十三五期间，机械化部队和装甲兵进入大规模换装黄金时期：现阶段，陆军现役老旧装备众多，这些装备已经不能满足现阶段对于武器装备的需求，‚十三五期间陆军将迎来大规模换装。经测算，这个期间，坦克与装甲车辆换装市场的总空间将高达 3,000亿元。

公司专注于服务海洋油气开发、矿业开采、天然气液化等领域。近三年来，公司经营业绩实现快速增长，净利润复合增长率达 68.2%，毛利率保持稳定。随着近年来油价持续走低，天然气投资需求加大，公司加强布局高毛利率的天然气液化领域，该领域业务占比逐年上升。到 2016 年上半年，天然气液化、海洋油气开发、矿业开采主营业务收入占比分别为 76.41%、23.57%和 0.02%。

Centrifugal blowers deliver directional air flow by maximizing static pressure, making them optimum for spot cooling and air flow via a duct. Alternatively, their high suction can be utilized to hold an object in position. Also, their directed air flow can be used to move objects. The centrifugal force created by the forward curved vanes aligned in cylindrical form generates spiral flow almost perpendicular to the rotation axis. The scroll fixes the spiral flow in one direction and results in increased pressure. Thus, the blower limits the opening where the air is released and uni-directionally concentrates airflow.

The industrial mixer is one of the most prominent components in the manufacturing sector, especially in the process industry. Industrial mixers are used to mix and blend the raw material in the initial stage of the manufacturing process. The raw material mixing or blending decides the characteristics of the feed to the machines operating in the cycle and thus decides the nature of the final product. If the initial mixing of the raw material does not meet specifications, it could lead to final product failure and the entire batch will be rejected. Thus, the industrial mixer plays a vital role in meeting the final product specifications.

市场在短期内或许失效，但在长期内总会给业绩持续优秀成长的公司以恰当的估价，这在家电股上一再证明。因此，我们认为短期内部分基本面出色的家电股的回调仅是对前期较大涨幅的技术性回吐，不必因此恐慌，相信在技术休整后仍将是价值投资之首选，我们一向认为耐心守候价值增长乃家电股投资正道。

海信的增长动力来自于大尺寸产品的增长和开拓出口市场。今年1-9月，我国电视机内外销同比增速分别为10.1%和16.7%，表现良好。预计未来我国电视内销量增长平稳，产品结构持续提升，大尺寸产品占比不断提高。海信55 寸及以上尺寸段电视销量增速高于行业，且公司在大尺寸段价格优势更加显著，盈利能力强于中小尺寸，有望带动盈利增长。

空调、冰箱盈利好转：1）海信科龙是空调和冰箱二线公司，竞争力同一线有明显差距，但具有自我改善空间。2）市场外部环境，以及公司制造能力和工业设计能力的提升共同作用带动业绩反转。2015 年主业经常性净利润亏损1.65 亿，2016 年反转。预计2017 年，公司主业经营性利润率会达到~2%，达到普通二线龙头的水平。