[Core combination] Sany Heavy Industry, Shanghai Machinery CNC, Hengli Hydraulics, Zoomlion, Xugong Machinery, Construction Machinery, Pioneer Intelligence, Jingsheng Electromechanical, Maiwei, Jiejia Weichuang, Hangyang, Guomao , Zhejiang Dingli, Jereh Co., Ltd., China Test Testing, Jiechang Drive, Jade Bird Fire
[Key stock pools] Northern Huachuang, China Micro, Jingce Electronics, Hangke Technology, Dongmu, Sunyue, Chunfeng Power, Bafang, Meiya Optoelectronics, Zhongmi Holdings, Yestar Technology, Jinchen, Juzi Technology, Raycus Laser, Baichu Electronics, Kelai Electromechanical, Radio and Television Metrology, Anche Testing, Hangcha Group, Hangcha Group, Canny Elevator, Jack Shares, Hongya CNC, Concentration Technology, Tianyi Shangjia, Jinma Amusement, Lehui International
[Last week report] [Construction Machinery] Depth: Large and medium-sized tower crane leasing leader, increasing market share drives growth. [Jiejia Weichuang] Depth: The leader in photovoltaic cell equipment, and will continue to grow rapidly in the next 5 years. [Chunfeng Power] Constantly increase and expand production capacity to make up for shortcomings, and the layout of "four-wheel + two-wheel + electric motorcycle" is perfect. [One machine in Inner Mongolia] The stock incentive plan was approved by the State-owned Assets Supervision and Administration Commission; the company's performance will accelerate. [Jinchen shares] The performance of 2020 will increase by 37%, and we look forward to the breakthrough of photovoltaic heterojunction equipment.
[Core View] The growth rate of completed real estate and infrastructure investment is relatively high, and the demand for construction machinery is strong. We continue to recommend construction machinery leaders. Pay more attention to the low-value, high-growth, high-quality segment leaders of the machinery industry, such as: Shangji CNC, Xugong Machinery, Construction Machinery, Hangyang Co., Ltd., Concentration Technology, Dongmu Co., Ltd., Zhongmi Holdings, Anhui Heli, CANNY Elevator Wait.
[Construction machinery] Infrastructure and real estate investment completion data restoration (low base for January-February 2020): Real estate development investment in January-February 2021 increased by 38% year-on-year; manufacturing investment increased by 37%; infrastructure investment increased by 37% According to data from the Construction Machinery Association, sales of excavators from January to February increased by 149% year-on-year; truck cranes increased by 83% year-on-year; crawler cranes increased by 197% year-on-year; truck-mounted cranes increased by 105% year-on-year; aerial work platforms increased by 181% year-on-year; included The twelve types of construction machinery products according to the association's statistics increased by 117% year-on-year. Based on our recent investigations on the upstream and downstream of the industrial chain, we will increase the growth rate of the excavator industry (10%-15%) and the growth rate of the concrete machinery industry (20%-25%) in 2021. In construction machinery, we continue to recommend the leader of the excavator industry chain. Continuous key recommendations: Sany Heavy Industry, Zoomlion, Zhejiang Dingli, Construction Machinery, Hangcha Group; optimistic about Hengli Hydraulics, Xugong Machinery, Eddie Precision, Anhui Heli.
[Photovoltaic/wind power equipment] In the context of "carbon neutrality", the National Energy Administration issued a request for opinions on the construction of wind and solar in 2021 to ensure that the target of non-fossil energy share in 2030 is achieved. The State Council issued a document to promote the increase in the proportion of renewable energy utilization and vigorously promote the development of wind power and photovoltaic power generation; the price of silicon materials and wafers has jumped recently. Photovoltaic equipment recommends CNC, Maiwei, Jiejia Weichuang, Jingsheng Electromechanical, and Jinchen Co., Ltd.; wind power equipment recommends Sunyue Co., Ltd.
[Lithium Battery Equipment] Head power battery companies are expanding production and speeding up, paying attention to the progress of LG and SK bidding. The output of power batteries in February was 9.5GWh, an increase of 9.5 times; the cumulative increase from January to February was 4.7 times year-on-year. Continued recommendation: Leading Intelligence, Hangke Technology.
[Inspection and Testing] In the medium and long term, the growth center of the industry is maintained at 10%-15%, which is a high-quality track for medium and long-term layout. Continue to be optimistic about China Test Testing, Radio and Television Metrology, Anche Testing, China National Inspection and Testing Group, and Suzhou Test Test.
[Consumption Upgrade] The Biden government's $1.9 trillion economic stimulus plan was passed, and the issue of infrastructure projects in the United States was also discussed. Maintaining that overseas exports in 2021 will shift from supply-driven to demand-driven. We are optimistic about the demand for consumption upgrades such as linear drives, all-terrain vehicles and electric treadmills that exceed expectations, and the demand for capital goods such as aerial work platforms has resumed rebounding. It is recommended to focus on Jiechang Drive, Chunfeng Power, Zhejiang Dingli, and Lehui International. It is recommended to pay attention to Bafang shares.
[Oil Service] Oil prices have recently hit a new high in nearly a year, and the oil service industry is expected to improve. CNOOC's capital expenditure in 2021 will increase by 13-26%; the logic of the national energy security and the "Seven-Year Action Plan" remains unchanged. Look forward to the gradual verification of the order volume and price of the oil service company. Continue to recommend Jereh shares and pay attention to China National Offshore Oil Services.
[Industrial Gas] Hangyang signed a new contract for Heze 30,000 m3 gas project in March. This year's total new signing scale reached 67% of last year's, which is expected to exceed expectations throughout the year. After the holiday, retail gas prices continued to pick up, benefiting from the increase in downstream steel and chemical industry output. In the first two weeks of March, retail gas prices increased by 25%/28%. The market value of overseas comparable companies is 500-800 billion. Focus: Hangyang shares.
