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Machinery industry: pay attention to the improvement of construction machinery in the sub industry with rising prosperity

Machinery Industry: pay attention to the improvement of construction machinery in the sub industry with rising prosperity

China Construction machinery information

Guide: in the last weekly report, we summarized the financial data of Listed Companies in the key machinery sub industry in the first three quarters, and concluded that coal machinery has the fastest growth rate among all sub industries, and the profitability of oil and gas equipment has increased significantly, The operating cash flow of construction machinery and railway equipment has improved significantly, and shipbuilding orders have been placed

in the last weekly report, we summarized the financial data of Listed Companies in the key machinery sub industry in the first three quarters, and concluded that coal machinery has the fastest growth rate in all sub industries, and the profitability of oil and gas equipment has been significantly improved. After the approval of construction machinery and railway equipment, we will significantly improve the operating cash flow in combination with the specific conditions of frequent use of friction testing and surface texture measurement, Shipbuilding orders fell the most. To sum up, the industries with rising prosperity in the first three quarters of this year include railway equipment, oil and gas equipment, agricultural machinery and aerospace. The industries with declining prosperity include engineering machinery, heavy mining equipment and machine tools. Coal machinery remains at a high prosperity level, while shipbuilding remains at a low prosperity level. We suggest paying attention to the industries with high vision and rising prosperity, with emphasis on Jinxi axle, CSR, Jerry, huibopu, Tiandi technology, robot, Sunbird, Zoomlion, Sany Heavy Industry and aviation power. This is fully in line with the fact that we have been grasping this year's investment opportunities in the machinery industry from the perspectives of steady demand growth and policy flexibility since the beginning of the year

Jinxi axle: the centralized release of production capacity and the increase of gross profit margin have brought about an outbreak of performance

the company's future growth points mainly include the following three aspects: first, the axle production capacity has entered the centralized release period, and the global axle demand has significantly rebounded. The axle sales in 2013 and 2014 will reach 280 billion yuan by 2020 and the gross profit margin will be significantly improved; Second, the company's vehicle supporting business has developed rapidly. It is the only enterprise in China with bogie and bolster side frame export qualification. Compared with international competitors, it has obvious cost advantages, and the rapid growth of vehicle supporting business can be maintained; Third, cooperating with Masteel in the production of high-end axles has solved the problem of wheel supply. The axle business of heavy-duty trucks, high-speed passenger cars and multiple units will become a new growth point of the company's performance. We predict that the revenue growth rate of the company from 2012 to 2014 will be 31.45%, 18.17% and 16.86% respectively, and the net profit growth rate will be 27.88%, 45.08% and 29.70% respectively; It is estimated that the EPS from 2012 to 2014 will be 0.41, 0.59 and 0.76 yuan respectively. The company will grow rapidly in the next few years, and its profitability will be significantly improved. It will be given a buy rating with a target price of 16 yuan

railway equipment: the mileage target of fast rail during the 12th Five Year Plan period may be increased, and this year's railway construction has entered a sprint period

construction machinery: in the first three quarters, the output value of China's construction machinery industry increased by 2.83% year-on-year

oil and gas equipment: the international oil price rebounded sharply and continued to be optimistic about the high boom of oil and gas equipment

marine tooling 1 is generally divided into three steps: 1. Rough measurement of fault distance; 2. Find the buried path of the faulty cable; 3. Precise fault location and preparation: Keppel obtained the main offshore orders this week

shipbuilding: in October, new ship orders hit a new low in the year. Jinan new era Gold Testing Instrument Co., Ltd. developed a large-scale zigzag stress corrosion testing machine

coal machinery: stable coal prices and increased concentration of coal enterprises are conducive to the integrated development of coal machinery industry

mechanical basic parts: in the third quarter, the industry warmed up with the host industry, and axial research technology continues to be recommended

military industry: the Zhuhai Air Show is about to open, and the trigger factors of the military industry sector are frequent