Market review:
Rise and fall of mechanical equipment this week: Shenwan mechanical equipment industry fell 1.42% this week, outperforming the Shanghai and Shenzhen 300 index by 0.72 percentage points, ranking 17th among Shenwan 31 industries; Shenwan machinery and equipment sector has fallen by 10.26% so far this month, 1.37 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 23rd among Shenwan 31 industries; Shenwan machinery and equipment sector has decreased by 18.55% year to date, 3.05 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 25, among the five secondary sectors of Shenwan mechanical equipment industry, from the performance of this week, the rail transit equipment sector rose the most, at 0.55%. The performance of other sectors was as follows: the general equipment sector fell 0.71%, the special equipment sector fell 0.73%, the automation equipment sector fell 2.06%, and the construction machinery sector fell 3.52%.
Rise and fall of mechanical equipment stocks: as of March 25, the top three stocks in the mechanical equipment sector this week were Zhejiang Tiantai Xianghe Industrial Co.Ltd(603500) , Beijing Jingcheng Machinery Electric Company Limited(600860) , Yangzhou Seashine New Materials Co.Ltd(300885) , up 34.27%, 24.44% and 24.21% respectively. The first three stocks in the mechanical equipment sector fell this week were Hangzhou Everfine Photo-E-Info Co.Ltd(300306) , Circuit Fabology Microelectronics Equipment Co.Ltd(688630) , Bisen Smart Access Co.Ltd(301083) , down 17.85%, 13.37% and 13.15% respectively.
Valuation of mechanical equipment this week: as of March 25, the PE TTM of Shenwan mechanical equipment sector was 20.49 times. PE TTM of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 20.25 times, 29.93 times, 14.89 times, 11.36 times and 37.50 times respectively.
Zhou viewpoint of mechanical equipment industry:
Automation equipment: in February 2022, the cumulative fixed asset investment in manufacturing industry was 20.90% year-on-year, with a year-on-year decrease of 16.40pct and a month on month increase of 7.40pct. The fixed asset investment in manufacturing industry continued to slow down after reaching its peak in February 2021, and showed an upward trend in 2022; The negative year-on-year growth was mainly due to the high base factor in the same period last year, which improved month on month. It is expected that the prosperity of the manufacturing industry will gradually recover and maintain a large demand for automation equipment. It is suggested to pay attention to the subdivided fields such as industry Siasun Robot&Automation Co.Ltd(300024) , control system, servo system, reducer, visual machinery and laser equipment. It is suggested to pay attention to: Shenzhen Inovance Technology Co.Ltd(300124) ( Shenzhen Inovance Technology Co.Ltd(300124) ), green space harmonic ( Leader Harmonious Drive Systems Co.Ltd(688017) ), Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) ( Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) ), Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) ( Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) ).
Local government bonds issued in 2023.9 billion yuan; From January to February, a total of 1.07 trillion yuan of new local government bonds were issued, accelerating the issuance progress compared with the same period last year; In February, the completed amount of infrastructure fixed assets investment increased by 8.40pct year-on-year, rising for two consecutive months, and the number of downstream infrastructure projects is expected to continue to increase. In addition, the China Central Television financial excavator index shows that the construction hours of cranes, excavators and other construction machinery in February increased year-on-year, proving that the construction volume of downstream infrastructure projects increased and the demand for construction machinery increased. It is suggested to pay attention to: 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) ).
Risk tip: macroeconomic downturn; The number of projects started in downstream industries decreased; Infrastructure / real estate / manufacturing investment is less than expected; The issuance of special bonds is less than expected; The transformation of manufacturing automation was less than expected.
