机械行业2023Q3季报综述：重点关注通用制造业复苏

目录12023Q3：营收同比+4.8%，归母净利润+7.9% 3营收稳定增长，利润加速释放 3专用设备：光伏设备依旧强势，油气、矿山、纺服装备增速提高 7运输设备：新一轮船舶制造周期已开启 12通用设备：全面开启复苏之势 13工程机械：国内持续磨底，海外空间广阔 18行业估值：多个子板块估值处于50%分位数以内 21行业观点：宏观经济增速下行拖累大多赛道，上游能源设备景气上行 22专用设备：传统能源设备景气上行，新能源设备保持景气 22通用设备：短期制造业承压，检测受核酸拖累 32工程机械：仍处行业下行周期，万亿刺激或提前复苏 35投资建议：优选景气上行板块，把握具备长期优势的优质个股 37风险提示 38插图目录 39表格目录 39分析师承诺 4112023Q3：营收同比+4.8%，归母净利润+7.9%2023CS591（除北交所上市公司）CS二级类 CS三级类 上市公个数个） 代表企业CS二级类 CS三级类 上市公个数个） 代表企业专用设备

油气装备 13 杰瑞股、石机械海默技通源石等锂电设备 10 先导智、赢科技星云份等光伏设备 8 晶盛机、迈股份捷佳创上机数等核电设备 2 台海核、中股份3C设备 6 精测电、海星、云股、来徳等纺服机械 8 慈星股、杰股份越剑能泰坦股等矿山冶设备 20 中国一、郑机、信重、天工程等其他专设备 206 ————3074铁路交通设备船舶制造其他运输设备运输设备仪器仪表 仪器仪表 61 华测检、广计量苏试验谱尼测等伊之密、金明精机、克劳斯、泰瑞机器等伊之密、金明精机、克劳斯、泰瑞机器等振华重工、太原重工、华东重工、华伍股份等联赢激光、英诺激光、捷普特等先惠技术、信捷电器、拓斯达、机器人等石头科技、九号公司-WD、科沃斯、亿嘉和——57104922125443塑料加工设备起重运输设备激光加工设备基础件机床设备锅炉设备工业机器人及工控系统服务机器人其他通用设备金属制品 金属制品 22 巨力索、力股份恒星技博深股等三一重工、中联重科、徐工机械、柳工等三一重工、中联重科、徐工机械、柳工等浙江鼎力上海机电、通用电梯、远大智能、广日股份等安徽合力、杭叉集团等101143工程机械电梯叉车工程机械合计 591资料来源：wind，（截至2023年11月1日）收入角度：2023Q3CS5670.84.8%，结束延续了上半年的增长趋势，但增速放缓。CS11.723Q24pct；同时通用设备的增长速度延续本年的增长速度，呈现稳定增长的趋势，仪器仪表2022Q28.2%。工程机械与运输设备板块同比分3.6%1%缓所致。分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械862.91007.41089.11277.6843.7840.9814.5855.7875.0905.3881.91051.3871.9专用机械 813.2 993.2 821.4 1119.5 1158.9 1364.8 1125.0 1372.5 1460.2 1649.1 1359.2 1694.3 1700.4通用设备 681.9 797.8 691.7 861.8 818.0 918.3 763.8 869.6 861.8 1086.6 878.9 1041.7 1046.2运输设备 1121.4 1574.3 938.2 1358.2 1254.9 1814.8 967.4 1245.6 1293.4 1963.5 1059.7 1563.5 1582.9仪器仪表 76.9 110.3 75.6 107.2 114.1 159.2 95.3 131.7 135.4 176.9 110.0 152.1 155.0金属制品 116.2 117.7 111.2 131.0 129.7 147.2 117.5 136.3 137.9 128.1 280.6 328.0 314.4合计 3672.6 4600.7 3727.2 4855.4 4319.3 5245.2 3883.4 4611.4 4763.7 5909.5 4570.3 5830.9 5670.8资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械41.6%43.3%85.6%15.5%-5.2%-21.5%-27.1%-33.7%-19.9%-2.7%-2.6%7.2%-3.6%专用机械 15.5% 13.9% 45.6% 30.1% 19.1% 17.6% 21.7% 10.9% 21.6% 12.2% 13.5% 15.8% 11.7%通用设备21.9%9.5%45.8%25.3%13.3%8.5%7.6%-1.9%2.8%7.1%3.6%9.1%10.2%运输设备 4.7% 12.5% 32.5% 22.0% 6.4% 10.3% -0.3% -11.1% 2.5% -4.3% -9.5% 6.3% -1.0%仪器仪表17.9%13.1%71.9%24.5%17.6%21.0%14.4%10.9%12.9%9.6%17.9%11.6%8.2%金属制品23.8%14.7%64.8%21.2%12.0%24.4%5.6%4.0%6.0%-8.7%3.5%3.2%7.2%合计18.3%17.9%52.4%22.5%8.6%5.5%-0.8%-9.0%2.6%2.5%1.9%9.6%4.8%资料来源：wind，归母净利润角度：2023Q2CS机械实现归母净利润391.2亿元，同比+7.92CS24运费恢复正常等因素对行业的盈利性有正面影响。分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械80.874.9114.3124.055.915.455.453.345.521.463.594.760.9专用机械56.32.969.898.396.945.590.9125.3127.565.2108.4154.0147.9通用设备61.3-1.460.776.965.79.056.577.959.225.769.591.182.6运输设备56.7111.638.482.089.127.132.965.866.553.729.368.977.5仪器仪表13.612.55.916.815.213.35.816.315.126.77.520.617.2金属制品4.20.05.38.14.12.72.45.13.21.65.26.85.1合计272.9200.5294.4406.0326.9113.0243.8343.7317.0194.3283.3436.1391.2资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械49.4%239.2%148.9%-14.2%-34.7%-81.1%-53.2%-57.3%-41.8%-2.0%-11.3%30.0%-0.1%专用机械4.0%112.5%156.1%32.3%22.6%86.3%16.1%14.6%26.6%30.3%5.1%10.3%10.1%通用设备235.2%97.3%155.1%-6.6%-1.5%395.7%-8.9%-2.5%-13.2%27.0%6.4%4.3%18.1%运输设备20.3%65.3%417.4%45.8%33.8%-78.0%-22.4%-24.6%-26.0%56.0%-26.8%-5.3%2.8%仪器仪表21.2%-7.4%157.5%1.1%-12.1%-20.9%-12.1%-12.1%-6.4%18.6%47.2%9.9%-4.4%金属制品36.6%-103.7%223.4%65.9%-3.4%3232.