[core combination] Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Robotechnik Intelligent Technology Co.Ltd(300757) , Wuxi Autowell Technology Co.Ltd(688516) , 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) , Zhejiang Windey Co.Ltd(300772) , Riyue Heavy Industry Co.Ltd(603218) , Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Xcmg Construction Machinery Co.Ltd(000425) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Centre Testing International Group Co.Ltd(300012) , Zhejiang Cfmoto Power Co.Ltd(603129) , Jade Bird Fire Co.Ltd(002960) , Ningbo Lehui International Engineering Equipment Co.Ltd(603076)
[Key stock pool] Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Shanghai Sk Automation Technology Co.Ltd(688155) , China National Electric Apparatus Research Institute Co.Ltd(688128) , Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Wuhan Jingce Electronic Group Co.Ltd(300567) , Trina Solar Co.Ltd(688599) , Zhejiang Dingli Machinery Co.Ltd(603338) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Shaanxi Construction Machinery Co.Ltd(600984) , Hangzhou Great Star Industrial Co.Ltd(002444) , Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) , Jiangsu Guomao Reducer Co.Ltd(603915) , Nbtm New Materials Group Co.Ltd(600114) , Focused Photonics (Hangzhou) Inc(300203) , Juzi science and technology, Yindu Kitchen Equipment Co.Ltd(603277) , Bafang Electric( Suzhou) Co.Ltd(603489) , Hefei Meiya Optoelectronic Technology Inc(002690) , Sinoseal Holding Co.Ltd(300470) , Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) , {687}.8188}, Guangzhou Grg Metrology&Test Co.Ltd(002967) , Hangcha Group Co.Ltd(603298) , Anhui Heli Co.Ltd(600761) , 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) 、 Suzhou Jinhong Gas Co.Ltd(688106) 、 Vt Industrial Technology Co.Ltd(300707)
[last week's report] [ Yingkou Jinchen Machinery Co.Ltd(603396) ] major milestone! The average efficiency of mass production of photovoltaic hjt equipment is 24.4%, leading the industry. [ Vt Industrial Technology Co.Ltd(300707) ] the first electric vehicle delivered by Vietnamese customers; The power battery box is expected to be large next year. [ Hunan Kaimeite Gases Co.Ltd(002549) ] sign the special gas investment contract, and the electronic special gas category is expected to increase significantly. [ Focused Photonics (Hangzhou) Inc(300203) ] the state vigorously promotes the procurement of domestic instruments, and the leader of domestic analytical instruments will benefit. [ Zhejiang Cfmoto Power Co.Ltd(603129) ] in November, the export of two wheeled vehicles of the company increased by 96%; China's large displacement two wheeled vehicles increased by more than 100%.
[core view] continue to be optimistic about low carbon + and globalization; Select "specialized and new"; Expected marginal improvement of construction machinery
(1) The installed capacity in December 2021 is expected to exceed expectations. According to the report of Black Hawk PV, the installed capacity of new PV in China is likely to exceed 60GW in 2021; According to the data of the national energy administration, the newly installed capacity of PV will be 35gw before November 2021; It is expected to be 25gw in December and 60GW in the whole year, exceeding market expectations. The SASAC issued the guidance on promoting the high-quality development of central enterprises and doing a good job in carbon peak and carbon neutralization, which put forward clear requirements for central enterprises for the first time. By 2025, the installed proportion of renewable energy of central enterprises will reach more than 50%; Silicon material prices fell for four consecutive weeks.
(2) Pay close attention to the bidding progress of 1-2gw hjt equipment (similar to 1GW of Tongwei). Meyerberg's first American hjt plant is located in Arizona and is expected to have a capacity of 400MW by the end of 2022. Yingkou Jinchen Machinery Co.Ltd(603396) the average efficiency of mass production of photovoltaic hjt equipment is 24.4%, which is in the leading position in the industry. Continue to recommend Suzhou Maxwell Technologies Co.Ltd(300751) , Yingkou Jinchen Machinery Co.Ltd(603396) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Wuxi Shangji Automation Co.Ltd(603185) , Shenzhen S.C New Energy Technology Corporation(300724) , etc.
