\u3000\u30001. Recommended combination
\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 031、 Zhejiang Hangke Technology Incorporated Company(688006) 、 Shanghai Friendess Electronic Technology Corporation Limited(688188) 、 Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) 、 Suzhou Maxwell Technologies Co.Ltd(300751) 、 Shenzhen United Winners Laser Co.Ltd(688518) 、 Jiangsu Hengli Hydraulic Co.Ltd(601100) 、 Yantai Jereh Oilfield Services Group Co.Ltd(002353) Opt Machine Vision Tech Co.Ltd(688686) 、 Wuxi Autowell Technology Co.Ltd(688516) 、 Qingdao Gaoce Technology Co.Ltd(688556) 、 Kbc Corporation Ltd(688598) 、 Centre Testing International Group Co.Ltd(300012) 、 Shareate Tools Ltd(688257)
\u3000\u30002. Key investment points
Photovoltaic equipment: Suzhou Maxwell Technologies Co.Ltd(300751) hjt mass production process has exceeded the conversion efficiency of 26.07%, and is optimistic about the follow-up industrialization process. With the certification of the authoritative testing organization Cecep Solar Energy Co.Ltd(000591) Research Institute in Hamelin, Germany, Maiwei uses the self-developed hjt mass production microcrystalline equipment and the electroplating process of sundrive to exceed the conversion efficiency of 26.07% on the full-size M6 single crystal hjt battery. The PECVD process of this batch of batteries adopts double-sided microcrystalline structure and PVD new TCO process with high mobility. The metallization process is completed by sundrive on its latest generation of Seedless plating pilot plant.
Maiwei has multiple technical solutions in parallel to continuously promote cost reduction and efficiency increase of hjt. 1) Microcrystalline efficiency improvement: n-PLANE microcrystalline technology in 2022 and P-plane microcrystalline technology in 2023. 2) Copper electroplating: Maiwei independently developed the most core graphical equipment for copper electroplating, and the progress exceeded expectations. 3) Localization of silver clad copper and low-temperature silver slurry: 2022q2 is the beginning of silver clad copper slurry, and Q3 permeability will gradually increase. In terms of pure silver slurry, it is expected that the domestic penetration rate of 22q2 will exceed 50%. 4) Wafer: the mainstream of silicon wafer in the market will transition from 150 microns to 130 and 120 microns. 5) Indium removal: Maiwei has launched indium reduction equipment, which can reduce the consumption of indium to 30% of the current level. Investment suggestions: focus on Suzhou Maxwell Technologies Co.Ltd(300751) , and pay attention to Yingkou Jinchen Machinery Co.Ltd(603396) , Shenzhen S.C New Energy Technology Corporation(300724) ; Recommended for wafer links Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Qingdao Gaoce Technology Co.Ltd(688556) ; Component link recommendation Wuxi Autowell Technology Co.Ltd(688516) ; Recommend Kbc Corporation Ltd(688598) .
General automation: the manufacturing industry continues to recover, and the output of machine tools, Siasun Robot&Automation Co.Ltd(300024) etc. remains high
Multiple data indicate that the manufacturing industry is continuing to pick up. ① PMI: in February 2022, the PMI index closed at 50.2%, up 0.1pct from the previous month, in the expansion range for four consecutive months; ② Industrial added value: from January to February, the added value of industries above Designated Size nationwide was + 7.5% year-on-year, of which the added value of high-tech manufacturing industry and equipment manufacturing industry was + 14.4% and 9.6% year-on-year respectively. The growth rate was 6.9 and 2.1pct faster than that of industries above Designated Size respectively, with a good growth momentum. ③ Fixed asset investment: from January to February, the national fixed asset investment increased by + 12.2% year-on-year, 7.3pct faster than that from January to December 2021, including + 20.9% in manufacturing industry and + 42.7% in high-tech manufacturing industry Siasun Robot&Automation Co.Ltd(300024) . The monthly output data of machine tools remained high: from January to February, the industrial Siasun Robot&Automation Co.Ltd(300024) output reached 76400 sets, a year-on-year increase of + 29.6%, still growing rapidly on the basis of the high base of 21 years. The output of metal cutting machine tools reached 90000 sets, with a year-on-year increase of + 7.2%, maintaining a high level. Investment suggestion: reducer recommendation Leader Harmonious Drive Systems Co.Ltd(688017) , Jiangsu Guomao Reducer Co.Ltd(603915) ; Tool recommendations Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , Shareate Tools Ltd(688257) , it is recommended to pay attention to Oke Precision Cutting Tools Co.Ltd(688308) ; Industry Siasun Robot&Automation Co.Ltd(300024) recommended Estun Automation Co.Ltd(002747) ; Machine tool recommendations Kede Numerical Control Co.Ltd(688305) , Nantong Guosheng Intelligence Technology Group Co.Ltd(688558) , it is recommended to pay attention to Ningbo Haitian Precision Machinery Co.Ltd(601882) , Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) .