3%-56.0%-35.9%-6.2%62.0%-21.6%-12.7%26.4%合计45.2%764.3%171.8%7.2%2.3%-54.5%-22.1%-19.7%-11.0%29.5%-2.8%9.3%7.9%资料来源：wind，毛利率角度：2023Q3CS23.8%，同比+3.2pct，主要是由于工程机械（同比+16.7pct）与专用设备（+1.6pct）带动整体机械行业毛利率上升，下滑明显的二级子板块主要是金属制品（同比-4.3pct、运输设备（同比-0.1pct分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械24.0%22.6%23.0%21.3%20.1%18.5%18.5%19.9%7.9%22.4%23.4%24.6%24.6%专用机械26.1%24.8%26.1%25.6%24.6%24.0%24.8%24.8%25.1%25.5%25.6%25.9%26.7%通用设备25.6%24.9%25.2%24.9%24.7%23.1%24.8%24.4%25.0%25.9%26.0%26.2%26.8%运输设备20.3%20.7%19.2%19.2%21.2%19.0%17.9%19.0%19.6%18.4%17.4%17.1%19.5%仪器仪表43.4%42.5%38.5%42.5%41.0%40.4%38.0%40.8%39.6%40.3%39.7%42.1%41.0%金属制品18.6%13.6%16.8%16.3%14.7%14.0%14.0%13.9%12.9%16.7%7.6%7.7%8.6%合计23.9%23.1%23.2%22.7%22.9%21.5%21.8%22.4%20.5%23.0%22.6%22.8%23.8%资料来源：wind，期间费用率角度：2023Q3CS15.9%（其中，销售费用率约4.6%，管理费用率约5.1%，研发费用率约5.2%，财务费用率约0.9%同比+0.9pct（其中，销售费用率-0.3pct，管理费用率-0.2pct，研发费用率-0.2pct，财务费用率+1.6pct，财务费用率提升主要与汇率波动有关。分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械13.9%13.6%11.3%10.4%14.1%16.8%12.4%12.0%17.5%21.5%15.6%12.1%18.2%专用机械 17.8% 19.1% 16.1% 15.2% 16.5% 16.5% 15.4% 13.6% 14.5% 17.8% 16.5% 14.3% 16.1%通用设备 16.4% 20.1% 15.9% 15.4% 16.8% 18.3% 16.5% 15.1% 15.7% 23.9% 18.2% 15.9% 18.2%运输设备 14.3% 15.9% 13.3% 11.7% 13.4% 12.9% 12.9% 11.3% 12.5% 15.4% 13.7% 10.3% 13.2%仪器仪表 30.2% 32.0% 32.4% 27.1% 30.6% 27.3% 33.1% 27.6% 28.0% 27.4% 34.6% 29.3% 30.1%金属制品 13.5% 8.9% 11.0% 11.0% 10.7% 11.0% 11.4% 9.5% 9.9% 9.9% 5.7% 5.0% 6.5%合计 15.7% 17.0% 14.1% 13.1% 15.4% 15.8% 14.7% 13.3% 15.0% 18.8% 15.8% 13.0% 15.9%资料来源：wind，分类 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表8：CS机械板块单季度销售费用率情况（%）分类 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3工程机械 5.8% 4.3% 5.2% 4.6% 5.4% 5.6% 5.1% 5.3% 8.6% 7.3% 6.1% 6.1% 6.8%专用机械 4.8% 4.0% 4.2% 3.8% 4.4% 3.6% 3.7% 3.5% 4.0% 4.5% 4.0% 4.1% 4.2%通用设备 4.4% 4.4% 4.8% 4.7% 5.4% 5.3% 5.0% 5.3% 5.7% 8.2% 5.7% 6.3% 6.1%运输设备 2.9% 3.3% 2.8% 2.4% 3.2% 2.3% 2.5% 2.3% 2.6% 3.2% 2.7% 2.7% 2.7%仪器仪表 12.8% 12.8% 13.0% 10.8% 12.9% 11.1% 13.3% 11.1% 11.9% 11.0% 13.9% 12.0% 12.3%金属制品 3.9% -1.3% 2.0% 2.0% 2.1% 1.9% 2.0% 1.7% 2.1% 2.5% 0.9% 1.1% 1.3%合计 4.5% 4.0% 4.3% 3.9% 4.6% 4.0% 4.1% 4.0% 4.9% 5.4% 4.5% 4.5% 4.6%资料来源：wind，分类 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表9：CS机械板块单季度管理费用率情况（%）分类 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3工程机械 2.8% 3.1% 2.3% 2.0% 3.1% 3.9% 3.0% 2.9% 4.0% 4.8% 3.5% 3.0% 3.9%专用机械 6.5% 6.8% 6.3% 5.4% 5.9% 5.9% 5.8% 5.2% 5.4% 6.2% 6.0% 5.5% 5.7%通用设备 5.2% 6.6% 5.6% 4.8% 5.5% 5.7% 5.6% 5.3% 5.6% 6.5% 5.8% 5.5% 5.5%运输设备 5.8% 5.9% 6.1% 4.9% 5.5% 5.0% 6.1% 6.0% 5.9% 6.1% 6.1% 4.8% 5.3%仪器仪表 7.3% 8.8% 9.1% 7.3% 8.6% 7.5% 9.3% 8.0% 7.8% 7.7% 10.2% 8.6% 8.1%金属制品 4.2% 4.5% 4.5% 4.2% 4.2% 4.2% 4.4% 4.2% 4.5% 3.0% 2.2% 2.1% 2.3%合计 5.1% 5.6% 5.0% 4.3% 5.2% 5.3% 5.3% 5.0% 5.3% 6.0% 5.4% 4.7% 5.1%资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械4.4%5.7%3.6%4.0%5.5%6.7%4.7%5.3%6.2%7.2%5.1%5.2%5.8%专用机械4.7%6.4%4.7%5.0%5.4%5.8%4.9%5.2%5.5%6.2%5.4%5.4%5.6%通用设备4.4%6.5%4.4%4.4%4.9%5.8%4.7%5.1%5.1%7.8%5.4%5.4%5.8%运输设备4.8%5.9%4.2%3.9%4.5%5.3%4.1%4.1%4.8%5.7%4.3%3.8%4.4%仪器仪表8.9%9.1%9.8%8.2%8.7%7.8%10.0%9.2%9.2%8.4%10.4%9.7%9.7%金属制品3.1%3.4%3.0%3.1%2.9%3.0%2.9%3.1%2.9%2.9%1.4%1.5%2.0%合计4.7%6.1%4.3%4.3%5.1%5.7%4.7%4.9%5.4%6.5%5.0%4.8%5.2%资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械1.0%0.6%0.2%-0.1%0.2%0.6%-0.3%-1.4%-1.3%2.2%0.9%-2.3%1.7%专用机械 