In 2021, “carbon neutralization” and “manufacturing power” as the main line – new energy equipment and “specialization and innovation” performed beautifully
Under the background of “carbon neutralization” and “manufacturing power”, new energy special equipment such as photovoltaic equipment, lithium battery equipment and wind power equipment will perform well in 2021, and the “specialized special new” and “invisible champion” imported, replaced and exported overseas will be wonderful.
2022: from “new energy” to “new energy +”, low carbon +, globalization – old trees sprout new buds
The energy revolution represented by new energy will enter the stage of industrial new energy, that is, “new energy +” stage. We believe that “new energy +” is more accurately expressed as “low carbon +”. “Low carbon +” and “globalization” are like “water” and “sunshine”, which makes the traditional machinery manufacturing industry “old trees and new buds”. Four main investment lines are recommended:
(1) New energy equipment – photovoltaic equipment, lithium battery equipment and wind power equipment; (2) Traditional transformation: “old trees sprout new buds” — transformation from traditional machinery and equipment to new energy equipment, opening the secondary growth curve and improving the valuation. (3) Product Electrification: the electrification of construction machinery is expected to make China’s leading construction machinery overtake at the curve, from catching up to surpassing, and move towards the global leader of construction machinery. (4) Carbon reduction equipment meets the demand for replacement – high efficiency and energy-saving motors, compressors, boilers and other energy-saving carbon reduction equipment benefit.
Photovoltaic equipment: ten times of photovoltaic demand in ten years; Embrace new technological changes such as hjt, perovskite, photovoltaic hydrogen production and energy storage
The demand for photovoltaic installed capacity will grow tenfold in the next decade, and the capacity expansion and technology upgrading of photovoltaic enterprises will bring a new round of equipment demand. Focus on the leading hjt battery equipment with good growth, and closely track the new technological changes such as perovskite, photovoltaic hydrogen production and energy storage. Key recommendations: Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Yingkou Jinchen Machinery Co.Ltd(603396) , Wuxi Shangji Automation Co.Ltd(603185) , Shenzhen S.C New Energy Technology Corporation(300724) , Kbc Corporation Ltd(688598) , Trina Solar Co.Ltd(688599) ; Focus on Wuxi Autowell Technology Co.Ltd(688516) , Tdg Holding Co.Ltd(600330) , Zhejiang Jinggong Science & Technology Co.Ltd(002006) , Qingdao Gaoce Technology Co.Ltd(688556) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Suzhou Good-Ark Electronics Co.Ltd(002079) , Risen Energy Co.Ltd(300118) .
Lithium battery equipment: the global electric vehicle industry is accelerating in large quantities, with three main investment lines – Ningde chain, overseas chain and China’s second and third tier industrial chain
The global volume of electric vehicles has accelerated, and the penetration rate of Shanxi Guoxin Energy Corporation Limited(600617) vehicles has been nearly 20%, which will continue to increase in the next few years. Three main investment lines are recommended: (1) Contemporary Amperex Technology Co.Limited(300750) industrial chain: focus on the lithium equipment leader Wuxi Lead Intelligent Equipment Co.Ltd(300450) , and be optimistic about Shanghai Sk Automation Technology Co.Ltd(688155) , Ningbo Zhenyu Technology Co.Ltd(300953) , Suzhou Slac Precision Equipment Co.Ltd(300382) , Shenzhen Yinghe Technology Co.Ltd(300457) ; (2) Overseas leading lithium battery industry chain: recommended Zhejiang Hangke Technology Incorporated Company(688006) ; (3) China’s second and third tier lithium battery industry chain: recommended Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , Shenzhen United Winners Laser Co.Ltd(688518) , Vt Industrial Technology Co.Ltd(300707) , optimistic about Bozhon Precision Industry Technology Co.Ltd(688097) , China National Electric Apparatus Research Institute Co.Ltd(688128) , Shenzhen Colibri Technologies Co.Ltd(002957) .
Wind power equipment: in the golden age of wind power investment in the era of parity, the offshore wind power industry chain is expected to exceed expectations
Under the goal of “carbon neutralization”, wind power has entered the era of parity and will usher in a golden age. In 2022, we will focus on the offshore wind power industry chain, which is expected to replicate the process of sharp decline in onshore wind power bidding price and rapid increase in bidding volume in 2021, and the valuation has room for improvement; Recommendation: 1) main engine manufacturer: recommended Zhejiang Windey Co.Ltd(300772) , optimistic about Ming Yang Smart Energy Group Limited(601615) , Sany Heavy energy; 2) Parts: recommended Riyue Heavy Industry Co.Ltd(603218) , optimistic about Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Ningbo Orient Wires & Cables Co.Ltd(603606) , Ficont Industry (Beijing) Co.Ltd(605305) , etc.
Construction machinery: it is expected to improve under steady growth, accelerate electrification, and high-quality stocks are expected to lead the industry in recovery
The new demand for construction machinery will slow down in 2022. The trend of internationalization and electrification is expected to make the construction machinery industry old and new, and the electrification penetration rate is expected to reach 25% in 2025. Attach importance to having strong α Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) etc.
“Specialization and innovation”: technological breakthrough and domestic substitution to create an “invisible champion”
The policy of “specialization and innovation” encourages technological breakthroughs and domestic substitution. China’s “specialized, special and new” enterprises are concentrated in the manufacturing industry, and more than 60% of them belong to the “four bases” of core basic parts and components, advanced basic processes, key basic materials and industrial technology. Good quality targets: Centre Testing International Group Co.Ltd(300012) , Hunan Kaimeite Gases Co.Ltd(002549) , Zhejiang Cfmoto Power Co.Ltd(603129) , Hangzhou Honghua Digital Technology Stock Company Ltd(688789) , Ningbo Lehui International Engineering Equipment Co.Ltd(603076) , Guangzhou Kdt Machinery Co.Ltd(002833) , Hangzhou Great Star Industrial Co.Ltd(002444) , Jiangsu Guomao Reducer Co.Ltd(603915) , Nbtm New Materials Group Co.Ltd(600114) , Jade Bird Fire Co.Ltd(002960) , etc.
Investment suggestion: recommend high-quality leaders with high scenery and strong competitiveness
Key recommendations: Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Robotechnik Intelligent Technology Co.Ltd(300757) , Suzhou Maxwell Technologies Co.Ltd(300751) , Yingkou Jinchen Machinery Co.Ltd(603396) , Wuxi Shangji Automation Co.Ltd(603185) , Sany Heavy Industry Co.Ltd(600031) , Centre Testing International Group Co.Ltd(300012) .
Risk warning: capital construction and real estate investment are not as expected; The risk of overseas and Chinese covid-19 epidemic exceeded expectations
