Key investment points:
Market review: this week, Shenwan machinery and equipment sector fell by 2.50%, down 3.61 PCT 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 weekly were Tian Changsha Dialine New Material Sci.&Tech.Co.Ltd(300700) , Dalian Haosen Equipment Manufacturing Co.Ltd(688529) , Meter Instruments Co.Ltd(301006) , up 37.34%, 17.63% and 14.58% respectively. In terms of valuation, as of January 21, the pettm of Shenwan mechanical equipment sector was 23.37 times. The pettm of general equipment, special equipment, rail transit equipment, construction machinery and automation equipment are 22.59 times, 30.79 times, 16.52 times, 15.06 times and 46.54 times respectively.
Zhou viewpoint of mechanical equipment industry:
Industrial control automation: in December 2021, the industrial Siasun Robot&Automation Co.Ltd(300024) output was 35175 units, with a year-on-year increase of 18.41% and a month on month increase of 10.21%; From January to December, the industrial Siasun Robot&Automation Co.Ltd(300024) output was 366000 units, a record high, with a year-on-year increase of 54.40%. The monthly year-on-year growth rate of industrial Siasun Robot&Automation Co.Ltd(300024) output slowed down, maintained positive growth month on month, and the cumulative output maintained a high growth rate. In the future, the demand of the automation equipment industry will gradually increase. It is suggested to continue to pay attention to the high-profile subdivisions. It is suggested to pay attention to: Shenzhen Inovance Technology Co.Ltd(300124) (300124), China Leadshine Technology Co.Ltd(002979) (002979), Leader Harmonious Drive Systems Co.Ltd(688017) (688017), etc.
Construction machinery: in December 2021, the amount of newly issued local government bonds was 0.11 trillion yuan, of which the amount of newly issued general bonds and special bonds were 12.5 billion yuan and 101.1 billion yuan respectively. In December 2021, special bonds will continue to be issued, and the number of infrastructure projects will increase in December. It is expected that the number of infrastructure projects in 2022q1 will continue to increase, 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), Jiangsu Hengli Hydraulic Co.Ltd(601100) (601100), etc.
Risk tips: policy changes; Macroeconomic fluctuations affect the demand for downstream products; Intensified industry competition, etc.
