\u3000\u30001. [tablesummary] 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) 、 Suzhou Harmontronics Automation Technology Co.Ltd(688022) 、 Shareate Tools Ltd(688257)
\u3000\u30002. Key investment points:
Photovoltaic equipment: hjt indium removal has achieved significant results & the cost of consumables has been reduced, and we expect the total cost curve to decline significantly within the year Suzhou Maxwell Technologies Co.Ltd(300751) using TCO process with low indium content and silver clad copper grid wire, 25.62% photoelectric conversion efficiency has been obtained on full-size (m6274.5cm2) monocrystalline silicon heterojunction cells. The power is up to 491.8w, more than 30W higher than that of perc components of the same size.
The advantage of indium removal is to reduce the cost of consumables. Through the latest low indium content solution (replacing ITO with azo on the back), the use of single indium is reduced by 50% on the original basis. If the scheme of indium reduction by stacking equipment is further reduced by 40%, the use of indium can be reduced to 30% of the existing level; In addition, the silver consumption brought by silver clad copper grid wire is reduced by 55%. The combination of these two processes will significantly reduce the manufacturing cost of heterojunction battery. We expect that the total cost curve will drop sharply during the year: (1) the reduction of silver consumption will help the cost of hjt battery drop rapidly. It is expected that the silver clad copper technology will be mass produced within the year, and the domestic low-temperature silver clad copper slurry will shine. (2) Slicing & NP silicon wafer with the same price helps reduce the cost of silicon wafer technology. (3) Pay attention to the efficiency improvement brought by double-sided microcrystalline: this week, the efficiency of the first batch of battery chips of King Kong’s first microcrystalline line has reached 24.6%, and the efficiency has exceeded many production lines of amorphous line at the same stage. It is expected to realize the mass production of 25% efficiency batteries after three months. As an equipment manufacturer, Maiwei has reserved the site of P-plane microcrystalline for the customer’s site. After completing the transformation of P-plane, the mass production efficiency is expected to reach 25.5%. Investment suggestion: recommend Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Qingdao Gaoce Technology Co.Ltd(688556) ; Recommended battery devices Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , and it is recommended to pay attention to Yingkou Jinchen Machinery Co.Ltd(603396) ; Component equipment recommendation Wuxi Autowell Technology Co.Ltd(688516) ; Recommend Kbc Corporation Ltd(688598) .
Construction machinery: steady growth, continuous overweight, optimistic about the annual sales data exceeding market expectations
Steady growth in the second quarter is expected to continue to increase, driving the prosperity of the infrastructure chain upward. In the first quarter, the proportion of special bond funds invested in infrastructure related fields reached 61.6%, an increase of 2.3pct compared with the whole year of 2021. The decline of the industry narrowed and the peak season moved back. It is still optimistic that the annual sales data exceeds the market expectation. In March, the sales volume of excavators (including exports) was 37000, with a year-on-year growth rate of – 64%, which was due to the ultra-high base in the same period and the impact of the epidemic on the commencement of downstream projects since early March. Looking forward to the future, with the epidemic situation under control and the decline in the base number in the same period, we expect the year-on-year decline in industry sales to narrow from April, which is expected to show a backward trend in the peak season in 2020. We are optimistic that the capital construction and construction machinery sales will exceed the market expectations under the background of steady growth throughout 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) .
