This week’s market
Overall: this week, CSI 300 rose or fell by – 1.67%, 12 of the 31 industries in Shenwan level rose, the power equipment industry rose or fell by 4.25%, ranking first in Shenwan level industry, and the wind photovoltaic index rose or fell by 6.40%.
Individual stocks: 64 stocks in the photovoltaic industry (constituent stocks of wind photovoltaic index) achieved positive returns, of which, Wuxi Shangji Automation Co.Ltd(603185) led the rise by 24.07% and Shandong Jinjing Science And Technology Stock Co.Ltd(600586) led the decline by – 4.42%.
Valuation: as of February 27, 2022, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 47.83, and the P / E ratio of electrical equipment industry (Shenwan level) is 50.00.
Price tracking
The price of the industrial chain remained stable in general this week:
The price of monocrystalline silicon material increased slightly;
The price of monocrystalline silicon and polycrystalline silicon increased slightly;
The price of single crystal cell remains stable and that of polycrystalline cell remains stable;
Component prices remained stable.
Industry dynamics
National Development and Reform Commission: strengthen the development of power side energy storage and support the development and consumption of scenery base
Jilin: fully support the development of scenery in the western region of the province
Henan: in the 14th five year plan, 10 GW + of photovoltaic will be added, focusing on the development of distributed photovoltaic
Investment advice
The price of silicon material continued to rise slightly this week. According to the data of the silicon industry branch, the total supply of silicon material in China is estimated to be about 63000 tons (China’s output is 55000 tons and the import volume is 8000 tons) according to the production plan of Chinese foreign silicon material and silicon wafer enterprises in March. The monthly output of silicon wafer is expected to be about 23.6gw. Therefore, it is expected that the supply of silicon material in China will remain tight in March. It is reported that the photovoltaic modules detained by the United States in the early stage of Longji have been released, and most photovoltaic products detained by Trina Solar Co.Ltd(688599) have also been released. The United States has limited impact on Chinese photovoltaic enterprises on the grounds of Xinjiang issue. In addition, according to the prediction of the whole Shanxi Guoxin Energy Corporation Limited(600617) consumption testing center, the national photovoltaic utilization rate in January 2022 was 98.3%, an increase of 0.1pct year-on-year, of which the light rejection rate in Mengxi and Qinghai was slightly higher. Long term optimistic about the leader of vertical integration components and 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 tips
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.
