Machinery and equipment industry: engineering machinery boom continues, new equipment manufacturing accelerates breakthrough
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Machinery and equipment industry: engineering machinery boom continues, new equipment manufacturing accelerates breakthrough

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Industry performance: This week, the machinery sector rose 3.98%, the market rose 1.57%, and the 29 sectors ranked the ninth. General view: On Monday, the State Council executive meeting put forward a new policy of more active fiscal policy and moderate monetary policy. The policy environment faced by the A-share market has improved substantially. Under the expectation of better infrastructure investment, the overall performance of the mechanical sector is strong, including engineering. The mechanical sector has seen considerable gains. We believe that domestic infrastructure investment is expected to continue the current boom in construction machinery sector in a more relaxed policy environment. In the medium and long term, the financial statement repair, market competition pattern optimization and overseas market expansion of enterprises in the industry will be the lasting driving force for the healthy development of the construction machinery industry. In addition, 3C semiconductors, intelligent manufacturing, new energy, etc. in the mechanical sector represent a new direction in the equipment manufacturing industry, and the company is gaining momentum in terms of products, orders and profitability, and continues to promote the domestic equipment manufacturing sector. Comprehensive upgrades will gradually reduce the dependence of the equipment manufacturing industry on infrastructure and real estate.

Construction machinery: The wind of policy is getting more and more, and construction machinery is riding on the wind. On July 23, 2018, Premier Li Keqiang presided over the State Council executive meeting and proposed to deploy and play a better role in fiscal and financial policies. At this meeting, the state gave market confidence in macroeconomic policies, demanded more fiscal policy, and tightened monetary policy. Moderately, we believe that confidence is more important than gold. Under the positive policy trend, the pessimistic expectations of the macro economy are expected to be restored, and the construction machinery industry will take the wind. In the next three years, on the basis of updating the demand base, with the increase of the penetration rate of construction machinery and the increasing proportion of exports, the industry pattern is optimized, and the report repairing flexibility of leading enterprises is expected to exceed the cycle.

3C semiconductor equipment: semiconductor equipment company 2018H1 performance continued to grow. We will use the North China Huachuang and ASMPT semi-annual reports announced this week to characterize the capital expenditures of domestic semiconductor fabs and packaging and testing plants. These two companies are better at domestic semiconductor wafer fabrication and packaging and testing equipment. Representative. Through analysis, it is found that the above two equipment companies have achieved good results in 2018H1 revenue and profits, which shows that the domestic semiconductor industry capital expenditure is in the continuous over-accomplishment stage.

Intelligent manufacturing: Industrial robot production growth slowed down in June, but industry demand is still strong. In June, the output of industrial robots was 13,777 units, and the year-on-year growth rate dropped from around 35% in the previous months to 7.2%, mainly due to the large base in the same month of the previous year. June production still increased, and some companies' shipments in June still maintained an accelerating growth trend, reflecting that industry demand is still very strong.

Lithium-ion equipment: In the first half of the year, the installed capacity of power batteries increased significantly, and the lead intelligent line orders fell. Driven by the substantial increase in production and sales of new energy vehicles during the subsidized transition period, the installed capacity of power batteries in the first half of the year was 15.54GWh, a substantial increase of 168% year-on-year. Among them, Ningde era and BYD accounted for 64.48% of the total, and the market share further concentrated. The Pilot Intelligent Announcement signed the first full line order with Anhui Taineng. The two line contracts included a tax amount of 536 million yuan, and the follow-up is expected to continue to receive full line orders.

Traditional energy equipment: 1 Oil service industry: Capital expenditure will be inevitable under the “impossible triangle”. From the perspective of improving the capital expenditure of three barrels of oil production, it is recommended to introduce COOEC and Jerry shares. It is recommended to pay attention to petrochemical machinery and Tongyuan oil. 2 Refining and chemical equipment: Refining and chemical equipment ushered in the peak of growth, and the quality standard has both long-term development space. In the short-term ushered in the peak of performance growth, the focus is on the target of high profitability and long-term growth. It is strongly recommended to seal the Japanese machine. It is recommended to pay attention to Hangyang shares and Zhongtai shares. 3 Coal machinery: 2018 will be the peak of performance growth, it is recommended to focus on the low valuation industry leader, it is recommended to focus on the low valuation industry leader Zheng coal machine, Sany International.

This week's gold stock portfolio: Sany Heavy Industry, Xugong Machinery, Liugong,

Dongfang Cable, Hengli Hydraulic, Zhiyun, Nissan Seal, Kelai Electromechanical, Kaizhong Precision.

Continuous recommendation combination: CNOOC Engineering, Jerry Capital, CIMC Enric (3899.HK), Pilot Intelligence, Qi Tailai, Zoomlion, Aidi Precision, Zhejiang Dingli, Changchuan Technology, Jingsheng Electromechanical, Led equipment, precision measurement electronics, Hongya CNC, Eston, robots, etc.

Risk warning: Economic growth has slowed sharply, exchange rate changes have been large, and raw material prices have risen.

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