Performance of the secondary market in 2021: from January 1 to November 30, 2021, the Shanghai stock index was in a high and wide range of shocks as a whole, and the market maintained a structurally differentiated market. On the disk, the CSI 300 fell 7.28%, and the mechanical equipment industry rose 14.32%, ranking ninth among the 28 industries. 47.4 percentage points lower than the electrical equipment ranking first and 38.9 percentage points higher than the household appliances ranking last.
Investment strategy for 2022: the central economic conference in December 2021 pointed out that at present, China’s economy has maintained a steady and long-term momentum, but it is also facing triple pressures of shrinking demand, supply shock and weakening expectation. Therefore, considering the macroeconomic pressure next year, we should look for sub industries that can continue to grow. As the upstream of the manufacturing industry, mechanical equipment will significantly increase the demand for low-consumption equipment, clean energy equipment and other types of equipment that will help to achieve the goal of carbon neutralization in the future. In 2022, we will continue to focus on photovoltaic equipment with strong market demand and rising industry prosperity in combination with the policy goal of carbon neutralization and based on the analysis of the improvement or improvement of profitability; And the industry Siasun Robot&Automation Co.Ltd(300024) where the inflection point of industry demand has been established and the profitability has been gradually improved.
Photovoltaic equipment: 1) in the Chinese market, the installed capacity is expected to be 45-55gw in 2021. Driven by the huge reserves of China’s photovoltaic power generation projects, the installed capacity may increase to more than 75gw in 2022, and the industry demand is strong. According to the prediction of China Photovoltaic Industry Association, the average annual new installed capacity of China’s photovoltaic industry during the 14th Five Year Plan period is 70-90gw. Therefore, the future growth space is very broad, and the high outlook of the industry will continue; 2) Overall demand in overseas markets will continue to grow. The minimum threshold of installed capacity of the top 10 photovoltaic markets in 2020 has exceeded 3gw, and new photovoltaic markets are rising. We expect the growth rate of new photovoltaic installed capacity in the world to remain at 10% – 20% in the next five years. Therefore, the demand for equipment is still strong. It is recommended to pay attention to the equipment leader Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) of single crystal furnace.
Industry Siasun Robot&Automation Co.Ltd(300024) : 1) in 2020, China’s industrial Siasun Robot&Automation Co.Ltd(300024) market sold 168400 industrial Siasun Robot&Automation Co.Ltd(300024) units, with a year-on-year increase of 19.86%. The annual sales volume ranked first in the world for the eighth consecutive year. 2) The decline of demographic dividend and the upgrading of manufacturing industry promote market demand. By 2020, the proportion of China’s population over 65 has reached 13.5%. The acceleration of aging will make China’s labor costs rise sharply. At the same time, with the improvement of people’s requirements for product quality in the future, the demand of China’s industrial manufacturing industry for automation equipment represented by industry Siasun Robot&Automation Co.Ltd(300024) will be gradually released. 3) China’s industry boom continued to rise. From January to November 2021, China’s industrial Siasun Robot&Automation Co.Ltd(300024) output reached 330100 units, a year-on-year increase of 49%, and the upward trend is very obvious. Therefore, we can predict that China’s industrial Siasun Robot&Automation Co.Ltd(300024) industry will continue to maintain a high boom in the future. It is suggested to pay attention to the leading enterprises of the whole industrial chain Estun Automation Co.Ltd(002747) .
Risk tips: 1. Macroeconomic growth is less than expected; 2. Adverse effects of overseas outbreaks; 3. Major changes in relevant industry policies; 4. Rising prices of raw materials.
