The wave of electrification continues, the global prosperity of new energy vehicles continues to rise, Chinese battery and material enterprises accelerate the introduction into the global supply chain, the supply and demand of some links are expected to improve, the competition pattern of cell, copper foil, diaphragm and other links is better, and new technologies promote the upgrading of the industrial chain. The supply and demand game of photovoltaic industry chain is coming to an end, and the terminal demand is expected to be fully released. The asset light subdivision direction is preferred to meet the challenges of capacity cycle, and the localization of hjt equipment and battery industrialization are promoted in an all-round way; The inflection point of wind power boom is advanced, the demand for offshore wind power may be accelerated, and the price of bulk raw materials is loose, which is expected to thicken the profits of the midstream manufacturing industry. In terms of power equipment, the increase in the installed proportion of new energy requires accelerating the construction of a new power system with new energy as the main body. The power grid investment structure in the 14th five year plan is expected to further tilt to the fields of UHV, intelligence and power distribution. The demand for relevant equipment is expected to increase, and the core supply enterprises are expected to benefit significantly. Maintain the industry stronger than the market rating.
Plate market this week: the power equipment and new energy sector fell 1.59% this week, including photovoltaic sector rose 4.47%, industrial control automation rose 2.75%, wind power sector fell 1.68%, power generation equipment fell 1.99%, new energy vehicle index fell 2.14%, lithium battery index fell 2.59%, power transmission and transformation equipment fell 2.73% and nuclear power sector fell 2.74%.
Key industry information this week: new energy vehicles: China Automobile Association: in November, the sales volume of new energy vehicles was 450000, with a month on month increase of 17.3% and a year-on-year increase of 121.1%. From January to November, the cumulative sales volume of new energy vehicles was 2.99 million, a year-on-year increase of 166.8%. LG new energy officially announced its listing plan at the beginning of next year, which will raise about 12.8 trillion won. New energy power generation: the central economic work conference set the tone of “double carbon” and required to shift to “double control” of total carbon emission and intensity as soon as possible. Photovoltaics: this week, the quotation of polycrystalline silicon is reduced to 230-240 yuan / kg, and 182 silicon wafer is reduced by 0.4 yuan / piece. The National Energy Administration issued the management measures for the transformation, upgrading and decommissioning of wind farms (Draft for comments) to encourage the transformation, upgrading and decommissioning of wind farms that have been connected to the grid for more than 15 years.
Key information of the company this week: Cngr Advanced Material Co.Ltd(300919) : the company plans to invest 10 billion yuan in the first phase to build an integrated project of iron phosphate and lithium iron phosphate material production line with an annual output of 200000 tons. At the same time, it will support the production of phosphoric acid or yellow phosphorus and monoammonium phosphate from phosphate rock, as well as the mining area and phosphate rock mining to meet the needs of the project. Titan Wind Energy (Suzhou) Co.Ltd(002531) : the company plans to issue convertible bonds to raise 2.99 billion yuan for the construction project of 500MW wind farm in Xinghe County, Ulanqab City, the construction project of 300 sets of wind power blades and the construction project of 120000 tons of wind power tower. Beiteri: the company plans to invest in the construction of “integrated base project of artificial graphite negative electrode materials” in Shizuishan City, Ningxia, with a production capacity of 100000 tons of artificial graphite negative electrode materials. Guangzhou Tinci Materials Technology Co.Ltd(002709) : the company plans to issue convertible bonds to raise 2.561 billion yuan for the new lithium battery material project with an annual output of 152000 tons, the lithium difluorosulfimide project with an annual output of 20000 tons, the electrolyte basic material project with an annual output of 62000 tons 60000 T / a daily chemical basic material project (phase I). Xinjiang Daqo New Energy Co.Ltd(688303) : the company’s “35000 T / a polysilicon project” was put into operation on December 6, 2021. Beijing Easpring Material Technology Co.Ltd(300073) : the company will carry out strategic cooperation with Beijing Weilan new energy in solid lithium battery material product supply, technology development, capacity layout, etc. Guangdong Jiayuan Technology Co.Ltd(688388) : the company plans to cooperate with Contemporary Amperex Technology Co.Limited(300750) Establish a joint venture to jointly build a 100000 ton high-performance copper foil project. Ningbo Ronbay New Energy Technology Co.Ltd(688005) : the company plans to invest 41.7 million yuan to acquire 70% equity of Fenggu energy saving. Hunan Zhongke Electric Co.Ltd(300035) : the company plans to invest 2.5 billion yuan to build the “integration project of lithium battery cathode materials with an annual output of 100000 tons” in Guizhou. Nari Technology Co.Ltd(600406) : the company’s equity incentive plan plans to grant no more than 39981400 restricted shares to a total of 1300 directors, senior executives and core backbone, with the first grant price of 21.04 yuan / share. It will be unlocked in four phases from 2022 to 2025. The unlocking conditions will assess roe, deduction of non parent net profit, R & D expenses and economic added value.
Risk warning: the intensity and duration of power and production restriction exceed expectations; The impact of the epidemic exceeded expectations; The growth rate of investment declined; Policies fail to meet expectations; Price competition exceeds expectations; Price fluctuation of raw materials.
