\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) 6011 Shenzhen Universe (Group) Co.Ltd(000023) 53 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:
Wind power equipment: offshore wind power will become an important driving force in the industry and pay attention to leading enterprises of high-quality parts
After the reform of power market, the improvement of energy consumption capacity and the policy refund and subsidy, wind power has entered the era of parity. China’s wind power industry is expected to enter the rapid development stage driven by market demand. The development of the industry will show two characteristics: ① offshore wind power will become an important driving force for the development of wind power industry; ② The trend of large-scale wind power will continue.
Under the background of good future prosperity of wind power, it is suggested to pay attention to the parts and components with high value and high barriers: ① Tower: the consumption of single MW tower of large-scale unit is almost unchanged, which is a less damaged link under the trend of large-scale. The market scale of wind power tower in China is about 67.6 billion yuan in 2020. ② Bearing: high technical barriers and scarce value promotion of single MW. In 2019, the market scale of China’s wind power bearing was about 10 billion yuan; ③ Flange: large-scale flange puts forward higher requirements for the technical and financial strength of suppliers, and the market concentration will be improved; ④ Submarine cable: in 2021, the scale of China’s wind power submarine cable market is about 15.6 billion yuan, the entry threshold of submarine cable is high, compulsory certification is required, the verification cycle is long, and the profitability is stronger than that of land cable;. ⑤ Pile foundation: high value. In 2020, the market scale of wind power pile foundation in China is about 9.7 billion yuan. Investment suggestions: focus on Jiangyin Hengrun Heavy Industries Co.Ltd(603985) , Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Dajin Heavy Industry Co.Ltd(002487) , Ficont Industry (Beijing) Co.Ltd(605305) , Ningbo Orient Wires & Cables Co.Ltd(603606) , Haili wind power. It is suggested to pay attention to the industry leaders of Titan Wind Energy (Suzhou) Co.Ltd(002531) , Riyue Heavy Industry Co.Ltd(603218) , Jinlei Technology Co.Ltd(300443) , Tongyu Heavy Industy Co.Ltd(300185) , Jiangsu Lixing General Steel Ball Co.Ltd(300421) , Zhuzhou Times New Material Technology Co.Ltd(600458) , Sinoma Science & Technology Co.Ltd(002080) .
General automation: the manufacturing industry stabilized and rebounded, and the output of industrial Siasun Robot&Automation Co.Ltd(300024) & machine tools remained high
Multiple data indicate that the manufacturing industry is stabilizing and recovering. 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 was + 7.5% year-on-year, of which the added value of high-tech and equipment manufacturing industries was + 14.4% and 9.6% year-on-year respectively. 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 76000 sets, with a year-on-year increase of + 29.6%. 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
There are multiple favorable factors for development. 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.
2022 is the first year of large-scale capacity of power exchange stations, and power exchange equipment manufacturers benefit the most. We expect that in 2025, more than 16000 new power stations will be added, and the investment in new equipment will exceed 30 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
The year-on-year sales volume of excavators was higher than that of cm2-13.22% in 2025. 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. In reality, the pace of issuing 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) .
Photovoltaic equipment: Suzhou Maxwell Technologies Co.Ltd(300751) hjt mass production process breaks through 26.07% conversion efficiency and is optimistic about the follow-up industrialization process
Certified by the authoritative testing organization Germany Hamelin Cecep Solar Energy Co.Ltd(000591) Research Institute, Maiwei uses the self-developed hjt mass production microcrystalline equipment and the electroplating process of sundrive to break through 26.07% of the conversion efficiency 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 is multi technology parallel, and continues to promote cost reduction and efficiency increase of hjt. 1) Microcrystalline efficiency improvement: n-PLANE microcrystalline in 2022 and P-plane microcrystalline in 2023. 2) Copper plating: Maiwei independently developed graphic equipment for copper plating, with progress exceeding market expectations. 3) Localization of silver clad copper and low-temperature silver slurry: 22q2 is the beginning of silver clad copper slurry, and Q3 permeability is gradually improved. In terms of pure silver slurry, it is expected that the domestic penetration rate of 22q2 will exceed 50%. 4) Flake: the mainstream of silicon wafer will transition from 150 microns to 130 and 120 microns. 5) Indium removal: the introduction of indium reduction equipment can reduce the indium consumption 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) .
Risk warning: the downstream fixed asset investment is less than the market expectation; Cyclical fluctuations in the industry; The impact of the epidemic continues.
