Report guide
The energy revolution has brought about the reshaping of the industrial chain, and the growing enterprises will most fully benefit from the industrial transformation. We prefer subdivided industrial chains with growth flexibility, recommend cordless tools, domestic substitution of wind power parts and photovoltaic glass links, and suggest paying attention to the new forces of Beijing stock exchange benefiting from “new energy +”.
Key investment points
Embrace “new energy +” and the transformation of industrial chain drives the rapid growth of small and medium-sized enterprises
“New energy +” is the reshaping of the industrial chain driven by the energy revolution. Small and medium-sized enterprises in the high elastic growth period usher in the opportunity of the times, which is confirmed in the two dimensions of capital market and Fundamentals: 1) capital market: at the beginning of 2021, 1193 A-share Listed Small and medium-sized enterprises benefited from the new energy + industrial chain, of which 68% of the enterprises’ share prices rose, with an average increase of 60%; The annual average additional fund-raising was 118 million yuan, a year-on-year increase of 128%; 2) Fundamentals: the average operating revenue of small and medium-sized enterprises in 2021q1-q3 was 2.934 billion yuan, a year-on-year increase of 39%. We prefer new energy + subdivided industrial chain, suggest paying attention to cordless tools, domestic substitution of wind power parts and photovoltaic glass, and suggest paying attention to the new army of Beijing stock exchange benefiting from new energy +.
Cordless Tools + technology cost reduction, domestic cells meet the opportunity
Due to the advantages of lightness, convenience and unification, the use of cordless electric tools is gradually rising, and the new lithium power supply within the industry is gradually replacing the traditional power line. The penetration rate of cordless tools will reach 52% in 2020. The cordless penetration rate of industrial tools and ope of high-voltage platform continues to increase, the value of single tool cell driven by the industry increases, and the demand for lithium battery cells for tools is expected to increase by 2.5 billion by 2025; With the decline of overseas production capacity and the shift of manufacturing focus to China, domestic cell manufacturers have ushered in the opportunity of the times. We suggest paying attention to the strong expansion of production capacity and domestic cell enterprises with supply chain certification barriers and high technical barriers, and recommend Jiangsu Azure Corporation(002245) Changhong energy.
The scale of wind power is growing rapidly, and the replacement of parts is at the right time
According to Zhiyan consulting, the wind power market scale CAGR will be nearly 15% from 2020 to 2025, and the demand for complete fan and corresponding parts will expand. For some core parts with high technical barriers, their core supply has been monopolized by foreign countries for a long time; With China’s technology catching up and surpassing, domestic parts manufacturers have gradually entered the whole machine supply chain system. We recommend paying attention to more performance flexible land power components, such as glass fiber blades, motor pitch, etc. Tongyu Heavy Industy Co.Ltd(300185) , Zhuzhou Times New Material Technology Co.Ltd(600458) , and star technology.
Driven by photovoltaic boom, glass glows new machine
According to China business intelligence, nearly 75% of the demand for traditional glass is used in the real estate field, and the industry has overcapacity. The demand growth in 2020 is only 0.8%. With the rise of new photovoltaic demand, 2 the effective production capacity of photovoltaic glass continues to expand. Since 2016, CAGR has been nearly 8.7%, significantly higher than the annualized compound growth rate of flat glass production capacity of 2.5%, becoming a new growth point driving the growth of glass industry. We recommend Shandong Jinjing Science And Technology Stock Co.Ltd(600586) , Anhui Deli Household Glass Co.Ltd(002571) for traditional glass enterprises benefiting from the reconstruction of photovoltaic glass valuation.
Main position of small and medium-sized enterprises, new energy + enabling North Stock Exchange
On November 15, 2021, the Beijing Stock Exchange opened, and the financing channels for small and medium-sized enterprises were further widened. As of the latest, there are 83 listed companies on the Beijing stock exchange, including 26 new energy + companies benefiting from the reshaping of the new energy industry chain, with an average revenue of 581 million yuan and an average net profit attributable to the parent company of 74 million yuan; The year-on-year growth rate of revenue reached 47.45%, the year-on-year growth rate of net profit attributable to the parent company reached 69.18%, and the volume and growth rate were significantly superior. We are optimistic about the new energy + increment after the capacity expansion of Beijing stock exchange, and suggest paying attention to benlang new material and Kerun intelligent control.
Risk tips
Risk of declining marginal growth rate of new energy, risk of technological change
