Core recommended combinations: Ming Yang Smart Energy Group Limited(601615) , Shandong Fengyuan Chemical Co.Ltd(002805) , Tongwei Co.Ltd(600438) , Eve Energy Co.Ltd(300014) , Shandong Weida Machinery Co.Ltd(002026) , Fujian Nebula Electronics.Ltd(300648) , Ja Solar Technology Co.Ltd(002459) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Contemporary Amperex Technology Co.Limited(300750) , Hangzhou First Applied Material Co.Ltd(603806) , Trina Solar Co.Ltd(688599) , Titan Wind Energy (Suzhou) Co.Ltd(002531)
New energy power generation:
Photovoltaic: China Nuclear Huineng started the bidding for 6 ~ 7.5GW modules, and the n-type double-sided modules were nearly 1GW. On February 14, 2022, China Nuclear Huineng issued the announcement on the first centralized procurement bidding of photovoltaic module equipment in 2022, with a total scale of 6 ~ 7.5GW, including 0.3 ~ 0.5gw of components below 500MW and 5.7 ~ 7gw of components above 500MW. Large scale components account for nearly 95%. The trend of large-scale transformation of the industry is obvious. In addition, the announcement separately invited tenders for n-type double-sided components, with a scale of about 0.7 ~ 1GW. Since the beginning of 2022, the new production capacity of TOPCON arranged by Jingke, Zhonglai and other manufacturers has accelerated, and large-scale implementation may be realized within the year. N-type technologies such as TOPCON are expected to usher in large-scale mass production and application in 2022. It is recommended to pay attention to polysilicon material and battery chip faucet Tongwei Co.Ltd(600438) ; Component faucet Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) ; Large silicon chip faucet Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) ; Inverter taps Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) , Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) ; Photovoltaic auxiliary materials: Hangzhou First Applied Material Co.Ltd(603806) , Flat Glass Group Co.Ltd(601865) ; Layout Jiangsu Akcome Science And Technology Co.Ltd(002610) , Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Risen Energy Co.Ltd(300118) , Jolywood (Suzhou) Sunwatt Co.Ltd(300393) of the new technology route; Operation of photovoltaic power station: Jinko Power Technology Co.Ltd(601778) , Cecep Solar Energy Co.Ltd(000591) , Jiangsu Linyang Energy Co.Ltd(601222) .
Wind power: Inner Mongolia: the installed capacity of new energy in the 14th five year plan has doubled, and it is required to configure 10% (2H) energy storage system. In the next four years, the average annual installed capacity of wind and solar power is nearly 12gw, and the installed capacity of new energy storage is 1.2gw (2.4gwh). On February 15, 2022, Inner Mongolia officially issued the “14th five year plan for energy conservation” of Inner Mongolia Autonomous Region. The notice stressed that we should pay equal attention to centralized and distributed development, develop self use and export consumption at the same time, and build an energy supply system with new energy as the main body. At the same time, it proposed that by 2025, the total installed capacity of new energy in the whole region will reach more than 100gw, In 2030, the total amount of new energy power generation will exceed the total amount of thermal power generation. In order to solve the problem of output fluctuation of large-scale new energy installed capacity, the autonomous region requires new new energy power stations to allocate energy storage at least 10% (2 hours) of installed capacity, and encourages stock new energy power stations to allocate energy storage facilities of a certain scale. According to the national power map of 2021 released by China power knowledge base, by the end of 2021, Inner Mongolia has achieved 39.96gw and 14.12gw of wind power and photovoltaic installed capacity respectively, and about 54gw of new energy installed capacity. According to the target of 100gw by the end of the 14th five year plan, the new installed capacity may reach 46gw in the next four years, nearly 12gw per year, and about 1.2gw (2.4gwh) of new energy storage installed capacity. It is suggested to pay attention to the energy storage and nuclear power industry chain and join hands with the target Fujian Nebula Electronics.Ltd(300648) of Ningde energy storage ecosystem; Recommend Xinjiang Goldwind Science And Technology Co.Ltd(002202) , Ming Yang Smart Energy Group Limited(601615) and parts enterprises with rapid performance growth Titan Wind Energy (Suzhou) Co.Ltd(002531) , Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) , Shandong Shuangyi Technology Co.Ltd(300690) , Jinlei Technology Co.Ltd(300443) , Riyue Heavy Industry Co.Ltd(603218) .
New energy vehicles: in January, the sales volume of electric vehicles in China was 431000, slightly higher than expected; Yiwei, Enjie and other companies joined hands with Yuxi government to increase the layout of new energy. According to the data of China Automobile Association, the output of new energy vehicles in China in January was 452000, with a month on month increase of – 12.6% and a year-on-year increase of + 133.2%; The sales volume of 431000 vehicles was – 18.6% month on month and + 135.8% year-on-year, slightly exceeding the expectation. In terms of penetration rate, the penetration rate of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in mid January was 17%, with a month on month decrease of 2pcts (large volume at the end of December 21, high base), which was significantly higher than the penetration rate of 13.4% in 2021. In January, the installed capacity of China Shipbuilding Industry Group Power Co.Ltd(600482) battery was 16.2gwh, with a year-on-year increase of + 87% and a month on month increase of – 38%. Structurally, the installed capacity of lithium iron phosphate battery in January was 8.87gwh, accounting for 55%; The installed capacity of ternary battery is 7.30gwh, accounting for 45%. Eve Energy Co.Ltd(300014) , Yunnan Energy New Material Co.Ltd(002812) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Yunnan Yuntianhua Co.Ltd(600096) and Yunnan Yuxi Municipal Government signed the cooperation agreement on the whole industry chain project of new energy batteries: establish two joint ventures to carry out mining and deep processing business, and invest at least 51.7 billion yuan to build a new energy cluster in Yuxi. In terms of recommendation, Contemporary Amperex Technology Co.Limited(300750) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Eve Energy Co.Ltd(300014) , Hunan Changyuan Lico Co.Ltd(688779) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Shandong Fengyuan Chemical Co.Ltd(002805) , Shandong Weida Machinery Co.Ltd(002026) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Beijing Easpring Material Technology Co.Ltd(300073) , Cngr Advanced Material Co.Ltd(300919) , Hunan Zhongke Electric Co.Ltd(300035) , Shenzhen Dynanonic Co.Ltd(300769) , Yunnan Energy New Material Co.Ltd(002812) are recommended.
Risk tip: the installed demand of new energy is less than expected, the new energy power generation policy is less than expected, and the macro-economy is less than expected.
