The core combination of the core combination of the core combination of the core combination of ‘ Wuxi Lead Intelligent Equipment Co.Ltd(300450) \ \, Ningbo Lehui International Engineering Equipment Co.Ltd(603076)
A pool of key shares [pool of key shares] has focused on a pool of key shares in a pool of focused shares Guangdong Lyric Robot Automation Co.Ltd(688499) Nbtm New Materials Group Co.Ltd(600114) , Focused Photonics (Hangzhou) Inc(300203) , Juzi technology Yindu Kitchen Equipment Co.Ltd(603277) Bafang Electric(Suzhou) Co.Ltd(603489) Tdg Holding Co.Ltd(600330) Zhejiang Jinggong Science & Technology Co.Ltd(002006) Sinoseal Holding Co.Ltd(300470) Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) Shanghai Friendess Electronic Technology Corporation Limited(688188) Guangzhou Grg Metrology&Test Co.Ltd(002967) Hangcha Group Co.Ltd(603298) Canny Elevator Co.Ltd(002367) Jack Sewing Machine Co.Ltd(603337) Guangzhou Kdt Machinery Co.Ltd(002833) Beijing Tianyishangjia New Material Corp.Ltd(688033) Hunan Kaimeite Gases Co.Ltd(002549) Guangdong Huate Gas Co.Ltd(688268) Vt Industrial Technology Co.Ltd(300707)
[last week’s report] [specialization and innovation] topic depth: select “specialization and innovation” and “invisible champion” in equipment manufacturing industry; [ Jiangsu Hengli Hydraulic Co.Ltd(601100) ] performance meets expectations; Continuous growth driven by the improvement of product structure; [ Wuxi Shangji Automation Co.Ltd(603185) ] sign another 3.6 billion silicon wafer order of aixu; In the first quarter, the photovoltaic boom is upward, and the profit of silicon wafer will rebound; [ Suzhou Maxwell Technologies Co.Ltd(300751) ] performance slightly exceeded expectations; In 2022, the company’s photovoltaic hjt equipment will be launched; [ Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) ] the profitability exceeded expectations; Add new highlights of diamond cultivation equipment; Looking forward to the breakthrough of semiconductor equipment; [ Yingkou Jinchen Machinery Co.Ltd(603396) ] the first hjt microcrystalline equipment landed in Jinneng: of great strategic significance! Target conversion efficiency 25% +; [ Zhejiang Windey Co.Ltd(300772) ] benefiting from the large-scale fan, the new hoisting capacity will enter the first echelon in 2021;
[ Hangzhou Honghua Digital Technology Stock Company Ltd(688789) ] intends to acquire 67% equity of Jingli digital to enhance the core competitiveness of ink consumables; [granular silicon] the first 20000 ton modular project has been put into operation; Expect large-scale replication; [excavator] tracking: in February, the decline of excavator sales in China narrowed significantly, and the export continued to grow high.
[core view] continue to be optimistic about new energy equipment, semiconductor equipment, silicon carbide and diamond industry chain
[photovoltaic / wind power equipment] the EU issued an energy independence plan to get rid of dependence on Russia in 2030. The energy transformation will add 480 million kw of wind turbines and 420 million kw of photovoltaic installed capacity, and will also increase the supply of hydrogen energy. Last week [ Yingkou Jinchen Machinery Co.Ltd(603396) ] the first hjt microcrystalline equipment was put into operation, aiming to increase the mass production conversion efficiency of hjt battery to 25% +. [Jinshi energy] microcrystalline + low silver consumption technology has been verified by customers; Among them, the low silver consumption technology reduces the consumption of low-temperature silver slurry by 50%, and the consumption of silver slurry per watt is only 13mg, which is far lower than the industry’s consumption of 28mg per watt. The first 20000 ton GCL energy modularization project has been put into operation; It is estimated that the production capacity of FBR granular silicon will reach 300000 tons by the end of 2022. The price of Longji 182 silicon wafer rose again this week by 0.2 yuan / piece, or 3.1%. The photovoltaic demand is upward. It is expected that the profitability of Q1 silicon wafer enterprises will be improved month on month compared with Q4. The photovoltaic equipment continuously recommends Wuxi Shangji Automation Co.Ltd(603185) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Wuxi Autowell Technology Co.Ltd(688516) , Suzhou Maxwell Technologies Co.Ltd(300751) , Yingkou Jinchen Machinery Co.Ltd(603396) , Shenzhen S.C New Energy Technology Corporation(300724) , etc.
China’s offshore wind power bidding has significantly accelerated recently. It is expected that the offshore wind power bidding will exceed 15gw in 2022, with a year-on-year increase of more than 21 times. The valuation of major wind power companies in 2022 has entered the range of 20-30 times. It is recommended that Zhejiang Windey Co.Ltd(300772) , Riyue Heavy Industry Co.Ltd(603218) , Ficont Industry (Beijing) Co.Ltd(605305) , Asian Star Anchor Chain Co.Ltd.Jiangsu(601890) , and is optimistic about Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Ningbo Orient Wires & Cables Co.Ltd(603606) , Haili wind power, Ming Yang Smart Energy Group Limited(601615) , etc.
