The second batch of locomotive and freight car bid

Dynamics of the machinery industry: the second batch of locomotives and freight cars in the year launched the recommended rail transit equipment leader

dynamics of the machinery industry: the second batch of locomotives and freight cars in the year launched the recommended rail transit equipment leader

time: September 6, 2018 09:52:31 recent situation of the China finance industry

on September 4, China Railway Construction and Investment Corporation (hereinafter referred to as China Railway Construction and Investment Corporation) issued a bidding announcement, proposing to tender 188 9600kW freight electric locomotives. On September 5, China Railway Investment Group issued a bidding announcement that it plans to bid for 4602. Our company will soon show you a railway freight car (C80 B type) for the types of these models. Previously, on August 13, China Railway Investment Group announced the bid winning announcement of 145 standard 350km/h "Fuxing" multiple units. The time point and quantity of the bidding for the second batch of locomotives in the year exceeded market expectations

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vehicle bidding has been fully launched, and the vehicle investment in 2018 is expected to exceed the expectations at the beginning of the year. At the beginning of this year, the railway equipment investment plan was only 80billion yuan, lower than the historical average and market expectations. With the second bidding of railway locomotives and freight cars in the year, the bidding volume of locomotives and freight cars has reached 616 and 37600 since the beginning of the year. The investment in railway vehicle equipment in the year is far beyond the planning of the Railway Corporation at the beginning of the year. It is expected to reach 1.0 throughout the year. What is the effect of lubrication on Jinan gold assay concrete pressure testing machine? Lubrication plays an important role in concrete pressure testing machine, which is 10 billion yuan

"public transit railway" landed well, and locomotive and freight cars ushered in a boom peak. In order to cooperate with the three-year incremental freight action, China Railway Group plans to purchase 3756 new freight locomotives and 216000 vehicles in the next three years. 188 freight electric locomotives and 4602 freight cars in this bidding show that the "public transit railway"

is well established. Considering that there are still about 3500 "public transit railway" locomotives and about 210000 freight cars have not yet been tendered, the peak of delivery of locomotives and freight cars that can also use Griffith's principle of Gree will usher in the 19th and 20th years

"Fuxing" EMU won the bid. In the early stage, China Railway Construction and Investment Corporation disclosed that the force resolution in the bid winning list of 145 standard "Fuxing" multiple units can almost reach 1 in 100000. Changchun Railway Passenger Car Co., Ltd., Tangshan Locomotive and rolling stock Co., Ltd., Qingdao Sifang locomotive and rolling stock Co., Ltd. and Qingdao Sifang Bombardier (BST) have won the bid, which shows that the manufacturing technology of "Fuxing" multiple units has been popularized to four multiple unit manufacturing plants, which is conducive to the efficient production scheduling of each plant

the railway sector is more deterministic, and there are still valuation repair opportunities. Since the beginning of the year, the investment target of the railway work conference has been lower than expected, the threshold for subway construction has been raised, and the Singapore Kuala Lumpur high-speed railway plan has been shelved, resulting in the continuous decline in the valuation of the rail transit sector. At present, the corresponding p/e of a/H shares in 2018 is only 18.3x/12.1x, and that of CRRC times electric is only 14.4x in 2018. The valuation is low. Investors are advised to pay attention to the opportunity of repairing the valuation of the sector brought by the accelerated bidding of national railway vehicles

valuation and suggestions

maintain the profit forecast/target price and rating of the covered company unchanged. A-share recommendation -a, Hong Kong stock recommendation -h, CRRC times electric and China Communications

risk

the subsequent bidding of China Railway Corporation was not as expected

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