Power exchange equipment: Suzhou Harmontronics Automation Technology Co.Ltd(688022) signed a sales framework contract of 680 million yuan (including tax) with Suzhou Huaneng ( Gcl Energy Technology Co.Ltd(002015) ) to meet the rapid growth of power exchange equipment business. Suzhou Harmontronics Automation Technology Co.Ltd(688022) and Suzhou Huaneng signed a sales framework contract of 680 million yuan (including tax) for commercial vehicles and passenger vehicle power exchange station equipment. We expect that this contract will be fulfilled as an order in 2022 (the amount will be subject to subsequent orders). The controlling shareholder of Suzhou Cheneng is Suzhou Xinyu (100% shareholding), while Suzhou Xinyu is a wholly-owned subsidiary of Gcl Energy Technology Co.Ltd(002015) with 100% shareholding. Therefore, Suzhou Cheneng is actually a wholly-owned subsidiary of Gcl Energy Technology Co.Ltd(002015) with 100% shareholding. According to the Gcl Energy Technology Co.Ltd(002015) fixed increase project, it is proposed to build 485 replacement power stations, including 185 commercial vehicles and 300 passenger vehicles (30 in 2021 and 455 in 2022). According to this plan, we judge that Gcl Energy Technology Co.Ltd(002015) is expected to place another order in the second half of 2022. 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) , Inventronics (Hangzhou) Inc(300582) . Elevator industry: the profitability is at the bottom, and the inflection point of the industry driven by the post real estate cycle appears
After benefiting from the real estate, the demand for urban rail transit is growing rapidly, and the inflection point of the industry is expected to appear. 1) Real estate: the real estate industry has entered the third round of easing period, with continuous favorable policies on the supply and demand side, continuous relaxation of house purchase policies in many places, and alleviating the financing difficulties of real estate enterprises. 2) Urban Rail Transit: China continues to increase investment in new infrastructure to further stimulate the growth of urban rail transit elevator demand. In terms of profitability, we judge that the profitability of the elevator industry is at the bottom, and there is little downward space in 2022.
The post service market is an important growth point of the industry and will open up long-term growth space. Globally, elevators have entered a “post market” era. Compared with overseas leaders, the post service business of local elevator enterprises is still in its infancy. As the world’s largest elevator market, the scale of China’s post service business market will be close to 100 billion yuan in 2025. Looking forward to the future, with the implementation of elevator maintenance standard policy, the maintenance market pattern is expected to be optimized; Superimposed with the concentration effect brought by the scale expansion of local enterprises, the maintenance business is expected to become an important growth point of the industry. Investment suggestion: it is suggested to pay attention to a domestic elevator faucet, Ife Elevators Co.Ltd(002774) , Guangzhou Guangri Stock Co.Ltd(600894) , Shanghai Mechanical & Electrical Industry Co.Ltd(600835) , Zhejiang Meilun Elevator Co.Ltd(603321) .
Semiconductor equipment: TSMC’s 2022q1 performance exceeded market expectations and actively laid out local semiconductor equipment enterprises that fell
TSMC’s 2022q1 performance exceeded market expectations, which verified the high prospect of the global semiconductor industry. In 2022q1, TSMC achieved a revenue of US $17.6 billion, a year-on-year increase of + 36%, exceeding market expectations. Among them, the revenue in mobile phone, HPC, IOT and automobile increased by 21%, 59%, 21% and 70% respectively year-on-year. It can be seen that the demand for new energy vehicles & HPC is growing rapidly, and the industry maintains a high outlook.
The semiconductor equipment sector experienced a sharp correction in 2022. The core lies in the market’s concern about the downstream prosperity. We believe that the demand for new energy & Consumer Electronics is still strong, and there is no need to be pessimistic about the prosperity of the semiconductor industry in 2022. 1) Globally, semiconductor sales are expected to reach $680.6 billion in 2022, a record high; TSMC’s revenue target in 2022q2 was $17.6-18.2 billion, a single quarter high, which verified the prosperity of the semiconductor industry. 2) For the Chinese market: taking new energy vehicles as an example, China sold 1.25 million vehicles in 2022q1, a year-on-year increase of + 143%, and the demand for semiconductors is still strong. Investment suggestions: focus on Kingsemi Co.Ltd(688037) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , shengmei Shanghai, Pnc Process Systems Co.Ltd(603690) .
Risk warning: the downstream fixed asset investment is less than the market expectation; Cyclical fluctuations in the industry; The impact of the epidemic continues.
