Key investment points
Market review: last week, the electrical equipment sector closed at 124517, up 3%. The Shanghai Composite Index closed at 345141, down – 0.48%; Shenzhen composite index closed at 1341292, down – 0.07%; The CSI 300 index closed at 457342, down – 1.2%; The gem index closed at 2855.8, up 0.56%.
In terms of sub sectors, the photovoltaic equipment sector rose by 8.93%, with the largest increase; Wind power equipment sector fell – 0.59%, with the largest decline; The battery sector rose 2.99%; The power grid equipment sector rose 2.24%; The motor sector rose 4.09%; Other power equipment sectors rose 2.97%.
It is suggested that the investment trend of electrical equipment sector continues to rebound by 3% last week. Photovoltaic continued to rebound strongly. We believe that the current valuation of the photovoltaic sector has shown long-term investment value after preliminary adjustment. It is recommended to actively layout the photovoltaic sector.
New energy: in the short term, the price of crude oil and natural gas will remain high, and the rise in the price of traditional energy will help stimulate the new installed demand of new energy. At present, the PV production scheduling in the first quarter is good, forming a situation that the off-season is not light. According to our understanding, the production scheduling of all links is close to full production, and it is expected to exceed expectations in the first quarter. Recommend Shanghai Aiko Solar Energy Co.Ltd(600732) with clear reversal of performance and Tongwei Co.Ltd(600438) with continuous benefit of silicon price. In the long run, the global PV installed capacity is expected to exceed 200GW in 2022, with a year-on-year increase of more than 30%. It is suggested to continue to pay attention to the following directions: integrated component faucet Trina Solar Co.Ltd(688599) , Ja Solar Technology Co.Ltd(002459) , Longi Green Energy Technology Co.Ltd(601012) ; Auxiliary materials: Diamond thread faucet Yangling Metron New Material Co.Ltd(300861) , Qingdao Gaoce Technology Co.Ltd(688556) , etc.
Wind power: in the global environment of carbon emission reduction, it also plays an important role as photovoltaic, and the long-term trend is good. However, the short-term performance is affected by the price rise of upstream raw materials and the price reduction of downstream host machines, so it is difficult to achieve high growth. At present, the valuation is at a reasonable level. It is suggested to pay attention to the catalysis brought to the sector by the future bidding situation of the industry and the price trend of raw materials.
New energy vehicles: the price of lithium carbonate began to transmit to the downstream, and the external quotation of lithium iron phosphate was further raised. Meanwhile, ternary materials continued to rise. At present, downstream main engine manufacturers have begun to increase the price of pure electric vehicles one after another. It remains to be seen whether it will affect the sales of pure electric vehicles in the future. In addition, lithium supply is likely to become the bottleneck of sales growth of new energy vehicles this year. It is expected that the future will still be dominated by structural market. It is suggested to pay attention to the opportunities of technology replacement and tight production capacity. It is recommended that the domestic aluminum-plastic film sector may replace the accelerated aluminum-plastic film sector this year. At present, with the valuation adjustment, some segments have reached the point worthy of investment, and the supply of copper foil is still tight. In addition, Tesla recently announced on the official twitter that as of January, the output of the next generation 4680 battery has exceeded 1 million, and the industrialization of 4680 has attracted attention again. It is suggested to pay attention to the corresponding targets: Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) etc.
Power equipment: Recently, international commodity prices have rebounded rapidly, and the prices of copper, aluminum and steel have an upward trend. There is a certain cost pressure on cable manufacturers with high downstream copper costs. In addition, for high-end products with good supply and demand, this will become an opportunity to raise prices, which is worthy of attention to the recent trend of copper prices.
The combination of this week will combine the combination of the combination of the week: Shanghai Aiko Solar Energy Co.Ltd(600732) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) .
Risk warning: the risk that the growth rate of the industry is lower than expected; Risk of policy uncertainty; The risk of price decline due to fierce market competition.
