The mechanical sector has gradually strengthened, increased price increases after the early post-adjustment of the construction machinery, and the segment of the highlights of lithium-e-equipment and other segmentation sections. There is an analysis pointing that the demand for penetrating toner in the 9-7 months may exceed the expectation, and the price increase is poorly boosted. After the valuation falls, the construction machinery sector can choose to meet the low configuration. Lithium-e-equipment has always had a higher market attention, and the lithium battery continues to benefit in the context of the prosperous development of the new energy vehicle industry.
Construction machinery investment value
Although the growth rate of the construction machinery industry gradually slowed, the leading company is beginning to have a large scale, strong profitability and distributor, and is expected to further weaken. Improve the market share. Liu Jun, Northeast Securities Analyst, pointed out that this round of demand is higher than the last round of realism, the industry's operation is relatively healthy, the risk awareness, wind control means, customer quality, and sales policy, and the sales policy are significantly improved and downstream. Demand tends to stabilize, is weakening industry cycle properties, enabling the construction machinery sector.
According to industry data, the construction machinery industry association data shows that the sales volume of excavator industry in June, 2021 is 22.38 million units, an increase of 31.3% year-on-year. Among them, 19.37 million units, a year-on-year increase of 24.3%, exporting 300,100 units, an increase of 107.4% year-on-year. It is judged that the start of the three quarters is expected to improve the ring.
Huatai Securities Analyst Xiao Dunxun pointed out that the current domestic mainfactor is about 10 times, lower than Caterpillar, and the total price of P / E ratios in the same period of Caterpillar, the price of plate costs is high. We believe that the construction machinery industry is stronger than the demand in this cycle, and the operating conditions of the industrial chain are healthier, and the sales fluctuations in the long-term industry have a smooth competitiveness of the China Construction Machinery Industry. The global competitiveness of the leader is expected to continue to increase, and the long-term growth potential of domestic brands is large, optimistic about the current valuation level of the engineering machinery.
Potential stock selection
Trinity Heavy Work (600031) There is a room for improvement
The company's products have increased in the year, which will help offset the price increase of raw materials, improve profitability and mitigation of dealers' business pressure. 2020 The company has investing 6.3 billion yuan, an increase of 1.56 billion yuan, an increase of 33% year-on-year, and the revenue is 6.3%. The company will fully promote the first transformation of electricity, intelligent manufacturing, digitization, leading the China Construction Machinery Industry and the World Manufacturing Industry. June 18th 2021 employee holdings were passed successfully at the shareholders' meeting. The participation of this plan includes 11 domestic supervisors and no more than 4,194 core employees, employees coverage by 17%. Premium 31% Purchase Repurchase stocks to participate in this plan, highlighting employees' confidence in the company's share price and long-term value. Zheshang Securities pointed out that the company's overseas market channel construction, service capacity construction, agent system construction, service accessories system construction, etc. have improved. According to us, the company's overseas market share is only about 3%, and the comparison of Caterpillar is more than 2 times more market share in China. Construction machinery is the advantage of China, and Chinese companies can rely on economies, industrial chain advantages, and the operational efficiency advantage has achieved global leading position. The leading industry leaders in Sany Heavy Industries will have a considerable market share in the world after completing domestic imports, from the Chinese leading to the global leader.
Xugong Machinery (000425) Mixed initial
The company is the top three of the top three of the Global Construction Machinery Recovery, and the total rate of returns of returned and net profit in 20120-2020, the return growth rate of 26.23%, 38.25%. The core business crane sales have a steady industry first, of which the sales market share of car cranes, trap cranes, with 39.57%, 40.38%, 61.2%, respectively. In September 2020, Xugong mixed program landed, introduced into agency investor, employee shares, and corporate vitality expected to increase significantly. In early 2021, the company's crane sales had stabilized, and the mixing was initially achieved. Dong Wu Securities pointed out that compared the last round of cycle, this round of boom has been distinguished since 2016. In 2021, the sales volume expected by the excavator industry increased by 15% -20%, the sales volume of concrete machinery and cranes increased by 20% -30% year-on-year, and the construction machinery industry is still continuing. The company has increased by 115.58% in the first quarter of 2021, and 182.44%, 182.44%, a significant higher than the industry; the net interest rate of the same period increased by 1.91%, 2.52% respectively, and the profitability after mixing is remarkable. 2021 or ushered in a profitable inflection point. In addition, the national manufacturing fund is 960 million big pens to participate in the mix, showing confidence in the future.
