Market Review
In the current period (from March 28 to April 1), the CSI 300 rose 2.4% and the machinery sector fell 1.0%, ranking 24 among the 28 Shenwan industries. In terms of subdivided industries, construction machinery increased the most, by 2.0%; Oil and gas equipment fell the most, down 7.2%.
This week’s view
The electrification of construction machinery is advancing rapidly, and the rhythm is expected to exceed expectations.
At present, in the context of the “double carbon” goal, the electrification of construction machinery has become a trend. At this stage, electric products such as Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) , Tongli Co., Ltd., boreton and other leading enterprises are making great efforts to layout, and have launched many electrification products to actively seize the market share. At this stage, electric products such as loaders, mining trucks and mixers are taking the lead and have formed a certain scale of sales, including excavators, bulldozers Although the amount of cranes and other equipment is still relatively small, they are also stepping up their catch-up. Considering that the electrification of construction machinery is different from passenger cars, users pay more attention to economy. At present, the oil price is at a high level, which makes the economy of electric vehicles more prominent. Taking boreton as an example, considering the difference between oil and electricity, if calculated according to the oil price of 8 yuan / L, the electricity price of 0.64 yuan / kWh and 330 working days per year, the energy consumption cost of a 5-ton electric loader launched by boreton will be saved by 400000 yuan per year, A 105 ton heavy-duty incremental new energy mining card can save Shanghai Pudong Development Bank Co.Ltd(600000) energy consumption costs every year, which is very economical. Considering that the stock of construction machinery and equipment is very large and many emission standards are relatively low, electric alternative fuel will give rise to huge demand for renewal. Driven by economy, it is expected that the electrification of construction machinery will be faster than passenger cars, and the rhythm is expected to exceed expectations!
Investment suggestions:
At present, the motorized products of construction machinery are still in the initial stage and the penetration rate is still very low. In the future, with the gradual maturity of the “three electricity” technology and the continuous reduction of manufacturing costs, the economy of motorization will gradually highlight. We will focus on the leading enterprises Sany Heavy Industry Co.Ltd(600031) , Xcmg Construction Machinery Co.Ltd(000425) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Tongli shares and Nanjng Yueboo Power System Co.Ltd(300742) , etc!
Risk tips
Macroeconomic fluctuations, external demand fluctuations.
