Market review: in January 2022, the power equipment and new energy sector (ci005011. WI) decreased by 11.49% compared with the previous month, and the CSI 300 index decreased by 7.62% in the same period.
Industry trend observation: following the first batch of large base projects, in early December 2021, the national energy administration again issued the notice on organizing the second batch of large-scale wind power photovoltaic base projects focusing on deserts, Gobi and desert areas. According to Zhihui photovoltaic news, the second batch of large base planning has been basically completed recently, with a total scale of more than 400gw. We believe that the project planning area is rich in scenery resources and broad space, which is conducive to improving resource utilization and development efficiency. At the same time, the large base will play an important role in the new energy development in the 14th five year plan and provide important support for installation. The second batch of planning is good for the wind power and photovoltaic industry chain as a whole, and the project scale is large, which is good for centralized light and wind projects and high-efficiency modules; The trend of large-scale wind power continues to strengthen, and we continue to be optimistic about the development of towers, components and main shaft bearings. It is estimated that the installed capacity of photovoltaic and wind power in China will reach 80-90gw and 50-55gw respectively in 2022.
Important industrial policies: the two ministries and commissions jointly issued the guiding opinions on accelerating the construction of a national unified power market system; The three ministries and commissions issued the implementation opinions on accelerating the transformation and development of rural energy and promoting rural revitalization, which strongly supported the construction of rural scenery; The guidelines for the establishment of 2022 energy industry standard plan issued by the national energy administration clearly defines the key direction of the project. The US government confirmed that the tariff of 201 was extended for four years, and the tariff quota of imported batteries was increased from 2.5gw to 5GW.
Monthly industry highlights: the battery company LG new energy is officially listed; At the end of the month Longi Green Energy Technology Co.Ltd(601012) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , the price of silicon wafer was raised; Jingke energy and Longyuan Power landed in a shares.
Monthly announcements of Leon Technology Co.Ltd(300603) and Leon Technology Co.Ltd(300603) important projects to be constructed and Leon Technology Co.Ltd(300603) 300603}; Ningbo Ronbay New Energy Technology Co.Ltd(688005) lock the supply order of 100000 tons of high nickel ternary cathode materials next year; Ningbo Orient Wires & Cables Co.Ltd(603606) land and submarine cable businesses won a total of 1.015 billion yuan; The holding subsidiary of Yunnan Energy New Material Co.Ltd(002812) signed a supply guarantee framework agreement with China Innovation airlines, and Shanghai Enjie will supply it with lithium battery isolation membrane with an amount of no more than 2.5 billion yuan in 2022; The annual performance of Shenzhen Dynanonic Co.Ltd(300769) and Far East Smarter Energy Co.Ltd(600869) is expected to turn losses into profits year-on-year; Jiangsu Zhongli Group Co.Ltd(002309) it is estimated that the net loss in 2021 will be 3.2-4 billion yuan; Do-Fluoride New Materials Co.Ltd(002407) it is expected that the net profit attributable to the parent company will increase by at least 24 times in 2021.
Investment strategy: looking forward to the future, we continue to be optimistic about the development prospects of new energy vehicle markets in China and Europe, as well as the promotion of the industrialization of new wind power and photovoltaic technologies on long-term cost reduction and efficiency increase. It is suggested to pay attention to: Sungrow Power Supply Co.Ltd(300274) , Hemai shares, Riyue Heavy Industry Co.Ltd(603218) , Ming Yang Smart Energy Group Limited(601615) and other high-quality scenery leading enterprises.
Risk warning: covid-19 epidemic situation, global spread and impact or deviation from expectations; The main business of relevant listed companies may be lower than expected.