Zoomlion (000157) Subsegraduate faucet
The company is a leading enterprise in the field of domestic construction machinery. It has produced positive changes in the product line layout, and internal management sales terminals. In short, the company's fist products continue to force and contribute to growth. From a medium long term, the company's potential business has made progress. Oriental Securities pointed out that the company has the status of industry faucet in the field of concrete machinery and lifting machinery. The business continues to rise in recent years. The company's concrete machinery in 2018-12020, the composite growth rate of lifting machinery income is 37%, 67%, respectively. According to the 2020 report, the company's long boat pump, the car pump, the mixing station has a stable industry first, stirring car lightweight product industry, three, 30 tons and above automotive cranes, crawler cranes in the industry first, architecture Lifting machinery sales are ranking first in the world. To face, the construction of the construction machinery is still strong, and the company's fist business is also expected to go to the steps. In addition, the earthwork machinery, high-altitude operation platform, agricultural machinery business, and overseas markets are the company's continuous layout, and in recent years continue to make breakthroughs and progress, 2020 land square machinery, agricultural machinery income increased by 282%, 67% respectively. Towel, the earthwork machinery, high-altitude operation platform and agricultural machinery business market still have a growth space, and the company is expected to continue to improve the city's share with the advantage of the future.
Hengli hydraulic (601100) profitability is expected to rise
The company's 2020 will continue to renew high growth trend. With the 2020 digging machine sales, the company's excavator cylinder market share is approximately 54%; non-standard cylinder plates, the company actively develops domestic customers and focuses on product structure, all-year shield structure cylinders, seafood maritime cylinders and Other non-standard oil cylinders, such as new energy, achieve growth. In the context of the industry's high boost in the first quarter of 2021, the company's production and sales of two prosperity, revenue and profit were high-speed, and the performance release was previously expected. The company has previously prepared, and the pump valve business passes the scale effect, the medium-large number of pump valve outputs optimization structure and cost optimization measures, the gross profit margin has increased space, and the gross profit margin in the second quarter is expected to rebound. Changjiang Securities pointed out that the end market feedback industry demand is strong, and the company's product line business is expected to continue to grow, and the excavator cylinder has continuously improved capacity through automation transformation; non-standard oil cylinder production lines are also continuously upgraded, and the third line is expected to be completed 2021 Construction, and the company continuously develops new products, such as new products such as electric cylinders of the cut platform, swinging cylinders of the arm platform, have entered a small batch production stage; the pump valve, especially the medium digging pump valve is also Accelerate the amount and continue to improve production capacity. At the same time, the non-mounted pump valve business is also expected to be doubled this year. Multi-business and help the company's long-term growth.
Zhejiang Dingli (603338) investment value gradually appeared
The company has developed no more than 1.5 billion yuan, and all used for annual output of 4,000 large intelligent high-altitude operation platform projects after deducting the issuance cost. This fixed expansion is conducive to filling the domestic high-altitude operation platform insulated arm technology, leading the development of industry technology, building a long-term moat; achieving high product diversification, optimizing product structure, and achieving differentialization of peers, and meeting special industry customer needs Accelerate the occupation of the high-end high-altitude operation platform market and maintain the company's leading position. The industrial boom considering is still in the company's core competitiveness, currently has a long-term investment value. Zheshang Securities pointed out that the domestic high-altitude operation platform industry has exceeded 200,000 units, benefiting from the decline in rent, the channel sinking and the new application area expansion, and it is expected that the industry has more than 400,000 units in the next three years, and the composite growth rate exceeds 30%. In addition, overseas markets have benefited from the compensatory demand after the epidemic and the boosting of the US infrastructure stimulus programs, and the industry demand is expected to meet. It is expected that in 2021 arm product revenue increased by 10%, and in the production capacity climbing and pre-test promotion phase, gross profit margin is lower than the cutting. The company's short-term performance in the second quarter or will carry it up. The current stock price has reflected pessimistic expectations. The company's medium-long investment value is gradually appearing.
