After the Spring Festival, the power equipment index fell ahead, and individual stocks in the photovoltaic sector fell significantly
This week, the comprehensive (Shenwan) index rose by 3.83%, and the power equipment (Shenwan) index fell by 8.18%, ranking first in the whole market. Photovoltaic sector stocks fell significantly. Among them, stocks related to supports and inverters fell the most, while stocks related to power stations and silicon materials rose slightly. The rise and fall of the sector in the past one month and three months after the resumption of trading. The decline of photovoltaic auxiliary materials (Shenwan) index in the past one month and three months was 13% and 25% respectively. In the past month, the decline of supports and power stations was relatively high, and the decline of silicon materials was small. Since this year, the correction of the sector has been serious. We believe that it is mainly affected by market sentiment, and the prosperity of the industry is still high. Basically speaking, there is a strong demand for photovoltaic. During the Spring Festival, companies continue to start construction, and some links are still out of stock.
The price of the industrial chain began to rise again, but the component price did not change, but the opening price increased
Since the Spring Festival, the price changes of various links in the photovoltaic industry chain have been relatively differentiated, mainly because the silicon materials in the upstream began to rise again, and the quotation of silicon wafers and battery wafers also began to rise, but the price of components remained basically unchanged. From the perspective of price changes in the industrial chain, silicon materials, silicon chips and battery chips have increased to varying degrees since the Spring Festival. The price of components has not increased significantly and remains basically unchanged. However, according to the latest statistics of the bid opening results of component bidding projects, compared with before the Spring Festival, the bid opening price of components after the festival has increased significantly, which is higher than the industry average price.
Investment advice
The recent market adjustment is relatively large. We believe that under the background of high prosperity of the industry, we suggest paying attention to overseas components and inverters. It is suggested to pay attention to Longi Green Energy Technology Co.Ltd(601012) , Ginlong Technologies Co.Ltd(300763) , Ningbo Deye Technology Co.Ltd(605117) , Sungrow Power Supply Co.Ltd(300274) , etc; The proportion of distributed installed capacity in China has increased rapidly. It is recommended to pay attention to Zhejiang Chint Electrics Co.Ltd(601877) , Zhejiang Sunoren Solar Technology Co.Ltd(603105) , Jiangsu Linyang Energy Co.Ltd(601222) , etc.
Risk tips
The installed capacity of the industry was less than expected, the epidemic intensified, and the global economy was seriously affected.
