The core combination of the core portfolio [core portfolio] [core portfolio] Wuxi Lead Intelligent Equipment Co.Ltd(300450) {{300300450} {68688006 {{68688559} Wuxi Autowell Technology Co.Ltd(688516) Suzhou Maxwell Technologies Co.Ltd(300751) {68688006 {6868688006 Zhejiang Hangke Technology Incorporated Company(688006) {68688006}, which is the core portfolio of the core portfolio of the core portfolio of the [core portfolio] { Wuxi Lead Intelligent Equipment Co.Ltd(300450) {{{6872425}, {000000425 {{{{{{{{{{{{ Hangzhou Oxygen Plant Group Co.Ltd(002430) {002430430430430} {686868800} {{686868858559}, {68686868686868800} {{002430 {{{ Hangzhou Oxygen Plant Group Co.Ltd(002430) , {00200200235353}, {00200235353535328} Naura Technology Group Co.Ltd(002371) {{{{{002002371 {{ Advanced Micro-Fabrication Equipment Inc.China(688012) {{{{{{{{{ Trina Solar Co.Ltd(688599) {{{{ Advanced Micro-Fabrication Equipment Inc.China(688012) {{{{{{ Advanced Micro-Fabrication Equipment Inc.China(688012) {{{{{{{{ Shanghai Friendess Electronic Technology Corporation Limited(688188) Guangzhou Grg Metrology&Test Co.Ltd(002967) , { Shanghai Friendess Electronic Technology Corporation Limited(688188) {{ Hunan Sokan New Materials Co.Ltd(688157) {{{ Sinoseal Holding Co.Ltd(300470) { Sinoseal Holding Co.Ltd(300470) Sinoseal Holding Co.Ltd(300470) {300470 {603747} {{{{{{{{ Sinoseal Holding Co.Ltd(300470) {{{{{{68688188} Hangcha Group Co.Ltd(603298) , {{{{{ Hangcha Group Co.Ltd(603298) , {600600600761 {{{{600761 600761} {{{600761 600761{{{, Suzhou Jinhong Gas Co.Ltd(688106) Vt Industrial Technology Co.Ltd(300707) [last week’s report] [construction machinery] excavator sales increased by 5% in 2021; Advance of special debt, commencement of major projects and expected marginal improvement; [ China Railway Hi-Tech Industry Corporation Limited(600528) ] depth: head of shield machine, pumped storage drives new growth; [ Zhejiang Jw Precision Machinery Co.Ltd(300984) ] depth: China’s leading bearing ring: industrial chain extension, market share improvement and driving force rise together; [ Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) ] depth: construction machinery leasing head enterprise, driven by aerial work platform; [ Zhejiang Windey Co.Ltd(300772) ] performance significantly exceeded market expectations; Q4 net interest rate continued to rise; [ Jade Bird Fire Co.Ltd(002960) ] the business has reached a big level, and the three-year strategic goal is expected to be achieved ahead of schedule; [ Wuxi Shangji Automation Co.Ltd(603185) ] the performance of 2021q4 is low, and the profitability is expected to recover in 2022; [ Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) ] performance exceeded expectations and orders were abundant; Looking forward to a breakthrough in semiconductor equipment and silicon carbide; [ Wuxi Autowell Technology Co.Ltd(688516) ] high performance growth and abundant orders; Look forward to the multi-point flowering of photovoltaic, semiconductor and lithium battery equipment; [ Hunan Kaimeite Gases Co.Ltd(002549) ] performance meets expectations; Traditional business boom, electronic gas to achieve revenue; [ Zhejiang Cfmoto Power Co.Ltd(603129) ] in December, the company’s export of two wheeled vehicles increased by 492%; The production and sales of four-wheel vehicles hit another record high
[core view] under the expectation of “steady growth”, the expected marginal improvement of construction machinery; Continue to be optimistic about low carbon +; Under the expectation of “specialization and innovation” and “steady growth”, we are optimistic about undervalued and low-level sectors. 1. Construction machinery industry chain: Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Xcmg Construction Machinery Co.Ltd(000425) , Zhejiang Dingli Machinery Co.Ltd(603338) , Hangcha Group Co.Ltd(603298) , Anhui Heli Co.Ltd(600761) , Shaanxi Construction Machinery Co.Ltd(600984) , Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) . 2. Rail transit equipment industry chain: China Railway Hi-Tech Industry Corporation Limited(600528) , Crrc Corporation Limited(601766) . 3. Oil service industry chain: Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Sinoseal Holding Co.Ltd(300470) . 4. Real estate related industrial chain: Canny Elevator Co.Ltd(002367) , Guangzhou Kdt Machinery Co.Ltd(002833) .
