This week’s research focus: how to see the prospect of home appliance enterprises entering photovoltaic business
This paper reviews the development process of the photovoltaic industry, analyzes the development of the photovoltaic industry in the world and China in the past 20 years, and makes forward-looking expectations for the choice of home appliance enterprises to enter the photovoltaic industry according to the current policy and market environment. We believe that the photovoltaic industry has experienced a policy driven stage in various countries, and gradually turned to market driven after the end of policy driven. The industry will grow rapidly in the policy driven period and develop healthily in the market driven period in the future. At present, China’s photovoltaic industry is in the stage of changing from policy driven to market driven. Under the background of determining the demand for carbon neutralization, the photovoltaic industry has broad development space in the future. Home appliances and photovoltaic have the same points in many aspects. Home appliance enterprises entering the photovoltaic field is the direction conducive to the diversified expansion of the company.
The world photovoltaic industry has shifted from policy driven to market driven
Photovoltaic power generation is a technology that directly converts light energy into electric energy by using the photovoltaic effect of semiconductor interface. It is mainly composed of Cecep Solar Energy Co.Ltd(000591) battery board, controller and inverter. Compared with traditional thermal power generation, photovoltaic power generation has the advantages of safety, no pollution, sufficient stock, no restriction of resource distribution region and so on. Since the 21st century, the global climate problem and energy shortage have stimulated governments around the world to launch renewable energy subsidy policies, vigorously develop new energy, and the photovoltaic industry has achieved rapid development. The global photovoltaic industry was initially led by Germany, Spain, Italy and other EU countries; After the gradual decline of European subsidy policy, the baton was passed to Japan, the United States and China to replace Europe to lead the development of world photovoltaic industry; After that, with the continuous release of photovoltaic industry support policies by the Chinese government and the comprehensive closed loop of upstream and downstream of the industrial chain, China’s photovoltaic industry took the lead in the world.
Under the general trend of carbon neutralization, home appliance enterprises have broad prospects to enter photovoltaic industry
In the 1920s, nearly 110 countries around the world set the goal of achieving “carbon neutrality” (relatively net zero greenhouse gas emissions) in the middle of the 21st century to actively develop a low-carbon economy, formulate effective measures and carry out Climate Governance and international cooperation. In 2020, China put forward the goal of “carbon neutrality” by 2060 and entered the stage of low-carbon development with Chinese characteristics. In the process of achieving the goal of carbon neutralization, vigorously developing photovoltaic clean energy is a deterministic direction. Photovoltaic and home appliances have many similarities. For example, they are huge industries, and the market value of Longi Green Energy Technology Co.Ltd(601012) and Midea Group Co.Ltd(000333) leading industries of photovoltaic and home appliances exceeds 400 billion; The user end is connected with the home appliance industry, and home appliances are the most important aspect of household electricity; Both involve large-scale manufacturing, large-scale retail and large-scale service. Under the background of clear industry prospects, the photovoltaic industry will be one of the ideal choices for home appliance enterprises in the process of diversified expansion.
Trend of household appliance sector this week: this week, CSI 300 index + 3.14%, gem index – 0.34%, SME board index + 2.82%, household appliance sector + 5.16%. In terms of segments, white power, black power and small household appliances rose or fell by + 6.08%, + 1.74% and + 4.18% respectively.
Investment suggestion: maintaining the main logic of cost improvement is conducive to the improvement of the supply and demand of household appliances next year. At the same time, the marginal relaxation of real estate policy is conducive to the repair of domestic sales, and the moderate depreciation of RMB is beneficial to exports. It is suggested to pay attention to: [ Haier Smart Home Co.Ltd(600690) ], [ Midea Group Co.Ltd(000333) ] and [ Zhejiang Supor Co.Ltd(002032) ]. Maintain an optimistic view on the prosperity of emerging household appliances. It is recommended to pay attention to: [ Ecovacs Robotics Co.Ltd(603486) ], [ Beijing Roborock Technology Co.Ltd(688169) ], [ Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ].
Risk tips: the epidemic situation is expanding, and the real estate market, exchange rate, raw material price fluctuation risk, etc.
