Industry information

Mechanical manufacturing: the expected difference in engineering machinery is 5 shares

2017/11/23

Although the sales data of construction machinery continue to exceed expectations, the market value of major companies in the engineering machinery sector has not been reflected. We have tracked down the construction machinery dealers and believe that the November sales of excavators and cranes are still exceeding expectations, and the forecast is expected to continue at least through the first half of 2018. Sany's current market value, which has yet to reflect a more than expected future, is strongly recommended this week, compared with the recent gains in precision electronics, zhejiang dinghy and hengli hydraulic.

Industry view:

Engineering machinery industry: November sales are expected to continue high growth, the construction machinery market is expected to continue. From January to October 2017, the year-on-year growth was 98%. In combination with the dealer survey, the sales data for November are expected to expand the growth rate, which is expected to nearly double growth year on year. Opening hours remains high, October 1 - all models drivers working time is 124.4 h/month on average, compared with the improved 4.7 h/month, according to the downstream recovery continues, superposition update requirements, engineering machinery sector will continue to increase, we expect the 17 years annual sales are expected to more than 130000 drivers, 18 years is expected to achieve 10-25% growth. We recommend sany heavy industry, which is gradually repairing the performance of caterpillar and financial statements, and recommends the constant high growth, the constant hydraulic efficiency of the import substitution logic and the dint of zhejiang.

Semiconductor industry: the rapid growth of the semiconductor industry has been a growth trend. The four changes are worth paying attention to: 1. Looking for the next "Beijing east", the process of semiconductor transferring to China is accelerating.

2.18-19 years there will be a downstream fab rob boom, planning in the future China's new 26 fabs, including smic, wuhan new core, Shanghai vander-waalsforces etc have been construction, is expected to be 18 to 19 years of equipment for concentration requirements. 3. The localization equipment gradually permeates, the whole line except "lithography machine" most of the equipment is expected to realize the localization substitution. 4. The gradual creep of domestic equipment to realize the replacement, in line with the foreign equipment running production, accumulated raw data, gradually expand the replacement ratio.

The core recommendations focus on northern China, changchuan science and technology, to pure technology and crystal sheng.

Rail intersection industry: the tendering of the iron general motor vehicle has been accelerated, and the bidding of the group of 75 short +50 group leaders has been launched in the near future. We think: the recent "baotou city rail stop" event impact is limited, the early stage of the city has a part of the radical project stop does not affect the wave of the national urban rail construction, the horsemen in China rail vehicle orders and sales effect is very small, less than 5%. We mainly recommend the "rail-crossing door system" + "surface treatment" dual-wheel drive coney electromechanical, which is recommended to pay attention to the rail link of the Chinese car, the acquisition of the best new hongtai.

FPD equipment: Beijing Oriental in the flat display industry market position, release performance has been gradually recognized by the market and digestion, such as we the depth of the flat display equipment industry report: OLED gradually into the mainstream and in short supply, Array/Cell began to import substitution process equipment "recommended in the point of view, than those with short-term results support logic but a lack of long-term growth stocks, we prefer to do it before process breakthrough precision electronic module processes the ceiling family, coupling equipment and laser.