Market review this week's plate performance: last week (2024-04-29-2024-04-30) two trading days, the SW machinery and equipment index rose 0.Fishinfrenzyfreeplay.81%, ranking 19th among Shenwan's 31 first-tier industry categories; over the same period, the CSI 300 index rose 0.56%. Performance since 2024: the SW machinery and equipment index fell 4.51 per cent, ranking 17th among Shenwan's 31 first-tier industry categories, while the CSI 300 index rose 5.05 per cent over the same period. Core point of view: shipbuilding prices continue to rise, optimistic about the profit improvement of shipbuilding enterprises. 1) Price: according to Clarkson, global new shipbuilding prices have continued to rise since Q1 in 21 years, and the global new ship price index reached 183.92 in April 24, + 9.92% year on year and + 0.41% compared with the previous year. Among them, the oil tanker / container ship / bulk carrier / LNG ship price index is + 8.65%, 11.01%, 5.44%, 10.65%, 0.54%, 0.32%, 0.52%, 0.43%, respectively. 2) quantity: according to Clarkson, new orders received by ships worldwide in April 24 were 471.11 million CGT, year-on-year + 23.52%; delivery orders 276.50 million CGT, year-on-year-2.48%; and on-hand orders 12990.51 million CGT, + 6.05% year-on-year. 3) cost: the price of shipbuilding board has continued to decline since May 21. In April 24, the average price of Shanghai 20mm shipbuilding plate is-11.57% compared with the same period last year, and the month-on-month ratio is-3.02%. The scissors gap between ship price and steel price continues to widen. It is recommended to pay attention to Chinese ships and China Power. The profit growth rate of the construction machinery mainframe factory is steady, and the asset quality is improved. 1) improvement of profitability: according to company announcements, the profit yoy of 24Q1 Sany, Xugong, Zoomlion and Liugong is + 4.21%, 5.06%, 13.06%, 58.03%, respectively. The mainframe factory's profit growth is mainly due to exports. In 23 years, the overseas gross profit margin of the four companies is higher than the domestic gross profit margin respectively, and the increase in the proportion of overseas income leads to the improvement of mainframe factory profit margin. And then drive performance growth. 2) risk control: according to the 23 annual report, construction machinery manufacturers are concerned about assets.FishinfrenzyfreeplayThe anti-risk ability of Sany, Xugong and Zoomlion decreased by 11.39 billion yuan, 28.20 billion yuan and 3.507 billion yuan respectively compared with the same period last year, reducing the risk of bad debts of accounts receivable to a certain extent. With the continuous growth of domestic mainframe factory exports and the gradual improvement of asset quality, it is suggested to focus on Sany heavy Industry, Xugong Machinery, Zoomlion heavy Technology and Liugong. The data of machine bed orders in Japan in March were better than the previous month, while the machine tool orders exported to China showed a trend of improvement compared with the previous month. According to the Japan Machine tool Industry Manufacturing Association, Japanese machine tool orders in March 24 were 135.65 billion yen, down 3.8 percent from the same period last year and up 18.8 percent from the same period last year. Among them, orders in the local market were 49.26 billion yen, down 0.2 percent from the same period last year, up 51.4 percent from the previous month. Orders in overseas markets were 86.39 billion yen, down 5.7 percent from the same period last year and 5.8 percent higher than the previous year. Orders for machine tools exported to China in March were 25.373 billion yen, down 15.66% from the same period last year and up 11.19% from the previous month. On the whole, the data of Japanese machine tool orders exported to China showed a month-on-month improvement trend after the bottom in June 23, reflecting a steady recovery in the domestic middle and high-end machine tool market demand. Investment suggestions: shipbuilding prices continue to rise, the bottom signal of construction machinery is clear, and the global manufacturing recovery is strengthened. We are optimistic about investment opportunities in ships, construction machinery, machine tools and other directions. It is recommended to pay attention to Hengli hydraulic, CITIC heavy Industry, China Shipbuilding, Xugong Machinery, Sinovel Precision. The risk indicates the risk of macroeconomic change, the risk of raw material price fluctuation, and the risk of policy change. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.