Key words for investment in 2022: hard technology, new energy, specialization and innovation, looking from bottom to top α。 exhibition
Looking forward to 2022, we believe that this round of investment opportunities in mechanical equipment manufacturing industry will still come from the sectors related to manufacturing investment in the future, especially the manufacturing upgrading under the scientific and technological revolution & energy revolution, which is in line with the development trend of the times. In addition, China needs the support of a number of small and beautiful invisible champion enterprises in the process of moving from a manufacturing power to a manufacturing power. We believe that tapping hard technology, new energy, specialized, special and new high-quality stocks is still the main investment line of the mechanical equipment industry in 2022.
Hard technology: focus on hard technology related mechanical equipment investment opportunities under metauniverse and intelligent manufacturing
Direction 1: the technology industry has an upgrade cycle every 10-15 years. With the 4G era represented by smart phones coming to an end, the opening of 5g era is expected to pull a new round of technology dividend release, give birth to a new computing algorithm terminal leader, and also drive a new round of investment. Driven by investment, 3C automation leading enterprises with technical advantages, customer advantages and scale advantages still benefit from equipment, and the investment targets are Bozhon Precision Industry Technology Co.Ltd(688097) , Shenzhen Colibri Technologies Co.Ltd(002957) .
Direction 2: semiconductor equipment. In 2022, the capacity of local wafer factories will continue to expand, the process technology will continue to improve, the equipment localization process will continue, and the domestic breakthrough in key links will be paid attention to. The investment targets include Wuhan Jingce Electronic Group Co.Ltd(300567) , Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , shengmei Shanghai, Shanghai Wanye Enterprises Co.Ltd(600641) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Pnc Process Systems Co.Ltd(603690) , etc.
Direction 3: Siasun Robot&Automation Co.Ltd(300024) under the trend of automation, machine replacement + intelligent manufacturing, Siasun Robot&Automation Co.Ltd(300024) industry is expected to maintain an average annual growth of 20% + and the investment target is Estun Automation Co.Ltd(002747) .
New energy: looking for equipment manufacturing under the general trend of carbon neutralization
Direction 1: related to new energy power generation, including photovoltaic equipment & wind power equipment, etc. Under the general trend of carbon neutralization, the long-term development trend of clean energy such as photovoltaic and wind power is upward. Cost reduction and efficiency enhancement are indispensable for clean energy to become the main energy. Photovoltaic pays attention to technology iteration, wind power pays attention to cost reduction of large-scale manufacturing and localization of key components. Equipment plays a key role in cost reduction and has greater benefit elasticity. Investment targets Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Yingkou Jinchen Machinery Co.Ltd(603396) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen United Winners Laser Co.Ltd(688518) , Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Ficont Industry (Beijing) Co.Ltd(605305) , Jinlei Technology Co.Ltd(300443) , etc.
Direction 2: related to new energy vehicles, including lithium battery equipment & the impact of process changes of new energy vehicles on equipment. The sales of new energy vehicles are strong, the penetration rate is increasing, and the relevant links of the industrial chain are expected to produce many tracks 10 times in 10 years. In terms of equipment, focus on (1) lithium battery equipment. With the acceleration of downstream production expansion, the CAGR of lithium battery equipment exceeds 30% during the 14th Five Year Plan period, (2) the impact of process changes of new energy vehicles on equipment, including the large-scale die-casting machine, high-voltage connectors, etc. Investment targets Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen United Winners Laser Co.Ltd(688518) , Lijin technology, Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , etc.
Specialization and Innovation: looking for “invisible champion” of mechanical equipment
At the policy level, specialization and innovation are frequently encouraged. China’s manufacturing industry is moving towards a key stage of transformation from large to strong. Small and beautiful enterprises have their power and vitality in dealing with the competition in many manufacturing segments. This round of manufacturing upgrading is gradually moving towards medium and high-end. Scale is no longer the primary goal. It is necessary to break through high value-added products. In this process, it is expected to produce a batch of “invisible champion” enterprises with global competitive quality and technology.
Investment suggestions: in combination with industry prosperity, performance certainty and valuation, focus on Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , Wuhan Jingce Electronic Group Co.Ltd(300567) , Estun Automation Co.Ltd(002747) .
Risk tips: manufacturing investment is lower than expected, new technology penetration is lower than expected, market competition intensifies, raw material prices rise sharply, equipment export is lower than expected, etc.