Lithium battery is a growth track
The lithium battery industry is a golden growth track, which continues to benefit from global electricity trends. East Wu Securities Analyst Zhou pointed out that the global power battery entered a new production cycle, and 7 lead battery plans were planned for 1008GWH in the next three years. Due to the lag lag in the expansion of overseas battery factories in 2020, the expansion plan will not cancel, so it is judged that the current overseas epidemic is suspended, and the expansion of overseas battery factories will be significantly accelerated in 2021. At present, the power battery and the electric vehicle industry faucet are locked up and downstream resources in different ways. The equipment company competitors have fewer competitors, and the rare valuation premium will gradually appear as the expansion peak arrives. Under the global electricity, equipment companies have the first to benefit early.
Liu Guofu, Pacific Securities Analyst, also pointed out that the growth of new energy vehicles will drive the rapid expansion of industrial chains such as upstream lithium batteries. We expect lithium-e-equipment orders to be fully expected in the second half of the year. According to the understanding of the Great Wall Honeycomb, China Aviation Lithium, Yili Lithium Energy will carry out large-scale expansion in the second half of the year, and it is expected that the equipment procurement of more than 100GWH is expected to give priority to manufacturers with capacity advantages.
In the mechanical equipment industry, the construction machinery and lithium equipment are undoubtedly the most optimistic branch, three heavy workers, Zhonglian, Xugong Machinery, Hengli Hydraulic, Zhejiang Dingli, Teaching Intelligence, Hangjia Technology, Pioneering Technology, Lee Yuanheng, Union Winning Laser, Core Technology, Haort Star, Sleek, etc., is generally recommended.
Potential stock selection
Pilot Intelligence (300450) Ningde orders continue to land
The company issued an announcement in June, from January 1, 2021, the company and Titan new power received the Ningde Times and its holding subsidiaries in the cursive notice of 4.547 billion yuan (excluding tax), about 2020 77.62% of the total operating income, a positive impact on the company's performance. Guangfa Securities pointed out that, after the industry, the domestic lithium industry has passed early barbaric growth and medium-sized industrial shuffle, and the currently enterprising third stage, domestic expansion is dominated by leading companies, and the expansion is greater. At the same time, the European electricization process accelerates, and the vehicle is involved in lithium electrical expansion, and the new round of lithium battery expansion has a global. It is worth mentioning that the company has further strengthened cooperation with Ningde Times. First, the industrial chain association directly purchased directly, the simulation calculation in the company's fixed raised manual, is expected to increase the company order scale 24.744 billion yuan in the next three years, increasing net profit of 3.879 billion yuan; second, product upgrade and process Iteration, help the leader to learn more about the development direction of the industry, saving a large number of R & D resources in advance, saving a large number of high-end equipment that meets the technology route; third, global industry chain resources coordinated and jointly develop overseas markets.
Long Cai Technology (688006) Post Office Leading Enterprise
The company is a domestic leading equipment supplier, more than 20% of the city. At present, Samsung, LG, Japan Village, Ningde New Energy Supply Chain in the consumer battery, has been supplied in the dynamic field, and the BYD, Guoxuan high-tech, Ningde era. Shen Wanhongyuan Securities pointed out that post-treatment is a key part of lithium battery manufacturing, and the system involves a variety of equipment, and the value is approximately 1/3. With global electricity acceleration, mainstream battery factory actively expansion, promoting the growth of dynamic lithium battery, expects to contribute to the market space of 48 billion yuan in 2021-2025. my country's lithium-electricity post-airborne equipment has exceeded 95%. The company's deep-cultivation of lithium-electric equipment has become a manufacturer of equipment that can be exported to overseas, in recent years, with the continuous update and expansion of customer production lines in recent years, the sales of lithium-electric charge and discharge equipment have grown rapidly. The situation. With the commonality of core technology, production equipment, software systems, the company is successfully cut into power lithium-e-electric fields from consumer lithium-e-sports, overseas has been supplied with LG Polish Power Battery Factory, and eight of the domestic and top ten power battery manufacturers. There is a large scale relationship.
