Key investment points
[Ministry of industry and information technology: the output of photovoltaic products increased significantly in 2021, with exports exceeding US $28.4 billion] on February 15, the official website of the Ministry of industry and information technology published an article entitled “China’s photovoltaic industry in 2021 aims at high-quality development and achieves a good start in the 14th Five Year Plan”. In 2021, the annual output of polysilicon, silicon wafer, battery and module reached 505000 tons, 227gw, 198gw and 182gw respectively, with a year-on-year increase of 27.5%, 40.6%, 46.9% and 46.1% respectively. In 2021, China’s exports of photovoltaic products exceeded US $28.4 billion.
[with a total investment of 51.7 billion, Yunnan Yuntianhua Co.Ltd(600096) joined hands with the three giants of lithium battery to layout the whole lithium battery industry chain] on February 16, Yunnan Yuntianhua Co.Ltd(600096) signed the cooperation agreement on the whole industry chain project of new energy battery with Yuxi Municipal People’s government, Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) and Huayou holdings, which agreed that all parties should jointly establish two joint ventures in Yuxi City. One is mainly engaged in the development of mineral resources, and the other is mainly engaged in mineral processing. Meanwhile, Yunnan Yuntianhua Co.Ltd(600096) , Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) , Huayou holdings will focus on the target mineral resources of Yuxi City and build battery supporting projects such as new energy battery, lithium battery isolation film, iron phosphate, lithium iron phosphate and copper foil projects in Yuxi City. The total investment of the project is 51.7 billion yuan, which is divided into three phases and is planned to be completed by 2030.
[other important announcements] on February 15, Yongxing Special Materials Technology Co.Ltd(002756) announced that it plans to cooperate with Jiangxi tungsten industry to build a 20000 ton lithium carbonate project with product supply of Contemporary Amperex Technology Co.Limited(300750) . On February 16, beiteri plans to sign a cooperation agreement with the people’s Government of Guangming District, Shenzhen, and plans to invest in the construction of a 40000 ton silicon-based negative electrode material project in Guangming District, Shenzhen. The total investment of the project is expected to be 5 billion yuan. On February 14, Shandong Shida Shenghua Chemical Group Company Limite(603026) issued several project investment announcements. Including “10000 t / a new conductive agent project”, “20000 t / a positive lithium replenishing agent project” and “10000 t / a fluorosolvent project”, with a total investment of about 1.63 billion yuan.
According to the data of Shanghai Nonferrous Metals network, on February 18, the mainstream price of electrolytic cobalt in China was 528-54000 yuan / ton, with an average price of 20000 yuan / ton higher than last week. Cobalt sulfate was reported at 111000-114000 yuan / ton, with the average price rising by 2000 yuan / ton compared with last week. Co3O4 was reported at 415000-419000 yuan / ton, with an average price of 9000 yuan / ton higher than last week. In terms of cobalt, the recent inventory of China’s cobalt salt plants is generally low. In addition, the supply is tightened due to the combination of Spring Festival maintenance and shortage of intermediate products in February. Due to the shortage of lithium salt, the downstream production is reduced, which indirectly affects the demand for cobalt. There is a strong wait-and-see mood in the upstream and downstream, and the price is expected to rise slowly.
