Key investment points
As a national strategy, specialization and innovation is committed to building an invisible champion for small and medium-sized enterprises
"Specialization and innovation" refers to small and medium-sized enterprises with the advantages of specialization, refinement, characteristics and novelty. The meeting of the Political Bureau of the CPC Central Committee on July 30, 2021 raised the "development of specialized and new small and medium-sized enterprises" to the national strategic level for the first time. On December 17, 2021, the "14th five year plan for promoting the development of small and medium-sized enterprises" issued by the Ministry of industry and information technology clearly proposed to establish a "one hundred thousand" gradient cultivation system for small and medium-sized enterprises to guide small and medium-sized enterprises to the development direction of "specialization and innovation", "little giant" and "invisible champion".
The establishment of the Beijing stock exchange has further ushered in a new capital support platform for specialized and new small and medium-sized enterprises. Beijing stock exchange focuses on the industry positioning of small and medium-sized enterprises and emphasizes the deepening support for the innovation of small and medium-sized enterprises, so that more and more small and medium-sized enterprises and "specialized and new" enterprises can get the help of multi-level capital market.
"Specialization and innovation" focuses on high-end manufacturing, and mechanical equipment enterprises are the main force
Mechanical equipment enterprises are the main force of specialized and special new enterprises. There are 91 specialized and special new listed enterprises in the machinery industry, accounting for 26%. The number of listed companies ranks first in all sectors. In terms of the proportion of sub industries, other special machinery, instruments and meters and other general machinery account for 62% in total. The market value of newly listed companies specialized in machinery is generally small and their profitability is excellent. The median market value is 4.2 billion yuan. In 2020, the median roe is 11%, the median gross profit margin is 40%, and the median net profit margin is 16%. In terms of location distribution, it is mainly concentrated in major coastal machinery manufacturing provinces, including 19 in Jiangsu, 13 in Guangdong, 12 in Zhejiang, 6 in Anhui and 5 in Shanghai. The top five provinces account for 60% in total.
Select five core tracks in the field of "specialization and innovation" in the machinery industry
The machinery industry involves many specialized, special and new key fields. According to the market space of the sub industry, the growth rate of the industry and the overall business model of the company, we select five core tracks: Industrial Siasun Robot&Automation Co.Ltd(300024) , core parts, industrial gas, testing and consumption upgrading.
1) industrial Siasun Robot&Automation Co.Ltd(300024) : driven by multiple factors such as replacement of machines, increase of application scenarios and improvement of economy, it is estimated that the cumulative incremental market space of China's industrial Siasun Robot&Automation Co.Ltd(300024) market is expected to exceed 100 billion yuan by 2025.
2) core parts: parts enterprises are oriented to all downstream customers and have the characteristics of broad demand, good business reliability and strong replication of business model. Be optimistic about the fields of gears, reducers and FA parts.
3) industrial gas: China's industrial gas market is nearly 200 billion yuan, with a compound growth rate of 8%. The industry has a large space and is expected to produce a large market value company. Among them, the share of independent brands in the special gas market is only 10%, and the domestic substitution trend is obvious and has great potential.
4) testing and inspection: the testing industry has a large space, a wide range of demand sources, strong stability and less affected by macro-economy. It is estimated that by 2023, the scale of China's third-party testing market will be 280 billion yuan, with an annual CAGR of 15%. Industry leaders are expected to achieve national expansion through "endogenous extension", and the market share will continue to increase.
5) consumption upgrading: in recent years, the consumption upgrading trend in China and Europe and the United States has driven the great development of emerging industries such as digital printing, fine brewed fresh beer, all terrain vehicle, lifting table and electric bicycle. Domestic supply chain enterprises with engineer dividends continue to benefit, and the subdivided field of manufacturing industry has the characteristics of "from global supply to penetration into China". Enterprises can open up several times the growth space of the original market through product upgrading and transformation and operation.
Potential excellent targets of "specialization and innovation" in selected equipment manufacturing industry
Based on the characteristics of Listed Companies in the machinery industry in the list and the cultivation conditions of specialized and new "little giant", we selected potential high-quality specialized and new "little giant" enterprises in the machinery sector from the dimensions of the prosperity of the company's track, the company's growth and the company's profitability. Promising to be good for good quality standards: Hangzhou Honghua Digital Technology Stock Company Ltd(688789) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Guangzhou Kdt Machinery Co.Ltd(002833) , Hangzhou Great Star Industrial Co.Ltd(002444) , Jiangsu Guomao Reducer Co.Ltd(603915) , Jade Bird Fire Co.Ltd(002960) , Nbtm New Materials Group Co.Ltd(600114) , etc.
Risk warning: capital construction and real estate investment are not as expected; Higher than expected risk of covid-19 epidemic in overseas and China
