Plate review
Last week’s performance: from February 7 to February 11, most sectors of shenwanyi rose, among which coal, petroleum and petrochemical rose the most, with an increase of 13.86% and 7.98% respectively. Power equipment and electronics fell the most, with a decrease of 8.18% and 3.32% respectively.
Last week, the top ten stocks in the new energy sector were: Sinomine Resource Group Co.Ltd(002738) (20.15%), Jiangxi Special Electric Motor Co.Ltd(002176) (18.74%), Titan Wind Energy (Suzhou) Co.Ltd(002531) (16.55%), Zhengwei new material (16.49%), Farasis Energy (Gan Zhou) Co.Ltd(688567) (12.95%), Gcl System Integration Technology Co.Ltd(002506) (12.54%), Ning Xia Yin Xing Energy Co.Ltd(000862) (12.38%), China Molybdenum Co.Ltd(603993) (11.99%), China energy construction (11.72%), Sichuan Yahua Industrial Group Co.Ltd(002497) (10.88%).
The top ten stocks that fell were: Shenzhen United Winners Laser Co.Ltd(688518) (- 23.36%), Beijing Sinohytec Co.Ltd(688339) (- 21.09%), Hunan Zhongke Electric Co.Ltd(300035) (- 18.00%), Contemporary Amperex Technology Co.Limited(300750) (- 17.32%), Guangdong Fangyuan Environment Co.Ltd(688148) (- 15.91%), Sungrow Power Supply Co.Ltd(300274) (- 15.17%), Flat Glass Group Co.Ltd(601865) (- 15.13%), Shenzhen Kedali Industry Co.Ltd(002850) (- 15.01%), Shenzhen Senior Technology Material Co.Ltd(300568) (- 14.79%), Beijing Easpring Material Technology Co.Ltd(300073) (- 13.79%).
Core viewpoints and investment suggestions of new energy vehicles
On February 10, the Ministry of industry and information technology, the national development and Reform Commission, the Ministry of science and technology, the Ministry of finance, the Ministry of natural resources, the Ministry of ecological environment, the Ministry of Commerce and the State Administration of Taxation jointly issued the notice on accelerating the implementation plan of promoting the comprehensive utilization of industrial resources. The document explains the scheme in 24 detailed rules from five aspects: overall requirements, comprehensive utilization and quality improvement and efficiency improvement project of industrial solid waste, efficient recycling project of renewable resources, comprehensive utilization capacity improvement project of industrial resources and safeguard measures. In terms of promoting the standardized utilization of renewable resources and improving the utilization value of renewable resources, it refers to the standardized management of renewable resources in the waste power battery and waste mobile phone industry, and makes a separate guidance on improving the recycling system of waste power batteries.
This release is for the Ministry of industry and information technology and other ministries to improve the recycling system of waste power batteries after January 12. Driven by the “3060” double carbon goal, new energy + energy storage, as the key path of energy structure transformation, ushered in the golden track. The recycling and reuse of power batteries is the general trend. According to the data of China Automotive Technology Research Center, in 2020, the number of Shanxi Guoxin Energy Corporation Limited(600617) vehicles has reached 4.92 million, and 200000 tons (about 25gwh) of power batteries have been retired. In 2025, the capacity of waste power batteries to be recycled in China is expected to reach 137.4gwh, five times higher than that in 2020.
At the industry level, the first wave of decommissioning of power batteries is coming, and battery recycling has obvious economic and environmental value. The scheme released by the Ministry of industry and information technology and other eight ministries and commissions also pointed out a clear application scenario for the echelon utilization of power batteries: the field of standby power and charging and changing power. Since 2021, as the sales volume of new energy vehicles in the downstream continues to exceed expectations, the upstream lithium battery raw materials have maintained a tight balance between supply and demand, and the price has soared. Enterprises with the recycling and reuse of waste power batteries can no longer be affected by the lack of raw material resources and price fluctuations, reduce their production costs, and obtain higher profits. In terms of waste battery industry, we should actively support the development of waste battery recycling industry.
