Core individual stock portfolio: Hangzhou Boiler Group Co.Ltd(002534) , Robotechnik Intelligent Technology Co.Ltd(300757) , Gcl Energy Technology Co.Ltd(002015) , Shenzhen United Winners Laser Co.Ltd(688518) , Wuxi Autowell Technology Co.Ltd(688516) , Qingdao Gaoce Technology Co.Ltd(688556) , Shenzhen Cotran New Material Co.Ltd(300731) , Hunan Baili Engineering Sci & Tech Co.Ltd(603959) , Pnc Process Systems Co.Ltd(603690) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Fujian Nebula Electronics.Ltd(300648) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , Shuangliang Eco-Energy Systems Co.Ltd(600481) , Suzhou Maxwell Technologies Co.Ltd(300751) , Hangjin Technology Co.Ltd(000818) , Shenzhen Hopewind Electric Co.Ltd(603063) , Hnac Technology Co.Ltd(300490) , Hefei Kewell Power System Co.Ltd(688551) , Beijing Sdl Technology Co.Ltd(002658) etc.
Special research of this week: Recently, with the gradual and orderly liberalization of China’s tourism consumption rate, the civil aviation industry sector performed relatively strongly and rose in adversity. In 2022, Wande airport index and aviation index rose by 18.44% and 10.31% respectively. Airport equipment is an industry that provides products, services or solutions for centralized handling of airport passenger flow, logistics and information flow. It is at the end of the whole aviation industry chain and provides necessary operation support and services for aviation. The industry is characterized by high barriers to entry and obvious domestic substitution effect. The airport equipment industry implements a strict permit and access system, with a long period of obtaining the license and a large amount of early investment. To obtain the industrial production license requires more capital investment and long-term technology accumulation. At the same time, the airport ground equipment has many specifications, strong specificity and high safety requirements. Generally, users such as airports and airlines will not easily change suppliers, which is easy to form dependence on the original suppliers. With the continuous progress of domestic enterprises, domestic equipment has been recognized by customers and the market, and the market share of some key products has reached more than 90%. During the “14th five year plan” period, the passenger volume of civil aviation is expected to maintain a high growth rate, with an annualized compound growth rate of about 20.6%. It is expected to return to the pre epidemic data in 2023. At the same time, according to relevant data, China has 580 civil airports in 2020 and plans to build 770 civil airports by 2025, with an average of 38 civil airports built every year, which can effectively and directly drive the development of China’s airport equipment industry. We estimate that the annual demand of China’s airport equipment from 2022 to 2023 will be 7-8 billion yuan. At present, the valuation of airport equipment is low. It is recommended to pay attention to the head enterprise of scarce airport equipment Weihai Guangtai Airport Equipment Co.Ltd(002111) .
Key tracking industries:
Lithium battery equipment has a resonance in the global production capacity cycle. It is expected that the demand will exceed 100 billion yuan in 2025. Chinese equipment companies have obvious advantages and are fully optimistic about the first and second tier leaders with advantages in technology, products and scale;
For photovoltaic equipment, the iterative upgrading of equipment promotes the cost reduction of the industrial chain, and the penetration rate of hjt increases rapidly. At the same time, the decline in the price of photovoltaic raw materials is expected to stimulate downstream demand, and we are optimistic about the leaders of battery chips and module equipment;
Energy storage: energy storage is the necessary foundation for building a new power grid. Policies are favorable to the implementation. Power generation and user side promote the prosperity of the industry, and are optimistic about leading companies in battery, inverter, integration and other links;
Semiconductor equipment is expected to meet us industry demand in 2030, reaching US $140 billion. Chinese mainland accounts for a larger share but the localization rate is still low. We hope that the platform companies and domestic alternatives will soon break through.
Automation, industrial consumables with a wide range of downstream applications, with a market scale of about 40 billion yuan, which is expected to reach 55.7 billion yuan in 2026. It is optimistic about the industry leaders benefiting from the improvement of concentration and import substitution;
Hydrogen energy and green hydrogen meet the requirements of carbon neutralization. The rapid development of photovoltaic and wind power lays the foundation for photovoltaic hydrogen production and wind power hydrogen production. We are optimistic about leading companies with the advantages of green hydrogen industrial chain integration;
For construction machinery, the strong is always strong. It is suggested to pay attention to the industry leaders and be optimistic about the complete machine and parts companies with product, scale and cost advantages.
