The machinery sector has obvious differentiation and focuses on the high boom track: under the high boom industrial chain driven by globalization in 2022, the high boom of lithium battery equipment, photovoltaic equipment and semiconductor equipment in the machinery sector will continue.
Give consideration to specialization and Innovation: specialization and innovation will be another main line of the machinery industry in 2022. Specialized and special new enterprises have long focused on and deeply cultivated in the subdivided links of the industrial chain, with strong innovation ability and outstanding market competitive advantage, and can “fill in the weaknesses”, “forge the long plate” and “fill in the blank” in the key links and key fields of the industrial supply chain. Such enterprises have different downstream, high market share, good operating efficiency and broad growth space, so they need bottom-up analysis logic. Focus on the main line of specialization and Innovation: Kede Numerical Control Co.Ltd(688305) , Leader Harmonious Drive Systems Co.Ltd(688017) , Hangzhou Honghua Digital Technology Stock Company Ltd(688789) , Ficont Industry (Beijing) Co.Ltd(605305) , etc.
Lithium battery equipment: power battery enterprises at home and abroad are vigorously expanding their production, which is expected to continue to release the demand for lithium battery equipment. According to our calculation, from 2022 to 2025, the capacity gap will exceed 2600gwh, and the corresponding lithium battery equipment space will reach 440 billion. Lithium battery equipment faucet Wuxi Lead Intelligent Equipment Co.Ltd(300450) and rear section equipment faucet Zhejiang Hangke Technology Incorporated Company(688006) are recommended.
Photovoltaic equipment: in the context of carbon neutralization, the characteristics of photovoltaic as a clean energy will promote the continuous growth of its installed capacity, and the efficiency of p-type battery is close to the limit. Hjt began to be industrialized. Chinese manufacturers put hjt batteries into operation one after another. The efficiency continued to reach a new high, and the investment cost continued to decrease with the efforts of domestic equipment manufacturers. Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) are recommended.
Semiconductor equipment: since the second half of 2019, the semiconductor industry has gradually entered a new round of upward cycle. Under the background of core shortage, the imbalance between semiconductor supply and demand will be the norm in the next two years. Under the resonance of downstream demand and policy, China’s semiconductor industry will usher in a historic opportunity of domestic substitution. The etching equipment faucet Advanced Micro-Fabrication Equipment Inc.China(688012) and semiconductor equipment faucet Naura Technology Group Co.Ltd(002371) are recommended.
Wind power equipment: the dual carbon background accelerates the energy transformation. Wind energy plays an important role in many new energy sources. China has become the world’s largest wind power market. With the reduction of the on grid price of wind power and the gradual withdrawal of subsidies, there is an urgent need to reduce the cost of the industry, and the construction of large-scale wind turbines, offshore wind power and large base projects continues to be promoted. Focus on Ficont Industry (Beijing) Co.Ltd(605305) , Zhangjiagang Haiguo New Energy Equipment Manufacturing Co.Ltd(301063) etc. that benefit from the large-scale fan.
Construction machinery: since this year, affected by the decline in the growth rate of real estate and infrastructure and the weak downstream demand, the sales of excavators in China have continued to decline, and the overseas sales have maintained high growth. Looking forward to next year, under the condition of “steady growth”, it is worth looking forward to the recovery of infrastructure demand, the leading going to sea and the acceleration of digital transformation, and pay attention to Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) .
Industry Siasun Robot&Automation Co.Ltd(300024) : the rapid development of China’s market has promoted the small growth of global Siasun Robot&Automation Co.Ltd(300024) installation volume, the output of China’s industry Siasun Robot&Automation Co.Ltd(300024) has maintained a high growth rate, and the industry revenue and profitability have improved. The proportion of China’s leading cities is increasing. With the further deepening of domestic substitution in high-end application fields, China is expected to cultivate world leading enterprises, focusing on Estun Automation Co.Ltd(002747) , Leader Harmonious Drive Systems Co.Ltd(688017) , etc.
Machine tools: keep pace with the growth of investment in the manufacturing industry. The production and sales of the machine tool industry are booming, and the boom will continue. Benefiting from the domestic substitution of machine tool core components and high-end CNC machine tools, pay attention to the tool industry Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , Oke Precision Cutting Tools Co.Ltd(688308) , and the independent and controllable high-end CNC machine tool manufacturer Kede Numerical Control Co.Ltd(688305) .
Risk warning: downstream expansion is less than expected; The growth rate of manufacturing investment slowed down; The R & D and domestic substitution process was less than expected.
