金吾财讯 | 国金证券研究指，机械行业收入逐季度增长，利润端增速不及收入增速，主因人民币升值导致汇兑损失大幅增加。2025年机械行业实现收入同比+5.1%；实现归母净利润同比+12.4%。1Q26机械行业整体收入同比+7.6%；归母净利润同比-5.4%。2025年行业综合毛利率23.4%，同比+0.5pct；净利率6.2%，同比+0.5pct。1Q26毛利率23.6，同比+0.8pct；净利率6.8%，同比-1pct。2025年行业整体现金流情况良好，经营性现金流量净额为2156亿元，同比+24%。分板块看，船舶、燃气轮机、刀具表现亮眼，工程机械持续高景气。机械行业呈现结构性分化，重点推荐两条主线。一是以AI设备和涨价为主的高景气板块，如AI基建(燃气轮机、光模块设备)、3D打印、具有涨价潜力的气体板块；二是估值和业绩匹配、基本面逐渐改善的板块，如船舶、工程机械、矿山机械、海工、通用机械。
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