Industry outlook and configuration suggestions:
New energy vehicles: Euler’s new energy models black cat and white cat stopped receiving orders, mainly due to the fact that under the environment of lack of core and less power, the cumulative number of orders waiting for black cat and white cat to be delivered to users exceeded 20000, resulting in great pressure on order delivery. We expect that the off-season of production and sales in the first quarter is not light, and the performance of the industrial chain in the first quarter is expected to maintain a year-on-year high growth. It is suggested to pay attention to the links such as high nickel ternary and silicon carbon negative electrode that benefit from the progress of 4680 battery.
Recommendations: Ningbo Shanshan Co.Ltd(600884) , Cngr Advanced Material Co.Ltd(300919) , Beijing Easpring Material Technology Co.Ltd(300073) , Contemporary Amperex Technology Co.Limited(300750) , Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014)
New energy power generation: the national development and Reform Commission and the Energy Administration issued a notice on the implementation plan for the development of new energy storage in the 14th five year plan. The document pointed out that we should promote the development and consumption of large-scale wind power photovoltaic bases in the Gobi desert and increase the support of “new energy + energy storage”. It is suggested to pay attention to the demand growth of diamond line driven by the production period of photovoltaic silicon material.
Recommended: Yangling Metron New Material Co.Ltd(300861) , Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Tongwei Co.Ltd(600438) , Cybrid Technologies Inc(603212)
Industry trends:
New energy vehicles: the general office of Shanghai Municipal People’s government issued the implementation opinions on further promoting the construction of charging and replacing infrastructure in Shanghai, which proposed that by 2025, the charging demand of more than 1.25 million electric vehicles should be met, and the vehicle pile ratio of the whole city should not be higher than 2:1.
New energy power generation: Tongwei announced the latest quotation of single crystal perc battery. Compared with the last quotation, the prices of 166, 182 and 210 sizes increased by 0.2 yuan / W.
Risk factors: the downstream demand is less than the expected risk; Risk of technical route change; Price fluctuation risk of raw materials; Market competition intensifies risks; International trade risks, etc.
