Core view
Weekly performance of sectors: this week (2022 / 3 / 212022 / 3 / 25), the mechanical equipment index fell by 1.4%, and the top five sectors were: coal equipment III / oil and gas equipment / internal combustion engine / agricultural machinery / other general machinery, with fluctuations of 5.6% / 1.6% / 1.2% / 1.0% respectively;
Sector valuation level: the median pettm of the machinery sector is 32x, of which the highest valuation is lithium battery equipment (79.8x) and the lowest valuation is construction machinery (12.2x). From the historical data within 10 years, the P / E ratio of the machinery sector is in the quantile of 14.24%;
Weekly tracking of individual stocks: the five stocks with the highest increase this week are Zhejiang Tiantai Xianghe Industrial Co.Ltd(603500) , Beijing Jingcheng Machinery Electric Company Limited(600860) , Yangzhou Seashine New Materials Co.Ltd(300885) , Shenyang Yuanda Intellectual Industry Group Co.Ltd(002689) , Gem-Year Industrial Co.Ltd(601002) ;
Industry highlights: (1) the U.S. Trade Representative Office announced the re exemption of 352 tariffs on Chinese imports; (2) The national development and Reform Commission and the National Energy Administration issued the “14th five year plan” for modern energy system; (3) The national development and Reform Commission held a press conference to introduce the medium and long-term plan for the development of hydrogen energy industry (20212035); (4) The National Energy Administration released the statistical data of the national power industry from January to February.
Investment proposal and investment object
From the perspective of modern energy system planning, the demand for energy equipment increased: on March 22, the official website of the national development and Reform Commission released the notice of the national development and Reform Commission and the National Energy Administration on printing and distributing the modern energy system planning in the 14th five year plan. It is planned to build a modern energy system from three aspects: enhancing the security and stability of the energy supply chain, promoting the green and low-carbon transformation of energy production and consumption mode, and improving the modernization level of the energy industry chain. From the perspective of strengthening strategic security, the plan proposes to increase China’s oil and gas exploration and development, adhere to the simultaneous development of both regular and non conventional resources, pay equal attention to both sea and land, actively expand the exploration and development of unconventional resources, accelerate the development of shale oil, shale gas and coalbed methane, strive to recover the oil production to the level of 200 million tons in 2022 and stabilize the production for a long time, and the natural gas production will increase rapidly, and strive to reach more than 230 billion cubic meters in 2025. From the perspective of improving the level of operation safety, the plan proposes to strengthen the guarantee of coal safety and strengthen the construction of intelligent, safe and efficient mines; Enhance natural gas reserve and regulation capacity. We will comprehensively promote the construction of underground gas storage, liquefied natural gas (LNG) terminal and other gas storage facilities. By 2025, the national intensive gas storage capacity will reach 55 billion ~ 60 billion cubic meters, accounting for about 13% of natural gas consumption. We believe that the national 14th five year plan attaches great importance to energy security, and the prosperity of oil and gas development, coal intelligent operation and natural gas storage, transportation and reception is expected to rise. It is suggested to pay attention to oil and gas equipment, coal machinery, smart coal machine, compressor and pipe network related equipment required by gas storage.
It is recommended to pay attention to:
(1) construction machinery: Sany Heavy Industry Co.Ltd(600031) ( Sany Heavy Industry Co.Ltd(600031) , not rated), Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ( Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , bought), Jiangsu Hengli Hydraulic Co.Ltd(601100) ( Jiangsu Hengli Hydraulic Co.Ltd(601100) , not rated), Shaanxi Construction Machinery Co.Ltd(600984) ( Shaanxi Construction Machinery Co.Ltd(600984) , not rated), Yantai Eddie Precision Machinery Co.Ltd(603638) ( Yantai Eddie Precision Machinery Co.Ltd(603638) , not rated); (2) Industrial equipment: Hangcha Group Co.Ltd(603298) ( Hangcha Group Co.Ltd(603298) , Unrated), Anhui Heli Co.Ltd(600761) ( Anhui Heli Co.Ltd(600761) , Unrated), Qinchuan Machine Tool & Tool Group Share Co.Ltd(000837) ( Qinchuan Machine Tool & Tool Group Share Co.Ltd(000837) , Unrated), Guangdong Yizumi Precision Machinery Co.Ltd(300415) ( Guangdong Yizumi Precision Machinery Co.Ltd(300415) , Unrated), Estun Automation Co.Ltd(002747) ( Estun Automation Co.Ltd(002747) , Unrated), Guangdong Topstar Technology Co.Ltd(300607) ( Guangdong Topstar Technology Co.Ltd(300607) , Unrated); (3) Logistics automation: Nanjing Inform Storage Equipment (Group) Co.Ltd(603066) ( Nanjing Inform Storage Equipment (Group) Co.Ltd(603066) , not rated), Noblelift Intelligent Equipment Co.Ltd(603611) ( Noblelift Intelligent Equipment Co.Ltd(603611) , not rated), Cimc Vehicles (Group) Co.Ltd(301039) ( Cimc Vehicles (Group) Co.Ltd(301039) , not rated); (4) Energy equipment: Wuxi Lead Intelligent Equipment Co.Ltd(300450) ( Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Unrated), Shenzhen S.C New Energy Technology Corporation(300724) ( Shenzhen S.C New Energy Technology Corporation(300724) , Unrated), Yantai Jereh Oilfield Services Group Co.Ltd(002353) ( Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Unrated), Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) ( Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) , Unrated), Tiandi Science & Technology Co.Ltd(600582) ( Tiandi Science & Technology Co.Ltd(600582) , Unrated), Nanjing Develop Advanced Manufacturing Co.Ltd(688377) ( Nanjing Develop Advanced Manufacturing Co.Ltd(688377) , Unrated); (5) Rail transit equipment: Crrc Corporation Limited(601766) ( Crrc Corporation Limited(601766) , not rated), Guangdong Huatie Tongda High-Speed Railway Equipment Corporation(000976) ( Guangdong Huatie Tongda High-Speed Railway Equipment Corporation(000976) , not rated); (6) Service & Consumption: Shenzhen Anche Technologies Co.Ltd(300572) ( Shenzhen Anche Technologies Co.Ltd(300572) , Unrated), Centre Testing International Group Co.Ltd(300012) ( Centre Testing International Group Co.Ltd(300012) , Unrated), Jack Sewing Machine Co.Ltd(603337) ( Jack Sewing Machine Co.Ltd(603337) , Unrated), Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) ( Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) , Unrated), Changzhou Kaidi Electrical Inc(605288) ( Changzhou Kaidi Electrical Inc(605288) , Unrated), Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) ( Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) , Unrated).
Risk tips
The development of the epidemic is less than expected, the macro economy is less than expected, infrastructure investment is less than expected, raw material prices rise, and Global trade conflicts intensify.
