Core view
Market review: last week, the power equipment sector (Shenwan industry 2021) closed at 10833.4 points, up 5.5%. The Shanghai Composite Index closed at 3490.8 points, up 0.8%; Shenzhen Component Index closed at 13459.7 points, up 1.8%; Gem closed at 2826.8 points, up 2.9%. In the sub sections, photovoltaic equipment, wind power equipment, power grid equipment and other power supply equipment increased, of which wind power equipment increased the most, up to 7.0%, and other power supply equipment increased the least, up to 1.3%. In the wind industry index, the photovoltaic index and wind power generation index rose by 4.6%, and the photovoltaic glass index rose by 0.2%. In terms of individual stocks, the top five gainers were: hongshida rose 19.18%, Zhuzhou Times New Material Technology Co.Ltd(600458) rose 18.23%, Ginlong Technologies Co.Ltd(300763) rose 16.89%, Jinlei Technology Co.Ltd(300443) rose 15.86%, Shenzhen Kstar Science & Technology Co.Ltd(002518) rose 15.77%. In terms of key stocks in the sector, the top three companies in the photovoltaic industry were Ginlong Technologies Co.Ltd(300763) , Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , Qingdao Gaoce Technology Co.Ltd(688556) , with increases of 16.89%, 13.07% and 12.61% respectively. In the wind power industry, the top three companies were Jinlei Technology Co.Ltd(300443) , Titan Wind Energy (Suzhou) Co.Ltd(002531) , Dajin Heavy Industry Co.Ltd(002487) , with increases of 15.86%, 13.51% and 12.97% respectively. In the power grid equipment and industrial control automation industry, Shenzhen Inovance Technology Co.Ltd(300124) increased the most, 6.59%, and Shenzhen Megmeet Electrical Co.Ltd(002851) decreased the most, 5.88%; Among new energy operators and other industries, Yunnan Wenshan Electric Power Co.Ltd(600995) and Hongda Xingye Co.Ltd(002002) rose last week by 4.35% and 3.58%.
Industry chain price tracking: in terms of photovoltaic industry chain price, the price of silicon material and silicon wafer rebounded slightly this week. The price of polysilicon this week was 247 yuan / kg, up 0.82% from last week. In terms of silicon wafers, the prices of the first and second tier manufacturers of single crystal 166 silicon wafers were 5.35 and 5.30 yuan / piece respectively, which remained unchanged compared with last week; The prices of the first and second tier manufacturers of single crystal 182 silicon wafers were 6.46 and 6.35 yuan / piece respectively, which remained unchanged and increased by 0.79% compared with last week. In terms of battery chips, the first and second-line prices of single crystal perc166 were 1.10 and 1.09 yuan / W, up 0.92% and 0.93% respectively compared with last week. The weekly average price of metal silicon rose slightly, up 01600 yuan / ton compared with the previous week.
Industry focus: American Photovoltaic Industry Association: oppose axonsolar’s petition for anti-dumping review of Southeast Asian components; In 2021, China’s photovoltaic industry will aim at high-quality development and achieve a good start in the 14th five year plan; Indian manufacturer saatvik Solar has expanded its component capacity to 1GW and plans to reach 3gw in 2023; Ja Solar Technology Co.Ltd(002459) passed the evaluation of the national enterprise technology center.
Investment suggestions: focus on Henan Hengxing Science & Technology Co.Ltd(002132) (photovoltaic diamond wire), Baosheng Science And Technology Innovation Co.Ltd(600973) (offshore wind power submarine cable) Roshow Technoiogy Co.Ltd(002617) (silicon carbide substrate), Hongda Xingye Co.Ltd(002002) (hydrogen energy).
Risk warning: the sales of new products are less than expected; The Sino US trade war intensified; Industry competition intensifies risks.
