1. Recommended combination
Sany Heavy Industry Co.Ltd(600031) 、 Zhejiang Hangke Technology Incorporated Company(688006) 、 Shanghai Friendess Electronic Technology Corporation Limited(688188) 、 Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) 、 Shenzhen United Winners Laser Co.Ltd(688518) 、 Jiangsu Hengli Hydraulic Co.Ltd(601100) 、 Yantai Jereh Oilfield Services Group Co.Ltd(002353) 、 Opt Machine Vision Tech Co.Ltd(688686) Kbc Corporation Ltd(688598) 、 Wuxi Autowell Technology Co.Ltd(688516) 、 Centre Testing International Group Co.Ltd(300012) 、 Shanghai Sk Automation Technology Co.Ltd(688155)
2. Key investment points
Photovoltaic equipment: Suzhou Maxwell Technologies Co.Ltd(300751) PECVD equipment was selected as the first (set) in the energy field, and the technological breakthrough was recognized to promote industrialization. The comprehensive Department of the National Energy Administration recently announced the list of the first (set) major technical equipment projects in the energy field in 2021, and Suzhou Maxwell Technologies Co.Ltd(300751) hjt2.0 PECVD mass production equipment was selected. The first (set) major technical equipment (hereinafter referred to as “the first set”) ）It refers to China’s equipment products that have achieved major technological breakthroughs, have intellectual property rights and have not achieved market performance. Hjt equipment is selected for the first time, confirming the recognition of the National Energy Administration for the Suzhou Maxwell Technologies Co.Ltd(300751) hjt core equipment PECVD technological breakthrough.
Meanwhile, according to the official account No. Suzhou Maxwell Technologies Co.Ltd(300751) of December 23rd, the company launched a new fully open Cecep Solar Energy Co.Ltd(000591) battery printing technology, which saves about 20% of silver paste compared with traditional screen printing technology in manufacturing the same efficiency battery. We judge that if the full opening steel plate printing technology is introduced into hjt for mass production, the single silver slurry consumption of hjt battery will be reduced from 180mg to 140mg, which can be reduced to 110mg by adding smbb promoted in 2022, In addition, 2022h2 will verify the completed silver clad copper (60% silver, 40% copper), the single chip consumption drops below 70mg, which is lower than 90mg of perc. We believe that 2021-2022 is the key node for hjt to reduce cost. We judge that the new capacity of hjt will reach 20-30gw in 2022. With the manufacturing cost of hjt at the end of 2022 equal to and lower than that of perc, we judge that there will be a large-scale expansion of hjt in 2023, and the leading equipment manufacturers will fully benefit. Investment suggestion: Battery chips It is recommended to pay attention to a company with forward-looking layout in the hjt era, Yingkou Jinchen Machinery Co.Ltd(603396) , and Shenzhen S.C New Energy Technology Corporation(300724) is recommended; Recommended Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) for silicon wafer equipment; Component equipment recommendation Wuxi Autowell Technology Co.Ltd(688516) ; Thermal field recommendation Kbc Corporation Ltd(688598) .
General automation: the manufacturing boom picked up, and the industrial Siasun Robot&Automation Co.Ltd(300024) and machine tools improved month on month
In November 2021, the PMI index closed at 50.1%, up 0.9pct from the previous month, returning to the boom expansion range. Industrial added value in November was + 3.8% year-on-year, slightly higher than 3.5% in September, and the quarter on quarter growth rate was + 0.37%, significantly better than market expectations. The added value of the manufacturing industry also rebounded slightly, mainly due to the export boom and the fading of the double limit impact.
Monthly data of industry Siasun Robot&Automation Co.Ltd(300024) , machine tool and other industries improved. In terms of Siasun Robot&Automation Co.Ltd(300024) , the industrial Siasun Robot&Automation Co.Ltd(300024) output in November was 32000 sets, with a year-on-year increase of + 27.9% and a month on month increase of + 12.1%, mainly due to: 1) the pulling effect of the bottom rebound of the manufacturing industry; 2) Under the relief of export boom and core shortage, the short-term recovery momentum of automobile and 3C is strong. In terms of machine tools, the output of metal cutting machine tools in November was 50000 units, with a year-on-year increase of + 13.6% and a month on month increase of + 13.1%. With the rebound of the manufacturing industry and the background of a ten-year renewal cycle, the overall prosperity of the machine tool industry continued. Investment suggestions: reducer recommended Leader Harmonious Drive Systems Co.Ltd(688017) , Jiangsu Guomao Reducer Co.Ltd(603915) ; Tool recommendation Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , it is recommended to pay attention to Oke Precision Cutting Tools Co.Ltd(688308) ; Industry Siasun Robot&Automation Co.Ltd(300024) recommended Estun Automation Co.Ltd(002747) ; Machine tools are recommended to be Kede Numerical Control Co.Ltd(688305) , Nantong Guosheng Intelligence Technology Group Co.Ltd(688558) , and it is recommended to pay attention to Ningbo Haitian Precision Machinery Co.Ltd(601882) , Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) .
