Market review:
Rise and fall of mechanical equipment this week: Shenwan mechanical equipment industry rose 0.36% this week, outperforming the Shanghai and Shenzhen 300 index by 2.03 percentage points, ranking 12th among Shenwan 31 industries; Shenwan machinery and equipment sector has risen 3.32% so far this month, outperforming the Shanghai and Shenzhen 300 index by 3.11 percentage points and ranking 15th among Shenwan 31 industries; Shenwan machinery and equipment sector has decreased by 8.86% year to date, 1.43 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 22nd among Shenwan 31 industries.
The secondary sector of mechanical equipment rose or fell this week: as of February 25, among the five secondary sectors of Shenwan mechanical equipment industry, the general equipment sector rose the most, at 2.22%. Other sectors showed as follows: the special equipment sector rose 1.39%, the automation equipment sector rose 1.08%, the rail transit equipment sector fell 3.05%, and the construction machinery sector fell 3.11%.
Rise and fall of mechanical equipment stocks: as of February 25, the top three stocks in the mechanical equipment sector this week were Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) , Baota Industry Co.Ltd(000595) , Zhengzhou Sino-Crystal Diamond Co.Ltd(300064) , up 49.80%, 39.52% and 36.24% respectively. The first three stocks in the mechanical equipment sector fell this week were Beijing Roborock Technology Co.Ltd(688169) , Hangzhou Great Star Industrial Co.Ltd(002444) , Shenzhen Anche Technologies Co.Ltd(300572) , down 15.83%, 13.57% and 12.15% respectively.
Valuation of mechanical equipment this week: as of February 25, the pettm of Shenwan mechanical equipment sector was 22.77 times. The pettm of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 22.47 times, 31.27 times, 16.04 times, 13.43 times and 4.27 times respectively.
Zhou viewpoint of mechanical equipment industry:
Industrial control automation: intelligent manufacturing will be one of the important topics of the two sessions. The demand for automatic production will continue to increase, and the localization rate of upstream parts is accelerating. The servo system industry pattern is relatively scattered, and the market share of China’s industrial control leading servo products has ranked first, which will lead Chinese enterprises to continuously improve. The Chinese market of reducer is still dominated by Japanese enterprises, but the market share of Chinese enterprises is on the rise, which is expected to break the monopoly pattern in the future. It is suggested to pay attention to: Shenzhen Inovance Technology Co.Ltd(300124) ( Shenzhen Inovance Technology Co.Ltd(300124) ), Leader Harmonious Drive Systems Co.Ltd(688017) ( Leader Harmonious Drive Systems Co.Ltd(688017) ).
Construction machinery: steady growth will be the setting tone of the two sessions. The early approval of special bonds and the issuance speed of special bonds in January will support the recovery of downstream infrastructure and real estate industry. In the post epidemic era, the export of construction machinery has maintained a high growth rate. On the premise of the layout of Chinese enterprises for many years, combined with factors such as enhanced core competitiveness and high cost performance, the export is expected to maintain a high growth rate in 2022. It is suggested to pay attention to the leaders in the construction machinery industry: Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ( Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ), Xcmg Construction Machinery Co.Ltd(000425) ( Xcmg Construction Machinery Co.Ltd(000425) ), Guangxi Liugong Machinery Co.Ltd(000528) ( Guangxi Liugong Machinery Co.Ltd(000528) ).
Risk tips: policy changes; Macroeconomic fluctuations affect the demand for downstream products; The issuance of special bonds is less than the expected risk, etc.
