One week market review: this week, the SW machinery sector fell by 2.15%, and the CSI 300 fell by 0.67%. Recently, the market volatility has intensified, and the adjustment range in the field of overvalued value represented by lithium battery equipment is large. The core is the normal correction brought by the large increase since the beginning of the year. It can be seen that lithium battery equipment is still the most certain sector in terms of prosperity next year. On the other hand, from the perspective of product cycle, including Beijing Tianyishangjia New Material Corp.Ltd(688033) (photovoltaic thermal field), Hangzhou Honghua Digital Technology Stock Company Ltd(688789) (digital jet printing landed in the field of dyeing and decorative paper), the increase is leading. On the other hand, the corresponding valuation of the expected performance of third-party testing companies Centre Testing International Group Co.Ltd(300012) , Guangzhou Grg Metrology&Test Co.Ltd(002967) next year is close to the historical lower limit, and the annual absolute income is expected. It is recommended to focus on it.
Weekly incremental research: this week we visited Suzhou Maxwell Technologies Co.Ltd(300751) , Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , Jiangsu Guomao Reducer Co.Ltd(603915) etc. the core points are as follows: 1) Suzhou Maxwell Technologies Co.Ltd(300751) . Considering the order delivery cycle, the existing hjt equipment orders are expected to be delivered gradually in Q1 of 22 years, and the data of subsequent projects are expected to form a plate catalyst. According to the current path and progress of cost reduction, the single w cost of hjt and perc is expected to be leveled by the end of 2022, The pace of hjt production expansion in 23 years is expected to accelerate significantly; 2) Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) : under the background of the continuous cost of the supply chain, the price of low, medium and high power products will continue to decrease in the next year. According to the research feedback of the industrial chain, under the background of the downturn of the manufacturing industry, the industry is still optimistic about the sales volume of low and medium power products next year, and the sales volume above 10000 watts is more optimistic; 3) Beijing Tianyishangjia New Material Corp.Ltd(688033) : visit Jiangyou production line on site. At present, the photovoltaic thermal field has been put into use, According to the product verification cycle (6 months), some customer orders are expected to be implemented in Q1. Under the premise of scale, cost (electricity price, gas price) and process control, the company is expected to obtain a leading profit margin level in the industry; 4) Jiangsu Guomao Reducer Co.Ltd(603915) : affected by the downturn of manufacturing industry in the near future, the year-on-year growth rate of Q4 is expected to slow down compared with the first half of the year; In terms of incremental business, mechatronics business, harmonic and RV Reducer for industry Siasun Robot&Automation Co.Ltd(300024) continue to promote, which is expected to become a potential focus in the future.
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 November 2021, China’s industrial output of Siasun Robot&Automation Co.Ltd(300024) was 31900 sets, with a year-on-year increase of 27.9%. The growth rate increased significantly. 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 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. It is recommended to focus on Centre Testing International Group Co.Ltd(300012) and Guangzhou Grg Metrology&Test Co.Ltd(002967) . 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 faucets have a certain safety margin. 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) , Zhejiang Dingli Machinery Co.Ltd(603338) .
Key recommendations this week: Centre Testing International Group Co.Ltd(300012) , Shanghai Friendess Electronic Technology Corporation Limited(688188) , Zhejiang Hangke Technology Incorporated Company(688006) , Iray Technology Company Limited(688301) , Bafang Electric( Suzhou) Co.Ltd(603489) .
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.
