Event overview:
On the morning of March 5, 2022, Premier Li Keqiang made a government work report, reviewed and summarized the work in 2021, analyzed the current situation, defined the main expected objectives in 2022, and arranged and deployed the government work tasks in 2022.
Analysis and judgment:
As for the statement of manufacturing industry in the government work report, we hereby make the following combing and comments:
1. Continue to implement the policy of adding and deducting R & D expenses, and increase the proportion of adding and deducting R & D expenses of manufacturing enterprises to 100% We will focus on supporting the manufacturing industry and comprehensively solve the problem of tax rebate for manufacturing, scientific research and technical services, ecological and environmental protection, electric power and gas, transportation and other industries.
2. Enhance the core competitiveness of the manufacturing industry. We will promote the smooth operation of the industrial economy, strengthen the supply guarantee of raw materials and key parts, implement the project of ensuring and stabilizing the chain of leading enterprises, and maintain the safety and stability of the supply chain of the industrial chain Guide financial institutions to increase medium - and long-term loans for manufacturing. Start a number of industrial infrastructure reconstruction projects, promote the upgrading of traditional industries, accelerate the development of advanced manufacturing clusters, and implement the national strategic emerging industry cluster project. Focus on cultivating "specialized and special new" enterprises, and give strong support in terms of capital, talents and incubation platform construction.
3. Expand the scope of encouraging foreign investment, and support foreign investment to increase investment in medium and high-end manufacturing, R & D, modern services and other fields, as well as in the central, Western and northeast regions.
4. Orderly promote carbon peak and carbon neutralization. Implement the carbon peak action plan. Promote the energy revolution, ensure energy supply, based on resource endowments, adhere to the first establishment and then destruction, and make overall plans to promote the low-carbon transformation of energy. Strengthen the clean and efficient utilization of coal, orderly reduction and substitution, and promote the transformation of energy conservation and carbon reduction, flexibility and heating of coal and electricity. Promote the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources, and improve the consumption capacity of the power grid for renewable energy power generation.
Comments: key words - innovation, double carbon.
1) this government work report has repeatedly mentioned innovation and core competitiveness, which shows the government's determination to accelerate the transformation and upgrading of traditional manufacturing industry to high-end manufacturing industry, and encourage manufacturing enterprises' R & D and innovation through tax preferential mechanism, providing a good business environment for Chinese manufacturing enterprises, especially small and medium-sized enterprises, and advanced manufacturing industry is expected to usher in the spring of development.
2) driven by the dual carbon action plan, on the one hand, clean energy such as photovoltaic and wind power is expected to develop by leaps and bounds, and at the same time, the demand for energy storage will increase significantly, benefiting photovoltaic equipment, wind power equipment, lithium battery equipment, etc; On the other hand, the demand for clean energy utilization, energy conservation and carbon reduction has increased, so the demand for efficient energy utilization equipment is expected to increase significantly.
3) by supporting a number of "specialized and new" enterprises and strengthening the chain, it will help to quickly solve the problem of "neck sticking" and improve the core competitiveness of China's manufacturing industry. The import substitution process is expected to be accelerated, which will benefit China's semiconductor equipment industry chain, 3C equipment, machine vision, cutting tools, etc.
Investment suggestions:
Key words such as industrial upgrading, high-end manufacturing, energy conservation and carbon reduction have been mentioned many times in the 2022 government work report. We believe that the transformation and upgrading of China's manufacturing industry has achieved fruitful results in recent years. At present, it is ushering in the spring of manufacturing industry. We continue to focus on recommending lithium battery equipment, photovoltaic equipment, semiconductor equipment and tool industries with accelerated import substitution.
1) lithium battery equipment: at present, the valuation of the lithium battery equipment industry is relatively low. Whether from the perspective of performance or order, the lithium battery equipment sector is a sector with high certainty at present. Recommended targets: Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen United Winners Laser Co.Ltd(688518) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , etc.
2) power exchange equipment: as one of the important energy supplement means of new energy vehicles, power exchange is expected to usher in rapid development in 2022, so as to increase the demand for power exchange equipment. Beneficiary objects: Suzhou Harmontronics Automation Technology Co.Ltd(688022) , Bozhon Precision Industry Technology Co.Ltd(688097) , Shandong Weida Machinery Co.Ltd(002026) .
3) lithium battery materials and equipment: it mainly benefits from the continuous improvement of the penetration rate of new energy vehicles, the considerable production expansion plan of downstream anode and cathode material manufacturers, and the construction of anode and cathode material production line is expected to enter the accelerated development period. Recommended target: Hunan Baili Engineering Sci & Tech Co.Ltd(603959) .
4) photovoltaic equipment: the rapid iteration of photovoltaic equipment technology contains great opportunities. It is recommended to arrange the top enterprises: Suzhou Maxwell Technologies Co.Ltd(300751) , Wuxi Autowell Technology Co.Ltd(688516) , Wuhan Dr Laser Technology Corp.Ltd(300776) .
5) 3C automation: in 2022, the innovation cycle of 3C industry is expected to bring performance flexibility to equipment enterprises. Beneficiary objects: Zhuhai Bojay Electronics Co.Ltd(002975) , Quick Intelligent Equipment Co.Ltd(603203) .
6) semiconductor equipment: Suzhou Uigreen Micro&Nano Technologies Co.Ltd(688661) , which is mainly recommended, has strong import substitution logic. At present, the test probe has been verified by many large customers and is in the stage of continuous mass production.
7) cutting tools: the acceleration of import substitution in the cutting tool industry, the expansion of production capacity and the increase of the average price of blade products bring great performance flexibility. Recommended targets: China Tungsten And Hightech Materials Co.Ltd(000657) , Oke Precision Cutting Tools Co.Ltd(688308) , Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) .
8) energy conservation and emission reduction: benefit targets such as Shuangliang Eco-Energy Systems Co.Ltd(600481) , Xizi Jieneng, etc.
Risk tips
Increased fluctuations in economic growth; The order acquisition of relevant enterprises is less than expected.
