One week market review: this week, SW machinery sector rose 2.74%, and Shanghai and Shenzhen 300 rose 0.30%. This week, the correction of some overvalued varieties was relatively obvious. New energy corresponded to the equipment end and the stock market was obvious. Photovoltaic heterojunction equipment ( Wuhan Dr Laser Technology Corp.Ltd(300776) laser transfer technology) and electric vehicles ( Suzhou Harmontronics Automation Technology Co.Ltd(688022) power station replacement business and Suzhou Slac Precision Equipment Co.Ltd(300382) battery shell business) led the rise. In addition, under the expectation of subsequent improvement of infrastructure and manufacturing industry, oversold stocks in the early stage included Shaanxi Construction Machinery Co.Ltd(600984) Zhejiang Dingli Machinery Co.Ltd(603338) and others performed well. Standing at the starting point of 2022, we continue to emphasize four main investment lines: 1) ultra-high prosperity lithium battery equipment; 2) Select individual stocks in the product cycle; 3) Valuation switching of high-quality leaders; 4) Report elasticity in the exit direction, etc.
Weekly incremental research: as the first weekly report in 2022, we have a relatively complete review of what we expect from new products and technologies in the high-end manufacturing field in 2022. 1) Shanghai Friendess Electronic Technology Corporation Limited(688188) : welding machine Siasun Robot&Automation Co.Ltd(300024) motion control system; 2) Shenzhen Jasic Technology Co.Ltd(300193) : digital welding machine and industrial welding machine; 3) Wuhan Dr Laser Technology Corp.Ltd(300776) : the application of laser transfer in perc, TOPCON and hjt; 4) Suzhou Harmontronics Automation Technology Co.Ltd(688022) : power exchange equipment; 5) Suzhou Tztek Technology Co.Ltd(688003) : laser direct imaging equipment, 6) Guangdong Yizumi Precision Machinery Co.Ltd(300415) : high tonnage integrated die casting machine; 7) Hangzhou Honghua Digital Technology Stock Company Ltd(688789) : the application of digital jet printing technology from printing to dyeing; 8) Suzhou Slac Precision Equipment Co.Ltd(300382) : application of DWI technology from can to power battery case business; 9) Shanghai Kelai Mechatronics Engineering Co.Ltd(603960) : electronic expansion valve products supporting carbon dioxide pipeline; 10) Beijing Tianyishangjia New Material Corp.Ltd(688033) : carbon ceramic brake disc products, etc.
This week’s important research: annual strategy of machinery in 2022 – select individual stocks and grow into king.
Core view of this week: Automation: in November 2021, China’s industrial output of Siasun Robot&Automation Co.Ltd(300024) was 31900 sets, with a year-on-year increase of 27.9%. The growth rate increased significantly. It is suggested to pay attention to Jiangsu Guomao Reducer Co.Ltd(603915) , Oke Precision Cutting Tools Co.Ltd(688308) , Estun Automation Co.Ltd(002747) , Opt Machine Vision Tech Co.Ltd(688686) of strong stock logic; Laser: the overall prosperity of the laser industry is still high. The decline of laser price has accelerated the improvement of laser cutting penetration and power center. Pay attention to the domestic laser leader Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) and the domestic laser cutting system leader Shanghai Friendess Electronic Technology Corporation Limited(688188) which has been less affected by the price competition of the industrial chain for a long time. Photovoltaic equipment: industry cost reduction and efficiency improvement is the main theme. With the promotion of heterojunction cost localization, the comprehensive cost of hjt cell is expected to reach the level of perc cell in 22 years, focusing on Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Wuxi Autowell Technology Co.Ltd(688516) . Lithium battery equipment: the sales volume of new energy vehicles in China in November 2021 was 450000, a year-on-year increase of 1.2 times. The global electrification wave is clear, focusing on Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Iray Technology Company Limited(688301) , Suzhou Slac Precision Equipment Co.Ltd(300382) . Third party testing: medium and long-term manufacturing and consumption upgrading drive the continuous growth of third-party testing demand. The company’s management ability under the governance structure will be the core competitiveness of employees. The industry Matthew effect is significant. It is recommended to focus on Centre Testing International Group Co.Ltd(300012) and Guangzhou Grg Metrology&Test Co.Ltd(002967) . Construction machinery: according to CCMA data, in November 2021, the main engine manufacturers sold 20444 sets of various mining machinery products, a year-on-year decrease of 36.6%. The medium and long-term faucet has a certain safety margin. It is recommended to pay attention to Jiangsu Hengli Hydraulic Co.Ltd(601100) , Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Shaanxi Construction Machinery Co.Ltd(600984) , Zhejiang Dingli Machinery Co.Ltd(603338) .
Key recommendations this week: Shanghai Huace Navigation Technology Ltd(300627) , Shanghai Friendess Electronic Technology Corporation Limited(688188) , Iray Technology Company Limited(688301) , Bafang Electric( Suzhou) Co.Ltd(603489) , Zhejiang Hangke Technology Incorporated Company(688006) .
Risk tip: the epidemic continues to spread, infrastructure investment does not meet expectations, and there is a risk of cyclical decline in the manufacturing industry.
