This week’s market
Overall: this week, the CSI 300 rose or fell by 0.82%, 25 of the 31 industries in Shenwan level rose, the power equipment industry rose or fell by – 8.18%, ranking 31st in Shenwan level industry, and the wind photovoltaic index rose or fell by – 3.25%.
Individual stocks: 28 stocks in the photovoltaic industry (component stocks of wind photovoltaic index) achieved positive returns, of which Shanxi Coal International Energy Group Co.Ltd(600546) led the rise by 17.43% and Arctech Solar Holding Co.Ltd(688408) led the decline by – 27.83%.
Valuation: as of February 13, 2022, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 43.73, and the P / E ratio of electrical equipment industry (Shenwan level) is 45.52.
Price tracking
The overall price of the industrial chain rebounded this week:
The price of monocrystalline silicon material remained stable;
The price of monocrystalline silicon rises, and the price of polycrystalline silicon rises;
The price of single crystal cell rises, and the price of polycrystalline cell rises;
Component prices remained stable.
Industry dynamics
Shandong’s “14th five year plan” renewable energy plan: 35gw photovoltaic new and 20GW County wide development
Two ministries and commissions: encourage the construction of photovoltaic in rural areas, railways and roads, and accelerate the promotion of large-scale scenery bases
XIV. Promotion of Heilongjiang Wuneng new energy trading right: 30GW
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 Indian Minister of Finance proposed a photovoltaic incentive plan to encourage India to build a photovoltaic manufacturing industry chain, and will raise the tariff on imported modules to 40% and the tariff on batteries to 25% from April, which will stimulate India’s import demand for battery modules in the short term. In the medium term, China’s photovoltaic enterprises exported to India will be impacted to some extent, or relevant enterprises will be stimulated to build new production capacity in India. 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.
