2026年美银中国会议：中国工业板块核心要点

2026 BofA China Conference: keytakeaways from China Industrial Industry Overview 19 May 2026 CM: export growth, electrification & mining equipment We hosted18 meetings at our China Conference (11-13 May), across constructionmachinery (Hengli Hydraulic, Sany, XCMG, Zoomlion, Heli), automation (Han’s Laser,Megmeet, OPT, SC New Energy, Times Electric, UBTECH, Wuxi Lead, Yiheda), HDT(Sinotruk, Weichai, Yuchai) and power equipment (Huaming Equipment). Majorconstruction machinery players are positive about demand from overseas and forecastc.20% YoY export growth in 2026, vs. c.10% YoY growth for domestic revenue.Meanwhile, all OEMs have noticed rising demand for electric machinery since Marchgiven the rising energy prices. Across different products, Sany sees more opportunities EquityGreater China Ming Hsun Lee, CFA>>Research AnalystMerrill Lynch (Hong Kong)+852 3508 5006 minghsun.lee@bofa.comSummer Wang, CFA>>Research AnalystMerrill Lynch (Hong Kong) Yikai Liu, CFA>>Research AnalystMerrill Lynch (Hong Kong) Fiona Liang>>Research AnalystMerrill Lynch (Hong Kong) Automation: FA upcycle; humanoid robot on the rise In the automation sector, FA companies, including Han’s Laser, Wuxi Lead, Megmeet,OPT and Yiheda, see robust sales growth in 2026 amid the FA upcycle, mainly supportedby the strong demand from AI-related, battery and semiconductor, as well astechnological upgrades including sodium-ion battery, ASSB, perovskite and 3D printing.Order growth of most FA companies continued to pick up MoM in April. Han’s Laser ispositive on demand from consumer electronics as well as PCB. Meanwhile, managementestimates its revenue from battery to increase by 60% YoY in 2026, thanks to the soliddemand. On the humanoid robot front, the humanoid robot expert (Mr. Zhangyuan Lu, CM: construction machineryHDT: heavy duty truckOEM: original equipmentmanufacturer FX: foreign exchange 3D: three-dimension VLA: vision-language-action CV & engines: AIDC products to the US; HDT exports AI: artificial intelligence In the engines segment, Weichai Power ispositive on its growth outlook in diesel/gasgensets. It will start the delivery of 2-5MW gas gensets to its AIDC clients in the USfrom 4Q26 and targets 200/>1000 units of delivery in 2026/27E. Yuchai will expands itsproduction capacity for AIDC engines by 50% in 2026 on robust demand from Chineseclients. It is planning to export to the US as soon as late 2027. Sinotruk sees postponed PCB: printed circuit board MW: megawatt Please referto page 11 for full list ofabbreviations Contents Anhui Heli (600761 CH)3Hengli Hydraulic (601100 CH)3Sany (600031 CH/6031 HK)3XCMG (000425 CH)4Zoomlion (000157 CH/1157 HK)4 Automation4 Humanoid robot expert4Han’s Laser (002008 CH)5Megmeet (002851 CH)5OPT (688686 CH)6SC New Energy (300724 CH)6Times Electric (688187 CH/3898 HK)7UBTECH (9880 HK)7Wuxi Lead (300450 CH/470 HK)8Yiheda (301029 CH)8 Power equipment Hongfa (600885 CH)Huaming Equipment (002270 CH) CV & engines Sinotruk (000951 CH/3808 HK)Weichai Power (000338 CH) Construction machinery Anhui Heli (600761 CH) Solid growth from Europe market In 1Q26, the company’s revenue from Europe increased by >40% YoY. Managementstated that this was mainly driven by 1) rising demand; 2) penetration of lithium batteryproducts; 3) Heli’s enhancing sales network in Europe; and 4) Heli’s enhancing R&D for Intelligent logistics: target to penetrate more in overseas market Management estimates revenue from intelligent logistics will reach c.RMB1.4bn (vs.c.RMB1bn in 2025) on the back of sufficient orders on hand. Looking ahead, Heli targetsto focus more on penetration into overseas markets for its intelligent logistics products. Export revenue to grow by >20% YoY in 2026E Management estimates revenue from the overseas market will increase by >20% YoY infull-year 2026, vs. single-digit growth in domestic revenue. Hengli Hydraulic (601100 CH) Solid growth from hydraulic components with rising demand & share gain According to the company, demand for cylinders, pump & valves has been resilient in2026 YTD, with its hydraulic components factories already running at full capacity. Thecompany is actively working on capacity expansion to meet the rising demand. Across New business ramping up; ready for capacity Management estimates its revenue from ball screw & linear guide for new business willramp up significantly in 2H26. The company has been well prepared for its capacity(China & Mexico) to support the demand for its major customer. For its existing ballscrew & linear for industrial automation, management also noted solid demand in 2026 Target for >20% revenue/net profit growth in 2026E Management expects total revenue and net profit to grow by 20-30% YoY in 2026. Forits Mexico factory, management estimates it will be still loss-making in 2026. Sany (600031 CH/6031 HK) Targets 15% revenue growth in 2026 Management forecasts total revenue growth of 15% YoY for full-year 2026, mainlydri