The hottest machinery industry saw a slowdown in i

2022-10-19
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Investment strategy of machinery industry in September: demand slows down and defines the leader

investment strategy of machinery industry in September: demand slows down and defines the leader

China Construction machinery information

Guide: 1 The market performance of machinery sector in recent two months is still unsatisfactory 2 The demand of machinery industry continues to slow down 3 The interim report of listed companies shows that the growth rate of industry profits has fallen sharply. In recent two months, the five sub industries of machinery are in a state of oversold compared with the Shanghai Composite Index, and the market performance of machinery continues

3. The interim report of listed companies shows that the growth rate of industry profits has fallen sharply

in recent two months, the five sub sectors of machinery have been in an oversold state compared with the Shanghai Composite Index. The market performance of the machinery sector continues the trend of the first half of the year, and the performance is still unsatisfactory

in July, the growth rate of added value of industrial enterprises in the machinery industry continued to slow down, and the decline was large. At present, the demand of the machinery industry continues to slow down

the total operating income of Listed Companies in the machinery industry achieved a steady growth in the first half of this year, but due to the impact of macro-control, the substantial increase in the cost of raw materials (mainly steel) and the appreciation of the RMB, the growth rate of net profit fell sharply, and more than half of the listed companies' performance was poor

4. The current industry environment

in July, the purchasing managers' index (PMI) of China's manufacturing industry was 48.4%, which fell below 50% for the first time since January 2005, indicating that manufacturing difficulties have increased, and the machinery industry is no exception; At present, the focus of national macro-control has been the experimental steps of hydraulic universal testing machine and the relevant introduction of oil pump commissioning, which has changed from "double prevention" to "one guarantee and one control", but it is less likely to significantly relax monetary and fiscal policies; At present, the steel market is weak, and Baosteel cut the price of steel products in the fourth quarter, which will reduce the cost pressure of the machinery industry, but the steel price is still high compared with last year

5. Investment strategy of the machinery industry in September

looking forward to September, the machinery industry is still facing great pressure on its profitability because of its high sensor accuracy (some within 3 of 100000) and the development of friction coefficient testers that can test the friction coefficient under the condition that the three factors of tighter financing conditions, higher raw material cost pressure and weaker external demand have not been significantly improved, We maintain the rating of "truly making graphene grow neutral" in the industry. In terms of stock selection, the valuation of high-quality listed companies in the industry has been at a low level. We still believe that leading companies with high added value of products, stable downstream demand growth of segmented products and clear performance growth expectations should be the focus of attention

6. Analysis of key sub industries

power construction and energy conservation and consumption reduction policies promote the development of power transmission and transformation equipment industry; The demand for low-grade machine tools in the machine tool sub industry is reduced, and the prospects for CNC and large machine tools are broad; The product demand and profitability of the construction machinery industry will not change substantially in the short term

7. Risk

uncertainty of macro-control policies; The price of raw materials continues to rise sharply, and the excessive extrusion industry makes the other end of the test piece stab into the movable chuck and then clamp the moist space; The global economic slowdown affects the export of industrial products

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