06%资料来源：，图3：23Q2图4：23Q20%

收入增速 净利润增速2022Q4 2023Q1 2023Q2

0%

收入增速 净利润增速资料来源：、 资料来源：、三、行业整体盈利能力增强 1、23H1综合毛利率、净利率提升，费用率微增2023年H11313c（4pc（45pc光伏设备（+3.2pct）。25（+5.7pct）（+6.6pct）83.7115%6个点，2023H134.8%16.5pct提升也是由龙头带动的。先导智能、赢合科技、杭可科技毛利率分别同比提升5.9/7.3/9.0pct（等。（-4.0pct）（3.30%）6.3亿5（-8.12pct），23H1+0.85pct+0.59pct-0.04pct、研发费用率同比+0.31pct。分细分行业来看，同比2023H1+0.3pct（+0.85pct）（+1.73pct），行业分类净利润率 毛利率 销售费用率 管理费用率 财务费用率 研发费用率22/6 23/6 22/6 23/6 22/6 23/6 22/6 23/6 22/6 23/6 22/6 23/6重型机械3.0%5.9%行业分类净利润率 毛利率 销售费用率 管理费用率 财务费用率 研发费用率22/6 23/6 22/6 23/6 22/6 23/6 22/6 23/6 22/6 23/6 22/6 23/6重型机械3.0%5.9%17.4%17.7%1.7%1.8%4.2%4.5%0.9%0.7%3.31%3.60%轻工机械10.6%9.0%26.9%25.7%4.1%5.6%9.0%6.2%0.0%-0.6%3.51%4.05%机床工具11.1%10.2%27.4%28.1%5.6%6.4%6.0%5.8%-0.4%-0.3%5.17%5.64%制冷通风8.9%9.2%23.7%25.6%5.3%5.2%5.3%5.4%0.1%0.5%3.61%3.85%轨交设备5.5%5.7%21.5%22.3%3.3%4.1%6.5%6.4%0.1%-0.2%6.02%5.87%船舶港口2.4%1.9%12.5%11.7%1.4%1.3%6.0%5.3%-1.4%-1.1%2.49%2.88%工程机械5.2%6.4%14.6%19.5%3.8%4.9%2.1%2.4%-0.7%-0.7%3.33%3.78%能源环保8.6%9.2%24.1%25.3%3.5%3.8%5.6%5.6%0.0%-0.1%4.59%4.43%机械基础件9.0%9.2%22.8%24.4%3.4%3.8%5.2%5.6%0.2%0.0%4.42%4.56%专用设备10.8%10.4%27.2%28.6%4.8%6.0%5.7%6.6%-0.3%-0.7%4.99%5.41%电梯5.7%7.6%16.8%17.9%4.8%4.8%4.4%4.7%-0.8%-0.9%3.45%3.71%智能装备6.2%5.4%26.2%26.4%5.1%5.6%8.8%8.3%0.4%0.7%6.03%6.18%光伏设备14.6%15.9%25.0%28.2%1.8%2.7%2.7%3.7%-0.5%-0.8%6.07%5.81%锂电设备9.7%11.3%27.4%31.9%2.6%2.6%5.8%6.3%0.0%0.0%7.47%8.49%叉车/物流6.9%8.5%18.1%20.4%3.4%3.8%3.1%3.4%-0.4%-0.4%4.68%4.83%智能表具14.0%11.7%38.6%34.5%12.3%11.5%6.5%5.9%-0.8%-0.6%8.43%7.65%3C设备6.5%9.5%37.9%37.5%10.3%9.9%7.8%7.8%-0.6%-0.5%13.54%13.31%半导体设备19.5%11.7%53.4%49.4%6.7%8.5%9.8%11.8%-0.4%0.7%14.35%19.49%机械行业6.6%6.9%19.5%21.3%3.4%4.0%4.9%4.9%-0.4%-0.4%4.25%4.56%资料来源：，2、23Q2盈利能力同比保持增长2023年Q20.4pct（55c（39c锂电设备（+3.6pct）。部分龙头公司调整战略，盈利能力大幅提升。例如，工程机械龙头三一重工为应对国内工程机械市场需求疲软，积极开拓海外市场，Q2Q11.12pct2023年Q2期间费用率11.7%，同比上升0.3pct，环比下滑3.2pct。其中，销售费用率同比上升1.0pct，环比持平；管理费用率同比下降0.4pct，环比下降0.9pct；财务费用率同比下降0.4pct，环比下降2.0pct；研发费用率同比上升0.2pct0.2pct（+2.6pct）（+2.4pct）（-1.7pct）2023年Q2净利率为+0.4pct，环比+1.0pct（-3.5pct）3C（+5.1pct）（+2.2pct）（+1.8pct）。