\u3000\u30001. Recommended combination
\u3000\u3000 Sany Heavy Industry Co.Ltd(600031) 、 Zhejiang Hangke Technology Incorporated Company(688006) 、 Shanghai Friendess Electronic Technology Corporation Limited(688188) 、 Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) 、 Shenzhen United Winners Laser Co.Ltd(688518) 、 Jiangsu Hengli Hydraulic Co.Ltd(601100) 、 Yantai Jereh Oilfield Services Group Co.Ltd(002353) 、 Opt Machine Vision Tech Co.Ltd(688686) Kbc Corporation Ltd(688598) 、 Wuxi Autowell Technology Co.Ltd(688516) 、 Centre Testing International Group Co.Ltd(300012) 、 Shanghai Sk Automation Technology Co.Ltd(688155)
\u3000\u30002. Key investment points
Power exchange equipment: the power exchange mode welcomes high-speed development, equipment suppliers give priority to benefiting from multiple positive factors, and power exchange ushers in a development outlet. With the gradual improvement of China’s policies, many parties can benefit from the power exchange mode,
1) consumers: the purchase cost of power exchange is low and the supply efficiency is high; 2) Power station replacement: broad market and better profit; 3) Battery factory: it is convenient to use and recycle batteries in echelon; 4) Society: the power exchange mode can balance peak and valley power consumption and promote the realization of the social goal of carbon peak and carbon neutralization.
2022 is the first year of large-scale capacity of power exchange station, and power exchange equipment manufacturers benefit the most. The core equipment of the power station is charge and discharge equipment, detection equipment and automation equipment. In terms of value, the unit investment of passenger car power exchange equipment is about 2.6 million yuan and that of commercial vehicle power exchange equipment is about 4.2 million yuan. We expect that in 2025, more than 16000 new power stations will be added, and the investment in new equipment will exceed 60 billion yuan. Investment suggestions: it is recommended to pay attention to Suzhou Harmontronics Automation Technology Co.Ltd(688022) , Gcl Energy Technology Co.Ltd(002015) , Shandong Weida Machinery Co.Ltd(002026) , Csg Smart Science&Technology Co.Ltd(300222) , Shanghai jiuhang (unlisted), Bertin Technology (unlisted), Inventronics (Hangzhou) Inc(300582) .
Semiconductor equipment: the industry continues to be in a high boom, and the replacement of domestic equipment is in progress
Benefiting from the rising downstream demand, semiconductor equipment shipments remained high. From January to September 2021, the global semiconductor sales volume was USD 391.54 billion, a year-on-year increase of + 23.1%; Global semiconductor equipment sales reached US $75.23 billion, a year-on-year increase of + 45.46%. From January to September 2021, China’s semiconductor sales reached 136.94 billion US dollars, a year-on-year increase of + 24.8%; Chinese mainland semiconductor equipment sales volume was 21 billion 450 million US dollars, up +56.46%, accounting for 28.5% of the world. Looking ahead, the Chinese mainland’s wafer fab will not be reduced. According to SEMI, 8 of the 29 new Fabs will be built in Chinese mainland in 2021-2022 years, and the industry boom is expected to continue.
The bidding of Chinese Fab manufacturers continued, and the bid winning rate of domestic equipment manufacturers increased. Since September 2021, a total of 325 new storage equipment have won the bid, including 105 domestic equipment, with a localization rate of 32%; SMIC Shaoxing won the bid for 141 new equipment, including 59 domestic equipment, with a localization rate of 42%. But in fact, on the whole, the localization rate of domestic semiconductor equipment is less than 20%, there is still much room for improvement, and the domestic substitution logic is still stable. Investment suggestions: focus on Advanced Micro-Fabrication Equipment Inc.China(688012) , Naura Technology Group Co.Ltd(002371) , shengmei Shanghai, Pnc Process Systems Co.Ltd(603690) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Suzhou Huaya Intelligence Technology Co.Ltd(003043) , Suzhou Hyc Technology Co.Ltd(688001) .
