Investment summary:
Market review: Shenwan machinery fell 0.18% last week, ranking 21st in 28 primary sub industries; PE (TTM) 27.77 times; Pb (LF) 2.96 times.
Talk every Monday: the new plan is expected to drive the rapid development of refrigeration equipment industry
Event background
On December 12, the general office of the State Council issued the cold chain logistics development plan for the 14th five year plan. Classification and overview of refrigeration equipment
Refrigeration equipment can be divided into industrial and commercial refrigeration equipment and household refrigeration equipment. According to different application scenarios, the refrigeration equipment section is divided into industrial refrigeration equipment, commercial refrigeration equipment and household refrigeration equipment. The 14th five year plan for the development of cold chain logistics drives the development of commercial refrigeration equipment
The scale of cold chain logistics industry has expanded significantly. In recent years, the scale of China’s cold chain logistics market has grown rapidly. In 2020, the scale of the cold chain logistics market exceeded 380 billion yuan, the capacity of cold storage was nearly 180 million cubic meters, and the number of refrigerated vehicles was about 287000, which were 2.4 times, 2 times and 2.6 times respectively at the end of the 12th Five Year Plan.
Industrial upgrading and expanding domestic demand will open up new space for the development of cold chain logistics. With the comprehensive upgrading of modern agriculture, food industry, pharmaceutical industry and service industry, there is an increasing demand for high-quality, refined and personalized cold chain logistics services. During the 14th Five Year Plan period, with the continuous upgrading of the consumption structure of urban and rural residents, the super large-scale market potential will be released rapidly, laying a solid foundation and creating broad space for cold chain logistics to improve the supply level, adapt to new consumption and accelerate scale expansion.
Cold chain product safety and epidemic prevention and control strengthen the new requirements of cold chain logistics. The safety of cold chain products is related to people’s health and life safety. Especially since the outbreak of covid-19 pneumonia, cold chain logistics has undertaken the arduous task of ensuring the safe distribution of vaccines and the stable supply of food.
The plan is expected to drive the rapid development of commercial refrigeration equipment. It is mentioned in the plan that we should promote the upgrading of cold chain transportation facilities and equipment, promote the construction of land sales cold chain centralized distribution center, accelerate the transformation and upgrading of commercial cold chain facilities, and improve the functions of terminal cold chain facilities.
“New infrastructure” brings great potential for industrial refrigeration equipment
New infrastructure fields such as 5g base station, UHV, big data center, artificial intelligence and industrial Internet have high demand for industrial refrigeration equipment.
We believe that refrigeration equipment is expected to usher in rapid development in the future. Commercial refrigeration equipment benefits from the “14th five year plan” cold chain logistics development plan, and industrial refrigeration equipment benefits from the rapid development of new infrastructure. It is recommended to pay attention to the high-quality targets of refrigeration equipment, such as Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Sanhe Tongfei Refrigeration Co.Ltd(300990) .
Investment strategy: general equipment, energy equipment and other industries are at a high level in recent years, and there is a large theoretical demand for equipment procurement in relevant fields.
Key targets: Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Jiangsu Yawei Machine Tool Co.Ltd(002559) , Sinoseal Holding Co.Ltd(300470) , Neway Valve (Suzhou) Co.Ltd(603699) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Shenzhen S.C New Energy Technology Corporation(300724) , Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) , Opt Machine Vision Tech Co.Ltd(688686) , Henan Liliang Diamond Co.Ltd(301071) , Henan Huanghe Whirlwind Co.Ltd(600172) , Estun Automation Co.Ltd(002747) , Shenzhen Inovance Technology Co.Ltd(300124) , Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Naura Technology Group Co.Ltd(002371) , Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Sanhe Tongfei Refrigeration Co.Ltd(300990) , etc.
Risk tip: the manufacturing industry is declining; The price of raw materials has risen sharply; Exchange rate fluctuation risk.