Advanced technology (688155) income is expected to exceed expectations
The company's bid bid Ningde + Fu energy in January 2021, the company has begun to ship, and we expect to confirm income in 2021. On May 6, 202, the company announced that Ningde was 290 million orders (excluding tax), and we expect to confirm income in 2021, sufficient order guarantee short-term performance. We judge that the current module, the Pack line automation rate is at the turning point of low-to-high highly improvement, and we expect orders that have expired the expansion of various commercial battery factories to accelerate landing. Dongwu Securities pointed out that it was influenced by factors such as PACK versatility, decline in human supply, insufficient industrial land, is inevitable. The company is currently the main bottleneck is a production capacity. It has previously been limited due to insufficient venue and limited capacity expansion. We expect corporate capacity in 2021-2022 to gradually release: After the Spring Festival, Wuhan factory gradually put into use, Shanghai and Changsha's new base is also in the layout, and the European increase capital of 10 million euros in investment plant. We expect that the three major bases in the end of 2022 will be completed. The extension of the venue will increase from 20,000 square meters at the end of 2020 to 120,000 square meters. Due to the modular production + industry enters the high automated inflection point, the company orders to confirm the income period of half a year, so we judge that the company's 2022 income is expected to exceed expectations.
Unless laser (688518) benefited downstream expansion
As a domestic laser welding equipment leader, the company is expected to further improve. In terms of technical purposes, the company is better than the overall level of the industry. The company is a minority industry that can master multi-wavelength laser coaxial composite welding technology, Blu-ray laser technology companies, have formed patent protection, and the technical level will continue in the medium and short-term. In the future, with the maturity of Blu-ray laser technology, it helps to further form a technical barrier to open a new market. From the market share, in 2019, the company's laser welding equipment market has about 10%, and the city share in the field of power lithium battery laser welding equipment is about 50%, which are the first in China. Long-term fierce price competition is not sustainable, and will eventually be further improved by technically dominant, technical advantages. Ping An Securities pointed out that in 2020, my country and the global power battery shipments reached 83.4GW? H, 192.9GW? H, respectively, expected to reach 522GW? H, 1179GW? H 2025, respectively. According to neutral predictions, between 2021 and 2025, my country's average annual lithium-electric laser welding equipment market was 2.56 billion yuan; the won as a laser welding equipment industry faucet, which is expected to benefit from the expansion of dynamic lithium battery.
Core Technology (002957) Growth space is opened
The company is principally engaged in R & D, design, production, sales and technical services of industrial automation equipment, as well as precision parts manufacturing business, products mainly include automated detection equipment and automated assembly equipment, automated equipment accessories, precision components. Pacific Securities pointed out that at 2021 China International Battery Technology Exhibition, the company's latest upgrade strip is debuted. The equipment is based on the new one-round iteration, and the comprehensive performance has reached the advanced level of the industry. We believe that the company will continue to force in the lithium-e-commerce, and the growth rate of lithium battery will remain compared. High level. The company has mastered machine visual and optical, precision sensing and testing, sports control and robot, software technology and precision mechanical design, and the industry related technology, independently developed various industrial application technology platforms. Including a camera, screen display, proximity sensor, face recognition depth sensor, ambient light sensor, gyroscope, linear motor, etc., is applied to new energy lithium-e-commerce industries, such as laminated, adhesive, package MYLAR, vacuum package, control technology of devices such as hydraulizing film. The company continues to invest in R & D, continuously layout new fields, opening the growth space.
