Key investment points:
Last week’s market
Last week, the CSI 300 fell by 0.73%, the Shenwan machinery and equipment sector fell by 0.69%, outperforming the market by 0.05 percentage points, ranking 17th among all the primary industries of Shenwan, and 19 sub industries rose by 6 and fell by 13. Among them, the sub industries with the highest increase were industrial control equipment, machine tools and agricultural machinery, up 4.68%, 2.41% and 0.87% respectively.
In terms of valuation, as of February 16, 2022, the price earnings ratio (TTM, overall method, excluding negative values) of Shenwan machinery and equipment sector was 23.56 times, and the valuation premium rate relative to Shanghai and Shenzhen 300 was 91%.
In terms of individual stocks, the top gainers were Shandong Swan Cotton Industrial Machinery Stock Co.Ltd(603029) (31.88%), Anshan Heavy Duty Mining Machinery Co.Ltd(002667) (26.37%), Guizhou Wire Rope Co.Ltd(600992) (23.78%), Suzhou Thvow Technology Co.Ltd(002564) (22.49%), Hangzhou Innover Technology Co.Ltd(002767) (20.96%), and the top gainers were Robotechnik Intelligent Technology Co.Ltd(300757) (- 22.63%), Zhejiang Dingli Machinery Co.Ltd(603338) (- 17.57%), Shanghai Hugong Electric Group Co.Ltd(603131) (- 17.20%), Star Technology (- 13.54%), China National Electric Apparatus Research Institute Co.Ltd(688128) (- 13.47%).
Industry news
1) in January 2022, the sales volume of excavators was 15600, a year-on-year decrease of 20.4%.
2) in January 2022, the sales volume of loaders was 75.98 million, a year-on-year decrease of 14.8%.
3) in January, the operating hours of Komatsu excavator in China was 71.3 hours, a year-on-year decrease of 35%.
Company news
1) Sino Geophysical Co.Ltd(300191) smart oil, an overseas wholly-owned company, signed an oil contract in Nanhai 22 / 05 contract area.
2) Suzhou Tztek Technology Co.Ltd(688003) released the performance express of 2021, and the revenue increased by 31.14%.
3) Shuangliang Eco-Energy Systems Co.Ltd(600481) subsidiary signed sales contracts for 1.892 billion monocrystalline silicon wafers.
4) Jade Bird Fire Co.Ltd(002960) sign the investment contract of Jade Bird Fire Co.Ltd(002960) safety industrial park project.
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 January was 15600, a year-on-year decrease of 20.4%, the decline was narrowed, and the export data showed outstanding performance, a year-on-year increase of 105%.
In terms of policies, the policy of 2022 has repeatedly emphasized steady growth, and the Ministry of Finance issued a new special debt of 1.46 trillion yuan in advance. From the perspective of investment direction, the new special debt is mainly invested in municipal and industrial park infrastructure, affordable housing projects and social undertakings. We believe that due to the impact of last year’s high base, the growth rate of Q1 industry is under pressure, but under the main line of steady growth, the improvement trend of industry demand is obvious. 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 construction machinery industry is expected to improve in March after the Spring Festival in January and February and the influence of seasonal factors. In 2022, the construction machinery market will show a trend of low before high. Under this expectation, we suggest to focus on the repair opportunities of industry leaders under the steady growth policy in the short term, such as construction machinery leaders Sany Heavy Industry Co.Ltd(600031) (600031), Shaanxi Construction Machinery Co.Ltd(600984) (600984), and core parts manufacturers Jiangsu Hengli Hydraulic Co.Ltd(601100) (601100).
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.
