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: Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) , Oke Precision Cutting Tools Co.Ltd(688308) , Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , Jiangsu Guomao Reducer Co.Ltd(603915) , Pnc Process Systems Co.Ltd(603690) , Jack Sewing Machine Co.Ltd(603337) , Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Guangzhou Kdt Machinery Co.Ltd(002833) , Hefei Meiya Optoelectronic Technology Inc(002690) , Jiangsu Liance Electromechanical Technology Co.Ltd(688113) . Special topic of this week: at present, China’s tower pile foundation enterprises mainly include Jiangsu Rainbow Heavy Industries Co.Ltd(002483) , Haili wind power, Dajin Heavy Industry Co.Ltd(002487) , Titan Wind Energy (Suzhou) Co.Ltd(002531) , Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) , Qingdao Tianneng Heavy Industries Co.Ltd(300569) . We compare the above enterprises horizontally in terms of revenue and profit growth, profitability and revenue structure; In terms of operating income, Titan Wind Energy (Suzhou) Co.Ltd(002531) has the largest volume of revenue and Qingdao Tianneng Heavy Industries Co.Ltd(300569) has the fastest compound growth rate in recent four years; In terms of net profit attributable to parent company, Titan Wind Energy (Suzhou) Co.Ltd(002531) has the largest scale of net profit attributable to parent company, and Haili wind power has the fastest compound growth rate in recent four years; In terms of profitability, the gross profit margin of tower pile foundation enterprises remained stable in q1-3 from 2017 to 2021, and the net profit margin increased after 2018; In terms of revenue structure, Jiangsu Rainbow Heavy Industries Co.Ltd(002483) and Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) have a wide range of businesses. Haili wind power and Dajin Heavy Industry Co.Ltd(002487) have almost all their revenue sources concentrated in the wind power tower pile foundation business, Titan Wind Energy (Suzhou) Co.Ltd(002531) mainly concentrated in the wind tower and wind turbine blade business, and Qingdao Tianneng Heavy Industries Co.Ltd(300569) revenue sources are wind turbine tower business, accounting for more than 95% in the past four years; In terms of cost structure, the main raw materials of each product are mainly steel and flange, accounting for a large proportion of operating costs; In terms of operating cash flow, affected by the market environment and orders on hand, the net operating cash flow of each enterprise is significantly different; In terms of expense rate, each enterprise has achieved good effect in expense control in recent years, which has remained stable on the whole; In terms of personnel structure, each enterprise is mainly composed of production personnel, with a pyramid shaped educational background. Qingdao Tianneng Heavy Industries Co.Ltd(300569) has the highest per capita income and per capita profit; In terms of terminals and production capacity, benefiting from the steady development of the wind power industry, all enterprises are planning and looking for appropriate terminal resources to expand production in different ranges; In terms of gross profit per ton and freight per ton, Qingdao Tianneng Heavy Industries Co.Ltd(300569) has the highest gross profit per ton, Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) has the lowest gross profit per ton, Dajin Heavy Industry Co.Ltd(002487) and Qingdao Tianneng Heavy Industries Co.Ltd(300569) have dropped, while Titan Wind Energy (Suzhou) Co.Ltd(002531) and Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) have increased significantly; In terms of tower quotation, in recent years, the tower quotation of each company as a whole has increased by different ranges.
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 tips: changes in industrial policies and industry technology; Intensified competition in tower pile foundation industry; Rising prices of raw materials; This report is subjective and for reference only.
