Industry status
CICC machinery portfolio fell 0.55% in the past five trading days (2022 / 01 / 17-2022 / 01 / 21), and the Shanghai and Shenzhen 300 index rose 1.11% in the same period. This week's combination is Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Centre Testing International Group Co.Ltd(300012) , Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) , Zhejiang Hangke Technology Incorporated Company(688006) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Cfmoto Power Co.Ltd(603129) , Bafang Electric( Suzhou) Co.Ltd(603489) , Shenzhen Xinyichang Technology Co.Ltd(688383) , Hangzhou Great Star Industrial Co.Ltd(002444) , Warom Technology Incorporated Company(603855) ; H-share Haitian International. The portfolio remained unchanged this week.
Commentary
Lithium battery equipment: short-term correction does not change the long-term value, and pay attention to bargain hunting opportunities. According to the China Automobile Association, in 2021, the production and sales of Shanxi Guoxin Energy Corporation Limited(600617) automobiles were 3.545 million and 3.521 million respectively, with a year-on-year increase of 1.6 times, and the penetration rate reached 13.4%, an increase of 8 Ppt1 year-on-year. According to the prediction of the passenger Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles is expected to exceed 6 million in 2022, and the penetration rate will increase to 22%. In addition, LG new energy plans to be listed for financing. We believe that the global power battery capacity expansion is expected to be further accelerated. After early correction, the current valuation of lithium battery equipment sector is reasonably low, and it is optimistic about the industry leaders Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) with leading competitiveness; It is recommended to pay attention to Shenzhen United Winners Laser Co.Ltd(688518) , Shanghai Sk Automation Technology Co.Ltd(688155) (not covered). In addition, Contemporary Amperex Technology Co.Limited(300750) released evogo, the first power exchange service brand. We believe that with the continuous increase of vehicle ownership, the power exchange mode is expected to become a good supplement to the charging mode and has broad medium and long-term development prospects.
Photovoltaic equipment: focus on investment opportunities of new technological changes. Focus on Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) . We think its potential value may exceed market expectations. The new technology direction of the industrial chain continues to be updated, and the company actively promotes the verification of silicon wafer slicing, IBC, hjt, laser transfer printing, metallized electrode and other technologies. Companies that pay attention to the layout of new technologies Shenzhen S.C New Energy Technology Corporation(300724) , Suzhou Maxwell Technologies Co.Ltd(300751) (not covered), Wuhan Dr Laser Technology Corp.Ltd(300776) (not covered).
Construction machinery: the decline narrowed and the demand bottomed out. It is suggested to pay attention to the main line of steady growth. According to the Construction Machinery Industry Association, the sales volume of excavators in China in 2021 was 342800 units, a year-on-year increase of + 4.6%; China exported 274000 units, a year-on-year increase of - 6.3%, and 68000 units, a year-on-year increase of + 97%. In December, the monthly sales volume was - 23.8% year-on-year, of which the sales volume in China was - 43.5% year-on-year, and the decline was significantly narrowed month on month. Looking ahead, we expect that the industry demand from 4q21 to 1q22 will bottom out, and the decline from 2q22 is expected to narrow gradually. The combination of fiscal easing and monetary stability may lead to the early recovery of industry demand. It is suggested to pay attention to the main line of steady growth and be optimistic about Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) - A / h, Xcmg Construction Machinery Co.Ltd(000425) for a long time.
Automation: it is recommended to focus on stocks with medium and long-term logic. According to the National Bureau of statistics, China's industrial Siasun Robot&Automation Co.Ltd(300024) output was 366000 units in 2021, a year-on-year increase of + 44.9%; The output of metal cutting machine tools was 602000, a year-on-year increase of + 29.9%; The output of metal forming machine tools was 210000, a year-on-year increase of + 0.5%. In December, the monthly industrial Siasun Robot&Automation Co.Ltd(300024) sales volume was 35200 units, with a year-on-year growth rate of 15.1% under the high base; The monthly sales volume of metal cutting machine tools was 55000, with a year-on-year increase of 5.8%. In the context of marginal pressure on the manufacturing industry, we mainly recommend individual stocks with strong downstream prosperity certainty or medium and long-term logic of domestic substitution, and are optimistic about Kede Numerical Control Co.Ltd(688305) , Zhejiang Supcon Technology Co.Ltd(688777) , Oke Precision Cutting Tools Co.Ltd(688308) ; Focus on Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) (not covered).
Valuation and recommendations
Maintain the profit forecast, target price and rating of the covered companies unchanged.
Risk
The demand of downstream industries is lower than expected, and the overseas epidemic situation is repeated.
