The hottest machinery manufacturing is optimistic

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Machinery manufacturing: optimistic about the growth of cold chain equipment, recommend 2 shares

key investment points:

the downstream application fields of cold chain equipment industry are extensive. The main upstream raw materials and parts of cold chain equipment are steel, compressor, profile glass, etc. these industries have full market competition, and there is no shortage of supply. Downstream industries are widely used, including ice cream, dairy products, beverages, quick-frozen food, cold fresh food, (,), medicine and biological products. The main end physical stores used are supermarkets, convenience stores, catering enterprises, fresh e-commerce enterprises, etc

the development of cold chain equipment industry is driven by factors such as the improvement of food and drug safety awareness, the transformation of consumption structure, the improvement of income level and urbanization rate, the expansion of fresh e-commerce, policy support and so on. At present, the comprehensive cold chain circulation rate of fresh food in China was only about 20% in 2017, far lower than the level of more than 90% in developed countries in Europe and the United States. With the improvement of food and drug safety awareness of residents and enterprises, the cold chain circulation rate is expected to increase rapidly in the future. China's urbanization rate and per capita disposable income of residents continued to grow, and the per capita consumption expenditure of perishable food of urban residents continued to grow, with an average annual growth rate of 10.25%

iResearch consulting shows that in 2013, the transaction scale of fresh e-commerce in China was 12.67 billion yuan. According to the estimated transaction scale of 4.8 billion yuan under the same stress conditions in 2018, the compound annual growth rate in the past five years was 72.7%, and there is still much room for growth in the future. Since 2008, the state has introduced a series of relevant policies to strengthen the construction of the cold chain system and create a benign policy environment for the development of the cold chain industry

competition pattern of cold chain equipment industry: the market competition of refrigeration equipment, compressors, commercial display cabinets and so on is fierce; Refrigerated trucks, refrigerated containers and other markets are relatively concentrated. Refrigeration equipment and Compressors: the overall competition in China's refrigeration equipment industry is relatively fierce, with a high degree of marketization. The load stiffness in the market centralized experimental machine system is low. The main enterprises are (,) because the system automatically stores in binary files and standard access database format, Sifang technology, (,), (,), etc; Commercial display cabinets: there are many enterprises in the field of domestic commercial display cabinets, and the overall competition in the industry is relatively fierce. Large monopoly enterprises have not yet been formed. The main enterprises are (,), Hailong cold chain, Kaixue cold chain, etc; Refrigerated cars: the domestic market is highly concentrated, and domestic CR3 accounts for half of the country. However, due to the small scale of the refrigerated car market, the proportion of refrigerated car sales in the total sales of car enterprises is not high. At present, the overall impact on these large car enterprises is small, and the main enterprises are (,), (,); Reefer containers: the global market is highly concentrated, and Chinese enterprises are oligarchs, occupying absolute competitiveness in the world. The main enterprises are (,), CIMC Enrico, etc

investment suggestions: pay attention to Hanzhong precision machinery () and Sifang Technology () Hanzhong precision machinery has mature technology in the field of industrial and commercial compressors, and its market share remains leading; The projects invested with raised funds are progressing smoothly, providing capacity support for future performance growth. Sifang technology's tank container business has developed rapidly, and has established cooperative relations with a number of world-renowned logistics and container leasing enterprises. The capacity expansion of refrigeration equipment and tank containers is smooth, and it can support about 45% of the performance growth space in the future

risk tips (1) downstream application demand is less than expected; (2) The price of raw materials rises; (3) Industry competition intensifies

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