From November 30th to December 4th, the CS machinery sector rose by 2.02%, outperforming the CSI 300 (+1.33%) by 0.69pct and ranking 9th in the CS first-level industry.
Among the various sub-sectors of the CS machinery industry, plastic processing machinery, boiler equipment, service robots, photovoltaic equipment, and construction machinery rose by 9.66%, 9.06%, 8.12%, 7.57%, and 6.18%, respectively. Nuclear power equipment and metal products , Other transportation equipment, ships, textile and garment machinery fell among the top, down 4.36%, 2.19%, 2.09%, 1.63%, and 1.5% respectively.
Among the 405 stocks in the CS machinery sector, 215 rose and 180 fell. The top five gainers were Shanghai CNC (32.17%), Zoomlion (23.43%), Haichuan Intelligent (20.75%), Kelai Electromechanical (15.42%) and Youde Precision (15.28%). The highest decliners were Xiangshan (-17.53%), Shanghai Yahong (-15.21%), Lanjian Intelligent (-13.44%), *ST Baoshi (-13.06%) and Heduan Intelligent (-11.76%).
This week’s industry view: the construction machinery boom continues, continue to recommend the leading construction machinery and photovoltaic lithium battery equipment
[Construction machinery] The demand for construction machinery continues, leading companies are expected to be repaired
The BMW Construction Machinery Show shows that the downstream demand for construction machinery is strong, and the boom in the construction machinery industry is expected to continue. The sales data of major construction machinery products also continue to grow rapidly. The sales of excavators in October increased by 60.52%, and the grassroots survey data of excavators in November is expected to increase. Over 60%, crane sales in October increased by 33.9%, and sales data confirmed the boom of construction machinery. We believe that next year's real estate investment is expected to decline, but infrastructure investment and exports are expected to rise, adding factors such as the upgrading of construction machinery and equipment, and the improvement of environmental protection requirements, the demand for construction machinery will continue to grow well next year. The market share of leading enterprises is still increasing. This year, the market share of Sany Heavy Industry in the excavator market has stabilized at more than 25%, and has been increasing to more than 30% in recent months. The monopolistic competition pattern of the three giants in the crane industry is obvious. Approaching the leading position of XCMG, concrete machinery Sany Zhonglian still maintains a duopoly structure, and the trend of market share converging to the leading is becoming more and more obvious.
At present, the valuation of the three leading construction machinery is low, and the performance growth is confirmed, and there is still a large room for valuation repair.
The top three major construction machinery hosts are Sany Heavy Industry, Zoomlion, and Xugong Machinery.
With the impact of the new crown epidemic, the country has opened a dual-cycle economy, with internal circulation as the mainstay. The construction of a domestic supply chain system is particularly important. Starting this year, the domestic parts supply system has begun to usher in historic opportunities. The core parts of construction machinery are recommended Hengli Hydraulics, Eddie Precision, and segmented growth direction leaders recommend high-speed growth aerial work platform leaders Zhejiang Dingli, and tower crane rental domestic leading construction machinery.
[General Automation] Manufacturing investment recovery is superimposed on the internal cycle, and domestic substitution in the general automation industry accelerates
With the recovery of manufacturing investment and the drive of the internal circular economy, the domestic general-purpose automation industry has ushered in a clear recovery, and the trend of domestic substitution of imports has become more and more obvious. Industrial robots have maintained rapid growth this year. The sales volume of industrial robots increased by 38.5 in October. %, metal cutting machine tools increased by 29%, and domestic enterprises in the field of industrial control automation also ushered in the spring. We believe that the internal circulation is the general trend. The domestic supply chain is expected to usher in the golden development period of domestic substitution in the medium and long term, and the medium and long-term configuration value of relevant domestic leaders will be prominent.
We mainly recommend leading companies in various subdivisions in the general automation sector, Estun, the most complete domestic industrial robot industry chain, Topstar, a high-quality system integration company, Yizumi, a leading company in injection molding machines, and Ruike Laser, a leading laser company.
[Photovoltaic equipment] Localization of heterojunction equipment accelerates
Recently, after leading the high-efficiency and ultra-high-efficiency HJT TCO equipment-the new independent RPD series, Jiejia Weichuang took a year to polish another heavy heterojunction key process equipment with completely independent intellectual property rights. The board type PECVD5500 ushered in It's the day of preparation and delivery to customers. As a result, Jiejia Weichuang has a completely independent high-efficiency and ultra-efficient HJT delivery capability. With the landing and advancement of the localization of heterojunction cell equipment, it is expected that the progress of heterojunction projects will also accelerate significantly.
From the end of November to the beginning of December, the domestic large silicon wafer recruits on the machine CNC have successively received large orders from the leading downstream components, with a total of over 25 billion. Among them, Risen Oriental’s large silicon wafer contract for 3 years and 11.3 billion, Trina Solar 5 years 102 100 million wafer contract, Canadian Solar Inc. 3.492 billion single crystal square ingots in two years. Downstream component companies have secured huge contracts to lock in the production capacity of upstream silicon materials and wafers, showing the industry’s high prosperity and tight supply. We believe that as the cost of photovoltaics continues to fall, the pace of photovoltaic parity is getting closer. 1. In the future, energy will usher in huge room for development. China's photovoltaic industry has a monopoly position in the world, and there is huge room for domestic photovoltaic industry chain enterprises.
Jiejia Weichuang, Maiwei Co., Ltd., the leading companies that have completed the layout of the entire line of heterojunction cell equipment, and Jingsheng Machinery, the leading silicon wafer core equipment single crystal furnace, are recommended.
[Lithium battery equipment] The global automobile electrification trend is obvious, and power batteries usher in a new round of crazy expansion
Sales of new energy vehicles were good in October, and new and old powers of electric vehicles started to exert their strength. Volkswagen's MEB platform began to launch a large number of new vehicles at the end of the year. Domestic new energy vehicles will usher in another big player unexpectedly by Tesla. Taking a comprehensive look at the global automobile market, with the tightening of environmental protection emissions and the economic downturn caused by the new crown epidemic, countries such as Europe and the United States regard new energy as the leading industry driving economic recovery. The global automotive electrification trend is obvious, and the leading power battery company Also ushered in a new round of crazy expansion. At present, the global power battery industry has formed leading companies led by LG and CATL. With the further expansion of these two leading companies, it is expected that subsequent market shares will be more concentrated in the two leading companies. Lithium equipment suppliers under the two leading power battery systems will also usher in major development opportunities.
It is recommended to bind Lead Intelligence, the core lithium battery equipment supplier of the Ningde era, and Hangke Technology, the core back-end equipment supplier of LG.