[lithium] according to the data of Shanghai Nonferrous Metals network, on February 18, the quotation of metal lithium was 2.26-2.32 million yuan / ton, with the average price rising by 260000 yuan / ton compared with last week. The mainstream price of battery grade lithium carbonate was reported at 434000-442000 yuan / ton, and the average price increased by 46000 yuan / ton compared with last week. The quotation of battery grade lithium hydroxide (coarse particle) is 368000-377000 yuan / ton, and the average price is 46000 yuan / ton higher than last week. In terms of lithium, in the first quarter, China’s mainstream lithium smelters were frequently overhauled, and the lack of ore supply also restricted the recent lithium salt production. On the demand side, due to the shortage of raw materials, enterprises passively reduce production, but the purchasing sentiment is still strong, and the price is expected to continue to rise. [ternary material] according to the data of Shanghai Nonferrous Metals network, on February 18, the price of ternary material (type 523) was 321000-33000 yuan / ton, and the average price increased by 21000 yuan / ton compared with last week. The quotation of ternary precursor (type 523) is 143000-146000 yuan / ton, and the average price is 5500 yuan / ton higher than last week. The price of lithium salt drives the cost of ternary materials to rise sharply, and the supply of ternary materials may decline slightly this month due to the difficulty of purchasing lithium salt to a certain extent. In terms of price transmission, the power end is relatively smooth and the digital difficulty is relatively large. In the future, it is expected that the price of ternary materials will still rise with lithium salt. [lithium iron phosphate cathode] according to the data of Shanghai Nonferrous Metals network, on February 18, the price of lithium iron phosphate (power type) was 147000-152000 yuan / ton, and the average price increased by 12000 yuan / ton compared with last week. The price of lithium iron phosphate (energy storage type) is 142000-146000 yuan / ton, and the average price is 12000 yuan / ton higher than last week. Key recommendations: Contemporary Amperex Technology Co.Limited(300750) , Yunnan Energy New Material Co.Ltd(002812) , Zhejiang Huayou Cobalt Co.Ltd(603799) . It is recommended to pay active attention to: Shandong Kaisheng New Materials Co.Ltd(301069) , Anhui Estone Materials Technology Co.Ltd(688733) , Zhuhai Cosmx Battery Co.Ltd(688772) , Shan Xi Hua Yang Group New Energy Co.Ltd(600348) , Jiangsu Cnano Technology Co.Ltd(688116) , Shenzhen Dynanonic Co.Ltd(300769) .
[the upstream price of photovoltaic industry chain continues to fluctuate, and the downstream increase is limited] according to pvinfolink data, on February 16, the mainstream quotation of [silicon material] polysilicon dense material was 241000 yuan / ton, and the average price increased by 1.3% compared with last week. In terms of supply, the improvement speed of the actual supply of silicon material is limited. Although the supply increased slightly month on month in February, at present, the overall new supply of silicon material in the first quarter of this year is still insufficient compared with the new demand of silicon wafer crystal drawing. [silicon chip] the mainstream quotation of 166mm monocrystalline silicon chip is 5.310 yuan / PC, with the average price rising by 0.6% compared with last week. The mainstream quotation of 182mm monocrystalline silicon wafer is 6.390 yuan / PC, with the average price rising by 0.6% compared with last week. The mainstream quotation of 210mm monocrystalline silicon wafer is 8.450 yuan / PC, and the average price is the same as that of last week. Although the overall growth and movement of the crystal pulling link continued to increase month on month in February, the price of monocrystalline silicon wafer rose as a whole against the background of relatively concentrated downstream demand. [cell] the mainstream quotation of 166mm single crystal perc cell is 1.090 yuan / W, and the average price is the same as last week. The mainstream quotation of 182mm single crystal perc battery is 1.120 yuan / W, and the average price is 0.9% higher than that of last week. The mainstream quotation of 210mm single crystal perc battery is 1.120 yuan / W, and the average price is 0.9% higher than that of last week. The order of battery chip is stable, and the order of silicon chip is supported to a certain extent. It is difficult for the price of silicon chip to decline significantly in the short term. [component] the mainstream quotation of 365-375 / 440-450w single crystal perc component is 1.860 yuan / W, and the average price is the same as last week. The mainstream quotation of 182mm single crystal perc module is 1.880 yuan / W, and the average price is the same as that of last week. Although the component side has begun to adjust its pricing strategy this week and is expected to adjust the price increase in China by about 2 cents per watt, the price is limited by the terminal acceptance this week, and there is no significant rise in the price for the time being. [photovoltaic glass] the mainstream price of 3.2mm coating is 25.0 yuan / m2, and the average price is the same as that of last week. The mainstream quotation of 2.0mm coating is 19.2 yuan / m2, and the average price is the same as last week. Key recommendations: Hangzhou First Applied Material Co.Ltd(603806) , Shanghai Aiko Solar Energy Co.Ltd(600732) , Kbc Corporation Ltd(688598) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Longi Green Energy Technology Co.Ltd(601012) , Tongwei Co.Ltd(600438) , Xinjiang Daqo New Energy Co.Ltd(688303) . It is recommended to pay active attention to: Shanghai Hiuv New Materials Co.Ltd(688680) , Risen Energy Co.Ltd(300118) , Chengdu Guibao Science & Technology Co.Ltd(300019) , Yangling Metron New Material Co.Ltd(300861) , Levima Advanced Materials Corporation(003022) .
Risk tip: the newly installed capacity of photovoltaic is less than expected, the production and sales of new energy vehicles are less than expected, the sharp fluctuation of raw material prices affects the industry demand, and other unexpected explosion risks.
