Market review: this week, the mechanical equipment index fell 1.02%, the Shanghai and Shenzhen 300 index rose 2.43%, and the gem index rose 1.10%. Ranked 25th in all mechanical equipment industries. After excluding negative values, the valuation level of the machinery industry is 22.9 (overall method). The top three sectors in the machinery industry this week are injection molding machines, engineering machinery and photovoltaic equipment; Since the beginning of the year, the top three segments are oil and gas development equipment, instruments and meters and injection molding machines.
Weekly concern: the manufacturing PMI index fell in March and continued to be optimistic about photovoltaic and power exchange equipment
Affected by the epidemic and the international situation, the prosperity level of the manufacturing industry fell anti seasonally in March. According to the data of the National Bureau of statistics, in March 2022, China’s manufacturing PMI was 49.5%, down 0.7pct month on month, falling below the boom and bust line for the first time since November last year. Recently, under the dual impact of geopolitical factors such as the rebound of the epidemic in many parts of the country and the conflict between Russia and Ukraine, the downward pressure on China’s economy has increased. From the production side, some enterprises stopped production due to the epidemic, which superimposed the adverse effects of the rise of raw materials, and the production and operation of enterprises were dragged down; From the demand side, the epidemic prevention and control measures were tightened, consumer demand decreased, and export orders decreased due to the geopolitical situation. The efficiency of manufacturing supply chain decreased significantly, and the five sub indexes constituting manufacturing PMI were lower than the critical point.
Industry leaders have laid out a new generation of high-efficiency battery capacity, and photovoltaic equipment has continued to benefit. Recently, Longi Green Energy Technology Co.Ltd(601012) , Tongwei Co.Ltd(600438) and other leaders in the photovoltaic industry have successively released plans for production expansion to deeply layout a new generation of high-efficiency batteries Longi Green Energy Technology Co.Ltd(601012) signed 19.5 billion yuan investment projects with Inner Mongolia Eerduosi Resources Co.Ltd(600295) and the government of Yijinholo banner, of which more than half of the funds are used for the construction of 30GW high-efficiency single crystal cells and 5GW high-efficiency photovoltaic modules per year Tongwei Co.Ltd(600438) signed an investment agreement with Sichuan Tianfu new area, which plans to invest 12 billion yuan to build 32gw high-efficiency crystalline silicon battery project. Phase I 16GW will be put into operation before the end of December 2023. The photovoltaic industry maintains a high boom and the accelerated production expansion of a new generation of high-efficiency batteries will fully benefit relevant photovoltaic equipment enterprises.
GAC has fully entered the field of power exchange, and the power exchange equipment will enter a period of rapid development. On March 22, GAC announced the establishment of GAC energy Shengtai Technology Co., Ltd. through the resolution of the board of directors, to build the charging and storage energy supply ecology and battery recycling ecology, promote the development and application of intelligent charging and replacement service technology and products of “vehicle station network” collaborative interaction, and accelerate the distribution of charging and replacement business. At last year’s Guangzhou auto show, Guangzhou Automobile Group Co.Ltd(601238) released 26 energy action plans to implement the energy exchange mode supported by super fast charging technology and power exchange technology, so as to solve the charging problems faced by new energy vehicles. The establishment of a new company is one of the links of GAC’s current layout of “comprehensive power conversion”, which is based on the new gep3 The power replacement version of all models of 0 platform is expected to be gradually put on the market from 2023. With the implementation of China’s charging and replacement industry support policies and GAC and other vehicle enterprises entering the field of power replacement one after another, power replacement equipment manufacturers are expected to take the lead in benefiting.
Investment suggestions: continue to be optimistic about investment opportunities in subdivided fields such as photovoltaic equipment and new energy charging and replacement equipment. In terms of beneficiary objects, in the field of photovoltaic equipment, Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Wuxi Autowell Technology Co.Ltd(688516) , Kbc Corporation Ltd(688598) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , etc; Field of power exchange equipment Suzhou Harmontronics Automation Technology Co.Ltd(688022) , Bozhon Precision Industry Technology Co.Ltd(688097) , Shandong Weida Machinery Co.Ltd(002026) , etc.
Risk warning: covid-19 pneumonia epidemic situation is repeated; The degree of policy promotion is less than expected; The growth rate of manufacturing investment was lower than expected; Intensified industry competition, etc.