行业分类3Q2022净利率4Q2022 1Q2023行业分类3Q2022净利率4Q2022 1Q20232Q20233Q2022毛利率4Q2022 1Q20232Q2023重型机械5.6%3.5%5.9%6.0%18.1%18.9%18.1%17.4%轻工机械12.4%-2.3%7.9%10.1%28.6%31.2%28.1%25.8%机床工具9.6%0.2%8.5%11.2%27.2%28.5%27.5%28.3%制冷设备10.1%-1.3%7.6%10.0%26.0%23.3%25.1%25.7%轨交设备7.3%6.6%4.1%6.8%22.6%23.1%22.4%22.2%船舶港机2.3%-1.4%1.6%2.1%13.1%11.2%13.3%10.7%工程机械4.7%1.4%6.0%6.8%17.7%19.4%19.0%19.9%能源装备7.6%8.3%7.9%10.3%23.2%25.0%24.2%26.2%基础零部8.0%7.2%9.5%8.9%23.0%23.4%24.4%24.4%其他机械10.0%7.6%9.0%11.6%28.5%29.7%27.9%29.0%电梯6.5%-5.3%6.6%8.3%16.7%16.4%17.1%18.5%智能装备5.6%-0.7%4.9%5.7%25.9%23.6%26.9%25.8%光伏设备19.7%11.1%17.5%14.6%31.4%24.4%28.6%27.8%锂电设备11.6%4.9%10.1%11.3%29.6%29.4%32.0%30.7%叉车/物流7.1%5.0%7.0%9.7%18.7%20.3%19.2%21.5%智能表具13.3%17.3%10.1%12.3%36.8%39.1%34.9%33.2%3C设备13.6%6.1%6.2%12.4%38.1%35.0%37.7%37.3%半导体设备18.4%14.0%7.2%15.7%49.0%48.8%48.8%50.0%机械行业6.7%3.3%6.3%7.3%20.9%21.2%21.5%21.1%资料来源：，行业分类4Q2022销售费用率1Q20232Q20234Q2022行业分类4Q2022销售费用率1Q20232Q20234Q2022管理费用率1Q20232Q20234Q2022财务费用率1Q20232Q20234Q2022研发费用率1Q20232Q2023重型机械1.7%1.9%1.8%4.8%5.0%4.2%0.4%1.0%0.4%5.8%3.5%3.7%轻工机械5.2%5.0%5.7%9.8%9.4%6.0%1.4%1.5%-2.4%5.0%4.0%3.9%机床工具8.0%6.6%6.6%7.6%6.6%5.5%1.0%1.2%-1.4%5.6%5.8%5.8%制冷设备6.4%5.4%5.4%6.8%6.0%5.2%2.0%1.5%-0.2%5.7%4.0%3.9%轨交设备4.1%4.0%4.1%5.8%7.7%5.7%0.1%0.6%-0.7%6.6%6.6%5.4%船舶港机0.8%1.5%1.2%5.0%6.1%4.7%0.4%0.7%-2.2%3.6%3.0%2.8%工程机械5.9%4.8%5.0%3.2%2.6%2.3%2.0%0.7%-2.0%5.4%3.7%3.8%能源装备4.0%3.7%3.9%6.1%5.8%5.5%1.3%0.9%-1.0%4.6%4.4%4.4%基础零部4.0%3.8%3.8%6.4%5.8%5.6%0.1%0.6%-0.6%5.0%4.5%4.7%其他机械5.9%5.7%6.4%6.4%6.7%6.5%0.6%0.6%-1.8%5.8%5.2%5.6%电梯4.7%5.3%4.4%5.0%5.4%4.3%-0.1%-0.6%-1.0%4.3%3.6%3.8%智能装备5.1%6.0%5.4%7.0%9.8%7.4%1.6%1.3%0.3%7.0%6.6%5.9%光伏设备2.2%2.2%3.2%2.5%4.0%3.4%0.4%0.2%-1.6%4.0%5.5%6.1%锂电设备3.7%2.6%2.8%5.6%6.9%6.0%0.2%0.6%-0.5%8.7%9.3%8.1%叉车/物流4.0%3.9%3.7%3.5%3.8%3.1%0.7%0.4%-1.0%4.6%5.1%4.6%智能表具3C设备半导体设备11.8%6.6%6.7%13.5%10.2%8.9%10.8%9.6%8.1%5.1%6.5%8.6%7.2%8.3%12.4%5.4%7.4%11.1%0.0%0.7%2.3%-0.3%0.7%2.5%-0.8%-1.6%-1.0%6.6%10.4%15.3%8.8%13.9%20.3%7.3%12.8%18.8%机械行业4.0%4.0%4.0%5.3%5.5%4.6%0.8%0.7%-1.3%5.5%4.7%4.5%资料来源：，四、重要财务指标变化揭示 1、库存水平处于高位，存货周转率波动不大2023H16718628321（120.（385锂电设备（+29.9%）。光伏、锂电、半导体设备大多含有非标属性，收到订单（1225.3、（1155.3（1138.7），图5：2022/6-2023/6存货变化示意图（亿元）2022/6 2023/6 同比0