1.8% 1.9% 1.0% 1.0% 0.8% 1.2% 0.9% -0.3% -0.4% 0.8% 1.0% -0.7% 0.6%通用设备 2.3% 2.6% 1.1% 1.4% 1.0% 1.4% 1.2% -0.7% -0.7% 1.4% 1.2% -1.2% 0.9%运输设备 0.8% 0.8% 0.2% 0.5% 0.2% 0.2% 0.2% -1.0% -0.8% 0.3% 0.5% -1.0% 0.8%仪器仪表 1.2% 1.4% 0.6% 0.8% 0.4% 0.9% 0.5% -0.6% -0.8% 0.3% 0.1% -1.0% 0.0%金属制品 2.2% 2.4% 1.5% 1.7% 1.5% 2.0% 2.1% 0.5% 0.4% 1.5% 1.2% 0.4% 0.9%合计 1.4% 1.4% 0.6% 0.7% 0.6% 0.8% 0.6% -0.8% -0.7% 1.0% 0.9% -1.1% 0.9%资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3工程机械56.9%57.2%57.3%57.7%55.9%55.4%56.4%57.7%58.7%57.7%58.0%58.4%57.0%专用机械 50.9% 50.8% 50.0% 50.2% 50.5% 51.0% 50.8% 52.2% 51.8% 51.3% 51.3% 51.6% 51.7%通用设备 53.1% 52.8% 52.1% 52.8% 51.7% 51.8% 51.4% 52.2% 51.9% 50.8% 50.4% 50.7% 49.9%运输设备 61.3% 57.7% 59.1% 60.1% 57.7% 56.5% 56.4% 57.9% 57.6% 56.1% 56.3% 57.8% 58.6%仪器仪表 29.6% 32.6% 31.6% 31.2% 31.9% 31.7% 30.0% 29.5% 30.1% 28.5% 26.8% 26.3% 26.3%金属制品 47.7% 48.9% 48.7% 49.8% 50.0% 50.6% 51.1% 51.8% 50.8% 49.5% 50.5% 51.6% 49.6%合计 55.5% 54.0% 54.2% 54.7% 53.4% 53.0% 52.9% 54.1% 54.0% 53.0% 53.0% 53.5% 53.3%资料来源：wind，增速提高收入角度：2023Q3CS专用设备板块中光伏（o+61.5%、锂电设备（o+26.0%）同比增速较高，而纺服设备（+8.7%、油气设备（+17.3%矿山冶金（+4.1%）同比增速较上季度增长速度更快；⚫ 锂电设备：2023Q22023Q320.826.0%，增速略2023Q22023Q334.04%；⚫ 光伏设备：2023Q22023Q360.961.5%，保持较2023Q22022Q398.8263.47%的84.9278.28%的同比增速，奥特维录得66.5194.38%的同比增速；⚫油气设备：2023Q22023Q36.0%17.3%，收入增速环2023Q22023Q314.8230.67%的同22.41%和-3.67速下滑显著；⚫矿山冶金设备：2023Q22023Q32.84.1%，但行业2023Q22023Q39.7910.07%的双位数同比增长，受益于煤炭行业智能化改造需求的释放；⚫纺服机械：2023Q22023Q3-2.08.7%，收入增速经52023Q22023Q39.87%，呈现复苏趋势；⚫3C2023Q22023Q322.1%和-11.7%，龙头芯碁微2023Q22023Q37.3131.22%。分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金217.9271.7208.3255.9247.6280.8238.7281.1283.9286.2261.3297.4303.6纺服机械26.429.241.143.838.943.344.741.636.748.849.452.853.5其他418.1491.4423.2611.1643.2776.0655.0791.5874.4962.6781.2973.6942.4油气装备56.369.444.067.859.597.550.787.865.6108.767.495.681.8核电设备2.52.72.62.82.83.12.83.53.94.13.24.14.4光伏设备51.881.568.886.6107.678.771.286.899.7120.3102.9143.1165.23C设备10.922.614.917.115.922.716.420.427.630.720.423.421.8锂电设备29.725.218.934.743.863.146.060.368.787.973.5104.4127.7资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金20.9%16.2%31.3%19.8%13.6%3.4%14.6%9.9%14.7%1.6%9.4%2.8%4.1%纺服机械 10.2% 33.6% 74.2% 73.4% 34.6% 39.8% 8.1% -7.7% -9.9% -11.6% -12.2% -2.0% 8.7%其他 8.9% 7.0% 50.3% 29.8% 16.3% 17.7% 21.4% 8.8% 21.7% 12.8% 11.0% 17.1% 7.2%油气装备 -3.0% -4.8% 4.9% 14.8% -16.3% 25.3% 11.3% 1.4% 9.0% 5.7% 29.0% 6.0% 17.3%核电设备 23.2% 94.9% 113.0% 29.7% 13.6% 15.3% 7.6% 25.5% 36.7% 34.7% 12.9% 16.1% 13.5%光伏设备 80.3% 59.4% 111.0% 52.5% 89.1% 12.1% 35.1% 29.9% 47.3% 63.0% 56.0% 60.9% 61.5%3C设备17.6%72.5%49.3%17.3%17.9%-2.9% 5.9%10.5%43.0%42.3%33.7%22.1%-11.7%锂电设备60.7%35.6%26.0%89.3%47.7%150.4% 144.1%73.7%56.7%12.5%17.9%20.8%26.0%资料来源：wind，归母净利润角度：2023Q22023Q3⚫锂电设备：2023Q22023Q36.2%30.4%，龙头先导智2023Q22023Q336.6931.71%的利润同比增速，主要受益于电动车领域高景气带来的锂电设备需求旺盛；⚫光伏设备：2023Q2和2023Q3板块同比增57.4%和54.2%，龙头晶盛机电分别录得72.57%和63.14%的增速，迈为股份分别录得-5.89%和-5.60%的增速（利润增速远远低于收入，主要源自高额的信用减值损失；⚫矿山冶金设备：2023Q22023Q32.624.814.7458.0250.27%和28.55%的增速；⚫油气设备：2023Q22023Q314.047.6%，龙头杰瑞2022Q22022Q3-9.541.61%；⚫3C2023Q22023Q3179.2%和-51.0%，主要系去疫情原因，行业订单交付推迟叠加行业技术更新，研发投入增加；⚫纺服机械：2023Q22023Q396.6%和-35.5%，板块归母2022Q22022Q330.8826.28%。