The photovoltaic industry chain has entered the price reduction channel, and the demand is expected to be fully released. The asset light subdivision direction is preferred to meet the challenge of capacity cycle, and the industrialization of hjt and TOPCON batteries is promoted in an all-round way; The inflection point of wind power boom is ahead of schedule, the demand for offshore wind power may be accelerated, the supply chain of parts may be tight in stages, and the price of bulk raw materials is loose, which is expected to thicken the profits of the midstream manufacturing industry. The global prosperity of new energy vehicles continues to rise. Chinese battery and material enterprises accelerate the introduction into the global supply chain. The supply and demand of some links are expected to improve, the competition pattern of cells, diaphragms and other links is better, and new technologies promote the upgrading of the industrial chain. The construction of a new power system with new energy as the main body will be accelerated, and the power grid investment structure is expected to further tilt to UHV, intelligence and other fields. Leading enterprises in all links are expected to benefit significantly. Maintain the rating that the industry is stronger than the market.
Plate market this week: the power equipment and new energy sector fell 1.92% this week, including wind power sector rose 4.72%, power generation equipment rose 0.84%, lithium battery index fell 3.18%, nuclear power sector fell 3.53%, photovoltaic sector fell 4.51%, new energy vehicle index fell 4.52% and industrial control automation fell 7.59%.
Key information of the industry this week: new energy vehicles: Byd Company Limited(002594) new energy continued to develop, with a sales volume of 93000 in January. The sales volume of new forces Xiaopeng in January was 12922, ideal 12268, Nezha 11009, Weilai 9652 and Zero run 8085. Tesla‘s net profit in 2021 was US $5.519 billion, a year-on-year increase of 665%; The total delivery of electric vehicles was 936200, a year-on-year increase of 87%. New energy power generation: Biden government confirmed that the tariff of 201 would be extended for four years, and the double-sided components would continue to be exempted, and the duty-free quota of imported battery chips would be increased from 2.5gw to 5GW. Zhihui photovoltaic: the second batch of “new energy + desert Gobi” plans will be issued soon, with a total scale of more than 400gw. The Political Bureau of the CPC Central Committee focused on the “double carbon” work, pointed out that we should deal with the “four pairs of relations” and strengthen the construction of a new energy supply and consumption system based on large bases.
Key information of the company this week: performance forecast for 2021: Contemporary Amperex Technology Co.Limited(300750) (expected profit of 14.00-16.5 billion yuan, with a year-on-year increase of 150.75% – 195.52%), Eve Energy Co.Ltd(300014) (expected profit of 2.726-3.056 billion yuan, with a year-on-year increase of 65.00% – 85.00%), Ganfeng Lithium Co.Ltd(002460) (expected profit of 4.800-5.5 billion yuan, with a year-on-year increase of 368.45% – 436.76%), Tianqi Lithium Corporation(002466) (expected profit of 1.800-2.4 billion yuan) Nanjing Hanrui Cobalt Co.Ltd(300618) (expected profit of 600-700 million yuan, with a year-on-year increase of 79.37% – 109.27%), Shenzhen Senior Technology Material Co.Ltd(300568) (expected profit of 280-290 million yuan, with a year-on-year increase of 131.10% – 139.35%), Xinjiang Daqo New Energy Co.Ltd(688303) (expected profit of 5.600-5.8 billion yuan, with a year-on-year increase of 43.669% – 455.86%), Ming Yang Smart Energy Group Limited(601615) (expected profit of 2.900-3.2 billion yuan, with a year-on-year increase of 111.05% – 132.88%) Shenzhen Inovance Technology Co.Ltd(300124) (the expected profit is 3.255-3.675 billion yuan, with a year-on-year increase of 55.00% – 75.00%), Tianjin Zhonghuan Semiconductor Co.Ltd(002129) (the expected profit is 3.800-4.200 billion yuan, with a year-on-year increase of 248.95% – 285.68%). Xinjiang Daqo New Energy Co.Ltd(688303) : the company plans to raise no more than 11 billion yuan for the project of high-purity silicon-based materials with an annual output of 100000 tons. Beiteri: the company plans to invest in the construction of the “200000 ton / a lithium battery cathode material integration base project”, which is planned to be constructed in three phases, with an investment of 2.392 billion yuan in the first phase. Jiangsu Linyang Energy Co.Ltd(601222) : the company plans to promote the employee stock ownership plan in 2022, with a subscription price of 5.50 yuan / share. Shenzhen Senior Technology Material Co.Ltd(300568) : the company plans to launch a 3.26 million restricted stock incentive plan for 299 objects, and the performance evaluation goal is that the growth rate of net profit attributable to the parent company in 2022, 2023 and 2024 will not be lower than 105%, 175% and 340% respectively compared with 2021. Yunnan Energy New Material Co.Ltd(002812) : the company plans to grant no more than 3170900 restricted shares to 1012 incentive objects, and the performance assessment target is that the operating revenue in 2022, 2023 and 2024 will not be less than 150%, 180% and 210% of that in 2021 respectively.
Risk warning: price fluctuation of raw materials; Price competition exceeds expectations; The growth rate of investment declined; Policies fail to meet expectations; International trade friction risk; The impact of covid-19 epidemic exceeded expectations.
