Key investment points:
Market review:
Rise and fall of mechanical equipment this week: Shenwan mechanical equipment industry fell 1.02% this week, 3.45 percentage points lower than Shanghai and Shenzhen 300 index, ranking 28th among Shenwan 31 industries; Shenwan machinery and equipment sector has fallen 11.17% so far this month, 4.50 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 26th among Shenwan 31 industries; Shenwan machinery and equipment sector has decreased by 19.37% year to date, 5.93 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 28th among Shenwan 31 industries.
The secondary sector of mechanical equipment rose or fell this week: as of April 1, among the five secondary sectors of Shenwan mechanical equipment industry, the construction machinery sector rose the most, at 1.32%. The general equipment sector fell by 22.0%, while the special equipment sector fell by 17.2%, while the general equipment sector fell by 11.0%.
Rise and fall of individual mechanical equipment stocks: as of April 1, the top three stocks in the mechanical equipment sector this week were Tianjin Jinrong Tianyu Precision Machinery Co.Ltd(300988) , Zhejiangtailin Bioengineering Co.Ltd(300813) , Haixi communication, with an increase of 81.76%, 38.20% and 34.44% respectively. The first three stocks in the mechanical equipment sector fell this week were Harbin Welding Huatong, Guizhou Wire Rope Co.Ltd(600992) , Zhejiang Canaan Technology Limited(300412) , with declines of 27.79%, 19.60% and 17.51% respectively.
Valuation of mechanical equipment this week: as of April 1, the pettm of Shenwan mechanical equipment sector was 21.62 times. The pettm of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 24.29 times, 28.78 times, 16.44 times, 11.88 times and 35.90 times respectively.
Zhou viewpoint of mechanical equipment industry:
Automation equipment: manufacturing pmi49 in March 50%, the manufacturing industry fell below the boom and bust line, which is expected to have little impact on the demand for industrial automation. World famous enterprises have increased investment in industrial automation production and are optimistic about the future prospects of the industry. The future demand for industrial automation is expected to maintain a high growth rate, which is a track with good prospects. It is suggested to pay attention to: Shenzhen Inovance Technology Co.Ltd(300124) ( Shenzhen Inovance Technology Co.Ltd(300124) ), China Leadshine Technology Co.Ltd(002979) ( China Leadshine Technology Co.Ltd(002979) ).
Construction machinery: enterprises in the industry have successively released 2021 performance. Due to the weakening downstream demand and the rise of raw materials and prices, it is expected that the overall performance will be under pressure and the profitability will decline in 2021. It is suggested to pay attention to: Sany Heavy Industry Co.Ltd(600031) ( Sany Heavy Industry Co.Ltd(600031) ), Xcmg Construction Machinery Co.Ltd(000425) ( Xcmg Construction Machinery Co.Ltd(000425) ).
Risk warning: macroeconomic downturn risk; Infrastructure / real estate / manufacturing investment is less than expected risk; Manufacturing automation transformation is less than expected risk; The risk of intensified industry competition; The company’s performance is lower than the expected risk.
