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方正證券:關注工程機械、環保設備等領域投資機會
格隆匯 10-31 08:46
方正證券研報指出,1)工程機械:挖掘機、起重機、混凝土機械下游主要為地產、基建,受益於農田、水利等下游需求拉動,小挖銷量增速率先實現轉正,大挖、中挖銷量也逐漸企穩,挖機內銷增速從3月以來維持同比穩健增長。隨着終端項目資金鍊緩解,預計租賃商、主機廠應收賬款壓力均有望得到緩解,零部件廠商也有望間接受益,關注:徐工機械、中聯重科等。2)環保設備:環保行業作為PPP項目重點行業,環保工程、運營項目回款慢、回款難等問題突出,關注:聚光科技、景津裝備等。3)檢測行業:檢測行業下游廣泛,囊括食品、日用品等消費領域,以及工業醫藥、建築、電子、土壤檢測等項目,部分行業存量業務受制於終端狀況回款週期長,例如環境、食品、建築工程業務等,隨着化債相關政策出台預計收入端、毛利率均有望逐漸修復。
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