Industry core view:
2022.1.24-2022.1.28: the decline of new power industry this week was - 1.92%, and the decline of Shanghai and Shenzhen 300 in the same period was - 4.51%, outperforming the Shanghai and Shenzhen 300 index by 2.59pct. It ranks first among the 31 industry sectors of Shenwan.
Key investment points:
New energy vehicles: the new energy vehicle market has made a "good start" in the year of the tiger. China's new power car enterprises such as Weilai, ideal, Xiaopeng, Nezha and Zero run released the latest sales data in January 2022 on the first day of the lunar new year. The vast majority of car enterprises delivered more than 10000 and achieved a good start. Among them, Weilai delivered 9652 new cars in January, with a year-on-year increase of 33.6%; Xiaopeng delivered 12922 vehicles in January, up 115% year-on-year, exceeding 10000 vehicles for five consecutive months. Ideal car delivered 12268 ideal one in January, with a year-on-year increase of 128.1%. Nezha car delivered 11009 in January, with a year-on-year increase of 402%. It delivered more than 10000 vehicles for three consecutive months. Hainan will carry out the pilot of new energy vehicle power exchange mode, and is studying and formulating the provincial award and subsidy policy for new energy vehicles in 2022. There is a strong demand for new energy vehicle purchase, and the whole vehicle sales trend is gradually differentiated; Policy subsidies related to car purchase have declined, but the policy has shifted to all-round rewards and subsidies for infrastructure and business models related to new energy vehicles. In the future, high-end models will be dominated by high nickel batteries, while low-end models equipped with lithium iron phosphate batteries will have more and more significant price advantages in the future. We are optimistic about the further improvement of the penetration rate of lithium iron phosphate battery in 2022, and it is suggested to pay attention to relevant cathode targets. It is recommended to focus on Contemporary Amperex Technology Co.Limited(300750) (300750), Beijing Easpring Material Technology Co.Ltd(300073) (300073), and Shanghai Putailai New Energy Technology Co.Ltd(603659) (603659).
New energy power generation: in terms of photovoltaic, on January 28, 2022, the National Energy Administration held an online press conference in the first quarter to release the grid connected operation of renewable energy in 2021. In 2021, 54.88 million kilowatts of photovoltaic capacity was newly installed in China, the largest annual production over the years, including 25.6 million kilowatts of photovoltaic power stations and 29.28 million kilowatts of distributed photovoltaic. By the end of 2021, the cumulative installed capacity of photovoltaic power generation will be 306 million KW. In 2021, the national photovoltaic power generation was 325.9 billion kwh, a year-on-year increase of 25.1%; In 2021, the utilization rate of photovoltaic power generation in China was 98%, which was basically the same as that of the previous year. The output of {601866018} and {6010245906018} and Shandong Yulong Gold Co.Ltd(601028) of Shandong Yulong Gold Co.Ltd(601028) and {60145908} of Shandong Yulong Gold Co.Ltd(601028) and {60145908} of Shandong Yulong Gold Co.Ltd(601028) and Shandong Yulong Gold Co.Ltd(601028) of {60145908} of Shandong Yulong Gold Co.Ltd(601028) of {60102. In terms of wind power, on January 28, 2022, the National Energy Administration held a quarterly online press conference. In 2021, 47.57 million kilowatts of wind power will be added to the grid, the second largest number put into operation since the 13th five year plan, including 30.67 million kilowatts of onshore wind power and 16.9 million kilowatts of offshore wind power. By the end of 2021, the cumulative installed capacity of wind power in China will be 328 million KW, including 302 million KW onshore and 26.39 million KW offshore. In 2021, the national wind power generation capacity was 652.6 billion kwh, a year-on-year increase of 40.5%; In 2021, the average utilization rate of wind power in China was 96.9%, an increase of 0.4 percentage points year-on-year. The installed capacity and power generation of wind power have increased significantly. Recently, the wind power equipment and wind power parts industry in the market have performed well. We recommend Xinjiang Goldwind Science And Technology Co.Ltd(002202) (002202), Ming Yang Smart Energy Group Limited(601615) (601615) and Zhangjiagang Guangda Special Material Co.Ltd(688186) (688186).
Hydrogen energy: on February 4, 2022, the background Winter Olympic Games opened. The torch of the Winter Olympic Games "flew" and realized zero carbon emission of the torch in the history of the Winter Olympic Games; The world's first large-scale fuel cell vehicle demonstration investment was realized in the Winter Olympic Games. According to the relevant data of Beijing Winter Olympic Organizing Committee, more than 1000 hydrogen fuel cell vehicles, including 816 hydrogen fuel cell buses, will be operated in this winter Olympic Games to participate in traffic service guarantee. Jiufeng group and Guohong hydrogen energy signed a strategic cooperation framework agreement. The two sides will carry out long-term and in-depth cooperation in the field of hydrogen energy utilization and work together to help achieve the national "double carbon" strategic goal. As a secondary energy, hydrogen energy will play an increasingly important role in different fields. It is suggested to pay attention to Beijing Sinohytec Co.Ltd(688339) (688339), Weichai Power Co.Ltd(000338) (000338) and Shanxi Meijin Energy Co.Ltd(000723) (000723).
Risk factors: the sales volume of new energy vehicles is lower than expected; Safety risks of new energy vehicles; Affected by the epidemic, the opening of photovoltaic market was less than expected; Price fluctuation risk of raw materials; The approval and commencement of offshore wind power are not as expected; The wind power project has been approved and the grid connection is not as expected; The growth of photovoltaic installed capacity is lower than expected; The investment in power grid is less than expected.