[lithium battery equipment] lithium battery equipment has entered the seller’s market, and the scarcity of leading equipment manufacturers appears
The expansion of power battery production is accelerated. The planned capacity from Contemporary Amperex Technology Co.Limited(300750) to 2025 is expected to exceed 670gwh, the planned capacity from Byd Company Limited(002594) to 2025 is expected to exceed 600gwh, the planned capacity of honeycomb is 600gwh in 2025, the planned capacity of AVIC lithium battery is 500gwh in 2025, Eve Energy Co.Ltd(300014) 200gwh in 2023, Gotion High-Tech Co.Ltd(002074) 300gwh in 2025. At present, China Shipbuilding Industry Group Power Co.Ltd(600482) battery enterprises urgently need lithium battery equipment to shorten the delivery cycle, and lithium battery equipment has entered the seller’s market.
Lithium battery equipment manufacturers pay attention to the improvement of profitability, and the scale effect is about to highlight. Since October 2021, Wuxi Lead Intelligent Equipment Co.Ltd(300450) & Zhejiang Hangke Technology Incorporated Company(688006) & Guangdong Lyric Robot Automation Co.Ltd(688499) have launched restricted stock incentive plan (Draft). From the perspective of performance objectives, the three pay attention to the improvement of profitability. We believe that the net interest rate of lithium battery equipment manufacturers will continue to increase under the scale effect. Investment suggestions: focus on [ Wuxi Lead Intelligent Equipment Co.Ltd(300450) ] [ Zhejiang Hangke Technology Incorporated Company(688006) ] [ Shenzhen United Winners Laser Co.Ltd(688518) ] [ Guangdong Lyric Robot Automation Co.Ltd(688499) ] [ Shanghai Sk Automation Technology Co.Ltd(688155) ], and pay attention to [ Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) ] [ Suzhou Slac Precision Equipment Co.Ltd(300382) ].
Construction machinery: the sales volume of excavator in November was – 37% year-on-year. It is suggested to pay attention to the marginal improvement trend of steady growth plate
In November, the sales volume of excavators was 20444 units, with a year-on-year increase of – 37%, and the Chinese market was under periodic pressure. Among them, 6430 sets were exported, with a year-on-year increase of + 89.0%, and the export reached a new high in a single month. The year-on-year decline in excavator sales in November is mainly due to: (1) pressure on the two downstream investments of infrastructure and real estate; (2) insufficient operating rate of downstream projects.
RRR reduction releases the expectation of steady growth and pays attention to the marginal improvement trend of steady growth plate. On December 6, the central bank is scheduled to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15, 2021 and release 1.2 trillion yuan of funds to support small and medium-sized enterprises and new energy and new infrastructure. In terms of industry fundamentals, based on the base effect, we expect the year-on-year growth rate of the industry in the second quarter of 2022 to be significantly improved compared with the first quarter, and pay attention to the marginal improvement trend of infrastructure sector and industry data. Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) are recommended.
Machine vision industry: Changpo heavy snow track under the general trend of intelligent manufacturing
China’s machine vision is developing rapidly. It is a thick snow track on Changpo. ① From 2016 to 2019, the global machine vision market scale CAGR reached 18%; China’s machine vision started late, but the growth rate is higher than the global level, with CAGR reaching 35% from 2015 to 2019. ② As the world’s largest manufacturing country, China’s machine vision penetration is low and has great growth space. China industry information network predicts that the scale of China’s machine vision industry is expected to reach 19.7 billion yuan in 2023 and 17.6% CAGR in 2019-2023.
The profit level of machine vision industry is excellent, and local enterprises are in the ascendant. ① China’s machine vision has formed a complete industrial chain, and relevant enterprises cover two categories: parts suppliers and integrated developers; ② The parts enterprises in the middle reaches of machine vision generally have strong profitability, and the gross profit margin of leading enterprises is maintained at more than 70% all year round. ③ A large number of funds poured in to promote the rapid development of local enterprises. Opt Machine Vision Tech Co.Ltd(688686) is recommended. It is recommended to pay attention to Jutze Intelligent Technology Co.Ltd(300802) , as well as Ling Yunguang and Wayz Intelligent Manufacturing Technology Co.Ltd(688211) , which are about to be launched.
Risk warning: the downstream fixed asset investment is less than the market expectation; Cyclical fluctuations in the industry; The impact of the epidemic continues.
