\u3000\u30001. 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: we are optimistic about the photovoltaic equipment companies whose performance continues to exceed expectations, and the silicon chip chip foundry logic is gradually realized. Among the photovoltaic equipment, the performance of the five companies we focus on all exceeded expectations. (1) silicon wafer segment: Qingdao Gaoce Technology Co.Ltd(688556) 20221q1's performance greatly exceeded expectations, achieving a net profit attributable to the parent company of 97 million yuan, with a year-on-year increase of + 173% and a month on month increase of + 58%, mainly due to the fulfillment of the performance of the chip OEM business - the technological transformation of diamond line business, which greatly improved the production capacity and profitability, and the company's Q1 single quarter net profit rate exceeded 17%, a record high. In April, the company raised the chip OEM capacity planning twice. We expect the capacity to reach 21gw, 40gw and 47gw respectively from 2022 to 2024, increasing the medium and long-term performance elasticity. (2) Battery segment: Suzhou Maxwell Technologies Co.Ltd(300751) 2022q1's performance exceeded expectations. Under the scale effect, the profit growth rate (43%) was higher than the revenue growth rate (32%), and the profitability recovered to the best level in history (2018). The increase in the proportion of hjt revenue in the future will further improve the profitability. (3) Component link: Wuxi Autowell Technology Co.Ltd(688516) performance & orders exceeded expectations, and the newly signed orders in 2022q1 were 1.44 billion yuan (including tax), a year-on-year increase of + 85%; By the end of 2022q1, the company's orders on hand were 4.89 billion yuan (including tax), a year-on-year increase of + 77%. The company's orders have increased greatly. We judge that the main reason is that the downstream component factory expects that the demand of the downstream end market will recover rapidly after the silicon price falls, so it arranges the equipment link in advance to expand production. According to our calculation, the total newly signed orders of the company from 2022 to 2023 will reach 5.6 billion and 7.7 billion respectively. Investment suggestion: recommend Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Qingdao Gaoce Technology Co.Ltd(688556) ; Recommended battery device Suzhou Maxwell Technologies Co.Ltd(300751) ; Component equipment recommendation Wuxi Autowell Technology Co.Ltd(688516) ; Recommend Kbc Corporation Ltd(688598) .
Lithium battery equipment: the turning point of profitability is upward, and overseas expansion is good for China's core equipment manufacturers
The order acceptance cycle of lithium battery equipment is about one year. At the current time point, the orders with low gross profit caused by fierce competition after the epidemic in 2020 have basically been cleared. Since 2020q4, lithium batteries have started large-scale production expansion, and the equipment has entered the seller's market. The quality of equipment orders will be gradually optimized in 2021. We judge that it will correspond to the gradual improvement of the profitability of equipment manufacturers in 2022. In addition, one of the biggest highlights of the lithium battery equipment industry in 2022 is the expansion of overseas battery enterprises, Zhejiang Hangke Technology Incorporated Company(688006) as a core supplier of back-end equipment for overseas leading battery plants, will fully benefit Wuxi Lead Intelligent Equipment Co.Ltd(300450) as the leader of the whole line equipment will gradually increase the overseas market share, especially the new players in the European battery industry are the mainstream choice for the whole line delivery Guangdong Lyric Robot Automation Co.Ltd(688499) target to increase the proportion of overseas orders to more than 30% in 2022. We believe that China's head equipment manufacturers have global competitiveness and will fully benefit from the large-scale expansion of overseas battery plants compared with China. Investment suggestion: recommend Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen United Winners Laser Co.Ltd(688518) , Shanghai Sk Automation Technology Co.Ltd(688155) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , Suzhou Slac Precision Equipment Co.Ltd(300382) .
