Market review in March
In March, the machinery industry (CITIC) index fell 10.73%, underperforming Bringspring Science And Technology Co.Ltd(300290) PCT in Shanghai and Shenzhen. TTM P / E ratio / P / B ratio of machinery industry is about 31.38/2.55 times, which is at a historically low position. In terms of subdivided industries, most sub industries generally fell, and elevator equipment rose ahead.
Special topic of this month: sorting out overseas leading companies in the machinery industry
Industrial upgrading + independent control are the two main themes of China's high-end manufacturing growth. In order to better study and grasp the future growth path of China's excellent manufacturing enterprises with import substitution ability and even global competitiveness, it is of great reference value to study overseas companies that have developed for more than a century. Therefore, this paper systematically combs the overall situation of machinery industry companies in the United States and Japan.
In terms of market value, there are about 558 listed companies in the US and Japan machinery sector, including about 14 / 29 / 52 companies with a market value of more than 200 / 100 / 50 billion yuan and about 88 companies with a market value of 10-50 billion yuan.
From the perspective of industry distribution, large market value machinery leaders are mainly distributed in construction machinery, semiconductor equipment, electronic and electrical equipment and other industrial machinery industries, and the number of top 50 is 6 / 10 / 10 / 14 respectively. Specifically:
1) construction machinery leaders include Deere (agricultural machinery, market value 810 billion yuan +), Caterpillar (construction machinery, market value 750 billion yuan +), Komatsu Manufacturing Institute (construction machinery, market value 140 billion yuan +), etc;
2) semiconductor equipment leaders include applied materials (semiconductor equipment, 740 billion yuan +), Tokyo Electronics (semiconductor equipment, 500 billion yuan +), Fanlin group (semiconductor processing equipment, 470 billion yuan +), KLA (semiconductor equipment, 350 billion yuan +), thalida (semiconductor testing equipment, 120 billion yuan +), etc;
3) the leaders of electronic and electrical equipment include keans (sensors and measuring instruments, market value of 720 billion yuan +), Rockwell (industrial automation control system, market value of 200 billion yuan +), AMETEK (motor and electronic instruments, market value of 190 billion yuan +), Shide Technology (electronic measuring instruments, market value of 180 billion yuan +), connex (machine vision system, market value of 85 billion yuan +), etc;
4) other industrial machinery leaders include Japan SMC (pneumatic components, 240 billion yuan +), FANUC (Industrial Siasun Robot&Automation Co.Ltd(300024) with a market value of 220 billion yuan +), Stanley Agriculture Group Co.Ltd(002588) Baide (hand tools and electric tools, with a market value of 140 billion yuan +), fortiway (special instruments, with a market value of 140 billion yuan +), Ingersoll Rand (fluid control equipment, with a market value of 130 billion yuan +), etc.
We are strongly optimistic about the growth opportunities of high-end manufacturing under the background of industrial upgrading + independent control, and long-term optimistic about the leading companies in China's machinery industry with import substitution ability and even global competitiveness that are expected to benchmark overseas leaders.
Important data tracking
PMI: the manufacturing PMI index in March was 49.50%, down 0.70 PCT month on month, lower than the boom and bust line;
The output of metal forming machine tools was 14.9 million in November, with a year-on-year increase of 17.9 million;
Cultivating diamonds: in February 2022, India imported 155 million US dollars of cultivated diamond rough diamonds, a year-on-year increase of + 85.01%, a month on month increase of + 1.03%, and exported 126 million US dollars of bare diamonds, a year-on-year increase of + 113.55%, a month on month increase of + 3.20%;
Industrial Siasun Robot&Automation Co.Ltd(300024) : from January to February 2022, the industrial Siasun Robot&Automation Co.Ltd(300024) output was 76400 units, with a year-on-year increase of + 29.60%;
Construction machinery: CME predicted that the sales volume of excavators in March was 40000 units, a year-on-year decrease of 49%.
Industry key recommended portfolio
Key combination: Centre Testing International Group Co.Ltd(300012) North Industries Group Red Arrow Co.Ltd(000519) Henan Huanghe Whirlwind Co.Ltd(600172) ； Opt Machine Vision Tech Co.Ltd(688686) Shanghai Friendess Electronic Technology Corporation Limited(688188) Leader Harmonious Drive Systems Co.Ltd(688017) Iray Technology Company Limited(688301) Shanghai Hanbell Precise Machinery Co.Ltd(002158) Jiangsu Guomao Reducer Co.Ltd(603915) Dongguan Yiheda Automation Co.Ltd(301029) ； Jiangsu Hengli Hydraulic Co.Ltd(601100) Zhejiang Dingli Machinery Co.Ltd(603338) ； Shenzhen United Winners Laser Co.Ltd(688518) Zhejiang Hangke Technology Incorporated Company(688006) 。 "Small but beautiful" combination: Sf Diamond Co.Ltd(300179) , Henan Liliang Diamond Co.Ltd(301071) Suzhou Sushi Testing Group Co.Ltd(300416) Emtek (Shenzhen) Co.Ltd(300938) ； Jiangsu Shentong Valve Co.Ltd(002438) Suzhou Mingzhi Technology Co.Ltd(688355) ； Yindu Kitchen Equipment Co.Ltd(603277) Warom Technology Incorporated Company(603855) Guangdong Lingxiao Pump Industry Co.Ltd(002884) ； Anhui Ronds Science & Technology Incorporated Company(688768) Shanghai Kelai Mechatronics Engineering Co.Ltd(603960) Guangdong Yizumi Precision Machinery Co.Ltd(300415) 。 Gold stock recommendation in April: North Industries Group Red Arrow Co.Ltd(000519) , Centre Testing International Group Co.Ltd(300012) .
Risk tips: macroeconomic downturn, rising prices of raw materials, sharp fluctuations in exchange rate and repeated impact of the epidemic.
