Event description:
According to the machinery industry federation data, 2008 January through July, national mechanical industry sales value year-on-year growth of 29.46%, export year-on-year growth of 22.7%. One serving domestic heavy industry, construction industry engineering machinery, heavy ore machinery, machine tool output growth to precede, Export sales value of a small proportion of engineering machinery, internal-combustion export growth fastest.
Events categories-both:
July 2008 internal and external demand growth double mechanical industries dropped.
July 2008 data display, machinery industry sales value growth dropped annulus 0.94 percentage points, export growth fell annulus 0.71 percentage points, both internal and external demand growth that recedes, inside. We expect year-round machinery industry output growth in 27%, export growth in around 20%.
Engineering machinery, heavy ore machinery growth bounce
July 2008, engineering machinery and heavy ore machinery sales value growth period were up by 1.27 percentage points and 3.55 percentage points, this and domestic investment growth period July rose is consistent. However, we still believe that with domestic housing downturn, future real estate investment growth will recede, and therefore engineering machinery and heavy ore machinery overall still will show dropped trend.
strategies
In view of this, we maintain our machinery industry neutral rating, Maintain sub industries engineering machinery, machine tool and heavy ore machinery neutral rating, Electrical appliances by macro-control effect is relatively small, growth smoothly, so maintain influential rating. Stocks emphatically recommended electrician appliances representative company tianwei protect variable (600550) peace high electric (600312). For details, please refer to the relevant stock report.
A, July 2008 both internal and external demand growth dropped
According to the machinery industry federation data, 2008 January through July, national mechanical industry accumulative total sales value for 5.01 trillion yuan, a year-on-year growth rate dropped 29.46%, annulus 0.94 percentage points, Before July national mechanical industry total export value for 0.76 trillion yuan, accounting for sales value of the same period 15.16% year-on-year, 22.7%, and growth dropped annulus 0.71 percentage points, annual export growth is expected to 20%. The whole, machinery industry in July both internal and external demand growth dropped, shown in figure 1. According to our mid 2008 strategy report done a correlation analysis on the assumption that annual growth of domestic investment for about 24 percent, under the precondition of expected annual output growth for mechanical industry 27%.