【出版时间及名称】:海通证券-冶金矿山机械行业深度报告-行业增速处于低位,关注煤矿整合带来煤机需求-100201
【作者】:海通证券
【文件格式】:pdf
【页数】:29
【目录或简介】:
投资要点.......................................................................................................................................5
行业篇...........................................................................................................................................6
1. 冶金矿山机械将伴随中国重工业化进程持续发展...............................................................6
1.1 国内重型机械行业发展势头良好................................................................................6
1.2 重机行业将从进口替代向出口转化............................................................................7
2. 冶金机械:需求增速仍处低谷...............................................................................................8
2.1 行业增速处于历史低位................................................................................................8
2.2 钢铁产能过剩导致下游需求萎缩................................................................................9
2.3 行业竞争格局..............................................................................................................14
2.4 国家鼓励冶金设备行业的发展和创新,海外市场空间巨大...................................15
3. 矿山设备:关注煤矿整合带来的需求增加.........................................................................16
3.1 煤炭需求回暖,有助于促进煤机需求......................................................................16
3.2 煤机产量增速仍处低谷,滞后于经济周期..............................................................19
3.3 煤炭行业整合为煤机带来需求增量,低端产品过剩..............................................20
3.4 行业壁垒较高,主要集中在少数厂商......................................................................21
3.5 行业发展方向:综合煤机制造能力..........................................................................23
公司篇.........................................................................................................................................23
4. 行业“中性”评级,关注煤炭行业整合带来煤机需求.....................................................23
4.1 太原重工(600169. SH) .........................................................................................24
4.2 天地科技(600582. SH) .........................................................................................24