140%120%100%80%60%40%20%0%-20%与风自设…备

轨船工交舶程设、机备港械口机械

能机专源械用装基设备础备件零…

电智光锂梯能伏电装设设备备备

叉智 车能设物表备流具 3C/自 备3C/动…资料来源：，23H1273.50.5（-68.4、（-44.0（-36.3天（+134.2天（+52.8天）（+32.2天）行业分类2022/6存货（亿元）2023/6同比存货周转天数（天）2022/6 2023/6重型机械行业分类2022/6存货（亿元）2023/6同比存货周转天数（天）2022/6 2023/6重型机械526.7559.46.2%226.1220.8轻工机械242.1229.3-5.3%221.7225.1机床工具与自动化170.0179.95.8%271.2268.1制冷、通风设备106.1118.211.5%205.2201.8轨交设备1095.71155.35.4%346.4310.1船舶、港口机械1170.91225.34.7%270.4226.4工程机械890.51138.727.9%232.1238.8能源装备391.9430.49.8%352.2283.8机械基础件零部件243.0265.59.3%169.7168.1专用设备236.2258.89.6%255.2287.4电梯167.2151.2-9.5%149.0133.1智能装备304.6335.210.1%353.0328.9光伏设备165.1364.2120.6%334.5387.2锂电设备221.4287.729.9%373.8366.1叉车/物流自动化设备126.1131.13.9%301.5276.5智能表具24.027.113.2%207.0213.53C设备102.6108.86.1%332.9341.6半导体设备37.852.338.5%311.8446.0机械行业6221.77018.612.8%273.0273.5资料来源：，固定资产周转率均有所下滑。细分行业中，重型机械固定资产周转率降幅高达152.14pct23H11236.18%（5038.73%）3802.6pct3C（-2.18%）固定行业分类固定资产周转率总资产周转率2022/62023/62022/62023/6表11：行业分类固定资产周转率总资产周转率2022/62023/62022/62023/6重型机械203.6251.480.250.25轻工机械2.301.750.270.24机床工具与自动化1.731.660.220.22制冷、通风设备1.791.740.280.25轨交设备1.581.490.150.14船舶、港口机械1.081.340.190.22工程机械2.512.430.290.272.322.170.210.22机械基础件零部件1.641.400.280.25专用设备1.921.660.250.21电梯2.572.500.260.27智能装备3.012.340.200.19光伏设备5.184.670.310.26锂电设备3.863.600.280.23叉车/物流自动化设备3.473.360.320.30智能表具6.373.770.200.203C设备4.602.420.230.213.652.370.200.15机械行业14.075.120.240.23资料来源：Wind，招商证券2、应收账款规模与占营收比重均提升23H1比+10.35%，长期应收款同比+4.11%，应收款项占收入比重同比+2.86pct，表233C（+88.3pct）行业分类2022/62023/6应收款项同比增长应收款项占收入比例变动应收账款及应收票据长期应收款应收款项行业分类2022/62023/6应收款项同比增长应收款项占收入比例变动应收账款及应收票据长期应收款应收款项/收入应收账款及应收票据长期应收应收款项/收入重型机械646.18.972.4%696.87.375.4%7.5%3.0%轻工机械200.911.140.3%199.28