Key investment points:
Market review: this week, Shenwan machinery and equipment sector decreased by 1.18%, up 1.21pct compared with the change of Shanghai and Shenzhen 300 index, and the rise and fall range is listed in the 18th of Shenwan’s 31 primary industries. The first three stocks in the mechanical equipment sector rose by Bingshan Refrigeration & Heat Transfer Technologies Co.Ltd(000530) , Beijing Jingcheng Machinery Electric Company Limited(600860) , Tanac Automation Co.Ltd(300461) , up 27.69%, 25.43% and 20.01% respectively. In terms of valuation, as of January 7, the PE TTM of Shenwan mechanical equipment sector was 24.51 times. PE TTM of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 24.10 times, 32.35 times, 16.95 times, 15.89 times and 47.55 times respectively.
Zhou viewpoint of mechanical equipment industry:
Industrial control automation: 15 departments including the Ministry of industry and information technology jointly issued the “14th five year plan” Siasun Robot&Automation Co.Ltd(300024) industrial development plan, which will accelerate the development process of automation equipment industry and benefit the industrial Siasun Robot&Automation Co.Ltd(300024) segments. It is suggested to pay attention to: Shenzhen Inovance Technology Co.Ltd(300124) (300124), China Leadshine Technology Co.Ltd(002979) (002979), Estun Automation Co.Ltd(002747) (002747), Leader Harmonious Drive Systems Co.Ltd(688017) (688017), etc.
Construction machinery: about 40 major highway projects were started in the second half of December 2021, up from the projects started in November; The total investment exceeds 430 billion yuan, and the prosperity of the downstream infrastructure industry is gradually picking up, which will drive the demand for construction machinery. It is suggested to pay attention to: Sany Heavy Industry Co.Ltd(600031) (600031), Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) (000157), Xcmg Construction Machinery Co.Ltd(000425) (000425), Guangxi Liugong Machinery Co.Ltd(000528) (000528), Shantui Construction Machinery Co.Ltd(000680) (000680), etc.
Risk tips: policy changes; Macroeconomic fluctuations affect the demand for downstream products; Intensified industry competition, etc.
