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[last week's report] [ China Railway Hi-Tech Industry Corporation Limited(600528) ] the growth rate of new orders in the whole year is in line with expectations, and TBM new applications are expected to increase demand; [ Nbtm New Materials Group Co.Ltd(600114) ] M & A realizes the independent control of the soft magnetic industry chain; SMC's profitability will be further improved; [ Suzhou Maxwell Technologies Co.Ltd(300751) ] performance meets expectations; Hjt equipment is developing well, and laser equipment has won orders from semiconductor panel customers; [ Vt Industrial Technology Co.Ltd(300707) ] the performance inflection point is upward, and the stamping parts of new energy vehicles have increased significantly; [ Hangzhou Great Star Industrial Co.Ltd(002444) ] the main business grew by more than 30% and the market share increased; Power tools become new power points.
[core view] under the expectation of "steady growth", the expected marginal improvement of construction machinery; The risks of new energy equipment will be gradually released, and we will start after the "knockout"; Select "specialized and special new"; Undervalued and low sector. 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) , China Railway Hi-Tech Industry Corporation Limited(600528) , Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) . 2. Rail transit equipment industry chain: 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 industry chain: Canny Elevator Co.Ltd(002367) , Guangzhou Kdt Machinery Co.Ltd(002833) .
(1) construction machinery: 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. We judge that the bidding for offshore wind power will be accelerated after the festival. In 2022, offshore wind power mainly focuses on the bidding volume and bidding price, while onshore wind power mainly focuses on the achievement after parity. Recently, the wind power sector has been fully adjusted, and the valuation of major companies has entered a 20 fold range in 2022. It is expected that the offshore wind power industry chain will rebound first. It is suggested 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) .
(3) this week, the price of photovoltaic industry chain (silicon material, silicon chip and battery chip) stopped falling and rebounded, and the photovoltaic demand recovered. In 2021, China's PV installed capacity increased by about 53gw (a year-on-year increase of 10%, and in 2020, China's PV installed capacity increased by 48.2gw), with a cumulative installed capacity of 306gw. Last week, the price of photovoltaic industry chain (silicon material, silicon wafer and battery wafer) stopped falling and rebounded. Among them, silicon wafer rose the most, rising by 4-5%, silicon material rose by 1.7%, battery wafer rose by 2-3%, and the component price was flat, indicating that the photovoltaic demand has warmed up to a certain extent.
[construction machinery] the central government emphasized steady growth, recently issued special bonds in advance, and started major projects everywhere. Recommended 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 improved and localization has been promoted. Recommend Robotechnik Intelligent Technology Co.Ltd(300757) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , and be 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 output of electric vehicle leader exceeded expectations in the first quarter of 2022. In the middle of December 2021, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 530000, with a year-on-year increase of 139% and a penetration rate of 19%; Among them, the sales volume of new energy passenger vehicles was 500000, with a year-on-year increase of 206% and a penetration rate of 21%, reaching a record high. In 2021, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 3.51 million. 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) .
[photovoltaic / wind power equipment] this week, the price of photovoltaic industry chain (silicon material, silicon chip and battery chip) stopped falling and rebounded, and the demand for photovoltaic picked up. 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] ice oil distribution is nearly $90 / barrel, a new high in 6-7 years. It is recommended to Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Sinoseal Holding Co.Ltd(300470) and optimistic about China Oilfield Services Limited(601808) .
[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%. Highlight 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 the market value of overseas comparable companies is 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.
