New every Monday: pay attention to the advanced manufacturing industry with bright performance in the first quarter, such as oil service core parts, photovoltaic equipment, lithium battery equipment, etc.
The scale of the national manufacturing industry continued to grow by more than 14.2% year-on-year, and the value of new technology continued to increase by more than 2q1. In the first quarter, the output of polysilicon, photovoltaic cells, monocrystalline silicon, industrial Siasun Robot&Automation Co.Ltd(300024) , new energy vehicles and other products increased by 37.6%, 24.3%, 24.0%, 10.2% and 140.8% respectively year-on-year. The capital expenditure of high-tech manufacturing industry continued to grow, and the investment in the first quarter increased by 32.7% year-on-year. The advanced manufacturing industry is continuing to play a supporting and leading role in industry.
(1) core parts of oil service: under the high international oil price center, oil companies are expected to continue to release positive capital expenditure in the next three years under ideal investment income. Core listed companies in the sector, such as Nanjing Develop Advanced Manufacturing Co.Ltd(688377) 2022q1, realized a net profit of RMB 24million deducted from non parent company, a year-on-year increase of +281.4%, with outstanding performance. The company's deep-sea business is making breakthroughs and upgrading from "parts" orders to "parts" orders. The proportion of orders for high value-added products continued to increase, and special parts products for 33 deep-sea oil and gas projects were successively undertaken. In the future, with the active extension of industrial chain and deep cultivation of multi-directional die forging to create technical advantages, it will deeply benefit from the industrial trend of deep-sea supply chain transfer and the prosperity of the sector will continue to rise.
(2) photovoltaic equipment sector: benefiting from the high boom of downstream production expansion + technology iteration in the photovoltaic industry in 2021, listed companies of photovoltaic equipment are expected to have a high growth rate in the first quarter. At present, the companies that publish the first quarter report or performance forecast include Wuxi Autowell Technology Co.Ltd(688516) (performance + 109%), Suzhou Maxwell Technologies Co.Ltd(300751) (performance + 49.8%), Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) (performance + 42.1% to 70.5%). The downstream expansion of production has brought full orders to equipment manufacturers. At the same time, the emergence of new technologies promotes the upgrading of equipment and the increase of equipment investment and gross profit margin. Considering the strong cycle certainty of the transformation of special aircraft equipment from order to income, it is recommended to pay attention to the high growth rate of 22q1 performance and the growth target of new orders exceeding the expected period.
(3) lithium battery equipment: in 2022q1, the cumulative production and sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles were 1293000 and 1257000 respectively, an increase of 1.4 times year-on-year. The market penetration of new energy vehicles has reached 19.3%, with a year-on-year increase of + 11.4pp. The production expansion plan of China and battery manufacturers is continuously advancing. Benefiting from the downstream expansion of production and the continuous breakthrough of orders, the lithium battery equipment industry continues to iterate and upgrade in the front, middle and rear technical links. 4680 and other new forms also put forward new requirements for coating, liquid injection, polar lug welding, automatic assembly and other links. The pre impact of the early production expansion expenses of the lithium equipment industry has been gradually digested, and the performance elasticity will be reflected quarterly. The profit of the first quarter report is expected to continue to increase. Continue to focus on the bottom of the valuation and actively realize the high-quality target of the lithium battery equipment sector.
Industry and company dynamics this week: 1) photovoltaic equipment: the price of the whole photovoltaic industry chain remained high this week, and the orders in Wuxi Autowell Technology Co.Ltd(688516) first quarterly report exceeded expectations; 2) Semiconductor equipment: benefiting from the expansion of Shanghai Jita, 77 sets of equipment were opened at the bid opening of major wafer factories in China this week, and Shanghai Precision Measurement won the bid for one electron microscope in Jinhua, Fujian. The Beijing Huafeng Test & Control Technology Co.Ltd(688200) , Hangzhou Chang Chuan Technology Co.Ltd(300604) periodic reports were issued, with high performance; 3) Lithium battery equipment: GuoXuan won 126000 sets of Geely commercial vehicle batteries for three years; 4) Oil service: Iraq's oil production decreased in March; 5) Laser and general automation: China's fixed asset investment operated smoothly in the first quarter, and the investment in high-tech manufacturing industry continued to lead the growth by + 32.7% year-on-year Han'S Laser Technology Industry Group Co.Ltd(002008) 2022q1 deduction of non parent net profit + 6.7% year-on-year to reach 320 million yuan; 6) Sewing equipment: in the past 21 years, the output value of sewing machinery parts industry has increased rapidly, and the profit margin has declined.
The core target of this week's portfolio of the core of the week's portfolio: it's recommended to focus on the growth track with a high boom, and the periodic sector investment opportunities with high elasticity and upward infleinfleinfleturning points, and the periodic sector with high resilience and upward infleturning points, and the periodic sector with high resilience, turning points and upward turning points. It's recommended to focus on the growth track with a high boom, and the periodic sector with high resilience, and cyclical sector with high resilience, and periodic sector with high resilience, turning points upward, turning points, turning points, and turning points. Oil service sector recommends [ Shenzhen Xinyichang Technology Co.Ltd(688383) 7777 [ Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) ], recommended for general automation [ Shenzhen Inovance Technology Co.Ltd(300124) ], it is suggested to pay attention to [ China Cssc Holdings Limited(600150) ].
Risk tips: 1. The production expansion progress of lithium battery manufacturers is less than expected; 2. The recovery of the shipbuilding industry is less than expected; 3. The business growth of the recommended company is less than expected.
