One week market review: this week, the SW machinery sector fell by 1.18%, and the CSI 300 fell by 2.39%. There are many adjustments in the photovoltaic / lithium battery equipment sector this week. Under the premise of overestimation, photovoltaic equipment still needs to wait for a new round of information catalysis such as new production expansion projects or industrial cost reduction; The adjustment range of some lithium battery equipment companies is close to the upper limit of the previous round, and there is little downward space; The construction machinery sector has rebounded under the expectation of undervalued value and counter cyclical adjustment policy. Under the high base of Q1, it is difficult for the sustainability opportunity of the sector; The matching of valuation and performance will be the key for short-term individual stocks to win.
Weekly increment research: the recent absolute valuation is the watershed of the company’s stock price return, but we believe that the rationality of the mid-term valuation is not just a simple mean regression, but is closely related to the company’s corresponding track, business model and competitiveness. The typical PEG (g corresponds to the performance growth rate in the next three years) will be the key to the selection of growth stocks, At the current time point, we are confident that stocks with PEG less than 1 include Iray Technology Company Limited(688301) (X-ray flat panel detector faucet, downstream power battery, dental and other fields), Shanghai Friendess Electronic Technology Corporation Limited(688188) (laser cutting operation control system faucet, horizontal layout welding Siasun Robot&Automation Co.Ltd(300024) operation control system, etc.) Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) (linear drive control system faucet, downstream lifting table, medical treatment, photovoltaic and other fields).
Important research this week: photovoltaic equipment – Suzhou Maxwell Technologies Co.Ltd(300751) : new full opening steel plate printing technology drives a new breakthrough in reducing the cost of silver paste; General equipment: the demand is in the transition period, and strong logic varieties in subdivided fields are selected.
Core view of this week: Automation: in November 2021, China’s industrial output of Siasun Robot&Automation Co.Ltd(300024) was 31900 sets, with a year-on-year increase of 27.9%. The growth rate increased significantly. It is suggested to pay attention to Jiangsu Guomao Reducer Co.Ltd(603915) , Oke Precision Cutting Tools Co.Ltd(688308) , Estun Automation Co.Ltd(002747) , Opt Machine Vision Tech Co.Ltd(688686) of strong stock logic; Laser: the overall prosperity of the laser industry is still high. The decline of laser price has accelerated the improvement of laser cutting penetration and power center. Pay attention to the domestic laser leader Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) and the domestic laser cutting system leader Shanghai Friendess Electronic Technology Corporation Limited(688188) which has been less affected by the price competition of the industrial chain for a long time. Photovoltaic equipment: industry cost reduction and efficiency improvement is the main theme. With the promotion of heterojunction cost localization, the comprehensive cost of hjt cell is expected to reach the level of perc cell next year, focusing on Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Wuxi Autowell Technology Co.Ltd(688516) . Lithium battery equipment: the sales volume of new energy vehicles in China in November 2021 was 450000, a year-on-year increase of 1.2 times. The global electrification wave is clear, focusing on Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Iray Technology Company Limited(688301) , Suzhou Slac Precision Equipment Co.Ltd(300382) . Third party testing: medium and long-term manufacturing and consumption upgrading drive the continuous growth of third-party testing demand. The company’s management ability under the governance structure will be the core competitiveness of employees. The industry Matthew effect is significant. It is recommended to focus on Centre Testing International Group Co.Ltd(300012) and Guangzhou Grg Metrology&Test Co.Ltd(002967) . Construction machinery: according to CCMA data, in November 2021, the main engine manufacturers sold 20444 sets of various mining machinery products, a year-on-year decrease of 36.6%. Medium and long-term faucets have a certain safety margin. It is recommended to pay attention to Jiangsu Hengli Hydraulic Co.Ltd(601100) , Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Shaanxi Construction Machinery Co.Ltd(600984) , Zhejiang Dingli Machinery Co.Ltd(603338) .
Key recommendations this week: Zhejiang Hangke Technology Incorporated Company(688006) , Centre Testing International Group Co.Ltd(300012) , Shanghai Friendess Electronic Technology Corporation Limited(688188) , Iray Technology Company Limited(688301) , Bafang Electric( Suzhou) Co.Ltd(603489) .
Risk tip: the epidemic continues to spread, infrastructure investment does not meet expectations, and there is a risk of cyclical decline in the manufacturing industry.
