機(jī)械設(shè)備行業(yè)關(guān)注高景氣行業(yè)，聚焦核心資產(chǎn)

1、第1頁(yè)共36頁(yè)內(nèi)容目錄1行業(yè)整體情況：業(yè)績(jī)?cè)鏊俜啪?，估值已修?fù)至合理區(qū)間............................................51.1行情回顧：機(jī)械板塊整體走弱，工程機(jī)械相對(duì)亮眼..............................51.2業(yè)績(jī)回顧：業(yè)績(jī)?cè)鏊倜黠@放緩，凈利潤(rùn)下滑....................................61.3估值水平：估值水平處于歷史底部區(qū)間....

2、....................................72工程機(jī)械：全年有望穩(wěn)增長(zhǎng)，建議關(guān)注核心資產(chǎn).......................................................92.1全年挖掘機(jī)有望維持增長(zhǎng)92.1.1挖掘機(jī)更新需求依舊旺盛92.1.2房地產(chǎn)和基建投資有望增長(zhǎng)102.1.3國(guó)際競(jìng)爭(zhēng)力增強(qiáng)，出口穩(wěn)定增長(zhǎng)...................................

3、......122.1.4挖掘機(jī)行業(yè)集中度進(jìn)一步提升...........................................122.2起重機(jī)械和混凝土機(jī)械需求旺盛.............................................142.3工程機(jī)械行業(yè)盈利能力改善.................................................152.4投資建議163油價(jià)企穩(wěn)回升，油服

4、行業(yè)保持高景氣度...................................................................173.1OPEC嚴(yán)格減產(chǎn)，油價(jià)觸底回升.............................................173.2石油公司業(yè)績(jī)提升，資本開(kāi)支增加...........................................183.3能源安全驅(qū)動(dòng)頁(yè)巖氣快速增

5、長(zhǎng)...............................................193.3.1原油及天然氣對(duì)外依存度逐年增加.......................................193.3.2頁(yè)巖氣開(kāi)采景氣度持續(xù)上行，壓裂設(shè)備需求旺盛...........................203.3.3壓裂設(shè)備市場(chǎng)空間廣闊223.4油氣裝備板塊業(yè)績(jī)明顯復(fù)蘇......................

6、...........................243.5投資建議254智能物流空間廣闊，鋰電倉(cāng)儲(chǔ)迎發(fā)展黃金期............................................................264.1智能倉(cāng)儲(chǔ)系統(tǒng)簡(jiǎn)介.........................................................264.2智能倉(cāng)儲(chǔ)系統(tǒng)需求旺盛.................

7、....................................274.3鋰電擴(kuò)產(chǎn)高峰，鋰電倉(cāng)儲(chǔ)迎發(fā)展黃金期.......................................284.4國(guó)內(nèi)物流自動(dòng)化系統(tǒng)集成商未來(lái)成長(zhǎng)空間大...................................304.5投資建議.........................................315重點(diǎn)推薦標(biāo)的.....

8、....................................................................................................335.1三一重工335.2日機(jī)密封335.3杰瑞股份345.4諾力股份356風(fēng)險(xiǎn)提示............................................................................3

9、6圖表目錄圖1：2018年1月1日2019年5月28日上證指數(shù)、申萬(wàn)機(jī)械指數(shù)漲跌幅...........5圖2：申萬(wàn)一級(jí)行業(yè)漲跌幅排行................................................5圖3：2018.1.12019.5.28機(jī)械二級(jí)子行業(yè)收盤(pán)價(jià)漲跌幅............................6圖4：機(jī)械行業(yè)累計(jì)收入及增速............................