This week’s market
Overall: this week, CSI 300 rose or fell by 3.14%, 22 of the 31 industries in Shenwan level rose, the electrical equipment industry rose or fell by – 1.59%, ranking 28th in Shenwan level industry, and the wind photovoltaic index rose or fell by 1.35%.
Individual stocks: 36 stocks in the photovoltaic industry (component stocks of wind photovoltaic index) achieved positive returns, of which, Yingkou Jinchen Machinery Co.Ltd(603396) led the rise with an increase of 18.56% and Zhejiang Sunoren Solar Technology Co.Ltd(603105) led the decline with a decrease of – 8.59%.
Valuation: as of December 12, 2021, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 56.25, and the P / E ratio of electrical equipment industry (Shenwan level) is 56.17.
Price tracking
The price of the industrial chain fell in an all-round way this week:
The price of monocrystalline silicon material decreased;
The price of monocrystalline silicon and polycrystalline silicon fell;
The price of single crystal cells fell, and the price of polycrystalline cells fell;
Component prices fell.
Industry dynamics
Central economic work conference: new renewable energy and raw material energy will not be included in the total energy consumption control
Anhui released 6Gw scenery construction plan
Four departments jointly issued a document: encourage the use of wind energy, Cecep Solar Energy Co.Ltd(000591) and other renewable energy
Investment advice
The central economic work conference held in Beijing this week made it clear that the new renewable energy and raw material energy will not be included in the total energy consumption control. Since September, affected by the dual control policy of energy consumption in many places, some industrial silicon and polysilicon with high energy consumption in the photovoltaic industry chain have been forced to stop production, and the expansion of new capacity is also limited by energy consumption indicators, which has intensified the contradiction of insufficient polysilicon capacity relative to downstream demand since this year. The proposal of this policy has solved the biggest concern of the market about the smooth expansion of silicon material production capacity. In the future, the entry of silicon material price into the decline channel has become a more certain event, and the essential characteristics of cost reduction and efficiency increase of photovoltaic industry have been guaranteed again. Long term optimistic about the leader of vertical integrated components and the leading inverter enterprises with leading layout in the field of energy storage: Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) .
Risk statement
The consumption of new energy is less than expected; The new installed capacity is less than expected; Price fluctuation risk of industrial chain; The implementation of the new energy plan on the 14th five year plan was not as expected.
