The core combination of the core combination: Tsingtao Brewery Company Limited(600600) 31 \ .
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: in the process of chip manufacturing, the testing manufacturers test the semi-finished chip products in production through professional instruments. Each chip entering the market must be tested before it can be finally listed. Therefore, the chip testing link actually has a large market demand. The upstream of the chip detection business is the IC design industry. In recent years, China’s IC design industry has maintained rapid growth. From 2016 to 2020, the output value of the IC design industry increased from 151.85 billion to 381.94 billion, and the CAGR reached 25.93%; In the future, with the continuous development of IC design industry, the demand for chip detection is expected to remain in the high boom channel; With the rapid development of AI / IC, IC and other industries, including the rapid development of AI / IC, verification and other industries, the main areas of AI / IC, and artificial reliability analysis will be driven, The rapid development of these industries is expected to bring a large number of third-party chip detection needs in the future. At present, the chip detection industry in China is still in the primary stage of catching up. The main competitors in the industry are China’s Taiwan professional chip test manufacturers represented by Jingyuan electronics, silicon lattice, Xin Quan and other mainland manufacturers, such as Guangdong Leadyo Ic Testing Co.Ltd(688135) , Hua Ling and Jcet Group Co.Ltd(600584) . Among them, the manufacturers who take the lead in realizing capacity expansion and technological advantages have obvious advantages, and are expected to quickly get rid of their competitors by size and technical barriers. Finally, we calculate the investment payback period of the chip laboratory. For a chip laboratory with an initial investment of 300 million yuan, the static investment payback period is about 443 years (excluding the construction period), reaching the breakeven point in the third year; This is consistent with the development cycle of laboratories of international leading testing enterprises. Beneficiary object: Suzhou Sushi Testing Group Co.Ltd(300416) .
Lithium battery equipment: focus on Wuxi Lead Intelligent Equipment Co.Ltd(300450) (jointly covered with the new battery team), Zhejiang Hangke Technology Incorporated Company(688006) , and it is recommended to 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) (jointly covered with the new power team), 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; Market competition intensifies risks; Rising prices of raw materials; This report is subjective and for reference only.
