Core portfolio of core shares: combination of core combination of core shares: a combination of core combination of core combinations: combinationof a combination of core shares: Shenzhen United Winners Laser Co.Ltd(688518) \ \, Beijing Sdl Technology Co.Ltd(002658) , etc.
Special research this week: ① under the background of manufacturing recovery, laser processing equipment continues to replace traditional equipment. According to the data of China laser industry development report, the scale of China's laser equipment in 2021 was 82.1 billion yuan, a year-on-year increase of 18.6%, and the market scale is expected to reach 30 billion yuan in 2022. The laser automation market is scattered, lower than CR8%. The general properties of laser automation equipment are strong, the downstream is scattered, and it is difficult to improve the industry concentration. Compared with traditional methods, laser processing has obvious advantages. We focus on its large-scale application in high growth industries such as lithium battery and photovoltaic. ② Compared with fuel vehicles, the battery cooling sector of new energy vehicles brings incremental demand. It is estimated that the global market scale of electric vehicle cooling sector will be about 14.2 billion yuan in 2025, corresponding to the demand for aluminum heat transfer materials of electric vehicle cooling sector of about 260000 tons. Liquid cooling sector has the characteristics of small batch and multiple varieties, and specific categories and models in the downstream are expected to realize the scale effect of production. In terms of investment, focus on: 1) the leader of laser processing equipment for deep cultivation and subdivision of high prosperity track, Wuhan Dr Laser Technology Corp.Ltd(300776) , Shenzhen United Winners Laser Co.Ltd(688518) , Han'S Laser Technology Industry Group Co.Ltd(002008) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , etc; 2) Yinbang Clad Material Co.Ltd(300337) etc. of aluminum heat transfer materials; 3) Enterprises mainly engaged in the production of cooling sectors, such as Shenzhen Cotran New Material Co.Ltd(300731) (ruitaike), etc.
Key tracking industries:
Lithium battery equipment has a resonance in the global production capacity cycle. It is expected that the demand will exceed 100 billion yuan in 2025. Chinese equipment companies have obvious advantages and are fully optimistic about the first and second tier leaders with advantages in technology, products and scale;
For photovoltaic equipment, the iterative upgrading of equipment promotes the cost reduction of the industrial chain, and the penetration rate of hjt increases rapidly. At the same time, the decline in the price of photovoltaic raw materials is expected to stimulate downstream demand, and we are optimistic about the leaders of battery chips and module equipment;
For power exchange, the operation space of power exchange station is expected to reach 135755 billion yuan in 2025. The operation of power exchange station is the link with the largest market space in the field of power exchange, and it is optimistic about the operation enterprises of power exchange station;
Energy storage: energy storage is the necessary foundation for building a new power grid. Policies are favorable to the implementation. Power generation and user side promote the prosperity of the industry, and are optimistic about leading companies in battery, inverter, integration and other links;
Semiconductor equipment is expected to meet us industry demand in 2030, reaching US $140 billion. Chinese mainland accounts for a larger share but the localization rate is still low. We hope that the platform companies and domestic alternatives will soon break through.
Automation, industrial consumables with a wide range of downstream applications, with a market scale of about 40 billion yuan, which is expected to reach 55.7 billion yuan in 2026. It is optimistic about the industry leaders benefiting from the improvement of concentration and import substitution;
Hydrogen energy and green hydrogen meet the requirements of carbon neutralization. The rapid development of photovoltaic and wind power lays the foundation for photovoltaic hydrogen production and wind power hydrogen production. We are optimistic about leading companies with the advantages of green hydrogen industrial chain integration;
For construction machinery, the strong is always strong. It is suggested to pay attention to the industry leaders and be optimistic about the complete machine and parts companies with product, scale and cost advantages.
Risk tips
New technology development is less than expected
Overseas market expansion is less than expected
Overseas recovery is less than expected, and China's demand is less than expected
Price fluctuation of raw materials
Blocked parts supply
Product and technology iterations and upgrades are less than expected
The production expansion of customers is less than expected
The progress of hjt technology is less than expected.
