Government pushes remanufactured industrial parts to hardly benefit in the short term

On June 1st, the “Opinions on Promoting the Development of Remanufacturing Industries” (hereinafter referred to as “opinions”) jointly issued by 11 departments such as the National Development and Reform Commission, listed auto parts, construction machinery and machine tools as key areas for promoting the development of remanufacturing industries. . Analysts with brokerage firms analyzed that the industries and companies involved in the remanufacturing theme are stimulated by policies and thematic factors, and the stock price is expected to show obvious performance. However, some analysts have said that in the medium and long term, it is definitely positive, and certain industries in the short term are difficult to show, such as the auto parts industry.

Automobile parts and construction machinery are key

The opinions released on the 1st clearly pointed out: Deepening the pilot project of auto parts remanufacturing. In order to promote the remanufacturing of automobile engines, gearboxes, generators and other parts, we will increase capital investment, eliminate institutional bottlenecks, improve the recycling system, standardize the circulation market, and strive to become bigger and stronger. On this basis, the scope of the pilot will be expanded to include transmission shafts, compressors, oil pumps, and water pumps. At the same time, the renovation of large old tires continues.

At the same time, it promotes the remanufacturing of construction machinery and machine tools. Organize the remanufacture of construction machinery, industrial electromechanical equipment, machine tools, mining machinery, railway locomotive equipment, ships and office information equipment.

"Since 2009, the National Development and Reform Commission and the Ministry of Industry and Information Technology have stepped up their efforts to promote policies and promote pilot projects in the remanufacturing of auto parts and mechanical and electrical products. It is expected that further policies will be introduced in the future to promote the rapid and healthy development of the remanufacturing industry." Analysis of Guo Guodong, an analyst of Everbright Securities.

The comments pointed out that compared with manufacturing new products, remanufacturing can save energy by 60%, save materials by 70%, save costs by 50%, produce almost no solid waste, and reduce the emission of atmospheric pollutants by more than 80%.

“In the medium to long term, the policy is in line with the development direction of these industries, but it is difficult to measure how much impact it will have in the short term.” Yesterday afternoon, Liu Lixi, an analyst with Northeast Asia Securities’ optional consumer and auto parts industry, said.

Drop large valuations of low stocks can be concerned

On the second day of the market, the stock-related stocks such as Double Money Co., Ltd., Aeolus Co.

“The industries and companies involved in the remanufacturing theme mainly include automobiles, construction machinery, machine tools, etc. They all had relatively large declines in the early period, and they were relatively inexpensive in terms of valuation, and they themselves had a rebound in demand and momentum. With the stimulation of thematic factors, the stock price is expected to show obvious performance." China Everbright Securities analysts analyzed the report.

In Liu Lixi's opinion, the impact on auto parts is mainly in the medium to long term, and it may take 5 years afterwards. According to the data in the opinions, in 2008, the vehicle ownership amounted to 49.57 million vehicles (excluding low-speed vehicles), the machine tool inventory amounted to more than 700 million units, and the maintenance of engineering machinery of 14 major types reached 2.9 million units.

“As far as cars are concerned, the overall stock is not high, 80% of them are the first to purchase cars, and after 5 years of parts remanufacturing, the industry’s advantage is medium and long-term, and it may have a greater impact on machine tools and home appliances. "Liu Lixi analyzed that, in fact, China's auto parts industry has been squeezed by joint-venture parts manufacturers and vehicle companies. “As far as investment value analysis is concerned, the overall industry is general, but individual companies are good, such as Ningbo Huaxiang,” said Liu Lixi.

Shenzhen Private Equity Huangshu said that based on this year's overall market is not optimistic about the adjustment space may still be very large, this year for quite some period of time, for some industries with policy support is also difficult to have optimistic expectations, can only say that in the relative trend It may be stronger in other industries. Investors are still looking for less to do more.

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