The day before yesterday, the National Development and Reform Commission and other 11 departments jointly issued the Opinions on Promoting the Development of the Remanufacturing Industry (hereinafter referred to as the "Opinions"), which listed auto parts, engineering machinery, machine tools, etc. as the key areas to promote the development of the remanufacturing industry. An analyst from a securities firm said that the industries and companies involved in the remanufacturing theme were stimulated by policy and thematic factors, and the stock price was expected to show significant performance. However, some analysts said that in the medium and long term, it must be positive. In the short term, some industries are difficult to show, such as the auto parts industry.
Automobile parts, engineering machinery, etc. are the key points
The opinions released the day before yesterday clearly pointed out that: deepen the pilot of remanufacture of auto parts. Focus on promoting the remanufacture of auto engines, gearboxes, generators and other parts, increase capital investment, institutional bottlenecks, improve the recycling system, standardize the circulation market, and strive to become bigger and stronger. On this basis, the pilot scope will be extended to transmission shaft, compressor, oil pump, water pump and other components. At the same time, we will continue to promote the refurbishment of large old tyres.
At the same time, we will promote the remanufacture of construction machinery and machine tools. Organize the remanufacturing of engineering 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 increased their efforts to promote the pilot work in the remanufacturing of auto parts and electromechanical products. It is expected that further policies will be issued in the future to promote the rapid and healthy development of the remanufacturing industry". Guo Guodong, strategic analyst of Everbright Securities.
The opinion points out that compared with manufacturing new products, remanufacturing can save 60% of energy, 70% of materials, 50% of costs, hardly produce solid waste, and reduce air pollutant emissions by more than 80%.
"In the medium and long term, the policy is in line with the development direction of these industries, but it is difficult to measure the impact in the short term." Yesterday afternoon, Liu Lixi, an analyst in the optional consumption and auto parts industry of Northeast Securities, said.
Large decline, low valuation, low stocks can be concerned
On the first day of the market, stocks related to automobiles, such as Shuangqian Shares, Fengshen Shares and Guizhou Tire A, were outstanding.
"The industries and companies involved in the remanufacturing theme mainly include automobiles, construction machinery, machine tools, etc., which have had a large decline in the early stage, and are relatively cheap in valuation. They themselves have the demand and power to rebound. Stimulated by policy and thematic factors, the stock price is expected to show significant performance". The strategic analyst of Everbright Securities analyzed in the research report.
In Liu Lixi's view, the impact on auto parts is mainly medium and long-term, which may take five years. According to the data in the opinion, the number of cars in 2008 reached 49.57 million (excluding low-speed cars), the number of machine tools reached more than 7 million, and the number of construction machinery of 14 main models reached 2.9 million.
"As far as automobiles are concerned, the overall stock is not high. 80% of people buy cars for the first time. The remanufacturing of parts will take five years. The industry's benefits are medium and long-term. At present, it may have a greater impact on machine tools and household appliances." Liu Lixi analyzed that, in fact, China's auto parts industry has been squeezed by joint venture parts manufacturers and complete vehicle enterprises. "In terms of investment value analysis, the overall industry is average, but some companies are good, such as Ningbo Huaxiang," Liu Lixi said.
Huang Shuqi, a private equity firm in Shenzhen, said that based on the overall bad market this year, the adjustment space may still be very large. For quite a period of time this year, it is difficult to have optimistic expectations for some industries with policy support. It can only be said that the trend may be stronger than other industries. Investors should do less and do more.