Editorial Department of this journal |Qi Yongchao
Recently, general machinery, industrial machine tools and other industries have led the market. As a heavyweight investment institution, Hillhouse's actions have always attracted much attention from the market. Recently, its name has appeared in the institutional research list of many companies, and further observation shows that these companies have multiple similarities, as if they belong to the field of intelligent machinery manufacturing, and some companies involve AI. With the high attention of the market for new quality productivity and equipment updates, what opportunities will there be for the targets that have received Hillhouse's attention?
Hillhouse intensively appeared for investigation
Most of the winning bids belong to intelligent machinery manufacturing
According to incomplete statistics, on February 28, Hillhouse participated in the investigation of XCMG Machinery, Handler, Inovance Technology and other companies, and on February 27, it investigated the ...... of Central Control Technology
Further, most of the companies surveyed by Hillhouse recently belong to the field of intelligent machinery and equipment (see Table 1), such as XCMG Machinery and Handler, whose businesses involve construction machinery; Inovance's main business is industrial automation control products; ZKTeco's main business is industrial automation and intelligent manufacturing solutions.
It has been observed that in the past year, it is rare for Hillhouse to intensively investigate intelligent machinery manufacturing companies. Judging from the fundamentals of the industry to which the above-mentioned companies belong and their own operations, there is a positive momentum in many aspects.
For example, for the outlook of the domestic market for construction machinery in 2024, XCMG Machinery said in the surveyWith the gradual emergence of policy effects and the continuous embodiment of renewal needs, leading enterprises are expected to take the lead in stabilizing by virtue of scale advantages, industrial layout advantages, reform dividends, etc.
Handler's main business involves special vehicle products such as aerial work trucks and power emergency support vehicles. According to its performance forecast disclosed on January 24, it is expected that the net profit attributable to the parent company in 2023 will be 20.5 billion 21.5 billion yuan, a year-on-year increase of 18186%~195.61%。At the same time, it said that the performance growth is related to the comprehensive domestic substitution of key components such as insulating arms, and the maintenance of strong market competitiveness of aerial work vehicles.
Inovance technology and central control technology also spoiled the positive "signal". Inovance Technology said in the survey that since the second half of 2023, the downstream demand for general automation has shown a weak recovery trend, and it is expected that orders from traditional industries will form a good support for the growth of the company's general automation business in 2024. ZKTeco released a performance report on February 26, saying that it will achieve a net profit of 1.1 billion yuan in 2023, a year-on-year increase of 3781%, according to it, the performance growth is related to the company's metallurgy, battery, overseas, PLC and other business market expansion has achieved remarkable results.
Judging from the performance of the secondary market, the stock prices of the above-mentioned companies have also ushered in a strong ** in the near future. For example, XCMG Machinery, its share price is ahead of the market to reach the bottom**, such as December 21, 2023 March 4, 2024, the company's stock price has accumulated **25%; Handler's share price has almost opened a synchronized ** mode with the market, and the company's stock price has accumulated nearly 50% from February 6 to February 27 this year.
In retrospect, there is no shortage of strong target stocks in Hillhouse's "phase", such as Samsung Medical, whose main business is intelligent power distribution and medical services, which has been investigated by Hillhouse and other institutions in December 2023, the company's stock price has continued to hit a new high, and has accumulated more than 50% so far (see Figure 1).(We have followed this up, and for details, see "Hillhouse Shot Again at a Critical Moment!") "Staring" this one**! The company's stock price is bucking the market and hitting new highs ......》How will the companies that have recently received Hillhouse's attention perform in the future? Will there be "surprises" as well?
"Device updates" are good
Driving the prosperity of machine tools, construction machinery and other industries
Recently, the main line of subdivision around machinery and equipment has ushered in a strong **, such as industrial machine tools, industrial interconnection, general equipment, industrial machinery, construction machinery, etc. For example, on March 6, general machinery, industrial machine tools, new industrialization and other sectors ushered in a good day, leading the market as a whole.
From further observation, behind the strong ** in the machinery and equipment sector, it is not unrelated to the blessing of relevant policies. Recently, the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in" was releasedThe meeting proposed to combine the differentiated needs of various equipment and consumer goods to upgrade and renovate, orderly promote the renewal and transformation of equipment in key industries, equipment in the field of construction and municipal infrastructure, transportation equipment and old agricultural machinery, education and medical equipment, and actively carry out the trade-in of consumer goods such as automobiles and home appliances to form a scale effect of upgrading.
The agency believes that the promotion of large-scale equipment renewal will drive new investment opportunities. For example, the Pacific ** has a view that at present, from the micro level, the enterprise sector has a strong demand for equipment renewal. The general category has a high degree of benefit, and upstream capital expenditure is expected to be boosted. The following sectors are expected to benefit, such as machine tools, industrial automation and robotics, forklifts, and construction machinery.
