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CITIC Jiantou Securities--Mechanical Equipment Industry: In the second quarter, the elevator sector welcomes intensive catalysts, and is determined to be more [industry research]

Click volume:Number of reply: 0Report Mimi Published on 2019-04-15 14:15:17

[Summary of research report content]

    In 2019, the elevator industry will usher in a new round of profit up cycle. From 2003 to 2018, the growth rate of elevator production was in line with the direction of growth of building construction area, and the growth rate of completed buildings in advance was 6-12 months. Subject to the tightness of funds in 2018, the cumulative growth rate of construction area from January to December was only 5.2%, and housing shutdown projects continued to increase. However, we judge that with the marginal relaxation of financing conditions, the shutdown project will enter a concentrated resumption period in 2019, and the construction area growth rate will reverse in 2019, which will drive the order/delivery of elevators. House construction as of February 2019 The area growth rate and elevator production growth rate respectively rose to 6.8% and 15%, respectively, which increased by 1.6% and 7.5% respectively compared with the annual growth rate of 2018. According to the grassroots research of the industrial chain, as of the first quarter of 2019, the elevator price did not appear to be significantly reduced, and the price stability exceeded expectations.

    At the same time, benefiting from the downward cost of raw materials such as steel, it is judged that the elevator products will usher in the resonance of the volume and profitability, and usher in a new round of profit up cycle. At the same time, optimistic about the 2019 high-energy lithium battery equipment, photovoltaic equipment and drilling and completion equipment.

    Core recommendation combination: Shanghai Electromechanical, Pilot Intelligence, Jerry, Sany Heavy Industry, Hengli Hydraulic, Precision Electronics, Hongya CNC, Jack

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