Key investment points:
Last week’s market
Last week, the CSI 300 fell 1.42%, the Shenwan machinery and equipment sector fell 6.36%, underperforming the market by 4.94 percentage points, ranking 24th among all the primary industries of Shenwan, and the 19 sub industries rose 0 and fell 18. Among them, the sub industries with the highest decline were instruments, Siasun Robot&Automation Co.Ltd(300024) and other automation equipment, down 9.78%, 8.96% and 8.61% respectively.
In terms of valuation, as of January 26, 2022, the P / E ratio (TTM, overall method, excluding negative values) of Shenwan mechanical equipment sector was 24.01 times, and the valuation premium rate relative to Shanghai and Shenzhen 300 was 93%.
In terms of individual stocks, the top gainers were Ficont Industry (Beijing) Co.Ltd(605305) (15.16%), Jack Sewing Machine Co.Ltd(603337) (8.09%), Liaoning Fu-An Heavy Industry Co.Ltd(603315) (6.64%), Jiangyin Hengrun Heavy Industries Co.Ltd(603985) (6.46%), Hangzhou Oxygen Plant Group Co.Ltd(002430) (5.67%), and the top gainers were Zhejiang Canaan Technology Limited(300412) (- 27.33%), Bingshan Refrigeration & Heat Transfer Technologies Co.Ltd(000530) (- 26.63%), Deshi shares (- 26.07%), Jiangsu Skyray Instrument Co.Ltd(300165) (- 25.88%) and Nbtm New Materials Group Co.Ltd(600114) (- 22.11%).
Industry news
1) in 2021, the sales volume of forklift truck was 1099400, a record high.
2) Midea’s renamed business division and Hisense won the bid for the subway project, and home appliance enterprises made efforts in the field of intelligent transportation.
Company news
1) Xcmg Construction Machinery Co.Ltd(000425) released the first report card after the mixed reform, and the annual net profit increased by nearly 50%.
2) Wave Cyber (Shanghai) Co.Ltd(688718) it is proposed to invest no more than 150 million yuan to implement the reconstruction and expansion project of reverse osmosis membrane production line.
3) Kraussmaffei Company Limited(600579) sign the financial service agreement with Sinochem Group Finance Co., Ltd.
4) China Railway Signal & Communication Corporation Limited(688009) disclose the bid winning announcement of 7 important projects from November to December 2021.
Industry strategy and individual stock recommendation this week
In terms of construction machinery, according to the data of China Construction Machinery Industry Association, the sales volume of excavators in December was 24000 units, a year-on-year decrease of 23.8%, of which 15423 units were sold in the Chinese market, a year-on-year decrease of 43.5%; 8615 sets were exported, with a year-on-year increase of 105%. The annual excavator sales volume in 2021 was 342800 units, with a year-on-year increase of 4.63%, which was lower than the annual growth expectation of 10%. In addition, the recent central economic work conference emphasized steady growth. The Ministry of Finance issued a new special debt of 1.46 trillion yuan in 2022 in advance. Major projects around the country have started one after another, driving the growth of construction machinery demand. It is expected that the demand of the construction machinery industry is expected to improve in March after the Spring Festival in January and February and the influence of seasonal factors. Under this expectation, it is suggested to focus on leading enterprises in the industry, such as leading Sany Heavy Industry Co.Ltd(600031) (600031), Shaanxi Construction Machinery Co.Ltd(600984) (600984) of construction machinery and Jiangsu Hengli Hydraulic Co.Ltd(601100) (601100) of core parts manufacturers.
In terms of Siasun Robot&Automation Co.Ltd(300024) , the Ministry of industry and information technology led the introduction of two favorable plans, which clearly put forward the goal of an average annual growth of 20% in industry revenue and doubling the Siasun Robot&Automation Co.Ltd(300024) density of manufacturing industry by 2025. Last year, the performance of Q3 Siasun Robot&Automation Co.Ltd(300024) enterprises was not optimistic. Some representative companies in China experienced a sharp rise in revenue but a sharp decline in profits. The rise in cost and price is one factor, and the more fundamental reason is that they are limited by technical barriers. Most of China’s Siasun Robot&Automation Co.Ltd(300024) enterprises are concentrated in the field of medium and low-end products, and their bargaining power is not strong. The introduction of the two plans will accelerate the process of China’s Siasun Robot&Automation Co.Ltd(300024) industry moving towards high-end. In addition, with the gradual decline of China’s demographic dividend and the continuous decline of industrial Siasun Robot&Automation Co.Ltd(300024) prices, the price scissors difference between the two has been significantly reduced, and machine replacement will become an important trend of manufacturing transformation in the future. In this process, it is suggested to pay attention to domestic industrial Siasun Robot&Automation Co.Ltd(300024) leader Guangdong Topstar Technology Co.Ltd(300607) (300607) and reducer leader Leader Harmonious Drive Systems Co.Ltd(688017) (688017).
Risk warning: the risk of global spread of the epidemic; The macroeconomic growth rate is lower than expected; Price fluctuation risk of raw materials; Global trade friction risk