.747.4%-1.9%7.1%机床工具与自动化116.21.845.8%128.21.047.7%9.5%1.9%制冷、通风设备119.30.952.3%146.83.055.0%24.7%2.7%轨交设备1450.594.6103.0%1614.4108.2106.0%11.5%3.0%船舶、港口机械561.462.934.9%525.172.232.9%-4.3%-2.0%工程机械1364.6386.861.4%1454.5395.262.8%5.6%1.4%能源环保装备505.122.965.5%571.526.466.9%13.2%1.4%机械基础件零部件275.50.349.9%308.40.253.1%11.9%3.2%专用设备224.92.342.1%249.40.447.2%9.9%5.0%电梯125.40.446.1%131.90.443.7%5.1%-2.3%智能装备191.812.065.2%228.07.264.9%15.5%-0.3%光伏设备82.60.029.0%148.80.148.1%80.2%19.2%锂电设备150.60.361.4%217.40.072.8%44.1%11.3%叉车/物流79.60.526.2%91.61.128.3%15.7%2.1%智能表具50.70.191.5%59.80.182.9%17.9%-8.6%3C设备65.11.267.6%78.90.6155.9%19.9%88.3%半导体设备43.50.077.3%50.50.047.1%16.2%-30.2%机械行业6253.8607.159.2%6901.3632.162.1%9.80%2.86%资料来源：，3、经营性现金流净额同比下滑23H123Q2-113.0102.9Q2157.7-48.5%行业分类2022/62023/622Q222Q322Q423Q123Q2行业分类2022/62023/622Q222Q322Q423Q123Q2重型机械-41.2-26.84.116.137.91.7-28.5轻工机械-37.734.02.015.193.1-14.127.9机床工具与自动化0.415.911.85.819.6-3.119.0制冷、通风设备-7.55.10.110.422.7-9.114.2轨交设备-60.4-175.871.4126.6217.2-111.0-64.9船舶、港口机械-14.8-28.9-41.7-12.2201.9-71.042.2工程机械57.247.674.854.274.1-5.453.0能源环保装备24.44.737.430.161.5-15.620.3机械基础件零部件17.1-4.924.512.837.7-22.017.1专用设备35.626.744.027.333.32.424.3电梯-8.914.118.817.17.4-2.816.9智能装备-7.3-25.5-3.3-7.125.2-18.3-7.2光伏设备35.132.929.411.419.414.718.3锂电设备6.0-18.724.2-11.019.7-30.611.9叉车/物流自动化设备0.84.45.5-0.121.1-0.95.3智能表具-6.0-6.50.62.811.7-8.01.53C设备-1.0-0.8-0.24.37.53.5-4.3半导体设备-2.0-10.42.6-1.23.6-1.2-9.3机械行业-10.2-113.0306.1302.3914.6-290.9157.7资料来源：，4、资本开支同比上升，新兴与周期板块共同拉动512.4亿21.48%（9517（691（+68.16%）（+64.90%）表14：2022H1、2023H1机械分行业资本支出变化情况（亿元）行业分类2022/62023/6同比增幅重型机械23.339.569.31%轻工机械20.425.223.10%机床工具与自动化19.320.66.84%制冷、通风设备17.117.1-0.22%轨交设备39