Key investment points:
Market review:
Rise and fall of mechanical equipment this week: Shenwan mechanical equipment industry rose 2.39% this week, outperforming the Shanghai and Shenzhen 300 index by 1.31 percentage points, ranking 11th among Shenwan 31 industries; Shenwan machinery and equipment sector has risen 2.95% so far this month, outperforming the Shanghai and Shenzhen 300 index by 1.04 percentage points and ranking 21st among Shenwan 31 industries; Shenwan machinery and equipment sector has decreased by 9.19% year to date, 3.34 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 24th among Shenwan 31 industries.
The secondary sector of mechanical equipment rose or fell this week: as of February 18, among the five secondary sectors of Shenwan mechanical equipment industry, from the performance of this week, the automation equipment sector rose the most, at 4.03%. Other sectors showed as follows: the special equipment sector rose 3.48%, the general equipment sector rose 2.23%, the rail transit equipment sector rose 1.57%, and the construction machinery sector fell 0.16%.
Rise and fall of mechanical equipment stocks: as of February 18, the first three stocks in the mechanical equipment sector rose this week were Shandong Swan Cotton Industrial Machinery Stock Co.Ltd(603029) , Anshan Heavy Duty Mining Machinery Co.Ltd(002667) , Hiecise Precision Equipment Co.Ltd(300809) , up 61.13%, 60.99% and 25.67% respectively. The first three stocks in the mechanical equipment sector fell this week were Tangshan Jidong Equipment And Engineering Co.Ltd(000856) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Ningbo Donly Co.Ltd(002164) , down 14.26%, 8.07% and 7.03% respectively.
Valuation of mechanical equipment this week: as of February 18, the PE TTM of Shenwan mechanical equipment sector was 22.60 times. PE TTM of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 22.02 times, 30.79 times, 16.57 times, 13.86 times and 43.81 times respectively.
Zhou viewpoint of mechanical equipment industry:
Industrial control automation: automation equipment: the global industrial Siasun Robot&Automation Co.Ltd(300024) ownership is about 3 million, a record high. As the world's largest manufacturing producer, China has topped the list of industrial Siasun Robot&Automation Co.Ltd(300024) installed capacity in recent ten years. The penetration rate of industry Siasun Robot&Automation Co.Ltd(300024) in China's downstream manufacturing industry is relatively low. Among them, the penetration rate of automobile manufacturing industry is higher than that of other manufacturing industries, but it has not yet reached the level of developed countries, and there is still much room for improvement. It is suggested to pay attention to: Shenzhen Inovance Technology Co.Ltd(300124) (300124), Shenzhen Invt Electric Co.Ltd(002334) (002334).
Construction machinery: in January 2022, the sales volume of excavators in China continued to decline year-on-year, and the export sales volume maintained a high growth rate. In January, the year-on-year growth of the number of infrastructure projects started and the total investment accelerated. At the same time, new special bonds were continuously issued, which was faster than the same period last year. It is expected to support the recovery of the prosperity of the downstream infrastructure industry and effectively stimulate the demand for construction machinery and equipment. It is suggested to pay attention to the leaders in the construction machinery industry: Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) (000157), Xcmg Construction Machinery Co.Ltd(000425) (000425).
Risk tips: policy changes; Macroeconomic fluctuations affect the demand for downstream products; Intensified industry competition, etc.
