This week’s market
Overall: this week, the CSI 300 rose or fell by 1.08%, 20 of the 31 industries in Shenwan level rose, the power equipment industry rose or fell by 5.53%, ranking first in Shenwan level industry, and the wind photovoltaic index rose or fell by 4.57%.
Individual stocks: 62 stocks in the photovoltaic industry (component stocks of wind photovoltaic index) achieved positive returns, of which Ginlong Technologies Co.Ltd(300763) led the rise with an increase of 16.89% and Jilin Electric Power Co.Ltd(000875) led the decline with a decrease of – 5.08%.
Valuation: as of February 20, 2022, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 44.46, and the P / E ratio of electrical equipment industry (Shenwan level) is 48.03.
Price tracking
The overall price of the industrial chain rebounded this week:
The price of monocrystalline silicon materials rose;
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
In the index distribution of 1.55gw project in Xinjiang, Huadian and Guodian gained the most
Zhejiang Province: the installed capacity of Fengguang will reach more than 54gw in 2030
Department 12: organize and implement the special action for innovation and development of photovoltaic industry
Investment advice
The price of silicon material continued to rise slightly this week, mainly because the supply increment was still less than the demand increment in February when the supply and demand of silicon material increased at the same time. The overall market supply of silicon material was relatively short, and the price rise was still supported by power. According to the silicon branch, it is expected that China’s silicon material output will increase by 2000-3000 tons month on month in March, which is slightly lower than expected. In addition, China’s installed capacity will start one after another, and the procurement demand will remain strong. It is expected that the silicon material price will continue to rise steadily and slightly in the short term. 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.
