This week’s market
Overall: this week, CSI 300 rose or fell by – 4.51%, 0 of 31 industries in Shenwan class rose, the power equipment industry rose or fell by – 1.92%, ranking first in Shenwan class industry, and the wind photovoltaic index rose or fell by – 2.69%.
Individual stocks: 16 stocks in the photovoltaic industry (component stocks of wind photovoltaic index) achieved positive returns, of which Shenzhen Hopewind Electric Co.Ltd(603063) led the rise with an increase of 17.20% and Ning Xia Yin Xing Energy Co.Ltd(000862) led the decline with a decrease of – 17.33%.
Valuation: as of February 6, 2021, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 47.14, and the P / E ratio of electrical equipment industry (Shenwan level) is 49.59.
Price tracking
The overall price of the industrial chain rebounded this week:
The price of monocrystalline silicon materials rose;
The price of monocrystalline silicon remains stable and the price of polycrystalline silicon rises;
The price of single crystal cells remained stable and the price of polycrystalline cells rose;
Component prices remained stable.
Industry dynamics
Two ministries and commissions: in 2030, new energy will fully participate in market transactions and carry out pilot green power transactions
Us 201 tariff is extended for 4 years, and double-sided components and Southeast Asian components continue to enjoy exemption
CLP: wind power and photovoltaic are expected to increase by about 50gw and 90gw in 2022
Investment advice
Recently, some photovoltaic enterprises have released the performance forecast for 2021. According to the information released at present, the upstream and downstream profits of the photovoltaic industry are differentiated in 2021. The overall profits of enterprises in the silicon material and silicon wafer link are good, and most professional battery and module manufacturers and some auxiliary material enterprises have losses. In addition, in the module and silicon wafer link, The profitability gap between leading enterprises and second and third tier enterprises tends to widen. Recently, the full Shanxi Guoxin Energy Corporation Limited(600617) consumption monitoring and Early Warning Center released the full Shanxi Guoxin Energy Corporation Limited(600617) grid connected consumption from January to December 2021. The photovoltaic utilization rate reached 98% and the wind power utilization rate reached 96.9%. Among them, the photovoltaic utilization rate of all provinces was basically more than 97%, but the light abandonment was more serious in Tibet (80.2%) and Qinghai (86.2%). Long term optimistic about the leader of vertical integrated components and the leading inverter enterprises with leading layout in the field of energy storage: Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) .
Risk tips
The consumption of new energy is less than expected; The new installed capacity is less than expected; Price fluctuation risk of industrial chain; The implementation of the new energy plan on the 14th five year plan was not as expected.
