Market review:
Rise and fall of mechanical equipment this week: Shenwan mechanical equipment industry fell 5.76% this week, 1.57 percentage points lower than Shanghai and Shenzhen 300 index, ranking 22nd among Shenwan 31 industries; Shenwan machinery and equipment sector has fallen 11.53% so far this month, 6.57 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 25th among Shenwan 31 industries; Shenwan machinery and equipment sector has decreased by 28.44% year to date, 9.68 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 26th among Shenwan 31 industries.
The secondary sector of mechanical equipment rose or fell this week: as of April 22, among the five secondary sectors of Shenwan mechanical equipment industry, from the performance of this week, the rail transit equipment sector had the smallest decline of 3.30%. Other sectors performed as follows, with the general equipment sector down 4.25% and the automation equipment sector down
6.22%, the special equipment sector fell 6.63%, and the construction machinery sector fell 7.28%. Rise and fall of mechanical equipment stocks: as of April 22, the top three stocks in the mechanical equipment sector this week were Zhejiang Jindun Fans Co.Ltd(300411) , Ningbo Daye Garden Machinery Co.Ltd(300879) , Wuxi Smart Auto-Control Engineering Co.Ltd(002877) , up 26.25%, 18.92% and 13.28% respectively. The first three stocks in the mechanical equipment sector fell this week were Yuhuan Cnc Machine Tool Co.Ltd(002903) , Xuzhou Handler Special Vehicle Co.Ltd(300201) , Yantai Jereh Oilfield Services Group Co.Ltd(002353) , down 26.23%, 22.49% and 19.34% respectively.
Valuation of mechanical equipment this week: as of April 22, the PE TTM of Shenwan mechanical equipment sector was 19.50 times. The PE TTM of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 21.92 times, 24.91 times, 15.55 times, 11.33 times and 33.10 times respectively.
Zhou viewpoint of mechanical equipment industry:
Automation equipment: in March 2022, fixed asset investment in manufacturing industry totaled 15.60% year-on-year, down 14.20 PCT year-on-year and 5.30 PCT month on month; The output of industrial Siasun Robot&Automation Co.Ltd(300024) month has maintained positive growth. It is expected that the downstream demand is still strong, and the process of replacing human by machine is in order. Suggested attention: Shenzhen Inovance Technology Co.Ltd(300124) ( Shenzhen Inovance Technology Co.Ltd(300124) ).
Construction machinery: the monthly sales volume of construction machinery has maintained growth month on month, the cumulative investment in fixed assets of infrastructure has maintained an upward trend year on year, the prosperity of downstream infrastructure industry has continued to rise, and the demand for construction machinery is expected to continue to increase. It is suggested to pay attention to: Xcmg Construction Machinery Co.Ltd(000425) ( Xcmg Construction Machinery Co.Ltd(000425) ), Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ( Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ).
Risk tips: (1) if the infrastructure / real estate / manufacturing investment is less than expected, the demand for machinery and equipment will weaken; (2) If the issuance progress of special bonds slows down or the issuance amount is lower than expected, the number of downstream projects will decrease and the demand for construction machinery will weaken; (3) If the overseas market reduces the demand for Chinese enterprises' products, it will put pressure on the performance of Chinese enterprises; (4) If the price of raw materials rises sharply, the performance of enterprises in the industry will face greater pressure
