Core view:
Market review: this week, the mechanical equipment index rose 0.36%, the Shanghai and Shenzhen 300 index fell 1.67%, and the gem index rose 1.03%. Mechanical equipment ranked 10th in all 28 industries. After excluding negative values, the valuation level of the machinery industry is 24.5 (overall method). The top three sectors in the machinery industry this week are photovoltaic equipment, semiconductor equipment and machine tools; Since the beginning of the year, the top three segments are oil and gas development equipment, instruments and meters and machine tools.
Boom week: focus on China’s photovoltaic equipment investment opportunities in 2022
The prosperity of photovoltaic industry continues to rise, and China’s new installed capacity is expected to exceed 75gw in 2022. According to the prediction made by China Photovoltaic Industry Association at the seminar on February 23, China’s photovoltaic industry will develop rapidly in 2021, and the newly added photovoltaic installed capacity will reach a record high of 54.88gw. On the basis of rapid growth in manufacturing end, import and export, benefiting from China’s huge reserve of photovoltaic power generation projects, the newly installed capacity of China’s photovoltaic industry will reach 75-90gw in 2022, The high prosperity of photovoltaic industry is expected to continue.
In the context of “double carbon”, in order to realize low-carbon power generation, China’s energy structure is changing from traditional fossil energy to clean energy such as photovoltaic, wind power and nuclear power. In order to support the development of photovoltaic industry, China’s relevant policies have been continuously increased, and a series of policies have been successively issued, such as promoting photovoltaic pilot projects throughout the county, building photovoltaic + modern agriculture, developing intelligent photovoltaic industry, developing distributed and centralized photovoltaic at the same time; Orderly commencement of large-scale wind power photovoltaic base; Financial institutions continue to launch carbon emission reduction support tools. China’s photovoltaic has entered the era of affordable Internet access. With the support and guidance of various policies, photovoltaic is becoming one of the main energy sources. During the “14th five year plan” period, China’s photovoltaic installed capacity is expected to show an explosive trend.
Technology iteration promotes cost reduction and efficiency increase in the photovoltaic industry, and equipment is the core and key link. Under the general trend of carbon neutrality, the demand of all links of the photovoltaic industry chain continues to release. One of the main driving forces for the transformation of photovoltaic to the main energy is to reduce costs and increase efficiency. With the upgrading of technological innovation, the conversion efficiency of photovoltaic power generation continues to improve, and photovoltaic power generation is entering the era of large-scale and high-power development. In the aspect of silicon wafer, the permeability of large-size single crystal has increased, and silicon wafer manufacturers have arranged to expand production one after another; The industrialization of n-type battery is gradually approaching; Component links, multi-point flowering of high-efficiency components, and the expansion scale surges with the demand for installed capacity. All links of China’s photovoltaic equipment have been localized. Continuous cost reduction and technical iterations such as large-size, hjt and multi main grid are expected to accelerate the clearing out of backward production capacity and the expansion of advantageous production capacity. The accelerating speed of technology iteration will further shorten the equipment renewal cycle, and the growth momentum of core equipment manufacturers in all links is sufficient, which is conducive to the development of photovoltaic equipment industry.
Investment suggestions: we are optimistic about the investment opportunities of photovoltaic equipment industry under the high prosperity of photovoltaic industry, and the equipment manufacturers in all links of the industrial chain will fully benefit. The relevant targets are recommended Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Kbc Corporation Ltd(688598) , Wuxi Autowell Technology Co.Ltd(688516) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , etc.
Risk warning: covid-19 pneumonia epidemic situation is repeated; The degree of policy promotion is less than expected; The growth rate of manufacturing investment was lower than expected; Intensified industry competition, etc.
