Industry core view:
Last week (December 6-december 10, 2021), the mechanical equipment industry index rose by – 0.18%, the CSI 300 index rose by 3.14%, and the mechanical industry outperformed the CSI 300 index by 3.32pct. Among the 28 first tier industries in Shenwan, 20 rose, and the mechanical equipment industry ranked 21st, with an overall performance in the lower reaches.
Focus: the central economic work conference emphasizes the correct understanding and grasp of carbon peak and carbon neutralization. The central economic work conference was held in Beijing from December 8 to 10. The meeting pointed out that achieving carbon peak and carbon neutralization is the internal requirement of promoting high-quality development. We should adhere to the principles of national overall planning, saving priority, two wheel drive, smooth internal and external flow and risk prevention. The gradual withdrawal of traditional energy should be based on the safe and reliable substitution of new energy. Based on the basic national conditions of coal, we should pay attention to the clean and efficient utilization of coal, increase the consumption capacity of new energy, and promote the optimal combination of coal and new energy. It is necessary to conduct scientific assessment, exclude the new renewable energy and raw material energy from the total energy consumption control, create conditions to realize the transformation from “double control” of energy consumption to “double control” of total carbon emission and intensity as soon as possible, accelerate the formation of an incentive and restraint mechanism for reducing pollution and carbon, and prevent simple layer by layer decomposition. We should further promote the energy revolution and accelerate the construction of an energy power.
Lithium battery equipment: in November, the production and marketing of electric vehicles in China recorded a new record, and the production capacity of honeycomb energy is planned to be increased to 600gwh in 2025. According to the data of China Automobile Association, the production and sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in mid November were 457000 and 450000 respectively, with a year-on-year increase of 1.3 times and 1.2 times respectively. The production and sales of new energy vehicles continued to set a new record, with a penetration rate of 17.8% in November. On December 8, the second battery day of honeycomb energy released the “600” strategy, proposing that the global planning target in 2025 should be raised to 600gwh, and the electric global short knife will be implemented in the future. According to the starting point lithium battery data, from January to October 2021, the global power battery installed capacity totaled 225gwh, with a year-on-year increase of 116.1%, and the Cr5 market accounted for 79.9%. Honeycomb energy ranked 10th in the installed capacity, realizing a growth rate of nearly 9 times and becoming the fastest growing enterprise in the top 10. It is suggested to pay attention to the leader of lithium battery equipment integration and equipment manufacturers benefiting from overseas expansion.
Photovoltaic equipment: the price of silicon material and silicon wafer has dropped, and the demand for downstream installed capacity is expected to pick up. The price of silicon material fell slightly this week. The weekly ratio of China’s single crystal re feeding fell by 3.75% and that of single crystal dense material fell by 3.6%. Silicon price reduction, Longji and central reduce silicon price, and silicon price war may open. With the price of silicon material and silicon wafer falling, the profitability of photovoltaic industry chain is improved, which promotes the demand for photovoltaic installation for a long time. Recently Suzhou Maxwell Technologies Co.Ltd(300751) signed an order for 400mwhjt heterojunction battery whole line equipment with Singapore rec group to supply hjt battery core production equipment such as PECVD, PVD and screen printing. The production line will adopt 210mm half chip technology and the design capacity is about 11200 half chips / hour. It is recommended to pay attention to the equipment update requirements brought by the battery technology change.
Construction machinery: in November, the market of excavators outside China continued to differentiate, and the total sales volume decreased by 36.6% year-on-year. According to the statistics of China Construction Machinery Industry Association, 20444 excavators were sold in November 2021, a year-on-year decrease of 36.6%; Including 14014 sets in China, a year-on-year decrease of 51.4%; 6430 sets were exported, a year-on-year increase of 89%. From January to November 2021, 318746 excavators were sold, with a year-on-year increase of 7.66%; Including 258934 sets in China, a year-on-year decrease of 2.49%; 59812 sets were exported, with a year-on-year increase of 95.9%.
Risk factors: the investment in fixed assets is less than expected, the industrialization of heterojunction is less than expected, the issuance of special bonds is less than expected, and the industry competition intensifies the risk.
