Hottest machinery manufacturing engineering machin

2022-07-24
  • Detail

Machinery manufacturing: construction machinery, new energy equipment and oil service, with inaccurate speed control, and the scenery continues to exceed expectations. 10 shares are recommended

1 Recommended combinations

[leading intelligence]

[()]

[()]

[Jiejia Weichuang]

[()],

[North Huachuang]

[()]

[Ruike laser]

[Hengli hydraulic]

[()]

2 Key investment points

[construction machinery] loose policies lengthen the domestic recovery cycle. Recently, the national policies have been continuously relaxed. In January, new loans and social finance reached a record high; The examination and approval of infrastructure projects represented by rail transit and other transportation infrastructure has been significantly accelerated. Infrastructure investment is expected to rebound, and the downward speed of investment is expected to slow down. Increased infrastructure construction and stricter environmental protection verification will promote the early release of renewal demand. In terms of excavators, the increase in the share of medium and large excavators and the high growth in exports will help to increase the revenue of excavators in 2019. In terms of concrete machinery and cranes, due to sufficient de stocking, the growth elasticity is expected to be continuously released. According to the model calculation and grassroots research, it is expected that the year-on-year growth rate of concrete machinery and crane industry in 2019 will remain above%

in addition, the profitability of leading companies is expected to increase significantly due to the scale effect and the improvement of operation quality. We expect the annual net profit of Sany Heavy Industry to be 8billion and 9.2 billion respectively, corresponding to 10 and 9 times of PE respectively. We give the company a valuation of 13 times in 2019, corresponding to the target price of 13 yuan, and maintain the "overweight" rating

[photovoltaic equipment industry] the event that new photovoltaic regulations promote parity and technological iterations benefit equipment enterprises: on February 18, the Department of the National Energy Administration convened relevant enterprises to hold a symposium and put forward an innovative mechanism of "subsidizing the rated installed capacity", while bringing industrial and commercial distribution into the national unified bidding with centralized power stations

speed up the PV parity process and benefit leading equipment enterprises. This scheme is more conducive to making full use of photovoltaic resources in advantageous regions, so as to further reduce non-technical costs, and the PV parity process will be greatly accelerated. If the total scale of the subsidy is 3billion yuan, and the final bidding per kilowatt hour subsidy is 0.05 yuan, considering the occupation of household and other projects, we expect to cope with the new installed capacity of about 50gw. Driven by policies, on the one hand, incremental parity projects will boost the demand for fully automatic equipment that is generally more expensive than manual equipment; On the other hand, the equipment technology iteration will continue to speed up, and leading enterprises are expected to continue to increase their market share by virtue of their first mover advantage

silicon wafer: monocrystalline silicon wafer meets the peak demand season, and the capacity expansion of silicon wafer factory is good for equipment manufacturers

under the situation of strong demand at home and abroad, the greater the friction coefficient of the ordered workpieces, the greater the supply exceeds the demand, prompting Longji, Zhonghuan, etc. to raise the price of monocrystalline silicon. At present, the supply of high-quality single crystal silicon for single crystal perc batteries is tight

according to the current industrial capacity planning, the single crystal capacity in 2020 is only about 80gwh, and the gap is still large. We believe that under the high prosperity of the monocrystalline silicon industry and the trend of increasing monocrystalline permeability, it will be a high probability event for monocrystalline silicon to enter a new round of production expansion cycle, and monocrystalline silicon equipment companies will benefit the most

there is a large space for cost reduction in the battery link, and the iteration of technology update brings incremental space to the equipment market. We expect that by the end of 2018, the global perc capacity will reach more than 55gw, which is still obviously unable to meet the subsequent installation demand. Therefore, we believe that the perc capacity will still maintain a certain expansion rate, and the annual compound growth rate is expected to be nearly 60%. According to our estimation, it is estimated that the cumulative market scale of major equipment in the battery segment will be nearly 27.5 billion

the iteration of component technology continues to upgrade, and the laminated tiles are expected to become the mainstream. The key to module technology upgrading lies in how to reduce the module cost. Improving the packaging efficiency will become an important channel to reduce the cost of photovoltaic modules in the future. The stack module packs 13% more cells than the conventional module packaging mode, which can improve the assembly efficiency Protection installation: the power of the upper and lower line protection switch w can significantly reduce the component cost, and it is expected to gradually become the mainstream in the future

investment suggestion: silicon wafer link: it is recommended that

[Jingsheng electromechanical] the silicon wafer link has the ability to cut, grind and polish the whole line, and the silicon wafer polishing machine technology is expected to extend to the wafer manufacturing link. Cell segment: recommend the leader of photovoltaic cell wire printing equipment of

[Maiwei shares]

[Jiejia Weichuang] leading PV cell process equipment; It is recommended to pay attention to the market share of

[lobotco] automation equipment. Component link: it is recommended to pay attention to

[Maiwei shares]

[leading intelligence], and it is recommended to pay attention to

[Jinchen shares]

[()] (subsidiary Suzhou Shengcheng)

risk prompt: low expectation of economic growth; Low expectation of downstream industry demand; Industry competition deteriorated

(: hn888)

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