The wave of electrification continues, the global prosperity of new energy vehicles continues to rise, Chinese battery and material enterprises accelerate the introduction into the global supply chain, the supply and demand of some links are expected to improve, the competition pattern of cell, copper foil, diaphragm and other links is better, and new technologies promote the upgrading of the industrial chain. The supply and demand game of photovoltaic industry chain is coming to an end, and the terminal demand is expected to be fully released. The asset light subdivision direction is preferred to meet the challenges of capacity cycle, and the localization of hjt equipment and battery industrialization are promoted in an all-round way; The inflection point of wind power boom is advanced, the demand for offshore wind power may be accelerated, and the price of bulk raw materials is loose, which is expected to thicken the profits of the midstream manufacturing industry. In terms of power equipment, the increase in the installed proportion of new energy requires accelerating the construction of a new power system with new energy as the main body. The power grid investment structure in the 14th five year plan is expected to further tilt to the fields of UHV, intelligence and power distribution. The demand for relevant equipment is expected to increase, and the core supply enterprises are expected to benefit significantly. Maintain the industry stronger than the market rating.
Plate market this week: the power equipment and new energy sector fell 7.37% this week, of which the nuclear power sector fell 0.79%, the new energy vehicle index fell 3.9%, the photovoltaic sector fell 5.38%, the wind power sector fell 6.09%, the lithium battery index fell 6.71%, the power generation equipment fell 7.56%, and the power transmission and transformation equipment fell 7.68%.
Key industry information this week: new energy vehicles: Korea ITnews: LG energy plans to increase the quotation of cylindrical battery cells by 10% next January. Tengyuan cobalt’s gem IPO was approved and Ganfeng Lithium Co.Ltd(002460) and Xiamen Tungsten Co.Ltd(600549) all participated. Zhongkehai sodium will build the world’s first large-scale production line of sodium ion batteries in Anhui. New energy power generation: the 2022 national energy work conference was held in Beijing. The conference released seven key tasks for energy work next year. The list of the first batch of large-scale wind and Everbright base projects was released, involving 19 provinces, with a total scale of 97.05gw.
Key information of the company this week: Yunnan Energy New Material Co.Ltd(002812) : the company plans to invest no more than 157 million euros in the isolation film project of wet lithium battery in Hungary for capital construction and increase three coating production lines, slitting equipment and other related supporting facilities. Xinjiang Daqo New Energy Co.Ltd(688303) : the company plans to invest 33.25 billion yuan to build 300000 t / a high-purity industrial silicon project, 200000 t / a silicone project, 200000 t / a high-purity polysilicon project and 21000 T / a semiconductor polysilicon project. Tbea Co.Ltd(600089) : the company plans to increase 369 million yuan to its subsidiary, Dezhou cable company, for cable intelligent manufacturing project, equipment cable project and intelligent factory project, with a total investment of 820 million yuan. Jiangsu Eastern Shenghong Co.Ltd(000301) : the company’s major asset restructuring was approved by the CSRC. Sinoma Science & Technology Co.Ltd(002080) : the company’s subsidiary, Inner Mongolia Zhongli, plans to invest 2.3 billion yuan to build a special wet diaphragm production line for lithium batteries with an annual output of 720 million square meters. Zhejiang Huayou Cobalt Co.Ltd(603799) : the company plans to acquire 87% equity and related creditor’s rights of Zimbabwe prospect lithium mining company held by pmpl, a wholly-owned subsidiary of Australia prospect company, with USD 378 million, and acquire 6% equity of prospect lithium mining company held by natural person Mr. Kingston kajese and 7% equity of prospect lithium mining company held by tamaritrust family trust with USD 44.2477 million. Guangdong Tonze Electric Co.Ltd(002759) : the company plans to raise no more than 2.11 billion yuan through non-public offering for 30000 tons of lithium hexafluorophosphate, 6000 tons of high-purity lithium fluoride and other new electrolyte lithium salts and integrated supporting projects of Jiangsu Teri LIANTENG Material Technology Co., Ltd. Ganfeng Lithium Co.Ltd(002460) : the company’s tender offer for bacanora has been approved by the Mexican government, and more than 75% of bacanora’s shareholders have accepted the tender offer. Suzhou Maxwell Technologies Co.Ltd(300751) : Ming Yang Smart Energy Group Limited(601615) added 155000 conditional restricted shares of the company in 2021, with a lock-in period of 6 months. Trina Solar Co.Ltd(688599) : Trina wisdom, a subsidiary of the company, plans to increase its capital and shares. Shanghai Lihe, Taizhou future, Jiaxing Tongshun, Shanghai xingtie and Hunan YuXun have increased their capital by 547 million yuan. After the capital increase, they hold a total of 10.24% equity of Trina wisdom.
Risk warning: the intensity and duration of power and production restriction exceed expectations; The impact of the epidemic exceeded expectations; The growth rate of investment declined; Policies fail to meet expectations; Price competition exceeds expectations; Price fluctuation of raw materials.
