Portfolio: Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Oke Precision Cutting Tools Co.Ltd(688308) , Estun Automation Co.Ltd(002747) , Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen United Winners Laser Co.Ltd(688518) .
Market review: from December 20, 2021 to January 20, 2022, the Shenwan mechanical equipment index was – 4.76%, the CSI 300 index was – 2.65%, the Shanghai composite index was – 2.13% and the gem composite index was – 7.64% year-on-year. In the same period, the increase of mechanical equipment index ranked 20th in 28 industries. Among the sub industries, machine tools and textile and garment equipment led the increase, rising by 5.14% and 1.57% respectively.
Industry high-frequency data tracking: in December 2021, the output of new energy vehicles was 518000, an increase of 120% year-on-year and 6.7% month on month; The sales volume was 531000 vehicles, with a year-on-year increase of 114% and a month on month increase of 11%; The output of metal cutting machine tools was 60000, with a year-on-year increase of + 22.4% and a month on month increase of + 25.0%. Manufacturing PMI was 50.3%, up 0.2 percentage points from the previous month; A total of 24038 mining machinery products were sold, a year-on-year decrease of 23.8%. Among them, 15423 units were sold in the Chinese market, a year-on-year decrease of 43.5%; The export sales volume was 8615 units, with a year-on-year increase of 104.6%.
News and policies of key industries: Suzhou Maxwell Technologies Co.Ltd(300751) increase the production of hjt equipment by 2.8 billion; Shenzhen S.C New Energy Technology Corporation(300724) received orders for perc and hjt dual GW equipment in overseas market; Honeycomb energy held the second battery day, with a capacity target of 600gwh in 2025.
Announcement of key companies: Kbc Corporation Ltd(688598) it is planned to increase the production capacity of 3.1 billion yards of carbon matrix composites; Zhejiang Hangke Technology Incorporated Company(688006) it is planned to raise 2.31 billion yuan to expand the production of equipment in the post overweight section, intellectualization and informatization of production, and overseas network layout; Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) it is proposed to increase the fund-raising scale by 5.7 billion yuan and increase the size of silicon carbide and semiconductor equipment.
Investment strategy: in February 2022, we are optimistic about the development potential of China’s high-end manufacturing industry along the three sectors. With the expansion of power battery manufacturers, equipment manufacturers deeply bound with power battery manufacturers are more attractive. They mainly recommend Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Shenzhen United Winners Laser Co.Ltd(688518) , Guangdong Lyric Robot Automation Co.Ltd(688499) . At present, the photovoltaic sector is still in a period of rapid growth, and the frequent positive news of hjt is directly beneficial to the core equipment manufacturers, focusing on Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Kbc Corporation Ltd(688598) , Wuxi Autowell Technology Co.Ltd(688516) . Under the situation of unchanged expansion trend of manufacturing industry and high prosperity of intelligent manufacturing industry, Siasun Robot&Automation Co.Ltd(300024) , machine tool and tool leaders are expected to benefit significantly. Focus on Estun Automation Co.Ltd(002747) , Kede Numerical Control Co.Ltd(688305) , Oke Precision Cutting Tools Co.Ltd(688308) , and it is suggested to focus on Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , Leader Harmonious Drive Systems Co.Ltd(688017) . Maintain the synchronous general trend rating of the machinery industry.
Risk tips: macroeconomic downturn, intensified trade friction, lower than expected demand of downstream industries, worsening industry competition and sustained impact of the epidemic.