分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金6.99.211.417.811.812.415.820.713.813.318.123.419.0纺服机械1.8-2.62.92.81.7-3.43.42.75.2-10.21.83.03.2其他32.4-0.437.651.457.927.655.570.574.725.761.479.274.8油气装备2.6-1.32.16.13.92.10.78.64.26.52.19.66.1核电设备-1.5-11.7-0.4-0.9-0.2-6.8-0.6-0.5-0.85.0-0.6-0.5-0.1光伏设备8.611.111.715.515.610.911.415.118.119.918.925.828.33C设备1.2-1.92.01.50.4-4.60.81.22.91.41.33.71.4锂电设备4.40.42.44.25.87.33.86.99.33.75.69.915.2资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金-19.0%12.4%92.7%7.3%71.0%34.9%38.8%16.6%16.8%6.6%15.1%2.6%24.8%纺服机械234.7%70.4%654.5%142.6%-16.3%-41.1%15.9%-0.6%190.0%-96.6%-77.4%96.6%-35.5%其他-1.7%73.0%177.4%9.9%9.8%26.7%11.9%6.8%12.2%-37.5%-2.5%-1.6%-3.9%油气装备-46.9%-314.6%110.5%1048.8%-5.5%417.8%-56.3%11.6%7.1%299.3%625.3%14.0%47.6%核电设备-183.5%-108.8%41.7%6.0%83.8%41.5%-52.4%43.3%-253.6%172.8%-11.6%-0.1%82.4%光伏设备94.8%689.8%194.4%113.8%72.1%14.1%32.4%49.1%80.0%72.6%67.1%57.4%53.2%3C设备137.7%86.5%222.0%19.3%-67.5%-155.1%-58.6%-22.5%208.0%134.7%31.7%179.2%-51.0%锂电设备46.5%-19.1%-0.5%46.3%32.2%1565.1%55.9%63.3%61.3%-10.4%21.5%6.2%30.4%资料来源：wind，毛利率角度：2022Q3大多子板块毛利率同比出现增长，其中矿山冶金提升2.9pct，油气设备提升2.5pct，核电设备提升13.9pct：锂电设备：2023Q22023Q33.5pct2022Q31.69pct；2023Q312.45pct（主要系高毛利率业务占比增加；光伏设备：2023Q22023Q32.7pct1.2pct，Q3矿山冶金设备：2023Q32.9pct2.05pct，环比略有下滑；油气设备：2023Q22023Q32.7pct2.5pct，龙头杰瑞股份2023Q2和2023Q3毛利率同比下降1.56pct和4.07pct，主要受到汇兑波动的影响；3C2023Q22023Q30.2pct0.3pct，龙头芯碁微装2023Q22023Q3+2.03pct-5.08pct。分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金23.4%22.6%24.3%23.0%19.7%20.2%22.0%21.4%19.5%23.8%23.2%24.4%22.4%纺服机械 22.6% 22.4% 22.2% 22.3% 21.1% 21.8% 22.5% 22.4% 24.0% 25.0% 22.8% 23.7% 24.4%其他 26.7% 24.7% 26.2% 26.0% 26.1% 24.5% 25.2% 25.2% 25.6% 24.6% 25.2% 24.8% 26.4%油气装备 25.3% 28.6% 23.7% 24.0% 22.9% 24.9% 21.4% 22.3% 22.7% 25.2% 22.6% 25.0% 25.2%核电设备 13.2% -5.5% 12.5% -7.1% 14.0% 32.3% 5.8% 14.8% 7.1% 9.7% 15.6% 20.2% 21.0%光伏设备 30.5% 28.3% 28.7% 29.9% 25.3% 28.7% 30.8% 30.4% 31.1% 29.5% 31.0% 33.1% 32.3%3C设备39.0%33.0%40.7%37.5%35.9%29.0%39.5%35.7%38.1%33.3%39.9%35.5%37.8%锂电设备31.1%26.9%37.9%32.8%31.4%26.8%26.2%28.2%31.7%33.2%32.6%31.7%32.5%资料来源：wind，期间费用率角度：2023Q3，锂电设备期间费用率同比提升1.5pct，油气设备提升2.4pct，核电设备下降4.7pct，纺织机械下降0.8pct，光伏设备上升0.5pct，3C设备下降0.4pct，矿山冶金设备上升2.8pct。分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金17.1%16.8%15.5%13.3%13.9%14.9%13.6%11.9%12.1%15.7%13.7%13.9%14.7%纺服机械 21.2% 21.6% 13.7% 16.1% 17.0% 17.2% 14.1% 14.8% 17.4% 38.2% 19.0% 16.7% 16.6%其他 17.8% 19.9% 16.4% 16.3% 17.9% 17.7% 15.7% 14.5% 15.1% 16.3% 16.6% 14.2% 17.0%油气装备 19.8% 21.6% 17.8% 12.7% 19.0% 16.1% 18.8% 8.7% 13.5% 17.3% 17.4% 10.4% 15.9%核电设备 61.4% 18.9% 25.0% 21.2% 25.5% 43.2% 27.9% 29.6% 29.7% 47.6% 38.1% 32.0% 25.0%光伏设备 15.3% 13.0% 11.0% 10.2% 9.4% 7.8% 12.6% 11.7% 11.1% 10.0% 12.2% 11.3% 