ChangZhou Aaron Precision Machinery Co.,Ltd

Base of the second half of the year due to the gradually reduced, compared with the same data will continue to improve, but the downstream demand remains weak. According to the survey, may little dig sales cooled, excavator sales in May fell month-on-month, is expected to maintain a positive growth over last year.In may, the engineering machinery index is up 1.87% during the month, at the same time mechanical index, the Shanghai composite index, Shanghai and shenzhen 300 index is up 10.51%, 10.51% and 4.17%, respectively, engineering mechanical index sharply run lose the market and industry, infrastructure investment to maintain rapid growth, in the second half of the higher technology to improve space composition.April little dig dig positive growth in big dig is still fallingIn addition to the crane, the other four main varieties of April monthly sales in positive. April 1 -, excavator, loader, crane, bulldozer and roller cumulative sales year-on-year decline 17.5%, 12.2%, 29.5% and 12.2% respectively, and 5.6% drop from the first quarter (25.6%, 19%, 32.4%, 16% and 6.8%) with varying degrees of narrowing; April monthly, in addition to the crane fell 21% year-on-year, excavators, loaders, bulldozers and roller sales year-on-year growth of 5.8%, 3.9%, 20% and 5.8% respectively. The digger points tonnage, small dug in April increased by 20%, 2 consecutive months of positive growth, dig in the positive growth of 10%, the big dig still slumped by 54%.In the second half of the infrastructure investment is restrictedApril 1 -, shipment, warehousing, water environment, electric heating gas and water production and supply industry investment of infrastructure investment growth is still keep on growing, the cumulative growth is 24.05%. Among them, the consignment warehouse year-on-year growth of 23.7%, growth continues to rebound, fruit industry, mainly is the rail and air transport industry investment rebounded sharply, investment grew by 24.6% year on year of railway transportation, air transportation investment rose 65%; Water environment, the electric heating gas and water production and supply industry grew by 30.8%, 30.8% respectively, growth fell back, but still in recovery trend.Infrastructure investment to maintain rapid growth there is a low base, infrastructure investment picked up from June last year, for the second half of this year\'s infrastructure investment growth promotion space composition.In the second half of the sustainability of the uncertainty of real estate investment from salesThe first continues to rebound, the second half of the real estate investment uncertainty comes from sales of sustainability. April 1 - real estate investment growth 21.1%, compared with 1-20.2% in March to continue to rebound, continuation of the upward trend since late last year. New construction area of the building and commercial housing sales area of growth has also improved, starts and new home sales total year-on-year increase 1.9% and 38.0%, respectively, 4.6 and 0.9%, respectively, compared with 1 ~ 3 months back. We are in the first half of the real estate investment is relatively optimistic, in the second half of the uncertainty of the sustainability from sales.Base of the second half of the year due to the gradually reduced, compared with the same data will continue to improve, but the downstream demand remains weak. According to the survey, may little dig sales cooled, excavator sales in May fell month-on-month, is expected to maintain a positive growth over last year. Manufacturers and dealers for the second half of the infrastructure and real estate investment continued to have doubts, relatively cautious attitude. Due to starting in May last year, base declined significantly, expected cumulative data will continue to improve, compared to the same but not on behalf of the downstream demand better.Maintain \\\"neutral\\\" rating of the industry. Maintain our last month\'s judgment, IPO restart style on the market is starting to emerge, the influence of construction machinery in the large-cap shares of low valuations are supported, and is currently in earnings reports to disclose an empty window period, plate downside risk is not big; But the economy is weak recovery, infrastructure of large-scale investment probability is not big, real estate investment is not sure, better engineering machinery sales co., LTD., will restrict plate upside space. Recommendations continue to focus on low valuation of the industry leading sany heavy industry, as well as the fundamentals of relatively good constant current oil cylinder, anhui resultant force.