PMI increased slightly, and the capital expenditure of high-end manufacturing industry still increased rapidly. The PMI in December 2021 was 50.3, slightly higher than that of the previous month; In December, the PMI of small enterprises was 46.5, down 2 percentage points from the previous month. The PMI of large and medium-sized enterprises was 51.3, higher than the critical point. The prosperity of the manufacturing industry continued to pick up, driving the acceleration of investment. From January to November 2021, the growth rate of manufacturing investment was 13.7%, and the recovery of high-end manufacturing investment was stronger. The cumulative investment completed from January to November increased by 22.2% year-on-year, significantly faster than the overall manufacturing industry.
China Railway has released the 14th five year plan for Railway Science and technology innovation to promote China’s railway from a follower to a leader. By the end of 2020, the operating mileage of China’s railways had reached 146300 kilometers, including 37929 kilometers of high-speed railways, and the mileage of high-speed railways ranked first in the world. The localization rate of core components of China’s high-speed railway is high. At present, the unfinished localization mainly focuses on core components such as braking system, axle, bearing and IGBT. The 2021 central economic work conference emphasizes seeking progress while maintaining stability, and with the mitigation of the epidemic, railway operation is expected to stabilize, driving the bottom recovery of equipment procurement, and there is more room for the development of urban rail industry chain.
The density target of 2025 Siasun Robot&Automation Co.Ltd(300024) will be doubled, and the localization rate will continue to improve. The scale of China’s Siasun Robot&Automation Co.Ltd(300024) industry has grown rapidly, with revenue exceeding 100 billion in 2020. China has become the world’s largest industrial Siasun Robot&Automation Co.Ltd(300024) consumer for eight consecutive years. During the 14th Five Year Plan period, the Siasun Robot&Automation Co.Ltd(300024) development target is to double the finger density, and the average annual growth rate of industrial revenue is more than 20%. In 2020, the Siasun Robot&Automation Co.Ltd(300024) density of China’s manufacturing industry is twice the global average, but there is still room for improvement compared with Japan and South Korea. With the expansion of Siasun Robot&Automation Co.Ltd(300024) application fields and the improvement of penetration, the Siasun Robot&Automation Co.Ltd(300024) density of China’s manufacturing industry is expected to continue to increase. According to the “14th five year plan” Siasun Robot&Automation Co.Ltd(300024) industrial development plan, by 2025, a number of Siasun Robot&Automation Co.Ltd(300024) core technologies and high-end products will make breakthroughs, the comprehensive indicators of the whole machine will reach the international advanced level, and the performance and reliability of key parts will reach the international level of similar products. We believe that China’s Siasun Robot&Automation Co.Ltd(300024) industrial technology development will gradually narrow the gap with foreign leading enterprises, and the market share will gradually increase with the help of local advantages, service advantages and manufacturing advantages. In the future, it is expected that there will be local ontology and core parts leading enterprises.
Investment suggestion: the main line of investment strategy in 2022 ① hard technology: focus on hard technology related mechanical equipment investment opportunities under yuanuniverse and intelligent manufacturing, including 3C automation leading enterprises Bozhon Precision Industry Technology Co.Ltd(688097) , Shenzhen Colibri Technologies Co.Ltd(002957) , semiconductor domestic equipment leading Wuhan Jingce Electronic Group Co.Ltd(300567) , Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , and Siasun Robot&Automation Co.Ltd(300024) automation target Estun Automation Co.Ltd(002747) ; ② New energy: looking for equipment manufacturing under the general trend of carbon neutralization, including photovoltaic equipment & wind power equipment subject Suzhou Maxwell Technologies Co.Ltd(300751) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Ficont Industry (Beijing) Co.Ltd(605305) , lithium battery equipment Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , etc; ③ Specialization and Innovation: looking for “invisible champions” of mechanical equipment, such as Shareate Tools Ltd(688257) , Oke Precision Cutting Tools Co.Ltd(688308) .
Risk warning: the risk that the manufacturing investment is lower than expected and the policy support is lower than expected
