Portfolio: Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Kbc Corporation Ltd(688598) , Oke Precision Cutting Tools Co.Ltd(688308) , Estun Automation Co.Ltd(002747) , Suzhou Maxwell Technologies Co.Ltd(300751) , Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) .
Market review: from February 13, 2022 to March 13, 2022, the Shenwan mechanical equipment index was – 4.44%, the CSI 300 index was – 6.41%, the Shanghai composite index was – 4.42% and the gem composite index was – 0.78% year-on-year. In the same period, the mechanical equipment index ranked 15th in 28 industries. Among the sub industries, abrasives, abrasives and refrigeration and air conditioning equipment led the increase, up 9.43% and 5.15% respectively.
Industry high frequency data tracking: in February 2022, China’s manufacturing PMI was 50.2, expected to be 49.9, with the previous value of 50.1; In December 2021, the output of metal cutting machine tools was 60000, with a year-on-year increase of + 22.4% and a month on month increase of + 25.0%; In February, the output of new energy vehicles was 368000, with a year-on-year increase of 197.5% and a month on month decrease of 19%. From January to February, the cumulative sales volume of new energy vehicles was 765000, with a year-on-year increase of 154.7%; The output was 820000, a year-on-year increase of 158.2%; In February 2022, 24483 sets of various excavation machinery products were sold, with a year-on-year decrease of 13.5%. Among them, the sales volume in the Chinese market was 17052 units, a year-on-year decrease of 30.5%; The export sales volume was 7431 units, with a year-on-year increase of 97.7%.
Key industry news and policies: Shanghai Tianchen Co.Ltd(600620) signed a strategic cooperation framework agreement with Anhui Huasheng; 28.7%, perovskite crystalline silicon laminated battery Shanghai New World Co.Ltd(600628) record birth; Sany group has successively issued 14 bidding announcements for photovoltaic equipment.
Announcement of key companies: Wuxi Autowell Technology Co.Ltd(688516) won the bidding project of 110 million yuan silicon wafer sorter and multi main grid scribe welding conjoined machine Suzhou Maxwell Technologies Co.Ltd(300751) released the annual report. In 2021, the company achieved a revenue of 3.095 billion yuan, a year-on-year increase of 35.44%, and a net profit attributable to the parent company of 643 million yuan, a year-on-year increase of 62.97% The application for Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) issuing convertible bonds was approved.
Investment strategy: in March 2022, we are optimistic about the development potential of China’s high-end manufacturing industry along the three sectors. In the case of unchanged expansion trend of manufacturing industry and high prosperity of intelligent manufacturing industry, Siasun Robot&Automation Co.Ltd(300024) , machine tool and cutting tool leaders are expected to benefit significantly. Focus on Estun Automation Co.Ltd(002747) , Kede Numerical Control Co.Ltd(688305) , Oke Precision Cutting Tools Co.Ltd(688308) , Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , Leader Harmonious Drive Systems Co.Ltd(688017) . Due to the expansion of power battery manufacturers, the equipment manufacturers deeply bound with power battery manufacturers are more attractive, focusing on Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Shenzhen United Winners Laser Co.Ltd(688518) , Guangdong Lyric Robot Automation Co.Ltd(688499) . At present, the photovoltaic sector is still in a period of rapid growth, and hjt’s frequent positive news is directly beneficial to the core equipment manufacturers, focusing on Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Kbc Corporation Ltd(688598) , Wuxi Autowell Technology Co.Ltd(688516) . Maintain the synchronous general trend rating of the machinery industry.
Risk tips: macroeconomic downturn, intensified trade friction, lower than expected demand of downstream industries, worsening industry competition and sustained impact of the epidemic.
