Most popular machinery manufacturing cycle recover

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Machinery manufacturing: periodic recovery and growth differentiation

summary of the annual report we divided the machinery sector into 22 sub industries with reference to the industry classification of CITIC and Shenwan. We sorted and analyzed the 2016 annual report and 2017 Q1 of more than 50 stocks of machinery 3 due to the relatively poor manual operation of hydraulic fixtures. The conclusions are as follows:

1) the machinery sub industry in the 2016 annual report was greatly divided, and as several sub industries of growth, they still had a good growth rate, Lithium battery equipment, military industry, energy conservation and environmental protection, and intelligent equipment rank first

2) in Q1 2017, most of the traditional cycle banks increased the stretching space in this way (the industry that can be increased to more than 210 meters recovered, the net profit elasticity of construction machinery took the lead, followed by coal machinery, and the growth sector led by lithium battery, military industry and intelligent equipment still showed strong performance. 3) when the sensor was pulled P, the cycle sector recovered significantly in the first quarter of 2017, and the construction machinery industry reversed the trend of losing money for many years in the first quarter of 2017 Textile machinery also continues to recover

4) it is suggested to focus on the opportunities of individual stocks in lithium battery and 3C automation sectors. In addition to the high-profile coal, oil and gas equipment for construction machinery, attention should also be paid to the recovery opportunities of the textile machinery industry

lithium battery equipment led the seven listed companies in the lithium battery equipment sector. In 2016 and 2017q1, the revenue growth rate was 136% and 225% respectively, and the net profit growth rate was 224% and 286% respectively. Excluding the disturbance of Jianrui voneng's consolidated statements in 2016, the revenue growth of lithium battery sector in 2016 annual report and 2017q1 still reached 51.5% and 121%, and the net profit growth of 2016 annual report and 2017q1 was 50.5% and 56.2% respectively

intelligent equipment continued to maintain a rapid growth. The revenue growth of 35 companies in the intelligent equipment sector in 2016 and 2017q1 was 38.1% and 19.1% respectively, and the net profit growth was 12.1% and 19% respectively. The slowdown of revenue growth is mainly due to the consolidation of most of 2016 and the increase of the base. However, from the perspective of net profit, smart equipment M & A of listed companies is playing a good synergy

there has been a significant recovery in the cycle sector. According to the 2016 annual report, most of the cycle sectors have experienced major landslides, mainly affected by the huge losses of several central enterprises. However, in Q1 2017, the main cycle sectors such as engineering machinery, coal machinery, oil and gas equipment, textile machinery and heavy machinery recovered significantly. From the perspective of revenue, the recovery elasticity is heavy machinery, engineering machinery, mining and metallurgy, textile machinery, coal machinery and ships, From the perspective of profit, the elasticity is engineering machinery, coal machinery, mining metallurgy, heavy machinery and textile machinery. This round of recovery is mainly based on renewal. In addition to paying attention to the construction machinery with the strongest elasticity, we also need to pay attention to the textile machinery sector with better performance stability

rail transit, elevators, refrigeration and air conditioning, basic parts, instruments and meters in the traditional growth sector began to be divided into two parts. 1. The correct clamping of samples is very important for the experiment. The refrigeration and air conditioning, instruments and meters, and basic parts in the traditional growth sector continue to maintain a good and steady growth, from which we can explore the white horse target. The growth rate of the elevator industry has slowed down, the industry competition has intensified, the gross profit has decreased, and the bidding for the change of the general leadership of rail transit affected railways has been delayed, and the performance has generally declined this year, It is expected to rebound with the resumption of bidding in 2017

risk tips: economic downside risk, industrial policy risk, RMB exchange rate risk

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