11.6%3C设备30.0%38.6%30.8%29.2%33.4%34.0%33.6%30.6%32.5%20.9%33.6%28.4%32.1%锂电设备13.0%21.5%24.1%19.1%16.8%12.2%16.2%13.3%14.1%38.2%22.2%18.8%15.6%资料来源：wind，表19：CS专用设备板块单季度销售费用率情况（%）分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金3.6%3.3%3.9%3.2%3.4%2.2%3.1%2.6%3.1%3.3%3.0%3.7%3.5%纺服机械6.8%4.2%4.3%5.2%5.3%4.4%4.5%5.6%6.4%9.7%6.1%6.4%5.3%其他5.6%4.1%4.4%4.1%5.1%4.0%3.9%3.9%4.3%4.6%4.4%4.4%4.7%油气装备5.1%5.6%5.4%4.0%4.8%4.2%4.7%3.1%4.5%4.9%4.6%3.4%4.3%核电设备1.8%0.1%2.7%-0.2%1.3%1.3%1.2%1.2%1.2%4.2%1.9%1.7%1.4%光伏设备3.3%1.7%1.8%1.7%1.7%2.6%2.4%2.8%2.6%2.0%2.4%3.0%2.6%3C设备7.6%11.1%8.7%7.5%8.5%8.4%8.4%7.6%9.0%4.0%7.1%6.6%7.1%锂电设备2.7%5.5%5.1%4.2%4.0%2.0%3.2%2.5%2.8%8.3%3.3%3.5%3.1%资料来源：wind，民生证券研究院表20：CS专用设备板块单季度管理费用率情况（%）分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金7.2%6.3%6.6%5.1%5.5%5.7%5.6%4.4%4.3%6.4%5.4%5.7%5.5%纺服机械7.3%9.1%5.4%5.6%6.0%5.8%4.9%6.0%7.2%12.1%5.9%6.2%6.0%其他6.6%7.3%6.2%5.8%6.4%6.4%6.0%5.7%5.8%5.8%6.3%5.6%6.1%油气装备5.8%7.0%7.6%4.5%7.5%6.0%7.6%4.5%7.0%5.9%6.6%5.1%5.8%核电设备7.4%11.0%10.1%6.0%9.1%17.0%9.7%9.5%10.4%15.3%10.5%8.3%10.9%光伏设备4.3%3.9%3.7%2.9%2.7%3.1%4.3%3.6%3.4%2.4%3.2%3.0%3.2%3C设备8.3%10.5%9.5%8.7%11.4%9.0%9.9%8.8%8.4%4.8%9.8%7.7%8.8%锂电设备3.6%7.1%8.5%5.2%4.8%3.2%4.6%3.8%4.1%12.9%7.4%5.9%5.0%资料来源：wind，民生证券研究院表21：CS专用设备板块单季度研发费用率情况（%）分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金4.2%5.6%4.0%4.2%4.3%5.9%4.1%4.6%4.6%5.3%4.5%4.5%5.0%纺服机械5.7%6.8%3.8%4.7%5.2%6.1%4.4%4.8%5.8%12.5%5.5%4.9%5.4%其他4.5%6.4%4.5%5.1%5.6%6.0%4.8%5.1%5.3%5.4%4.9%5.0%5.4%油气装备4.4%5.7%3.3%2.9%5.3%4.0%3.6%3.5%4.2%4.0%3.6%3.3%4.2%核电设备10.8%6.5%6.8%4.7%6.0%6.1%8.7%7.0%7.9%13.8%16.6%17.5%11.7%光伏设备6.2%6.5%5.2%5.5%5.1%1.8%6.0%6.3%6.7%5.8%6.6%6.4%5.8%3C设备11.2%14.8%11.6%11.2%12.1%15.7%14.5%14.2%14.8%11.5%15.9%15.0%15.4%锂电设备6.1%8.2%11.4%10.0%9.1%6.6%8.5%7.6%7.6%15.7%10.8%8.8%7.7%资料来源：wind，民生证券研究院表22：CS专用设备板块单季度财务费用率情况（%）分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3矿山冶金2.1%1.6%1.0%0.9%0.8%1.1%0.8%0.3%0.1%0.7%0.7%0.0%0.6%纺服机械1.3%1.4%0.2%0.5%0.5%0.8%0.4%-1.6%-2.0%3.9%1.5%-0.8%-0.1%其他1.1%2.1%1.2%1.2%0.9%1.3%1.0%-0.2%-0.3%0.6%1.0%-0.8%0.8%油气装备4.5%3.3%1.5%1.3%1.3%1.9%2.9%-2.5%-2.1%2.5%2.4%-1.4%1.6%核电设备41.4%1.3%5.4%10.7%9.2%18.8%8.3%11.9%10.3%14.2%9.1%4.4%0.9%光伏设备1.5%0.8%0.3%0.1%0.0%0.3%-0.1%-1.0%-1.6%-0.2%-0.1%-1.2%0.0%3C设备2.9%2.1%1.0%1.8%1.4%0.9%0.9%0.1%0.2%0.5%0.7%-1.0%0.7%锂电设备0.5%0.6%-0.9%-0.3%-1.1%0.4%-0.1%-0.5%-0.4%1.2%0.7%0.5%-0.2%资料来源：wind，营收角度：23Q3CS运输设备板块中铁路交通设备板块营收同比+0.7%，环比-1.8%，船舶制造板块营收同比增长0.9%，环比+12%：铁路交通设备：2023Q22023Q3，中国中车同比分别为+8.44%和+2.70%，中国通号同比增速分别是-20.10%和-6.63%，行业需求整体略有恢复；⚫船舶制造：2023Q22023Q3，中国船舶营收同比+97.70推迟导致三季度基数较高导致。整体来看，新一轮造船周期开启。图1：铁路交通设备营收及同比增速 图2：船舶制造设备营收及同比增速 1600.01400.01200.01000.0800.0600.0400.0200.00.0

营业收入（亿元） 同比（右轴）40%20%0%-20%-40%

300.0250.0200.0150.0100.0

营业收入（亿元） 同比（右轴）100.0%80.0%60.0%40.0%20.0%0.0%-20.0%-40.0% 资料来源：wind， 资料来源：wind，归母净利润角度：2023Q2和2023Q3，CS运输板块中铁路交通设备同比增速分别是-3.7%和+1.6%，船舶制造同比增速分别是+207.0%和+41.2%，中国船舶2023Q3收入和归母净利润仍出现同比增长表面了新一轮周期的进行。图3：铁路交通设备板块归母净利润及同比 图4：船舶制造设备板块归母净利润及同比 净利润（亿元） 同比（右轴）

净利润（亿元） 同比（右轴）80.070.060.050.0100.0%50.0%25.015.01500.0%1000.0%40.030.020.00.0%-50.0%10.05.0500.0%10.00.00.0%0.0-100.0%-5.0-500.0%-10.0-15.0-1000.0%资料来源：wind， 资料来源：wind，收入角度：2023Q22023Q3，CSo+9.62%/-1.51%、服务机器人（o+7.05%/+16.42%、工业机器人及工业控制系统（o+26.95%/+6.89%，基础件（o+8.01%/+7.81%，塑料加工设备（o+13.24%/+0.82%，机床设备（oy+10.89%/+7.83%，起重运输设备（oy+5.89%/+31.95%，锅炉设备（o+27.01%/+21.88%除了激光加工设备，其他子版块均出现不同程度同比增速上升的趋势。激光加工设备：相比之前几个季度的增速，2022Q4-12.25%；23Q3Q3-5.87%（收高基数。服务机器人：2023Q22023Q3+7.05%于16.4223Q223Q37.92%/+2.58%的同比增速，Q2、3国内消费市场复苏疲弱；而九号公司-WD面临融资成本上升对产品销售产生了不利影响，导致单季度收入同比增速降至-6.37%/+11.89%，石头科技营收同比分别+41.57%/+57.56%，主要系公司积极探索，发布多款扫地机与洗地机产品，并推出全新品类即分子筛洗烘一体机，成功应对内销和海外市场的压力；工业机器人及工控系统：2023Q22023Q3+26.95%与+6.88%，行业龙头埃斯顿（yoy+47.55%/+11.01%）表现较好，而雷赛智能（oy-7.26%/+28.07%、思林杰（-67.49%/+20.58%）表现较逐步变强，此外，派斯林（yoy+261.84%/+250.19%）业绩高增，主要受益于全球化产业布局兑现及去年低业绩基数。