The performance of key companies of the hottest ma

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Machinery: the performance of key companies meets expectations. It is suggested to pay attention to structural opportunities. Category: Industry Research Institution: Shenwan Hongyuan Group Co., Ltd. researcher: Zhou Haichen date: now the State Council has resolutely implemented the 46th document of the State Council. Construction machinery: the industry has entered a weak cycle, and the trend towards leading is obvious. In 2018, engineering machinery was at the high point of the cycle. According to the data of the Construction Machinery Industry Association, the annual sales volume of excavators in 2018 was 203400 sets (including exports), an increase of 45.0% year-on-year. In terms of competition pattern, the localization of construction machinery and the concentration of leading enterprises are obvious. In the first three quarters of 2018, the Cr4 market share increased by 2.3pct year-on-year, and the domestic machine market share reached 55.1%. We believe that the industry demand in 2019 mainly comes from infrastructure. At present, there are more than 1.5 million excavators, which brings stable renewal demand, and the construction machinery industry has entered a weak cycle. At the same time, the equipment renewal brought by environmental protection and the overseas expansion of domestic giants are expected to provide increment for the industry. Key recommendations: Sany Heavy Industry Co., Ltd. (the leader continues to surpass the industry, which is long for equipment manufacturers of recycled plastic granulators, and the concrete mechanical stick excavator provides support for their performance), Hengli hydraulic (the market share of oil cylinder is close to 50%, the pump valve is in the harvest period, and it is expected to achieve the "from 0 to 1" outbreak), Aidi precision (the penetration rate of crusher hammer is increased, and the hydraulic parts are replaced by imports), Zhejiang Dingli (the industry is growing rapidly, and the arm products are worth looking forward to). Companies whose performance growth rate exceeds 100% include Sany Heavy Industry (after the experiment, +182%-202%), XCMG machinery (+91.06%-110.66%), Liugong (+116.13%-159.36%), and construction machinery (+556.80%)

rail transit equipment: the total investment in railway is at a high level, and the railway has ushered in the peak of traffic. In 2018, the railway investment was stable at a high level of more than 800billion yuan. The number of passenger cars/freight cars/locomotives/motor cars was 263/57940/759/325, an increase of 1778.6%/34.2%/10.6%/28.5% year-on-year, both exceeding expectations. The railway investment remained high, and the "transit to railway" brought about the incremental demand for locomotives and freight cars. At the same time, the railway is an important starting point for infrastructure construction and a key area for "reinforcing weaknesses". In 2015, the number of new projects of national railway reached 61, basically the same as that of 66 in 2014. According to the railway investment transmission chain (put into operation five years after commencement, and purchase locomotives and vehicles half a year before putting into operation) and the goal of putting into operation a new railway line with a total length of 6800 km, 2019 may be the peak of vehicle bidding. Key recommendations: CRRC (the absolute leader of rail transit equipment, which directly benefits from the traffic peak), train control thinking (which benefits from a large number of tenders for ordinary speed trains, and new products are introduced into motor car testing)

photovoltaic equipment: the expected repair of policies and technical iterations have brought about a high boom in equipment investment. At the symposium in November, subsidy measures were clearly defined, photovoltaic construction objectives were significantly improved, and policy expectations were significantly repaired. The improvement of technology has brought down the cost of the whole industrial chain, and there is a gap in subsidies, which is inevitable in terms of parity. However, the "531" new deal has reduced the prices of all links of the industrial chain, and objectively accelerated the process of parity. The rapid iteration of technology has brought a lot of equipment investment. At present, the capacity of perc battery is obviously insufficient, and the downstream is expected to continue to expand production, promoting the explosion of demand for photovoltaic equipment. Key recommendations: Jiejia Weichuang (with rich product lines, directly benefiting from the expansion of photovoltaic cells), Maiwei Co., Ltd. (the leader of photovoltaic cell sheet wire printing equipment, breaking the monopoly of imported products)

other fields: it is suggested to pay attention to the competitive leaders in the subdivided fields. Under the background that the downward pressure on most industries is still large for some time in the future, we continue to suggest to pay attention to the leaders in the segmented fields with product, technology, brand and other advantages in this industry and horizontal comparison with comparative advantages. Key recommendations: Jack Co., Ltd. (sewing machinery leader, leading the export of garment equipment), Ruike laser (laser leader, stable penetration rate 1. first pull out or turn off the power lead of the hydraulic universal experimental machine - Industrial Computer - Computer - display - printer; step up), leading intelligence (lithium battery equipment leader, directly benefiting from the global wave of electrification), Japanese machine seal (the stock market demand is stable, and the large-scale refining brings about an explosion of incremental market demand), precision testing Electronics (breakthrough from module testing equipment to semiconductor testing equipment). Those with rapid performance growth include jerui shares (+760%-810%), Ruike laser (+44.31%-65.96%), gold card intelligence (+30%-59.9%), Yinghe Technology (+40.32%-58.43%), precision measurement electronics (+61.82%-73.81%), and Japanese machine seal (+33%-59%)

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