One week market review: this week, SW machinery sector decreased by 0.18%, and Shanghai and Shenzhen 300 rose by 3.14%. The four main investment lines we emphasized in the early stage are still deducting. The valuation switching of growth stocks is the main line of individual stocks in the past two weeks. Specific stocks include Iray Technology Company Limited(688301) , Dongguan Yiheda Automation Co.Ltd(301029) , Hangzhou Honghua Digital Technology Stock Company Ltd(688789) with leading gains; Photovoltaic equipment rose ahead this week, but there were great differences among individual stocks, which mainly came from the expectation of future cell technology route and the valuation differences among individual stocks. With the background of manufacturing downturn superimposed on the sound of film limit in October, some stocks began to respond that the growth rate of Q4 performance slowed down or was lower than expected.
Weekly incremental research: in the early stage, we focused on the repair space for the profitability of export direction next year. In addition to the impact of commodity price rise, this year, including exchange rate, freight, tariff and epidemic situation, have varying degrees of interference with the profitability of export related stocks; We believe that the tariff rebate and cancellation are expected to be implemented in December. It is suggested to focus on Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) , Changzhou Kaidi Electrical Inc(605288) with high downstream prosperity; Among the four major investment directions of the year, we believe that the market has a lower limit on the valuation of some companies. In the specific target, we believe that Centre Testing International Group Co.Ltd(300012) corresponds to a PE of less than 45 times in 2022. On the premise of digesting the valuation in 2021, the company's performance will continue to be realized. Without considering the change of market style, we believe that the company has great configuration value at present, The expected yield in the next year will be significantly higher than this year.
This week's important research: annual strategy of machinery in 2022 - select individual stocks and grow into king.
Core view of this week: Automation: in October 2021, China's industrial output of Siasun Robot&Automation Co.Ltd(300024) was 28500 sets, with a year-on-year increase of 10.6%. The growth margin slowed down and the manufacturing boom was under pressure. It is suggested to pay attention to Jiangsu Guomao Reducer Co.Ltd(603915) , Oke Precision Cutting Tools Co.Ltd(688308) , Estun Automation Co.Ltd(002747) , Opt Machine Vision Tech Co.Ltd(688686) of strong individual stock logic; Laser: the overall prosperity of the laser industry is still high. The decline of laser price has accelerated the improvement of laser cutting penetration and power center. Pay attention to the domestic laser leader Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) and the domestic laser cutting system leader Shanghai Friendess Electronic Technology Corporation Limited(688188) which has been less affected by the price competition of the industrial chain for a long time. Photovoltaic equipment: industry cost reduction and efficiency improvement is the main theme. With the promotion of heterojunction cost localization, the comprehensive cost of hjt cell is expected to reach the level of perc cell next year, focusing on Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Wuxi Autowell Technology Co.Ltd(688516) . Lithium battery equipment: the sales volume of new energy vehicles in China in November 2021 was 450000, a year-on-year increase of 1.2 times. The global electrification wave is clear, focusing on Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Iray Technology Company Limited(688301) , Suzhou Slac Precision Equipment Co.Ltd(300382) . Third party testing: medium and long-term manufacturing and consumption upgrading drive the continuous growth of third-party testing demand. The company's management ability under the governance structure will be the core competitiveness of employees. The industry Matthew effect is significant, and Centre Testing International Group Co.Ltd(300012) is mainly recommended. Construction machinery: according to CCMA data, in November 2021, the main engine manufacturers sold 20444 sets of various mining machinery products, a year-on-year decrease of 36.6%. Medium and long-term leaders have a certain safety margin, so it is recommended to pay attention to Jiangsu Hengli Hydraulic Co.Ltd(601100) , Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Shaanxi Construction Machinery Co.Ltd(600984) .
Key recommendations this week: Iray Technology Company Limited(688301) , Shanghai Friendess Electronic Technology Corporation Limited(688188) , Bafang Electric( Suzhou) Co.Ltd(603489) , Zhejiang Hangke Technology Incorporated Company(688006) , Centre Testing International Group Co.Ltd(300012) .
Risk tip: the epidemic continues to spread, infrastructure investment does not meet expectations, and there is a risk of cyclical decline in the manufacturing industry.
