Market review: this week, the mechanical equipment index fell 2.18%, the Shanghai and Shenzhen 300 index fell 1.68%, and the gem index fell 3.75%. Machinery and equipment ranked 22nd in the rise and fall of all 28 industries. After excluding negative values, the valuation level of the machinery industry is 24.0 (overall method). The top three sectors in the machinery industry this week are oil and gas development equipment, instruments and meters and shipping equipment; Since the beginning of the year, the top three segments are oil and gas development equipment, instruments and meters and machine tools.
Weekly attention: manufacturing pmi50 in February 2%, the boom of CNC tools continued
In February, the manufacturing PMI index was 50.2%, up 0.1 percentage points month on month, and remained above the boom and bust line for four consecutive months since November last year. The super seasonal rebound of PMI index reflects the gradual recovery of China's demand and the rise of manufacturing boom level; With the support of a series of steady growth policies, it is expected that the industrial manufacturing industry will continue to expand.
In 2021, the consumption scale of China's cutting tools will be about 40 billion yuan. With the recovery of China's manufacturing industry and the continuous improvement of the NC rate of machine tools, the market space of NC cutting tools is expected to be further improved. In recent years, affected by the epidemic and other factors, the production capacity of overseas tool manufacturers is limited; In the context of high-end manufacturing and manufacturing upgrading, Chinese manufacturers seize the opportunity to layout the high-end tool market, which is expected to achieve import substitution. Domestic CNC tool manufacturers have broad growth prospects.
The performance of domestic CNC tool manufacturers has increased rapidly, and the production capacity has been accelerated. As the foundation of the machinery manufacturing industry, the demand for CNC cutting tools is strong in 2021, and the supply of imported brands is blocked due to the epidemic; Chinese manufacturers have price advantages, tool performance and service capacity have been gradually improved, downstream application fields have been continuously expanded, and product sales have increased significantly. According to the performance forecast, the performance of Chinese manufacturers will achieve rapid growth in 2021. Of which, Oke Precision Cutting Tools Co.Ltd(688308) achieved an operating revenue of 990 million yuan, a year-on-year increase of 41.04%, and a net profit of 220 million yuan, a year-on-year increase of 106.82% China Tungsten And Hightech Materials Co.Ltd(000657) net profit is expected to reach more than 470 million yuan, with a year-on-year increase of more than 112.56% Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) operating revenue and net profit also grew by 55.51% and 82.41% respectively. In terms of production capacity, recently China Tungsten And Hightech Materials Co.Ltd(000657) passed the resolution of the board of directors, adding an annual production capacity of 10 million NC blades Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) plans to issue convertible bonds and build a production line with an annual output of 500000 precision CNC cutter bodies and an annual output of 1.4 million high-efficiency drilling cutters. After the completion of the raised investment project, the production capacity will be gradually released Oke Precision Cutting Tools Co.Ltd(688308) raised and invested 40 million pieces of high-end CNC blades. At present, the project has entered the commissioning stage and will be gradually put into operation in the first half of the year. With the recovery of manufacturing industry and the accelerated release of production capacity of Chinese manufacturers, the boom of NC tool industry will continue.
Investment suggestion: it is suggested to pay attention to the investment opportunities of CNC cutting tools, including China Tungsten And Hightech Materials Co.Ltd(000657) , Oke Precision Cutting Tools Co.Ltd(688308) , Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , etc. The manufacturing industry has rebounded and has long been optimistic about the investment opportunities in the mechanical equipment industry under the main line of steady growth. The key investment directions include photovoltaic equipment, new energy charging and replacement equipment, specialized and special new and other subdivided fields. In terms of beneficiary objects, in the field of photovoltaic equipment, Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Wuxi Autowell Technology Co.Ltd(688516) , Kbc Corporation Ltd(688598) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , etc; Field of power exchange equipment Suzhou Harmontronics Automation Technology Co.Ltd(688022) , Bozhon Precision Industry Technology Co.Ltd(688097) , Shandong Weida Machinery Co.Ltd(002026) , etc; Specialize in new fields Shareate Tools Ltd(688257) etc.
Risk warning: covid-19 pneumonia epidemic situation is repeated; The degree of policy promotion is less than expected; The growth rate of manufacturing investment was lower than expected; Intensified industry competition, etc.