埃斯顿三季度销售增长不及预期的原因主要来自海外子公司部分订单交付的延后；⚫ 机床设备：2023Q22023Q3+10.89%与+7.83%，增速有所放缓，海天精工（oy-+12.61%/-4.60%、纽威数控（o+38.90%/+25.67%、日发精机（o+10.94%/+7.87%、华中数控（+39.13%/+18.73%）均表现出该特征，体现的是我国通用制造业整体主可控需求愈发强烈下，预计后续机床迎来较好的增长；⚫基础件：2023Q22023Q3+8.01%与+7.81%，行业头恒立液压三季度因受到挖机海外需求降低影响导致营收有所下滑（o+20.10%/-6.92%，双环传动受益于下游需求增长的影响，23Q2、23Q3yoy+31.31%/+26.53%的表现，纽威股份受益于油气、海工、LNG2023Q2/Q3yoy+42.31%/+67.21%的表现；⚫起重设备：2023Q22023Q3，板块营收同比+5.89%/+31.95%，环比2023Q340.40%的高增速。分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表23：CS通用设备板块单季度营收情况（亿元）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉设备 4.2 3.6 3.3 4.9 3.2 3.9 3.8 3.4 3.7 6.1 3.6 4.3 4.5机床设备 42.7 50.0 52.3 61.4 60.9 67.6 61.9 65.7 65.7 82.6 79.8 87.3 85.2基础件182.1 214.0 196.7 235.2 219.8 223.1 211.7 218.3 223.1 230.4 205.9 236.0 247.6基础件182.1 214.0 196.7 235.2 219.8 223.1 211.7 218.3 223.1 230.4 205.9 236.0 247.6工业机器人及工控系统

45.2 59.3 52.4 63.1 56.0 80.5 62.0 77.3 83.3 122.4 90.2 111.0 103.8服务机人 31.5 68.1 53.1 74.7 71.9 93.9 66.7 83.8 76.9 100.1 62.1 89.7 89.5塑料加工 36.7 43.2 29.8 38.4 37.8 44.1 32.3 39.2 38.9 47.8 38.8 45.5 39.9激光加工 3.8 6.6 4.8 6.2 7.7 9.1 7.3 10.9 13.4 72.4 49.0 65.2 62.4资料来源：wind，分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表24：CS通用设备板块单季度营收同比增速情况（%）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉设备 109.6% 29.3% 102.1% 43.9% -23.4% 10.9% 12.9% -29.9% 15.5% 55.8% -5.8% 27.0% 21.9%机床设备 26.4% 29.5% 73.7% 30.1% 24.2% 21.3% 10.1% -1.2% 7.4% 3.7% 6.2% 10.9% 7.8%起重运输 9.3% -29.1% 1.8% 27.1% 5.0% -0.8% -5.7% -7.4% -9.5% 16.3% 16.8% 5.9% 32.0%基础件 35.2% 31.2% 69.3% 25.8% 16.5% 3.7% 7.1% -7.6% 0.9% 4.2% -2.5% 8.0% 7.8%工业机器人及工控系统

20.1% 4.3% 35.1% 7.5% 20.8% 25.8% 11.7% 6.6% 28.7% 20.1% 14.4% 27.0% 6.9%服务机人 53.4% 61.2% 123.9% 80.8% 31.6% 37.9% 25.7% 12.2% 6.9% 6.6% -7.0% 7.0% 16.4%塑料加工 13.7% 9.4% 8.2% 24.9% 2.9% 2.2% 8.5% 2.1% 2.9% 5.6% 18.1% 13.2% 0.8%激光加工 12.9% 34.6% 89.5% 42.1% 64.7% 17.5% 28.0% 28.3% 48.2% 5.4% -9.4% 9.6% -1.5%资料来源：wind，归母净利润角度：2023Q3（yoy-27.89%、塑料加工（oy-436.16%、激光加工（oy-20.05%，其他的板块均为正增长。⚫机床设备：华中数控（yoy+150.98%/+129.15%）续向好，华锐精密（oy-17.10%/+104.48%，Q3归母净利润高增速核心受益于公司加强内部管理,积极开拓市场,推动新增产能落地,产品供应能力增加,产销量同比提升。高测股份（yoy+144.0%/+34.8%）实现快速增长，主要受益于光伏行业高景气度及产品竞争力的不断提升，公司光伏设备订单大幅增加，金刚线产能及出货大幅提升，规模效益显现；激光加工设备：2023Q345.37%）的影响。2023Q3服务机器人：2023Q35于石头科技（o+160.38%，其Q3毛利率59.11%，同比+10.0pct；九号公司-WD（yoy+11.89%）主要受益于公司电动两轮车产品利润快速增长；⚫ 工业机器人及工控系统：2023Q22023Q3，派斯林（+174.52%/+1518.58%、智信精密（+59.93%/+39.66%、先惠技术（+80.38/+127.92）增长较快，思林杰（oy-99.02%/-170.64%，景业智能（yoy-85.93%/-160.71%）Q3分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表25：CS通用设备板块单季度归母净利润情况（亿元）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉设备 0.3 0.1 0.2 0.3 0.1 0.0 0.1 -0.1 -0.1 0.2 -0.1 -0.1 -0.1机床设备 1.1 1.8 3.4 5.7 4.6 -1.8 6.0 7.6 -4.9 2.5 9.0 10.7 9.2起重运输 4.0 -4.0 2.3 4.6 2.3 -9.8 2.1 2.1 2.5 1.3 3.0 2.9 1.8基础件 24.3 8.4 26.6 31.2 26.0 3.3 20.1 25.2 24.8 21.4 22.4 28.3 27.9工业机器人及工控系统

