Key investment points:
Last week's market
Last week, CSI 300 fell by 0.46%, Shenwan machinery and equipment sector rose by 0.66%, outperforming the market by 1.12 percentage points, ranking 13th in all primary industries of Shenwan, and 19 sub industries 11 rose and fell by 7. Among them, the sub industries with better performance are construction machinery components, complete construction machinery and other automation equipment, up 7.05%, 4.23% and 3.40% respectively.
In terms of valuation, as of January 12, 2022, the P / E ratio (TTM, overall method, excluding negative values) of Shenwan mechanical equipment sector was 25.75 times, and the valuation premium rate relative to Shanghai and Shenzhen 300 was 102%.
In terms of individual stocks, the top gainers were Jiangsu Skyray Instrument Co.Ltd(300165) (33.71%), Bingshan Refrigeration & Heat Transfer Technologies Co.Ltd(000530) (25.07%), Shanghai Tianyong Engineering Co.Ltd(603895) (23.15%), Suzhou Mingzhi Technology Co.Ltd(688355) (19.37%), Guoanda Co.Ltd(300902) (17.06%), and the top gainers were Anshan Heavy Duty Mining Machinery Co.Ltd(002667) (- 20.95%), Weibo hydraulic (- 19.12%), Inner Mongolia North Hauler Joint Stock Co.Ltd(600262) (- 17.29%), Beijing Tianyishangjia New Material Corp.Ltd(688033) (- 16.80%) and Jiangsu Lixing General Steel Ball Co.Ltd(300421) (- 14.52%).
Industry news
1) in December, the sales volume of excavators was 24000, a year-on-year decrease of 23.8%.
2) in December, the sales volume of loaders was 8857, a year-on-year decrease of 21.2%.
3) Shenzhen implemented the "national four" emission standard for non road mobile machinery in advance.
Company news
1) Hangzhou Seck Intelligent Technology Co.Ltd(300897) is recognized as a "specialized and special new" small and medium-sized enterprise in Zhejiang Province in 2021.
2) Jiangsu Huahong Technology Co.Ltd(002645) subsidiary signed a long-term supply agreement with Ganzhou Keli rare earth new material Co., Ltd.
3) Naipu Mining Machinery Co.Ltd(300818) increase the capital of Zambia subsidiary by USD 12 million.
4) Zhejiang Dayuan Pumps Industry Co.Ltd(603757) invest in the establishment of a wholly-owned subsidiary, Xinhu new energy.
5) Suzhou Slac Precision Equipment Co.Ltd(300382) received a purchase order of USD 13.6628 million for Asian packaging.
Industry strategy and individual stock recommendation this week
In terms of construction machinery, according to the data of China Construction Machinery Industry Association, the sales volume of excavators in December was 24000 units, a year-on-year decrease of 23.8%, of which 15423 units were sold in the Chinese market, a year-on-year decrease of 43.5%; 8615 sets were exported, a year-on-year increase of 105%. In 2021, the annual excavator sales volume was 342800 units, with a year-on-year increase of 4.63%, which was lower than the annual growth expectation of 10%. In addition, the recent central economic work conference emphasized steady growth. The Ministry of Finance issued a new special debt of 1.46 trillion yuan in 2022 in advance. Major projects around the country started one after another, driving the growth of construction machinery demand, and the downstream demand for construction machinery improved in the first quarter. Under this expectation, it is suggested to focus on leading enterprises in the industry, such as leading Sany Heavy Industry Co.Ltd(600031) (600031), Shaanxi Construction Machinery Co.Ltd(600984) (600984) of construction machinery and Jiangsu Hengli Hydraulic Co.Ltd(601100) (601100) of core parts manufacturers. In terms of Siasun Robot&Automation Co.Ltd(300024) , the Ministry of industry and information technology led the introduction of two favorable plans, which clearly put forward the goal of an average annual growth of 20% in industry revenue and doubling the Siasun Robot&Automation Co.Ltd(300024) density of manufacturing industry by 2025. The performance of Q3 Siasun Robot&Automation Co.Ltd(300024) enterprises is not optimistic this year. Some representative companies in China have experienced a sharp rise in revenue but a sharp decline in profits. The rise in cost and price is one factor, and the more fundamental reason is still limited by technical barriers. Most of China's Siasun Robot&Automation Co.Ltd(300024) enterprises are concentrated in the field of medium and low-end products, and their bargaining power is not strong. The introduction of the two plans will accelerate the process of China's Siasun Robot&Automation Co.Ltd(300024) industry towards high-end. In addition, with the gradual decline of China's demographic dividend and the continuous decline of industrial Siasun Robot&Automation Co.Ltd(300024) prices, the price scissors difference between the two has been significantly reduced, and machine replacement will become an important trend in the transformation of manufacturing industry in the future. In this process, it is suggested to pay attention to domestic industrial Siasun Robot&Automation Co.Ltd(300024) leader Guangdong Topstar Technology Co.Ltd(300607) (300607) and reducer leader Leader Harmonious Drive Systems Co.Ltd(688017) (688017).
Risk warning: risk of global epidemic spread; Macroeconomic growth is lower than expected; Price fluctuation risk of raw materials; Global trade friction risk.
