Key investment points:
Market review:
Rise and fall of mechanical equipment this week: Shenwan mechanical equipment industry fell 4.94% this week, 0.72 percentage points lower than Shanghai and Shenzhen 300 index, ranking 21st among Shenwan 31 industries; Shenwan machinery and equipment sector has fallen 6.63% so far this month, 0.63% lower than the Shanghai and Shenzhen 300 index, ranking 23rd among Shenwan 31 industries; Shenwan machinery and equipment sector has decreased by 15.25% year to date, 2.42 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 25th among Shenwan 31 industries.
The secondary sector of mechanical equipment rose or fell this week: as of March 11, among the five secondary sectors of Shenwan mechanical equipment industry, the rail transit equipment sector had the smallest decline of 3.20% from the performance of this week. Other sectors showed as follows: the special equipment sector fell 3.99%, the general equipment sector fell 4.51%, the construction machinery sector fell 5.72%, and the automation equipment sector fell 6.55%.
Rise and fall of mechanical equipment stocks: as of March 11, the top three stocks in the mechanical equipment sector this week were Wenyi Trinity Technology Co.Ltd(600520) , Silvery Dragon Prestressed Materials Co.Ltd Tianjin(603969) , Nanjing Develop Advanced Manufacturing Co.Ltd(688377) , up 26.10%, 21.05% and 12.75% respectively. The first three stocks in the mechanical equipment sector fell this week were Hongying intelligent, Zhejiang Rifa Precision Machinery Co.Ltd(002520) , Jiangsu Rutong Petro-Machinery Co.Ltd(603036) , with declines of 21.07%, 19.90% and 19.52% respectively. Valuation of mechanical equipment this week: as of March 11, the PE TTM of Shenwan mechanical equipment sector was 21.25 times. PE TTM of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 20.97 times, 30.24 times, 15.35 times, 12.09 times and 39.60 times respectively.
Zhou viewpoint of mechanical equipment industry:
Automation equipment: the NPC deputies proposed to introduce policies and plans to speed up the process of replacing people with machines, which will promote the improvement of China's Siasun Robot&Automation Co.Ltd(300024) existing technology and speed up the breakthrough of bottleneck technology, which will benefit the Siasun Robot&Automation Co.Ltd(300024) industry. In addition, China's aging problem is serious, the demand for guarding and accompanying Siasun Robot&Automation Co.Ltd(300024) will gradually increase, the development of service Siasun Robot&Automation Co.Ltd(300024) industry will accelerate, and the subdivided areas of industrial chain will benefit. Suggestions for attention: Shenzhen Inovance Technology Co.Ltd(300124) ( Shenzhen Inovance Technology Co.Ltd(300124) ), Estun Automation Co.Ltd(002747) ( Estun Automation Co.Ltd(002747) ), China Leadshine Technology Co.Ltd(002979) ( China Leadshine Technology Co.Ltd(002979) ), Shenzhen Invt Electric Co.Ltd(002334) ( Shenzhen Invt Electric Co.Ltd(002334) ), Suzhou Tztek Technology Co.Ltd(688003) ( Suzhou Tztek Technology Co.Ltd(688003) ), Jutze Intelligent Technology Co.Ltd(300802) ( Jutze Intelligent Technology Co.Ltd(300802) ), Opt Machine Vision Tech Co.Ltd(688686) ( Opt Machine Vision Tech Co.Ltd(688686) ). Construction machinery: in February 2022, the year-on-year decline of excavator sales in China narrowed, and the chain ratio changed from negative to positive. The operating hours of excavators in February increased compared with the same period in 2021 and 2019. At the same time, the sales data of various tonnage of excavators improved month on month. We believe that the downstream prosperity will recover. In the government work report, while adjusting and stabilizing growth, actively expand effective investment, appropriately advance infrastructure investment, add new special bonds, and balance the higher issuance amount last year, which will effectively support the start of downstream infrastructure projects and is expected to stimulate the demand for construction machinery and equipment. It is suggested to pay attention to the leaders in the construction machinery industry: Sany Heavy Industry Co.Ltd(600031) ( Sany Heavy Industry Co.Ltd(600031) ), 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 warning: macroeconomic downturn risk; Weakening of overseas demand; Infrastructure / real estate investment is less than expected risk; The issuance of special bonds is less than the expected risk, etc.