Power exchange equipment: under favorable policies, the power exchange mode welcomes the rapid development, and equipment suppliers give priority to benefit
Multiple positive factors usher in the development of power exchange. On March 18, the Ministry of industry and information technology released the key points of automobile standardization in 2022. It is proposed that in terms of new energy vehicles, we will speed up the construction and improvement of the charging and replacement standard system of electric vehicles, and promote the formulation of standards for on-board power replacement system of pure electric vehicles, power replacement common platform, power replacement battery pack and so on; Carry out research and verification on the upgrading scheme of high-power charging technology for electric vehicles, and accelerate the revision and release of a series of standards such as conductive charging connection devices for electric vehicles.
The most beneficial year is 2022, when the power plant changes equipment. The core equipment of the power station is charging and discharging equipment, testing equipment and automation equipment. In terms of value, the unit investment of passenger car power exchange equipment is about 2 million yuan and that of commercial vehicle power exchange equipment is about 3 million yuan. We expect that in 2025, more than 16000 new power stations will be added, and the investment in new equipment will exceed 40 billion yuan. Investment suggestion: recommend Suzhou Harmontronics Automation Technology Co.Ltd(688022) , pay attention to Bozhon Precision Industry Technology Co.Ltd(688097) , Gcl Energy Technology Co.Ltd(002015) , Shandong Weida Machinery Co.Ltd(002026) , Csg Smart Science&Technology Co.Ltd(300222) , Shanghai jiuhang (unlisted), bertan Technology (unlisted), Inventronics (Hangzhou) Inc(300582) .
Construction machinery: the year-on-year sales volume of excavators in February was – 14%, better than expected, and the export remained strong
In February 2022, the sales volume of excavator industry was 24483 units, with a year-on-year increase of – 13.5%, higher than the previous CME expectation of – 22%. Among them, 7431 units were exported, with a year-on-year increase of + 97.7%, continuing to maintain a strong growth trend. Considering the recovery of overseas markets and the improvement of the global competitiveness of domestic brands, we expect the high growth momentum of subsequent exports to be sufficient to effectively smooth the cyclical fluctuations of the Chinese market.
The issuance of special bonds was accelerated, and attention was paid to the opportunities of the construction machinery sector under the background of steady growth. The government work report of the State Council pointed out that the annual economic growth target is about 5.5%. We should put steady growth in a more prominent position and moderately advance infrastructure investment. Judging from the actual situation, the issuance pace of special bonds in 2022 has been significantly accelerated. We expect that the new special bonds this year will mainly be issued in the first half of the year. Recommendations: Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) , Jiangsu Hengli Hydraulic Co.Ltd(601100) .
Machine vision industry: Changpo heavy snow track under the general trend of intelligent manufacturing
China’s machine vision is in the stage of rapid development. It is a long slope thick snow track. ① From 2016 to 2019, the global machine vision market scale CAGR reached 18.05%; China’s machine vision started late, but the growth rate is fast. From 2015 to 2019, the CAGR reached 35.01%, much higher than the compound growth rate of the global machine vision industry in the same period. ② As the world’s largest manufacturing country, China’s machine vision penetration rate is low and there is great room for growth. China industry information network predicts that the scale of China’s machine vision industry is expected to reach 19.7 billion yuan in 2023 and 17.6% CAGR in 20192023.
The profit level of machine vision industry is excellent, and local enterprises are in the ascendant. ① China’s machine vision has formed a complete industrial chain, and relevant enterprises cover two categories: parts suppliers (light source, lens, camera and visual control system) and integration developers (assembly integration and software secondary development); ② The parts enterprises in the middle reaches of machine vision generally have strong profitability, and the gross profit margins of Cognex, keens and Opt Machine Vision Tech Co.Ltd(688686) are maintained at more than 70% throughout the year. ③ The popularity of China’s machine vision industry has attracted a lot of capital attention and investment, and promoted the rapid development of local machine vision enterprises. Recommend Opt Machine Vision Tech Co.Ltd(688686) , and pay attention to Jutze Intelligent Technology Co.Ltd(300802) , Wayz Intelligent Manufacturing Technology Co.Ltd(688211) , and lingyunguang, which will be launched soon.
Risk warning: the downstream fixed asset investment is less than the market expectation; Cyclical fluctuations in the industry; The impact of the epidemic continues.