On December 30, 2021, the Ministry of Finance and the State Administration of Taxation issued the catalogue of preferential value-added tax for products and services for comprehensive utilization of resources (2022 version), increased the tax rebate of waste battery recycling industry (from 30% to 50%) and standardized the industrial technical standards. We expect that more enterprises will join the battery recycling industry in the future, and the high outlook of the industry is expected to come.
Under the current trend of automobile globalization and electrification, the global sales of new energy vehicles will still maintain a rapid growth trend. There are still structural opportunities in the new energy vehicle sector in 2022, and short-term adjustment may provide a buying opportunity. According to the prediction of the ride Federation, the global sales volume in 2022 is expected to reach the level of ten million vehicles, China Shipbuilding Industry Group Power Co.Ltd(600482) battery industry chain, as a participant occupying the main share of the world, will fully benefit. Lithium battery industry chain: with the continuous rise in the price of raw materials such as lithium ore in the upstream and the demand for new energy vehicles in the downstream, the price of power battery may rise in 2022, and battery enterprises are expected to usher in profit repair. The relevant targets: Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) , Farasis Energy (Gan Zhou) Co.Ltd(688567) , Sunwoda Electronic Co.Ltd(300207) , Zhuhai Cosmx Battery Co.Ltd(688772) , Guangzhou Great Power Energy&Technology Co.Ltd(300438) . Lithium battery material industry chain suggests paying attention to enterprises with strong bargaining power, integrated layout and overseas expansion of new customers: negative electrode related targets Shanghai Putailai New Energy Technology Co.Ltd(603659) , diaphragm related targets Yunnan Energy New Material Co.Ltd(002812) . In the field of lithium battery recovery, under the background of the upcoming retirement tide in the power battery recovery industry, it is suggested to pay attention to enterprises with first mover and integrated advantages in the fields of power battery recovery and manufacturing, standby power and charge and discharge, and the relevant targets include: Gem Co.Ltd(002340) , Miracle Automation Engineering Co.Ltd(002009) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Guangdong Guanghua Sci-Tech Co.Ltd(002741) .
Core viewpoints and investment suggestions of photovoltaic and wind power
In the short term, the overall price of photovoltaic in the middle and upper reaches remained stable last week, and the subsequent capacity release of silicon manufacturers is expected to guide the cost downward and promote the downstream installation demand; Under the background of China’s gradual liberalization of electricity price control, it is expected that the profitability of distributed photovoltaic investment will increase. The superposition policy will guide the whole county to promote the construction of distributed photovoltaic. In the future, distributed projects will still account for a high proportion of new installed capacity in 2022. In the medium and long term, “double carbon” and the proportion of non fossil energy in primary energy consumption will reach about 20% in 2025. The goal is clear. New energy such as photovoltaic will play an important role in energy transformation and carbon emission reduction. It is suggested to grasp the investment opportunities in component links that benefit from the decline of raw material prices and the expected recovery of profits, including Longi Green Energy Technology Co.Ltd(601012) , Trina Solar Co.Ltd(688599) , Ja Solar Technology Co.Ltd(002459) ; Related targets of distributed photovoltaic project construction: Sungrow Power Supply Co.Ltd(300274) , Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , Ginlong Technologies Co.Ltd(300763) .
In the short term, the parity offshore wind power in January 2022 is faster than expected, the trend of large-scale wind turbines is significant, the overall cost is expected to continue to decline, and the wind power landscape is expected to improve. In the medium and long term, wind power is one of the alternative forms of energy to achieve “carbon neutrality”. The wind power industry has broad prospects and long-term growth space. At the same time, offshore wind power is the key to solve the contradiction between insufficient power generation and power load in the eastern coastal areas. Subject matter with cost advantage and technical core competitiveness:
Dajin Heavy Industry Co.Ltd(002487) , Titan Wind Energy (Suzhou) Co.Ltd(002531) , Qingdao Tianneng Heavy Industries Co.Ltd(300569) , Riyue Heavy Industry Co.Ltd(603218) , Ming Yang Smart Energy Group Limited(601615) , Xinjiang Goldwind Science And Technology Co.Ltd(002202) , Sinoma Science & Technology Co.Ltd(002080) , Jinlei Technology Co.Ltd(300443) etc.
Risk tips
The production and sales of new energy vehicles are lower than expected; The double carbon policy is less than expected; The epidemic development exceeded expectations.