Construction machinery: Q1 focuses on the opportunities of construction machinery industry under the background of steady growth
In December 2021, the central economic work conference set the tone of “steady growth”. From the government work reports released by various localities and the 2022 work plan released by local development and reform commissions, actively promoting the project construction and ensuring the “good start” of investment in the first quarter has become a key task. According to incomplete statistics of China Securities Journal, from January 4 to 6, the announced total investment in major projects has exceeded 3 trillion yuan. The first half of 2022 is the stage of forming physical workload of special bond funds. In 2021, Q1 infrastructure investment increased by only 6% compared with the same period in 2019. We are concerned about the possibility that Q1 infrastructure growth may exceed expectations. In addition, real estate in some regions is relaxed and we are concerned about the opportunities of construction machinery industry under the background of steady growth. Recommendation: leading engine factory [ Sany Heavy Industry Co.Ltd(600031) ] [ Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ] [ Xcmg Construction Machinery Co.Ltd(000425) ], upstream core parts [ Jiangsu Hengli Hydraulic Co.Ltd(601100) ]
General automation: the Ministry of industry and information technology issued intelligent manufacturing and Siasun Robot&Automation Co.Ltd(300024) industrial planning, and localization is expected to accelerate
The Ministry of industry and information technology and others jointly issued the “14th five year plan” for intelligent manufacturing and Siasun Robot&Automation Co.Ltd(300024) industry development, which requires the vigorous development of intelligent manufacturing industry and industrial Siasun Robot&Automation Co.Ltd(300024) industry. (1) Intelligent Manufacturing: by 2025, 70% of manufacturing enterprises are required to basically realize digitization, and the market satisfaction rates of intelligent manufacturing equipment and industrial software exceed 70% and 50% respectively. (2) Industry Siasun Robot&Automation Co.Ltd(300024) : during the 14th Five Year Plan period, it is required to promote the comprehensive performance of Siasun Robot&Automation Co.Ltd(300024) core parts and complete machine to achieve a breakthrough, Siasun Robot&Automation Co.Ltd(300024) industrial revenue has an average annual growth rate of more than 20%, and build a number of leading enterprises with international competitiveness.
We are optimistic about the acceleration of industrial Siasun Robot&Automation Co.Ltd(300024) localization and the rapid growth of domestic leaders. China’s industrial Siasun Robot&Automation Co.Ltd(300024) industry is still in a critical period of transformation and upgrading. It still lags behind Japan, South Korea and other developed countries in terms of self-made rate of key parts and localization rate of high-end products. Policy support will further accelerate the localization of Siasun Robot&Automation Co.Ltd(300024) industry, and domestic leaders are expected to enter a fast and long-term development. Investment suggestions: reducer recommended Leader Harmonious Drive Systems Co.Ltd(688017) , Jiangsu Guomao Reducer Co.Ltd(603915) ; Tool recommendation Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , 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 tools are recommended to be Kede Numerical Control Co.Ltd(688305) , Nantong Guosheng Intelligence Technology Group Co.Ltd(688558) , and it is recommended to pay attention to Ningbo Haitian Precision Machinery Co.Ltd(601882) , Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) .
Machine vision industry: Changpo heavy snow track under the general trend of intelligent manufacturing
China’s machine vision is developing rapidly. It is a thick snow track on Changpo. ① From 2016 to 2019, the global machine vision market scale CAGR reached 18%; China’s machine vision started late, but the growth rate is higher than the global level, with CAGR reaching 35% from 2015 to 2019. ② As the world’s largest manufacturing country, China’s machine vision penetration is low and has great growth space. China industry information network predicts that the scale of China’s machine vision industry is expected to reach 19.7 billion yuan in 2023 and 17.6% CAGR in 2019-2023.
The profit level of machine vision industry is excellent, and local enterprises are in the ascendant. ① China’s machine vision has formed a complete industrial chain, and relevant enterprises cover two categories: parts suppliers and integrated developers; ② The parts enterprises in the middle reaches of machine vision generally have strong profitability, and the gross profit margin of leading enterprises is maintained at more than 70% all year round. ③ A large number of funds poured in to promote the rapid development of local enterprises. Opt Machine Vision Tech Co.Ltd(688686) is recommended. It is recommended to pay attention to Jutze Intelligent Technology Co.Ltd(300802) , as well as Ling Yunguang and Wayz Intelligent Manufacturing Technology Co.Ltd(688211) , which are about to be launched.
Risk warning: the downstream fixed asset investment is less than the market expectation; Cyclical fluctuations in the industry; The impact of the epidemic continues.