4.5 -21.4 3.9 1.8 1.6 -4.4 3.8 1.1 3.2 -13.4 6.0 5.3 4.3塑料加工激光加工塑料加工激光加工1.90.10.90.60.30.31.70.31.70.80.80.7-0.30.50.00.80.41.4-11.23.9-2.04.1-3.55.6-2.05.3服务机器人6.310.27.311.211.113.58.49.95.68.45.69.47.6资料来源：wind，分类20Q320Q421Q1分类20Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3锅炉设备1300.2%-29.1%355.5%-7.3%-59.8%-113.2%-39.1%-127.7%-160.9%941.2%-174.3%-61.6%15.8%机床设备111.8%121.4%338.4%95.8%121.3%-174.8%62.2%19.4%-203.9%474.6%15.1%22.2%382.1%起重运输132.6%-85.2%245.2%161.2%-43.3%-144.6%-9.7%-53.6%9.1%113.2%46.0%36.0%-27.9%基础件98.1%161.5%144.9%1.8%3.1%-62.2%-25.0%-19.4%-5.5%563.9%11.9%12.3%9.3%工业机器人及工控194.2%-388.5%17.9%-74.6%-65.0%78.7%-10.0%-69.3%-1.4%-358.0%32.7%304.2%11.7%系统服务机器人198.8%456.9%704.8%122.4%38.6%31.3%15.1%-11.7%-49.5%-37.2%-33.6%-4.7%34.8%塑料加工173.9%1079.2%124.4%197.5%-9.0%-14.0%-198.2%-99.6%-75.1%-1137.1%-754.3%-1851.9%-436.2%激光加工-70.3%96.7%82.9%21.4%237.3%-19.3%-4.5%37.1%42.5%-47.1%-22.4%10.7%-20.1%资料来源：wind，毛利率角度：2023Q2和2023Q3，机床设备（oy+1.48pct/+1.36pct基础件（yoy+0.91pct/+0.82pct）毛利率两连升，塑料加工（yoy-0.76pct/-2.28pct、激光加工（oy-2.46pct/-0.09pct）毛利率两连降，其他板块包括工业机器人及控制系统（oy-0.19pct/+1.61pct、服务机器人（oy-0.12pct/+2.61pct、起重运输（oy+1.26pct/-0.01pct）和锅炉设备（oy-2.27pct/+1.80pct起重运输机械：2022Q22022Q3，毛利率提升较快的包括行业龙头振华重工（oy+3.06pct/+1.5pct）和法兰泰克（oy-0.04pct/+4.07pct机床设备：行业龙头大族激光（oy+0.48pct/+1.22pt、帝尔激光（oy+13.68pct/+7.60pc、杰普特（oy+5.00pct/+8.69pct）毛利率均呈现不同幅度上涨，帝尔激光毛利率增长可能系新技术设备开始部分确收；杰普特毛利率增长主要系产品结构优化，高毛利产品收入占比增加。服务机器人：行业龙头科沃斯毛利率（oy-4.71pct/-1.25pct，呈现颓主要与行业竞争加剧有关，石头科技毛利率（yoy+2.88pct/+9.96pct）主要系外销新品占比提升带动毛利率上行；激光加工设备：联赢激光（o+0.4pct/-1.0pct、杰普特1.7pct）毛利率都有所下降；工业机器人及控制系统：埃斯顿（oy-0.80pct/-0.62pct、拓斯达2.71pct/+2.61pct，业务结构持续优化，高毛利产品占比提高、机器人（oy+2.32pct/+8.90pct基础件：风电轴承龙头新强联（yoy-2.91pct/+2.59pct）部分新产品逐步导入市场，毛利率有所提升；新能源车零部件龙头双环传动（yoy+0.78pct/+0.30pct）毛利率提升主要系因公司产能利用率不断提升，规模效益增强；挖机零部件龙头恒立液压（yoy-3.97pct/+0.42pct）在挖机行业不景气时，通过产品结构改善，Q3分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表27：CS通用设备板块单季度毛利率情况（%）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉备 29.49% 26.91% 26.19% 25.68% 25.18% 17.19% 19.18% 19.92% 16.71% 21.96% 17.13% 17.65% 18.51% 机床备 24.85% 26.75% 26.02% 26.75% 26.89% 27.50% 27.11% 28.50% 28.75% 30.53% 27.85% 29.98% 30.11%起重输 12.32%17.73%13.74%13.37%12.96%14.76%18.40%13.35%14.94%18.27%16.18%14.60%14.93%基础件 32.41%28.50%30.00%28.82%28.43%27.69%26.65%26.38%27.41%27.53%28.23%27.30%28.23%工业机器人及31.34%23.73%26.95%25.21%25.38%17.58%24.43%23.05%22.80%17.81%24.23%22.86%24.41%工控系统服务器人 49.12% 43.35% 39.17% 42.41% 42.18% 44.20% 41.33% 42.15% 39.29% 47.11% 44.46% 42.04% 41.89%塑料加工24.11%23.52%26.56%26.12%24.06% 20.01%23.84% 22.38% 24.04% 18.81%20.53% 21.63% 21.76%激光加工32.36%35.79%35.41%34.03%38.10% 38.04%37.85% 37.95% 36.77% 33.40%33.89% 35.49% 36.68%资料来源：wind，期间费用率角度：23Q2、23Q3波动较大的包括工业机器人及工控系统（oy-2.51pct/+3.23pct、服务机器人（oy+2.75pct/+2.36pct、塑料加工（oy+4.43pct/-3.30pct、激光加工（oy-7.93pct/+4.37pct分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表28：CS通用设备板块单季度期间费用率情况（%）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉备 15.55% 23.19% 19.20% 16.90% 23.83% 17.78% 18.57% 20.42% 23.63% 14.40% 20.47% 19.81% 16.81%机床机床备 25.89% 23.50% 18.43% 17.70% 20.62% 21.98% 18.11% 17.18% 18.96% 26.93% 16.80% 17.38% 18.42%起重输 11.42% 17.71% 14.05% 12.71% 12.03% 14.91% 15.61% 11.93% 12.13% 16.46% 14.93% 11.22% 12.28%基础件基础件12.64% 15.73% 13.60% 13.72% 15.88% 17.35% 14.28% 13.28% 14.17% 16.74% 16.24% 13.30% 16.36%工业机器人及工控系统

