There is no worry about the demand for PV outside China. After the recent adjustment, the valuation fell, ushering in the layout time point, optimizing the asset light subdivision direction to meet the challenges of the production capacity cycle, and comprehensively promoting new battery technologies such as hjt and TOPCON; The inflection point of wind power boom is ahead of schedule, the demand for offshore wind power may be accelerated, the supply chain of parts may be tight in stages, and the price of bulk raw materials is loose, which is expected to thicken the profits of the midstream manufacturing industry. The global prosperity of new energy vehicles continues to rise, and the sales data are bright. Chinese battery and material enterprises accelerate the introduction into the global supply chain. The supply and demand of some links are expected to improve, the competition pattern of cells, diaphragms and other links is better, and new technologies promote the upgrading of the industrial chain. The construction of the new power system is accelerated, and the power grid investment structure is expected to further tilt to UHV, intelligence and other fields, and the leading enterprises in all links are expected to benefit significantly. Maintain the rating that the industry is stronger than the market.
Plate market this week: the power equipment and new energy sector rose 5.53% this week, including power generation equipment rose 6.91%, wind power sector rose 5.69%, photovoltaic sector rose 5.28%, lithium battery index rose 5.22%, industrial control automation rose 4.03%, new energy vehicle index rose 3.91% and nuclear power sector Rose 1.06%.
Key industry information this week: new energy vehicles: OFweek: the installed capacity of China Shipbuilding Industry Group Power Co.Ltd(600482) battery in January 2022 was 16.2gwh, up 86.9% year-on-year. The top ten enterprises are: Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , China Innovation airlines, Gotion High-Tech Co.Ltd(002074) , honeycomb energy, Eve Energy Co.Ltd(300014) , Farasis Energy (Gan Zhou) Co.Ltd(688567) , Sunwoda Electronic Co.Ltd(300207) , Jiewei power and Tafel. China automotive power battery industry innovation alliance: in January 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery output totaled 29.7gwh, with a year-on-year increase of 146.2% and a month on month decrease of 6.2%. New energy power generation: the Ministry of industry and information technology: the whole photovoltaic industry has grown steadily. In 2021, the output of polysilicon is 505000 tons, 227gw of silicon wafers, 198gw of batteries and 182gw of modules. Fengmang energy: bid opening for procurement of 100MW offshore wind turbine off Pingtan, Fujian Province of the Three Gorges Project. The project is divided into two bid sections (40mW + 60MW), with four complete machine manufacturers bidding respectively. Guohua invested Shandong 500MW offshore wind power project to start bidding.
Key information of the company this week: 2021 performance express: Tongwei Co.Ltd(600438) (expected profit of 8.203 billion yuan, a year-on-year increase of 127.35%), Hunan Changyuan Lico Co.Ltd(688779) (expected profit of 701 million yuan, a year-on-year increase of 538.17%), Wuxi Shangji Automation Co.Ltd(603185) (expected profit of 1.637 billion yuan, a year-on-year increase of 208.01%). Flat Glass Group Co.Ltd(601865) : it is proposed to purchase 100% equity of Dahua mining and 100% equity of Sanli mining held by fengsha group, with a total transaction price of RMB 3.344 billion. This matter does not constitute a major asset restructuring. Farasis Energy (Gan Zhou) Co.Ltd(688567) : the fixed increase fund-raising amount was adjusted from 5.200 billion yuan to 4.520 billion yuan, of which the amount for high-performance power lithium battery project was adjusted from 4.600 billion yuan to 3.920 billion yuan. Trina Solar Co.Ltd(688599) : the company signed a purchase contract with Shuangliang silicon materials. From 2022 to 2024, the company will purchase 1.892 billion single crystal silicon wafers with a total size of 210 from Shuangliang silicon materials, with an estimated amount of about 15.95 billion yuan. Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) : signed the cooperation agreement on the whole industry chain project of new energy batteries, and agreed that Eve Energy Co.Ltd(300014) , Huayou holding and Yunnan Yuntianhua Co.Ltd(600096) would jointly establish two joint ventures in Yuxi City to jointly mine mineral resources and produce new energy batteries and upstream and downstream materials. Beijing Jingyuntong Technology Co.Ltd(601908) : the company signed the equipment procurement contract with Qujing Jingao to sell flexible shaft full-automatic single crystal furnace and single crystal growth control system to Qujing Jingao, with a total amount of 540 million yuan (including tax). Sichuan Yahua Industrial Group Co.Ltd(002497) : signed a supplementary agreement to the off purchase agreement with lithium industry development to adjust the reference price and maximum price of lithium concentrate in the agreement. It is expected that lithium concentrate will be provided to the company in the fourth quarter of this year according to the agreement. Shandong Shida Shenghua Chemical Group Company Limite(603026) : Shenghua new energy, a wholly-owned subsidiary, plans to invest in 10000 t / a new conductive agent project (with an investment budget of 318 million yuan), 10000 t / a fluorosolvent project (with an investment budget of 380 million yuan) and 20000 t / a positive lithium supplement project (with an investment budget of 935 million yuan).
Risk warning: price fluctuation of raw materials; Price competition exceeds expectations; The growth rate of investment declined; Policies fail to meet expectations; International trade friction risk; The impact of covid-19 epidemic exceeded expectations.
