Environmental protection equipment leads the rise

In the first half of this year, the performance of the machinery and equipment industry was slightly stronger than that of the market as a whole, and the overall increase in the environmental protection equipment sector exceeded 80% in half a year.

In the first half of the year, from the perspective of the performance of machinery and equipment listed companies, nearly 10% of the listed company's revenue fell by more than 30% year-on-year in the first quarter of this year to nearly 33%. Listed company revenue fell between 0% and 30%. Analysts believe that although investment The overall decline has brought greater constraints to the machinery manufacturing sector. However, due to differences in attributes within the segmentation segment, performance differentiation will become more apparent. Energy-saving and environmental-friendly machinery manufacturing companies may have a better representation in the second half of the year.

Restricting the overall performance of the machinery manufacturing industry lies in the judgment of the overall macroeconomic situation. Analysts believe that the growth rate of fixed asset investment in 2013 will be lower than the level in 2012, and the cumulative growth rate will be around 19% to 20%. Judging from historical experience, it is expected that the growth rate of investment in fixed assets in the machinery industry will be around 18%-19% in 2013, which will continue to narrow over 2012, while the proportion in the growth rate of investment in manufacturing may fall to 23%-25. %about. Judging from the specific representation of the previous sector, it is expected that radical general machinery and radical special-purpose machinery in the second half of 2013 may not have systematic investment opportunities. It is worth noting that the current local high-growth machinery and equipment sub-sectors have higher valuation problems, and they should wait for the stock price correction to intervene after the opportunity.

Looking into the future, the new impetus for economic development may be determined in the “new strategy for urbanization, which will also have a major impact on China’s industrial development in the medium to long term. This will be the key point of the investment strategy in the second half of the year. But anyway It will be inevitable to eliminate aggressive excess capacity in the industry, and current policies will not be softened.The future investment opportunity lies in industrial transformation, and more of these stocks have already received continued response.

Analysts believe that the direction of the transformation of the machinery industry lies in new urbanization, energy structure adjustment, industrial automation, and environmental protection. This will promote the development of six industries including railway (subway) oil service and equipment, agricultural machinery, industrial automation, and environmental protection and new coal chemical related equipment. Consider certain principles when considering future investment directions and investment strategies. The following four aspects should be considered in the selection of specific targets: First, market entrants, companies with limited qualifications, and second, companies with certain technology storage or access to technology through various channels; Enterprises with sufficient self-owned funds, which do not rely solely on financial subsidies to obtain working capital and can achieve positive returns; Fourth, enterprises with reasonable industrial layout and forward-looking enterprises.

In addition, there are environmental protection devices in the fine-grained industries that deserve attention. In the second half of the year, environmental protection equipment is more optimistic about the waste-to-energy related equipment in the solid waste disposal field and the corresponding demand equipment in the desulfurization reform. Regarding the actual market size of waste incineration equipment, it is expected that the market capacity of waste incineration equipment during the “12th Five-Year Plan” period will be around 61.4 billion yuan to 92.1 billion yuan. In the area of ​​denitrification equipment, the capacity of the thermal power plant for denitrification will have a large market capacity in the next three years. A total of 529 million kilowatts of thermal power plant and denitrification equipment will be newly built and the market capacity will be approximately 68.59 billion yuan. It is estimated that the compound annual growth rate of the industry will be 40 in the next three years. About %, far higher than the growth rate of the thermal power industry, these will open up a wealth of imagination for environmental protection equipment companies. As the sub-sector of machinery and equipment is closely related to urbanization and residential consumption, the development of these sub-sectors is expected to exceed the overall level of the industry.