26.63% 29.53% 20.61% 20.89% 22.80% 20.37% 20.39% 19.39% 18.79% 24.06% 19.90% 16.88% 22.02%服务服务器人 28.96% 41.62% 24.33% 25.37% 25.66% 30.77% 28.14% 27.32% 29.34% 36.26% 36.23% 30.07% 31.70%塑料工 19.55% 19.10% 25.98% 23.08% 20.15% 18.57% 25.59% 22.71% 22.10% 22.42% 24.71% 27.14% 25.40%激光激光工 64.44% 28.53% 29.55% 30.75% 37.18% 30.85% 30.68% 34.05% 25.50% 74.30% 30.80% 26.12% 29.87%资料来源：wind，分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表29：CS通用设备板块单季度销售费用率情况（%）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉备 4.66% 6.95% 4.86% 4.61% 6.93% 1.51% 4.91% 4.30% 5.65% 3.49% 5.24% 4.48% 4.50%机床设备机床设备7.19% 5.11% 5.21% 5.12% 6.83% 5.62% 5.27% 4.92% 5.55% 8.02% 4.82% 5.34% 5.59%起重输 1.23% 0.99% 1.40% 1.09% 1.14% 1.25% 1.46% 1.30% 1.42% 1.20% 1.47% 1.46% 1.19%基础件基础件1.26% 2.10% 3.42% 3.24% 4.01% 3.92% 3.13% 3.42% 4.23% 4.05% 3.85% 3.99% 4.10%工业机器人及工控系统

5.79% 5.40% 5.10% 5.02% 5.64% 4.56% 4.90% 4.93% 4.92% 5.92% 5.16% 4.75% 6.09%服务服务器人 18.59% 19.49% 13.56% 15.32% 16.03% 19.45% 16.41% 19.19% 20.51% 26.68% 22.21% 23.17% 20.16%塑料工 11.28% 10.10% 14.87% 13.10% 11.41% 9.65% 13.93% 12.44% 12.11% 11.03% 12.65% 12.04% 13.04%激光激光工 13.47% 6.83% 5.96% 5.83% 8.73% 6.59% 5.56% 8.57% 5.77% 26.89% 8.31% 9.58% 9.30%资料来源：wind，分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表30：CS通用设备板块单季度管理费用率情况（%）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉备 5.93% 7.58% 8.55% 6.95% 9.53% 9.63% 10.46% 10.38% 9.81% 5.67% 9.63% 8.20% 6.13%机床设备机床设备9.59% 9.37% 7.59% 6.76% 7.08% 8.22% 6.87% 6.83% 7.30% 10.38% 5.99% 6.18% 6.62%起重输 3.04% 4.53% 4.68% 3.87% 3.76% 3.52% 4.78% 3.79% 3.71% 3.31% 4.29% 3.77% 3.12%基础件基础件4.83% 6.10% 5.08% 4.83% 5.58% 6.34% 5.31% 5.59% 5.67% 6.13% 6.00% 5.84% 5.91%工业机器人及工控系统

10.53% 9.90% 9.21% 7.81% 9.31% 6.90% 8.74% 7.13% 7.12% 7.98% 7.73% 5.85% 7.67%服务服务器人 4.10% 9.78% 4.51% 4.41% 4.19% 4.28% 4.99% 4.57% 5.27% 3.85% 5.83% 4.40% 4.48%塑料工 4.25% 5.29% 6.67% 5.31% 4.68% 4.43% 6.44% 4.94% 5.48% 5.43% 5.99% 10.83% 6.29%激光激光工 28.59% 9.63% 12.44% 14.30% 15.80% 14.01% 15.51% 15.79% 12.69% 17.29% 9.66% 7.45% 8.11%资料来源：wind，分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表31：CS通用设备板块单季度研发费用率情况（%）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉备 3.73% 5.58% 4.01% 3.38% 4.69% 4.15% 1.60% 3.96% 4.60% 3.92% 3.79% 3.72% 3.95%机床设备机床设备6.41% 7.00% 4.41% 4.69% 5.73% 6.79% 4.89% 5.39% 5.87% 6.37% 5.14% 5.86% 5.62%起重输 3.05% 7.13% 4.39% 4.23% 3.96% 7.56% 5.71% 5.23% 4.89% 8.03% 5.77% 4.97% 5.22%基础件基础件4.43% 5.50% 4.18% 4.51% 5.47% 5.41% 4.41% 5.52% 5.16% 5.55% 5.06% 5.35% 5.49%工业机器人及工控系统

8.30% 11.79% 5.42% 6.22% 6.29% 7.47% 5.90% 7.20% 6.68% 8.10% 6.07% 5.79% 7.40%服务服务器人 5.53% 10.72% 6.13% 5.08% 5.62% 6.00% 6.32% 5.68% 6.39% 5.76% 7.62% 6.14% 6.40%塑料工 3.30% 1.75% 3.75% 3.20% 3.13% 3.18% 3.56% 3.37% 3.96% 3.42% 3.37% 3.67% 4.39%激光激光工 19.54% 8.31% 11.54% 9.51% 12.58% 9.65% 9.27% 10.88% 8.29% 31.88% 11.68% 11.28% 11.99%资料来源：wind，分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3表32：CS通用设备板块单季度财务费用率情况（%）分类20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3锅炉备 1.24% 3.08% 1.79% 1.95% 2.69% 2.49% 1.59% 1.79% 3.58% 1.33% 1.82% 3.41% 2.23%机床设备机床设备2.70% 2.02% 1.23% 1.13% 0.99% 1.35% 1.08% 0.04% 0.25% 2.16% 0.85% 0.00% 0.59%起重输 4.10% 5.06% 3.58% 3.51% 3.18% 2.58% 3.65% 1.62% 2.12% 3.91% 3.40% 1.02% 2.76%基础件基础件2.13% 2.04% 0.93% 1.15% 0.81% 1.69% 1.42% -1.25% -0.89% 1.01% 1.33% -1.88% 0.85%工业机器人及工控系统

2.00% 2.45% 0.88% 1.83% 1.56% 1.44% 0.85% 0.13% 0.08% 2.07% 0.94% 0.49% 0.85%服务服务器人 0.74% 1.62% 0.13% 0.56% -0.19% 1.04% 0.42% -2.11% -2.83% -0.03% 0.58% -3.64% 0.67%塑料工 0.71% 1.95% 0.68% 1.48% 0.93% 1