Zhou’s view: the growth environment is getting better and the positive layout is rebounding
(1) new energy vehicles: in the short term, the data in January exceeded expectations and is expected to lead the industry penetration rate to exceed 20% in 2022; In the long run, the people’s Government of Yuxi City, Yunnan Province, Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) , Huayou holdings and Yunnan Yuntianhua Co.Ltd(600096) have jointly signed the cooperation agreement on the whole industry chain project of new energy batteries, and the 100 billion lithium battery industry chain project has set sail, indicating that the cooperation and upgrading of leading companies are expected to accelerate the release of production capacity in the future and enhance the overall growth space. We believe that the market has been in the bottom short term, so we can further actively layout the rebound and pay attention to the investment opportunities in three directions. We elaborate on how to layout: (a) core growth: invest according to the level of barriers (battery, lithium resources, diaphragm, negative electrode, etc.), Contemporary Amperex Technology Co.Limited(300750) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Yunnan Energy New Material Co.Ltd(002812) and other companies benefit; (b) Post cycle: companies such as Guangzhou Great Power Energy&Technology Co.Ltd(300438) , Pylon Technologies Co.Ltd(688063) benefit from flexible investment according to the growth rate, such as energy storage, power exchange and other sectors; (c) New technology: invest according to the penetration rate, such as 4680, Ningbo Ronbay New Energy Technology Co.Ltd(688005) and other companies.
(2) photovoltaic: the price of products in the industrial chain is still rising, which suppresses the demand in the short term, and is expected to ease in March and April; Longi Green Energy Technology Co.Ltd(601012) release distributed component products to further improve the downstream layout; We expect that 2022 will be a critical period for new technology breakthroughs, in which n-type battery is the core. We are mainly optimistic about three directions: (a) power station development market + power market-oriented reform, Jiangsu Linyang Energy Co.Ltd(601222) , Jinko Power Technology Co.Ltd(601778) and other benefits; (b) Global leading components, inverters and other terminal links with good competition pattern, Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) and other benefits; (c) In the medium and long term, we are optimistic about the innovation of the industrial end (n-type battery, granular silicon, etc.) and the improvement of the market share of advantageous leading companies, which will benefit Jingke energy and poly GCL energy.
(3) wind power: first of all, the price reduction of industrial chain products has formed a good positive demand feedback. The recent wind power bidding data is good, and offshore wind power is an elastic link in the next few years. Secondly, the real parity upward cycle will be started in 2022, and the industry valuation system is expected to be reshaped. Long term optimistic about offshore wind power + large-scale + core parts, Zhejiang Windey Co.Ltd(300772) , Ningbo Orient Wires & Cables Co.Ltd(603606) and other companies benefit.
Zhejiang Windey Co.Ltd(300772) depth: pioneer of China’s wind power industry and rising wind power complete machine enterprise
A pioneer in China’s wind power industry and a rising wind power complete machine enterprise. The company is the first enterprise engaged in wind turbine research and manufacturing in China. Benefiting from the high growth of the wind power industry in the future and the large-scale cost reduction of the whole machine link, the company is expected to seize the opportunity to enter the first echelon of the industry. By the end of the third quarter of 2021, the company’s orders on hand were 14.1gw, which is very close to the head enterprises. With the delivery of large MW models and the increase of market share, the company is expected to usher in better performance growth and maintain a good profit level in the future.
Sector and company tracking
New energy automobile industry: following “ningwang”, LG new energy has made great efforts to store energy
New energy automobile company: Jiangsu Azure Corporation(002245) issued an application for non-public offering of A-Shares and obtained the approval of the CSRC
Announcement approved by the issuance audit committee
Photovoltaic industry level: cecep plans to raise 6 billion yuan for 1.128gw photovoltaic power station
Photovoltaic company level: Wuxi Shangji Automation Co.Ltd(603185) operating profit in 2021 was 1858777696.25, with a year-on-year increase of 203.33%
At the level of wind energy industry: eight departments including the Ministry of industry and information technology jointly issued the implementation plan for accelerating the comprehensive utilization of industrial resources
At the level of wind energy companies: the CSRC approved Ming Yang Smart Energy Group Limited(601615) to issue 147928994 non-public shares at 13.52 yuan / share
Risk warning: the development of new technologies exceeds expectations, the demand is lower than expectations, and the competition in the new energy market is intensified