Semiconductor equipment: local semiconductor equipment Q1 has achieved rapid growth and actively laid out local semiconductor equipment enterprises that have fallen
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 is still strong, and there is no need to be pessimistic about the prosperity of the semiconductor industry in 2022. 1) Globally, TSMC achieved a revenue of US $17.6 billion in 2022q1, a year-on-year increase of + 36%, exceeding market expectations. Meanwhile, TSMC's revenue target in 2022q2 was US $17.6-18.2 billion, which verified the high prospect 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%. The operating rate of wafer factories is still high, equipment bidding continues to be implemented, and the demand for semiconductors is still strong. Under the domestic substitution logic, the performance of local semiconductor equipment Q1 is excellent, Naura Technology Group Co.Ltd(002371) , China micro and other companies' Q1 revenue has increased by more than 50% year-on-year. The impact of the Shanghai epidemic is mainly reflected in the logistics level, In the short term, there is a certain volatility. At the transaction level, the valuation level of semiconductor equipment sector has been deeply corrected, at the 1% mark of 18-22 years. 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) , and parts Suzhou Huaya Intelligence Technology Co.Ltd(003043) .
General automation: in April, the manufacturing industry continued to decline due to the impact of the epidemic, and the Q1 performance of subdivided sectors was differentiated
The manufacturing industry fell back under the impact of the epidemic. In April 2022, the PMI index closed at 47.4%, down 2.1pct from the previous month. Among them, the production index and new order index were 44.4% and 42.6% respectively, down 5.1 and 6.2 percentage points from the previous month. The enterprise production decreased significantly, and the market demand continued to decline. In terms of the growth rate of more than 50% of the emerging industries, such as the photovoltaic industry, the performance of Leader Harmonious Drive Systems Co.Ltd(688017) , Jiangsu Guomao Reducer Co.Ltd(603915) and other core parts companies are located in East China. Q1 performance is greatly affected by the epidemic and holidays, logistics is blocked and production capacity is unstable, with slight year-on-year increase or slight decline in performance; The Q1 revenue of machine tool and cutting tool companies increased slightly by 10% - 30%, and the overall growth rate fell due to the different conditions of specific companies. We believe that whether the epidemic can be controlled in time is the key to the recovery of the manufacturing industry. In Q2, affected by the epidemic in Shanghai, there are still some fluctuations in the short-term orders and performance of general automation related companies, but the downstream rigid demand always exists. After the epidemic recovers, the prosperity of the sector is expected to rise significantly. Investment suggestion: industrial automation recommendation Dongguan Yiheda Automation Co.Ltd(301029) , Estun Automation Co.Ltd(002747) ; Recommended core parts Leader Harmonious Drive Systems Co.Ltd(688017) , Jiangsu Guomao Reducer Co.Ltd(603915) ; Recommended cutting tools Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , Oke Precision Cutting Tools Co.Ltd(688308) ; Recommended machine tools Kede Numerical Control Co.Ltd(688305) , Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) , Nantong Guosheng Intelligence Technology Group Co.Ltd(688558) , it is recommended to pay attention to Ningbo Haitian Precision Machinery Co.Ltd(601882) .
Construction machinery: the steady growth policy is overweight, infrastructure orders have a good start, and pay attention to the recovery of annual sales data
On April 26, 2022, the 11th meeting of the central financial and Economic Commission stressed that we should comprehensively strengthen infrastructure construction and build a modern infrastructure system. This meeting emphasized the importance of infrastructure, which is expected to open up the immediate, medium and long-term space for infrastructure. In 2022, Q1 China Railway Group Limited(601390) accumulated the newly signed contract amount of 605.74 billion yuan, with a year-on-year increase of 84.0%. Among them, the newly signed contract amount of infrastructure construction business was 543.45 billion yuan, with a year-on-year increase of 94.1%. The newly signed orders of infrastructure projects made a good start, and the prosperity of infrastructure demand increased. The construction machinery sector made a lot of corrections in the early stage. Under the background of steady growth, the two downstream margins of infrastructure and real estate improved, and the valuation has room for repair. With the rapid growth of exports and the decline of the base in the same period, the decline in the second quarter was significantly narrowed. From the third quarter, the decline in the industry is expected to narrow to single digits or even become positive. Pay attention to the recovery trend of annual sales data. Investment suggestions: recommend Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) .
Risk warning: the downstream fixed asset investment is less than the market expectation; Cyclical fluctuations in the industry; The impact of the epidemic continues