(3) The first lithium battery of northvolt, Sweden, is expected to be delivered in 2022. The whole energy storage industry chain of Baofeng group is located in Yinchuan, building a battery and energy storage container system with an annual output of 200gwh, and continuously recommending lithium battery equipment leaders.
(4) The national development and Reform Commission has issued the development plan for coastal areas of Jiangsu (2021-2025), which proposes to accelerate the construction of offshore 10 million KW offshore wind power base and plan and study the deep-sea 10 million KW offshore wind power base. For wind power equipment, Zhejiang Windey Co.Ltd(300772) , Riyue Heavy Industry Co.Ltd(603218) are recommended, and Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Ningbo Orient Wires & Cables Co.Ltd(603606) , Ficont Industry (Beijing) Co.Ltd(605305) are optimistic.
[lithium battery equipment] in recent two months, the penetration rate of new energy vehicles has been nearly 20%, and the volume has been accelerated. In November, the installed capacity of power battery was about 18.14gwh, with a year-on-year increase of 102%. Continue to recommend lithium battery equipment faucets Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , 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) , and be optimistic about Suzhou Slac Precision Equipment Co.Ltd(300382) , Shanghai Sk Automation Technology Co.Ltd(688155) , Ningbo Zhenyu Technology Co.Ltd(300953) , Jdm Jingda Machine(Ningbo)Co.Ltd(603088) .
[photovoltaic / wind power equipment] closely track the bidding progress of photovoltaic heterojunction battery equipment and the recovery of photovoltaic demand. Silicon materials fell for four consecutive weeks (with a total range of nearly 15%), and photovoltaic modules are expected to return to near the price band of 1.8 yuan / W, promoting the demand for new installed capacity in the downstream. SASAC put forward clear requirements for central enterprises for the first time. By 2025, the installed proportion of renewable energy of central enterprises will reach more than 50%. Photovoltaic equipment continues to push Suzhou Maxwell Technologies Co.Ltd(300751) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Yingkou Jinchen Machinery Co.Ltd(603396) , Wuxi Shangji Automation Co.Ltd(603185) , Shenzhen S.C New Energy Technology Corporation(300724) , etc. The "14th five year plan" offshore wind power planning is expected to exceed expectations, focusing on the whole machine and core parts. For wind power equipment, Zhejiang Windey Co.Ltd(300772) , Riyue Heavy Industry Co.Ltd(603218) are recommended, and Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Ningbo Orient Wires & Cables Co.Ltd(603606) , Ficont Industry (Beijing) Co.Ltd(605305) are concerned.
[construction machinery] the downstream demand margin of construction machinery is improved. Internationalization, electrification and digitization help China become a global leader. Focus on Haoqiang Alpha Company: Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zhejiang Dingli Machinery Co.Ltd(603338) ; Watch Xcmg Construction Machinery Co.Ltd(000425) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Anhui Heli Co.Ltd(600761) , Hangcha Group Co.Ltd(603298) .
[oil and gas equipment] China's oil price fell, boosting industry growth. Continue to recommend Yantai Jereh Oilfield Services Group Co.Ltd(002353) and be optimistic about China Oilfield Services Limited(601808) .
[inspection and testing] the inspection and testing industry has a large space, and the medium and long-term growth rate is stable. 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 November, the year-on-year growth rate of large displacement two wheeled vehicles was 96%. Focus on 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) .
[industrial gas] overseas comparable companies have a market value of 600-100 billion. Recommend Hunan Kaimeite Gases Co.Ltd(002549) and be optimistic about Hangzhou Oxygen Plant Group Co.Ltd(002430) , Huate and Jinhong.
Risk tips: 1) infrastructure and real estate investment is lower than expected; 2) Covid-19 epidemic spread beyond the expected risk.