[lithium battery equipment] China Automobile Association released that the sales volume of new energy vehicles from January to February was 765000, a year-on-year increase of 155%; Among them, 334000 vehicles were sold in February, with a year-on-year increase of 184%, exceeding market expectations. The retail penetration rate of new energy vehicles in China is 21.8%, 13 percentage points higher than the penetration rate of 8.1% in the same period in 2021. The passenger Association predicts that the sales volume of new energy vehicles will be 6 million in 2022, with a penetration rate of 22%. We are optimistic about the equipment opportunities brought by new technologies such as 4680 large cylindrical lithium battery, lamination machine, chemical capacity division and power exchange. To recommend a lithium powered device leader Wuxi Lead Intelligent Equipment Co.Ltd(300450) \ , Jdm Jingda Machine(Ningbo)Co.Ltd(603088) etc.
[semiconductor equipment] global semiconductor revenue increased by 25.1% in 2021; II-VI accelerates the layout of 150 mm and 200 mm silicon carbide substrates and epitaxial wafers. It is expected that the production capacity of SiC substrates will increase six times in the next five years, of which the annual output of 150 mm will reach 1 million wafers. Recommend Robotechnik Intelligent Technology Co.Ltd(300757) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Naura Technology Group Co.Ltd(002371) ; Be optimistic about Advanced Micro-Fabrication Equipment Inc.China(688012) , Wuhan Jingce Electronic Group Co.Ltd(300567) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Pnc Process Systems Co.Ltd(603690) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , etc.
[industrial gas] affected by the conflict between Russia and Ukraine, the price of rare gas has accelerated in the short term. The prices of krypton gas and xenon gas continued to rise this week, reaching 40000 yuan and 380000 Yuan / m3 respectively.
It is estimated that China’s industrial gas market space is nearly 200 billion yuan, which is expected to cultivate large market value companies, and the market value of overseas comparable companies is Tsinghua Tongfang Co.Ltd(600100) billion; We are optimistic about the domestic substitution of electronic special gas. The short-term price fluctuation caused by the conflict between Russia and Ukraine will benefit China industrial gas company. Recommend Hunan Kaimeite Gases Co.Ltd(002549) , and look forward to Hangzhou Oxygen Plant Group Co.Ltd(002430) , Guangdong Huate Gas Co.Ltd(688268) , Suzhou Jinhong Gas Co.Ltd(688106) .
[construction machinery] in February 2022, the sales volume of excavators was 24483 units, with a year-on-year decrease of 14%, which was nearly 7pct narrower than that in January. Among them, 17052 units were sold in China, a year-on-year decrease of 31%, with a large decrease but narrowed; 7431 units were exported, with a year-on-year increase of 98%, continuing to grow at a high rate. With the commencement of major projects, the decline in Q2 is expected to narrow. The sales volume of excavators will be about 310000 in 2022, a year-on-year decrease of about 10%. Recommend Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zhejiang Dingli Machinery Co.Ltd(603338) , Hangcha Group Co.Ltd(603298) , Xcmg Construction Machinery Co.Ltd(000425) ; Watch Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Shaanxi Construction Machinery Co.Ltd(600984) , Anhui Heli Co.Ltd(600761) , Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) .
Diamond cultivation upward. Look forward to North Industries Group Red Arrow Co.Ltd(000519) , Henan Huanghe Whirlwind Co.Ltd(600172) , Henan Liliang Diamond Co.Ltd(301071) , Sinomach Precision Industry Co.Ltd(002046) , Sf Diamond Co.Ltd(300179) , etc.
[oil and gas equipment] ice oil distribution exceeds US $110 / barrel, reaching an 8-year high. It is recommended to Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Sinoseal Holding Co.Ltd(300470) , and is optimistic about China Oilfield Services Limited(601808) , etc.
[inspection and testing] recommended Centre Testing International Group Co.Ltd(300012) ; Continue to be optimistic about Guangzhou Grg Metrology&Test Co.Ltd(002967) , Shenzhen Anche Technologies Co.Ltd(300572) , China Building Material Test & Certification Group Co.Ltd(603060) , Suzhou Sushi Testing Group Co.Ltd(300416) .
[consumption upgrading / overseas export] it is expected that the cost end of the export industrial chain will be marginally improved. In January, the industry’s large displacement two wheeled vehicles were + 17% year-on-year, and the company’s 250cc + two wheeled vehicles were + 42% year-on-year. Highlight Zhejiang Cfmoto Power Co.Ltd(603129) , Ningbo Lehui International Engineering Equipment Co.Ltd(603076) , Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) , Zhejiang Dingli Machinery Co.Ltd(603338) , Hangzhou Great Star Industrial Co.Ltd(002444) , Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) , Guangdong Jinma Entertainment Corporation Limited(300756) .
[fire electronics] the State Council issued the notice on the national emergency system planning for the 14th five year plan, emphasizing that the key points of the 14th five year plan include emerging business forms such as electric vehicles, electric bicycles and electrochemical energy storage facilities, and urging catering and other industries to strive to install gas leakage alarm devices. Recommend Jade Bird Fire Co.Ltd(002960) ; Watch Guoanda Co.Ltd(300902) .
[digital printing] Xiyin plans to invest 15 billion yuan to build the “Xiyin Bay district supply chain headquarters” in Guangzhou, which is expected to accelerate the rapid increase of China’s digital printing penetration. Recommend Hangzhou Honghua Digital Technology Stock Company Ltd(688789) , Guangdong Dongfang Precision Science & Technology Co.Ltd(002611) .
Risk tips: 1) infrastructure and real estate investment is lower than expected; 2) Covid-19 epidemic spread beyond the expected risk.
