Last week’s market
Last week, the CSI 300 rose by 1.93%, the Shenwan machinery and equipment sector rose by 3.38%, outperforming the market by 1.44 percentage points, ranking 21st among all the primary industries of Shenwan, and the 19 sub industries rose by 2. Among them, the sub industries with the highest increase were energy and heavy equipment, abrasives and abrasives, and agricultural machinery, up 7.37%, 5.83% and 5.09% respectively.
In terms of valuation, as of February 9, 2022, the price earnings ratio (TTM, overall method, excluding negative values) of Shenwan machinery and equipment sector was 23.88 times, and the valuation premium rate relative to Shanghai and Shenzhen 300 was 93%.
In terms of individual stocks, the top gainers were Tangshan Jidong Equipment And Engineering Co.Ltd(000856) (33.06%), Haimo Technologies Group Corp(300084) (28.16%), Changsha Dialine New Material Sci.&Tech.Co.Ltd(300700) (23.05%), Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) (22.01%), Kunshan Topa Intelligent Equipment Co.Ltd(300836) (18.64%), and the top gainers were Ju Guang Technology (- 23.15%), Ningbo Zhenyu Technology Co.Ltd(300953) (- 14.94%), Zoje Resources Investment Co.Ltd(002021) (- 14.41%), Shenzhen United Winners Laser Co.Ltd(688518) (- 13.83%) and Hangzhou Honghua Digital Technology Stock Company Ltd(688789) (- 9.94%).
Industry news
1) in January 2022, the manufacturing PMI was 50.1%, down 0.2 percentage points.
2) the agricultural driverless enterprise Zhongke motive power obtained tens of millions of yuan of financing.
3) the investment scale of major water conservancy projects under construction in China exceeds 1 trillion yuan.
Company news
1) Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) acquisition of Shenzhen Roadrover Technology Co.Ltd(002813) controlling interest.
2) Anshan Heavy Duty Mining Machinery Co.Ltd(002667) acquire 70% equity of Jiangxi Jinhui renewable resources Co., Ltd.
3) Pnc Process Systems Co.Ltd(603690) invested 10 million in Xiaomiao Langrui private investment fund.
4) Shuangliang Eco-Energy Systems Co.Ltd(600481) subsidiary signed two contracts for multi pair rod reduction furnace equipment totaling 743.8 million yuan.
5) Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) subsidiary is listed in the unverified list by the Bureau of industry and security of the U.S. Department of Commerce.
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, a year-on-year decrease of 23.8%. 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 terms of policies, the policy of 2022 has repeatedly emphasized steady growth. The Ministry of Finance issued 1.46 trillion yuan of new special bonds in 2022 in advance. Among the new bonds issued in January this year, 484.4 billion yuan of special bonds were issued, accounting for 33% of the amount issued in advance by the Ministry of Finance and 69% of the total bonds issued in January. From the perspective of investment direction, the new special bonds are mainly invested in municipal and industrial park infrastructure Affordable housing projects and social undertakings. We believe that the continuous commencement of major projects around the country will drive the marginal improvement 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. Due to the impact of the high base in the same period last year, the construction machinery market will show a trend of low before high in 2022. 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.
