Zhou’s view: the supply side continues to break through, and the trend of strong combination is obvious
(1) New energy vehicles: from the recent Contemporary Amperex Technology Co.Limited(300750) and Guangdong Jiayuan Technology Co.Ltd(688388) , Beijing Easpring Material Technology Co.Ltd(300073) From the perspective of cooperation with Weilan new energy, the trend of strong cooperation among industrial chain companies is more obvious. On the one hand, these cooperation is conducive to the continuous upward development of subsequent industrial chains, on the other hand, it is conducive to the sharing of resources, processes and technologies, so as to promote the rapid implementation of product innovation. We expect that with the further launch of new products in 2022, the industry penetration will further increase rapidly. At present, it is in the period of accelerated production expansion of industrial chain capacity, and the supply side is expected to accelerate the release in the future, Industry investment has entered the third stage: (a) return to long-term growth, pay attention to the links with high barriers, and lithium battery leader is the core; (b) in the later cycle, pay attention to the diffusion of the landscape of the new energy vehicle industry chain, and the integration of energy storage, hydrogen energy, motor, equipment, charging and replacement, traditional vehicle parts and electrification is the direction that needs to be paid attention to. (c) In terms of new technologies, pay attention to the cost reduction brought by the product innovation of leading companies, such as flat wires, high-voltage systems, 4680 batteries, etc.
(2) Photovoltaic: Recently, the central economic work conference proposed to further promote the energy revolution, exclude the new renewable energy and raw material energy from the total energy consumption control, and create conditions to realize the “double control” of energy consumption to the “double control” of total carbon emission and intensity as soon as possible Transformation; From the perspective of policy, the release of the supply side is strongly supported, and there is expected to be a large breakthrough in future business model and product innovation. The price of silicon material has been loosened, which further confirms our judgment that the price of the industrial chain has entered a decline cycle. We believe that the release of high-quality supply side and the improvement of product cost performance are the core of the sustainable growth of the industry, and we are optimistic about the high growth of demand in 2022, There are three aspects to be optimistic about: (a) the opportunity of power station development market + power market-oriented reform, Jinko Power Technology Co.Ltd(601778) , Jiangsu Linyang Energy Co.Ltd(601222) and other companies benefit; (b) the terminal links such as components and inverters with good competition pattern; (c) the auxiliary material industrial chain with good supply and demand in the medium and long term, and the innovation of the industrial end (heterojunction, granular silicon, etc.) and the increase of market share of advantageous leading companies.
Beijing Easpring Material Technology Co.Ltd(300073) comments: join hands with the leading layout of solid-state batteries, industrial chain cooperation and extension to improve the certainty of growth
Join hands with China’s solid-state battery leader to seize the commanding height of the next generation technology. On December 7, 2021, Beijing Easpring Material Technology Co.Ltd(300073) signed a strategic cooperation agreement with Weilan new energy. This agreement includes: (1) product supply. Weilan new energy will purchase no less than 25000 tons of solid lithium battery materials from Beijing Easpring Material Technology Co.Ltd(300073) from 2022 to 2025; (2) For product development, Weilan new energy will give priority to Beijing Easpring Material Technology Co.Ltd(300073) products for supporting the development of new solid-state power batteries or other new batteries; (3) Coordinate production capacity layout and jointly invest in the construction of solid lithium battery materials in the future.
Sector and company tracking
New energy vehicle industry: Contemporary Amperex Technology Co.Limited(300750) 32 billion new energy project officially started
New energy automobile company: Beijing Easpring Material Technology Co.Ltd(300073) signed a strategic cooperation agreement with Weilan new energy
At the photovoltaic industry level: Longi Green Energy Technology Co.Ltd(601012) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) successively lowered the official quotation of silicon wafers, with a decrease of 7 ~ 13% in different sizes
Photovoltaic company level: Tongwei Co.Ltd(600438) issuance of convertible bonds was approved
Wind energy industry level: Zhejiang Windey Co.Ltd(300772) winning the bid Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) 60MW distributed wind power project
Risk tips: the development of new technologies exceeds expectations, the demand is lower than expectations, and the competition in the new energy market is intensified
