Market review: Shenwan power equipment industry rose 5.53% last week, outperforming the Shanghai and Shenzhen 300 index by 4.45 percentage points, ranking first among Shenwan 31 industries. The first three stocks in the power equipment sector rose weekly were Youngy Co.Ltd(002192) , Zhuzhou Times New Material Technology Co.Ltd(600458) and Ginlong Technologies Co.Ltd(300763) respectively. The three companies rose by 20.03%, 18.23% and 16.89% respectively. In terms of valuation, as of February 18, 2022, the pettm of power equipment sector was 45.90 times and the pbttm of power equipment sector was 5.93 times.
Zhou viewpoint of power equipment industry: Recently, the Ministry of industry and information technology issued a document saying that in 2021, the supply chain of the national photovoltaic industry chain will remain safe and stable, and the annual output of polysilicon, silicon wafer, battery and module increased significantly year-on-year. The battery efficiency reached a new high. The mass production efficiency of p-type perc battery reached 23.1%, the experimental efficiency of n-type TOPCON battery exceeded 25.4%, and the mass production speed of hjt battery was accelerated. With the acceleration of global response to climate change, China’s export demand for photovoltaic products is growing. At present, the price of photovoltaic modules has been reduced to about 1.8-1.9 yuan / W, large-scale module bidding has been launched, the iterative upgrading of superposition technology has been accelerated and the market application has continued to expand. The installed capacity of photovoltaic will remain vigorous this year. Since this year, the cost of large-scale wind turbines has continued to decline. The quotation of wind turbine tower projects has been lower than 1900 yuan / kW, and the bidding of wind power is vigorous. According to incomplete statistics, the bidding capacity of onshore and offshore wind turbines in China exceeded 10GW in January 2022, a year-on-year increase of more than twice. It is expected that the installed capacity of wind power in China is expected to increase significantly this year. It is recommended to pay attention to Tongwei Co.Ltd(600438) (600438); Hangzhou First Applied Material Co.Ltd(603806) （603806）； Flat Glass Group Co.Ltd(601865) （601865）； Longi Green Energy Technology Co.Ltd(601012) （601012）； Ming Yang Smart Energy Group Limited(601615) （601615）； China National Nuclear Power Co.Ltd(601985) （601985）。
Risk warning: macroeconomic fluctuations affect downstream demand; The price of the industrial chain has risen sharply; Risks such as intensified industry competition; Electricity demand is less than expected; The construction of new energy power generation is less than expected.