While the equipment renewal is favorable to the policy, the development opportunities of listed companies in this regard are also closely watched by investors. On February 28, when surveyed by Hillhouse and others, Handler said that the company's main products still have a lot of room for market growth, and there is also a large demand for upgrading. The company's main products, such as aerial work vehicles, power supply vehicles, and fire trucks, are expected to usher in an increase in demand for upgrading. At the same time, it also said that the state-guided equipment update will strengthen the trend of localization.
In addition, on the investor interactive platform, many companies were also asked about the development opportunities brought by the renewal of related equipment. For example, Klaus, a rubber and plastic machinery and chemical equipment manufacturing company, said that in the future, the policy support for large-scale equipment renewal will provide more market opportunities for the company; Meiteng Technology, an intelligent equipment company, said that the company's intelligent equipment and intelligent business are in line with the relevant content proposed in the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in", and will pay close attention to relevant policy developments in the future.
In addition, when the investors asked about the update of related equipment, many other companies such as Hongde Shares, Tianqi Shares, Shensi Electronics, Jicheng Electronics, Haiguo Shares, and Haosen Intelligence also gave positive views and responses (see Table 2).
Hillhouse research stocks also contain the concept of robots
There are companies that are involved in AI at the same time
Further observation shows that most of the companies that Hillhouse has recently participated in the survey have the same concept - that is, the robot concept that has also been hot in the market recently.
Behind Hillhouse's attention, the robot sector ushered in a round of strong **, such as February 29 and March 4, the humanoid robot sector accumulated **8%; During February 6 and March 4, the robot concept sector accumulated **35%. Some ** is ushered in a strong performance, such as Huayan Precision Machinery, the company's share price on February 26 and February 28 closed out of 3 consecutive "20cm" limits; On February 23 and March 1, Dongfang Precision closed 6 "10cm" daily limits in a row. In addition, Bojie shares, standard shares, Tianyong intelligent and other robot concept stocks have also ushered in the "board" trend ...... recently
Behind the changes in robot concept stocks, it is driven by a number of industry events. On February 24, Tesla showed the latest progress of Tesla's second-generation humanoid robot Optius on social platforms, and said that it is completing daily walking training tasks; Recently, a huge amount of financing has been launched in the American humanoid robot start-up figure, and AI-related giants such as Microsoft, OpenAI, and Nvidia have increased their layout. In addition, the rapid development of large-scale model technology has further promoted the industrialization of humanoid robots.
Recently, the term "new quality productivity" has been focused on by the market, and from the literal point of view, the new quality productivity is a new type of productivity that is different from the traditional productivity, and it is a productivity based on scientific and technological innovation. The robot industry is closely related to new quality productivity. Xinda ** said that in terms of new quality productivity, it pays attention to the opportunities of the robot industry chain under the trend of machine substitution and domestic substitution.
Judging from the companies that Hillhouse has recently surveyed, most of them have the concept of robots. For example, according to XCMG, the company's business scope in August 2022 added the research and development of intelligent robots; Handler said that the company's robot products are mainly special robots and industrial robots. It is one of the earliest enterprises to develop special robots in China; Inovance said that in 2023, the company's industrial robot business will operate well. From the perspective of the types of industrial robots sold, SCARA is the mainstay, and the products and applications of six-axis robots are also being vigorously expanded. For the humanoid robot industry chain, it said that it will do a good job in the continuous follow-up of technology; ZKTeco said that it has made full efforts in the strategic layout direction of humanoid robots.
Recently, many companies have also spoiled the relevant business layout or R&D progress of related robots on the investor interactive platform, such as iFLYTEK, Tianqi shares, robots, etc. (see Table 3).
Recently, driven by SORA (Artificial Intelligence Wensheng ** Large Model), the popularity of the AI sector has continued to increase. Many of the companies Hillhouse recently surveyed are also related to AI. In an interview with Hillhouse and other institutions on February 27, ZKTeco said that it is making every effort to increase its investment in the field of "AI + robots", and has recently invested in Zhejiang Humanoid Robot Innovation Center to conduct in-depth research on AI technology; Inovance said that in the field of machine vision, the company has applied AI technology. In terms of large models, relevant technology pre-research will be carried out in a targeted manner.
Combined with the secondary market, the above-mentioned related companies involved in AI business have also ushered in good performance, such as ZKTeco, the company's stock price accumulated nearly 40% from February 5 to March 1; Inovance Technology is even ahead of the market**, with the company's stock price accumulating nearly 25% from January 23 to March 5, and hitting a new high since October last year (see Figure 2).
(The ** mentioned in the article is for example analysis only, not as a recommendation for buying and selling.) ）