(1) in 2021, the annual sales volume of excavators was 343000 units, with a year-on-year increase of 5%; Among them, 274000 units were sold in China, a year-on-year decrease of 6%; Export sales of 68000 units, a year-on-year increase of 97%. It is estimated that the sales volume of excavators will be 309000 units in 2022, a year-on-year decrease of 10%. Among them, China sold 206000 units, a year-on-year decrease of 25%, and exported 103000 units, a year-on-year increase of 50%.
(2) with the acceleration of offshore wind power bidding, the wind power equipment sector is expected to hit the bottom and rebound. Mingyang won the bid for Guangdong power Yangjiang 1GW offshore wind power, China Three Gorges Renewables (Group) Co.Ltd(600905) 100MW started bidding; Jiangsu and Shanghai started the competitive allocation of 265 and 300000 kW sea breeze projects respectively. It is recommended to pay attention to Ningbo Orient Wires & Cables Co.Ltd(603606) , Haili wind power and Ming Yang Smart Energy Group Limited(601615) ; Onshore wind power is recommended to be Zhejiang Windey Co.Ltd(300772) , Riyue Heavy Industry Co.Ltd(603218) , and it is recommended to pay attention to Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) .
[construction machinery] the central economic work conference emphasized steady growth. Recently, special bonds were issued in advance, and major projects were started in various places. The downstream demand for construction machinery is expected to be better in the first quarter. Highlight Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zhejiang Dingli Machinery Co.Ltd(603338) , Hangcha Group Co.Ltd(603298) , Xcmg Construction Machinery Co.Ltd(000425) ; Watch Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Shaanxi Construction Machinery Co.Ltd(600984) , Anhui Heli Co.Ltd(600761) , Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) .
[semiconductor equipment] major semiconductor enterprises in the world have increased capital expenditure, and the prosperity of semiconductor equipment has been promoted and localization has been promoted. Recommended Robotechnik Intelligent Technology Co.Ltd(300757) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , optimistic about Naura Technology Group Co.Ltd(002371) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Wuhan Jingce Electronic Group Co.Ltd(300567) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Pnc Process Systems Co.Ltd(603690) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) .
[lithium battery equipment] the production of electric vehicle leader exceeded expectations in the first quarter of 2022. In the past two months, the penetration rate of new energy vehicles has been nearly 20%, and the volume has been accelerated. In November, the installed capacity of power battery was about 18.14gwh, with a year-on-year increase of 102%. Continue to recommend lithium battery equipment faucets Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , Shenzhen United Winners Laser Co.Ltd(688518) , Vt Industrial Technology Co.Ltd(300707) , and be optimistic about Shanghai Sk Automation Technology Co.Ltd(688155) , Suzhou Slac Precision Equipment Co.Ltd(300382) , Ningbo Zhenyu Technology Co.Ltd(300953) , Jdm Jingda Machine(Ningbo)Co.Ltd(603088) .
[PV / wind power equipment] due to the preparation in advance of the Spring Festival and the recovery of the terminal market, the price of PV silicon / silicon wafer / battery stopped falling and rebounded this week, and the operating rate is expected to rise. Photovoltaic equipment continues to recommend Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Yingkou Jinchen Machinery Co.Ltd(603396) , Wuxi Shangji Automation Co.Ltd(603185) , Shenzhen S.C New Energy Technology Corporation(300724) , etc.
[oil and gas equipment] recommended Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Sinoseal Holding Co.Ltd(300470) , optimistic about China Oilfield Services Limited(601808) , etc.
[inspection and detection] recommended Centre Testing International Group Co.Ltd(300012) ; Continue to be optimistic about Guangzhou Grg Metrology&Test Co.Ltd(002967) , Shenzhen Anche Technologies Co.Ltd(300572) , China Building Material Test & Certification Group Co.Ltd(603060) , Suzhou Sushi Testing Group Co.Ltd(300416) .
[consumption upgrading / overseas export] it is expected that the cost end of the export industrial chain will be marginally improved. In November, the year-on-year growth rate of large displacement two wheeled vehicles was 96%. Focus on Zhejiang Cfmoto Power Co.Ltd(603129) , Ningbo Lehui International Engineering Equipment Co.Ltd(603076) , Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) , Zhejiang Dingli Machinery Co.Ltd(603338) , Hangzhou Great Star Industrial Co.Ltd(002444) , Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) , Guangdong Jinma Entertainment Corporation Limited(300756) .
[industrial gas] it is estimated that China’s market space is nearly 200 billion yuan, which is expected to cultivate large market value companies, and overseas comparable companies have a market value of 600-100 billion; We are optimistic about the domestic substitution of electronic special gas. Recommended Hunan Kaimeite Gases Co.Ltd(002549) , optimistic about Hangzhou Oxygen Plant Group Co.Ltd(002430) , Guangdong Huate Gas Co.Ltd(688268) , Suzhou Jinhong Gas Co.Ltd(688106) .
Risk tips: 1) infrastructure and real estate investment is lower than expected; 2) Covid-19 epidemic spread beyond the expected risk.
