Core portfolio: Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Suzhou Maxwell Technologies Co.Ltd(300751) , Iray Technology Company Limited(688301) , Shanghai Friendess Electronic Technology Corporation Limited(688188) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Centre Testing International Group Co.Ltd(300012) .
Key combination of key combination of key combinations: combiningthe combination of a combination of the following key combination of the combination of the Hefei Meiya Optoelectronic Technology Inc(002690) , Jiangsu Liance Electromechanical Technology Co.Ltd(688113) .
Special topic of this week: China’s valve manufacturing industry currently has a wide range of valve products, including ball valve, butterfly valve, regulating valve, blind valve and a series of products; There are a wide range of downstream applications, mainly in oil and gas, chemical industry, energy and other industries; However, the competition pattern of China’s valve industry is extremely scattered and the market concentration is low. The market share of leading enterprises such as Neway Valve (Suzhou) Co.Ltd(603699) , Sufa Technology Industry Co.Ltd.Cnnc(000777) , Jiangsu Shentong Valve Co.Ltd(002438) and the downstream market segment is relatively single compared with overseas leaders; In recent years, China’s valve imports have decreased slightly, most of the medium and low-end valves have been localized, the development of valve manufacturing technology and product quality is in the stage of rapidly catching up with the international advanced level, and there is a broad space for import substitution in the future; In 2020, the market scale of the global valve manufacturing industry will be US $73.2 billion, which is expected to reach about US $92.3 billion in 2026; At present, China’s valve manufacturing industry is in a period of transformation. The market scale is expected to be US $12.69 billion in 2020 and US $18.2 billion by the end of 2026. The compound annual growth rate of China’s valve manufacturing industry is 6.2% from 2021 to 2026. Although the overall growth rate of the valve industry has slowed down in recent years, sub downstream fields such as nuclear power, semiconductor and construction machinery are supported by national policies and actively researched and developed by enterprises, Sufficient growth space in the future; High quality valve enterprises recommend Jiangsu Shentong Valve Co.Ltd(002438) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) and Jiangsu Hengli Hydraulic Co.Ltd(601100) . The above three enterprises are leading enterprises in their respective subdivided downstream fields, and will usher in a broad market space under the process of valve import substitution.
Lithium battery equipment: focus on Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , and pay attention to Shenzhen Yinghe Technology Co.Ltd(300457) , Shenzhen United Winners Laser Co.Ltd(688518) , Shenzhen Jpt Opto-Electronics Co.Ltd(688025) .
Photovoltaic equipment: Maiwei double-sided microcrystals have made good progress. Suzhou Maxwell Technologies Co.Ltd(300751) combined with Australian Metallization Technology Company sundrive, the conversion efficiency of full-size (M6 size, 274.3cm2) single crystal heterojunction cells has reached 26.07% by using mass production process, which further verifies the feasibility of mass production efficiency of heterojunction cells exceeding 26% in the future. Recommended targets: Suzhou Maxwell Technologies Co.Ltd(300751) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Qingdao Gaoce Technology Co.Ltd(688556) , etc.
Wind power & nuclear power equipment: recommended targets Jiangsu Rainbow Heavy Industries Co.Ltd(002483) , Jiangyin Hengrun Heavy Industries Co.Ltd(603985) , Jiangsu Shentong Valve Co.Ltd(002438) , Warom Technology Incorporated Company(603855) .
Semiconductor &IGBT: the Gao Jie net material industry in the wafer fab industry is in the Chinese mainland market space of 510 million to 850 million US dollars, while the semiconductor high clean material industry market scale is as high as 50 billion yuan. Recommended target: Zhuzhou Crrc Times Electric Co.Ltd(688187) .
Risk warning: perc efficiency breakthrough, hjt cost reduction less than expected; Downstream investment is less than expected; Industry competition intensifies; Price fluctuation of raw materials; The calculation in this report is subjective and for reference only.
