Market review: this week, the mechanical equipment index fell 4.84%, the Shanghai and Shenzhen 300 index fell 0.99%, and the gem index fell 4.26%. Machinery and equipment ranked 21st in the rise and fall of all 28 industries. After excluding negative values, the valuation level of the machinery industry is 21.7 (overall method). The top three sectors in the machinery industry this week are shipping equipment, testing services and oil and gas development equipment; The top three segments with year to date growth are oil and gas development equipment, instruments and meters and shipping equipment.
Weekly attention: Q1 performance forecast is under overall pressure. It is suggested to pay attention to investment opportunities under the main line of steady growth
Affected by the epidemic and other macro environmental factors, the overall performance of 2022q1 is under pressure. As of April 16, 51 mechanical equipment companies have issued 2022q1 performance reports or forecasts, of which 29 have achieved year-on-year growth, accounting for 56.86%. Due to the adverse impact of the rebound of the epidemic in the first quarter on the supply and demand ends of the manufacturing industry and the supply chain, and some industries are in the off-season, the net profit attributable to the parent company of 51 companies that issued the performance forecast in 2022q1 is expected to be 3.061-3.768 billion yuan, a year-on-year decrease of 2.20% – 20.55% and a month on month decrease of 49.44% – 58.93%.
Photovoltaic equipment, machine tools, mechanical basic parts and other sub industries performed well. In the railway equipment sector, the performance of Crrc Corporation Limited(601766) 2022q1 fell sharply, and the net profit attributable to the parent company is expected to be 134402 million yuan, a year-on-year decrease of 76% – 92% and a month on month decrease of 91% – 97% Beijing Tianyishangjia New Material Corp.Ltd(688033) 2022q1 achieved a net profit of 34 million yuan, an increase of 288% year-on-year and a decrease of 57% month on month. We think it is also caused by the decline of railway equipment business. In the coal machinery sector, Tiandi Science & Technology Co.Ltd(600582) 2022q1 achieved a net profit of 411425 million yuan, an increase of 11% – 15% year-on-year and a decrease of 11% – 13% month on month. In the new energy equipment sector, the leader of photovoltaic equipment Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) 2022q1 achieved a net profit of 400480 million yuan, an increase of 41% – 69% year-on-year and a decrease of 21% – 34% month on month. In the general equipment sector, the industrial control automation leader Shenzhen Inovance Technology Co.Ltd(300124) 2022q1 achieved a net profit of 679743 million yuan, with a year-on-year increase of – 1% – 9% and a month-on-month decrease of 29% – 35%; Machine tool leader Ningbo Haitian Precision Machinery Co.Ltd(601882) 2022q1 achieved a net profit of 110 million yuan, an increase of 77% year-on-year and 2% month on month; Domestic cutting tool leader China Tungsten And Hightech Materials Co.Ltd(000657) 2022q1 achieved a net profit of 102110 million yuan, with a year-on-year increase of 3% – 11% and a month on month decrease of 11% – 13%. For the mechanical basic parts sector, Zhejiang Linuo Flow Control Technology Co.Ltd(300838) 2022q1 achieved a net profit of 18-19 million yuan, with a year-on-year increase of 29% – 36% and a month-on-month increase of 4% – 9% 3 Harbin Electric Corporation Jiamusi Electric Machine Co.Ltd(000922) 022q1 achieved a net profit of 33-35 million yuan, an increase of 8% – 16% year-on-year and a significant increase of 105% – 121% month on month.
The first quarter performance of 11 companies was outstanding. From the perspective of the company, the net profit of Dalian Huarui Heavy Industry Group Co.Ltd(002204) Henan Liliang Diamond Co.Ltd(301071) Kunshan Kinglai Hygienic Materials Co.Ltd(300260) Miracle Automation Engineering Co.Ltd(002009) 2022q1 is expected to double year-on-year; Minglida, Zhejiang Kaishan Compressor Co.Ltd(300257) , Sf Diamond Co.Ltd(300179) , Ningbo Haitian Precision Machinery Co.Ltd(601882) , Jdm Jingda Machine(Ningbo)Co.Ltd(603088) , Zhejiang Linuo Flow Control Technology Co.Ltd(300838) and Sichuan Kexin Mechanical And Electrical Equipment Co.Ltd(300092) also achieved rapid growth year-on-year and month on month.
Investment suggestion: in the first half of the year, affected by the epidemic, it is suggested to continue to pay attention to the investment opportunities under the main line of steady growth and remain optimistic about the industry leaders benefiting from the trend of the times for a long time. The key directions of the mechanical equipment industry include photovoltaic equipment, new energy equipment, industrial Siasun Robot&Automation Co.Ltd(300024) , industrial machine tools, specialized and special new and other subdivided fields.
Risk indication: covid-19 pneumonia epidemic situation is repeated; The degree of policy promotion is less than expected; The growth rate of manufacturing investment was lower than expected; Intensified industry competition, etc.
