Core view
Photovoltaic: the price of the industrial chain continued to rise, and the demand showed a boom trend in the first quarter. From the perspective of segments: 1) silicon material: the price of silicon material continued to rise in the second week after the festival, and the increase of each single crystal material ranged from 0.10% to 0.30%. Up to now, it has risen for five consecutive weeks. In February, the long orders of most silicon material manufacturers have been signed, and a small number of scattered orders continue to raise the price. When the supply and demand of silicon materials increase together in February, the supply increment is still less than the demand increment. The overall market supply of silicon materials is relatively tight, and it is expected that the price of silicon materials will still rise in the future. 2) Silicon wafer: at present, most silicon wafer enterprises in China keep up with the pace of leading enterprises to raise prices. The increase in the start-up of downstream battery chips has led to an increase in demand. The key to the rise in prices still lies in the tense relationship between supply and demand; 3) Battery chip: Chinese battery chip manufacturers are willing to expand production, but the rising sentiment of battery chip price is greatly resisted by downstream components, which belongs to the key position of the price game of the industrial chain. 4) Components: the price of components has remained stable this week, but the price of signed but undelivered orders may be renegotiated. The price of orders delivered in the future has also increased from the bid opening price of Chinese central enterprise projects after the Spring Festival. In 2021, China’s exports of photovoltaic products exceeded US $28.4 billion. On February 15, the Ministry of industry and information technology issued a document saying that in 2021, the supply chain of the national photovoltaic industry chain remained safe and stable. 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. 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, the demand of photovoltaic market continues to increase.
Wind power: the price of wind turbine continues to show high cost performance, and the bidding rhythm continues to advance. Wind turbine procurement bid opening of China Resources Power Ulat Zhongqi 100MW wind power project: the unit price of prospective energy is 1889 yuan / kW. According to the assumption of wind energy, the lowest price is 1439 yuan / kw-1539 yuan / kW after deducting the tower (about 350 yuan / kw-450 yuan / kW). Bid opening of 100MW offshore wind turbine in Pingtan, Three Gorges; Bid opening of 800MW wind turbine procurement project of Beijing energy Xilin Gol; Longyuan Power 675mw fan procurement bid opening.
Industrial control: the Ministry of industry and information technology and other eight departments issued the implementation plan on accelerating the comprehensive utilization of industrial resources. It is clear that by 2025, the production intensity of industrial solid waste in key industries such as iron and steel, nonferrous metals and chemical industry will decrease, the comprehensive utilization level of bulk industrial solid waste will be significantly improved, the renewable resources industry will develop continuously and healthily, and the comprehensive utilization efficiency of industrial resources will be significantly improved; The scale of China’s industrial Siasun Robot&Automation Co.Ltd(300024) market reached a new high in 2021. In 2021, the overall market scale of China’s industrial Siasun Robot&Automation Co.Ltd(300024) reached 256360 units, with a year-on-year increase of 49.5%. The scale of China’s industrial Siasun Robot&Automation Co.Ltd(300024) market reached a new high in 2021. In 2021, collaborative Siasun Robot&Automation Co.Ltd(300024) shipments reached 15663 units, with a year-on-year growth rate of 108.5%. Industrial Siasun Robot&Automation Co.Ltd(300024) downstream industry boom growth. According to Mir data, in 2021, new energy related industries in the industrial Siasun Robot&Automation Co.Ltd(300024) downstream industry grew rapidly, with a year-on-year growth rate of 131% in lithium battery industry and 51% in photovoltaic industry; Local integrators in the industrial Siasun Robot&Automation Co.Ltd(300024) industrial chain are gradually moving towards medium and high-end application integration.
Investment proposal and investment object
The photovoltaic sector recommends Longi Green Energy Technology Co.Ltd(601012) (601012, buy), Tongwei Co.Ltd(600438) (600438, buy), Ja Solar Technology Co.Ltd(002459) (002459, buy), Shanghai Hiuv New Materials Co.Ltd(688680) (688680, buy), Hangzhou First Applied Material Co.Ltd(603806) (603806, buy). It is recommended to pay attention to Trina Solar Co.Ltd(688599) (688599, not rated); The wind power sector recommends Riyue Heavy Industry Co.Ltd(603218) (603218, overweight), and it is recommended to pay attention to Titan Wind Energy (Suzhou) Co.Ltd(002531) (002531, not rated), Dajin Heavy Industry Co.Ltd(002487) (002487, not rated), Jiangyin Hengrun Heavy Industries Co.Ltd(603985) (603985, not rated), Ningbo Orient Wires & Cables Co.Ltd(603606) (603606, not rated).
Risk tips
The growth of photovoltaic industry is less than expected; The growth of wind power industry is less than expected; Industrial control industry grew less than expected
