汇丰银行-中国-机械行业-中国电梯业：分歧的出现和改造加快-2019.8.15-23页.pdfVIP免费

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:TheHongkongandShanghaiBankingCorporationLimitedViewHSBCGlobalResearchat:https://www.research.hsbc.comTHISCONTENTMAYNOTBEDISTRIBUTEDTOTHEPEOPLE'SREPUBLICOFCHINA(THE"PRC")(EXCLUDINGSPECIALADMINISTRATIVEREGIONSOFHONGKONGANDMACAO)MNCsareincreasingpricesandbuyingmoredomesticcomponents,acceleratingconsolidationatthecomponentandOEMlevelsElevatorretrofitmarkettakingoffbeforetheafter-salesmaintenancemarketdoes,givensubstantialgovernmentsubsidiesPreferredstocksareInovanceandSMEIC,bothratedBuy;maintainReduceonCannyandSTEPM&AatthecomponentandOEMlevels:Afterseveralyearsofmarketconsolidationwithlowerdemandfornewelevatorinstallationsandweakpricingpower,elevatormakershavebeguntoleveragepropertydevelopers’marketsharegainstoboostsales.Lowerprofitabilityhasstrengthenedthisconsolidationtrend;Hitachi(6501JP,CMPJPY3,676,notrated)announcedtheacquisitionof28%ofYungtay(1507TW,CMPTWD64.50,notrated)inApril.Thisyear,wehaveseendivergingpricingstrategiesadoptedbydomesticandforeignelevatormakers.Domesticplayersarestillunderpressuretocutpricesannuallytomaintainnewelevatorinstallationgrowth,hopingtoobtainfuturemaintenanceorders.However,somemultinationalcorporationshavealreadyincreasedpricesinChinaandhavebeguntoprocuremorecomponentsfromlocalproducerstomaintaintheirprofitability.Inovance’s(300124CH,RMB22.41,Buy)acquisitionofBST(private)inApril2019shouldhelpitprovideahighlycomplementaryproducttoelevatormakersintermsofaone-stopsolutionforelevators’electroniccomponents.Elevatorretrofitmarkettakingoff:SinceMarch2019,therehavebeensomepositivegovernmentpoliciestoencouragetheinstallationofelevatorsfortheregenerationofoldresidentialareas.Over10,000elevators(c1.5%of2018totalproduction)wereinstalledlastyearinsuchareas.In1H19,therewereatleast363elevatorretrofitprojectswithatotalvalueofcRMB795m;government-subsidizedandoldresidentialhousi...