Key investment points
[the list of the first batch of large-scale wind power and photovoltaic base projects was released] on December 24, the national development and Reform Commission and the National Energy Administration issued the notice on the list of the first batch of large-scale wind power and photovoltaic base construction projects focusing on deserts, Gobi and desert areas, which determined that the project involved 19 provinces such as Inner Mongolia, Qinghai and Gansu, with a total scale of 97.05gw. The project will be put into operation from 2022 to 2023.
[National Energy Administration: in 2022, we will accelerate the tackling of key technical and equipment problems, focusing on key areas such as energy storage and hydrogen energy] on the afternoon of December 24, the 2022 national energy work conference was held in Beijing. The meeting said that in 2022, we will focus on tackling key technical problems in key fields such as gas turbine, nuclear power, renewable energy, oil and gas, energy storage and hydrogen energy, and strive to make breakthroughs in green and low-carbon cutting-edge technologies.
[ Contemporary Amperex Technology Co.Limited(300750) has realized the AB cell hybrid scheme of the battery pack] on December 21, Contemporary Amperex Technology Co.Limited(300750) chairman Zeng Yuqun said at the annual Lithium Battery Conference of Gaogong that Contemporary Amperex Technology Co.Limited(300750) has realized the design scheme of arranging two different AB cells in a single battery pack. AB can be the hybrid of iron lithium and ternary, lithium battery cell and sodium battery. This design breaks through the performance boundary of a single material system and realizes complementary advantages.
[announcement of important companies] on December 23, Sinoma Science & Technology Co.Ltd(002080) announced that Inner Mongolia Zhongli plans to invest 2.303 billion yuan in Inner Mongolia to build the “special wet diaphragm production line project for lithium battery with an annual output of 720 million square meters”. On December 24, Guangdong Tonze Electric Co.Ltd(002759) disclosed the plan for non-public offering of A-Shares in 2021, and planned to raise 2.11 billion yuan 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. and supplement working capital. On December 23, Zhejiang Huayou Cobalt Co.Ltd(603799) announced that the company planned to acquire prospect lithium mine in Zimbabwe for us $422 million through its subsidiary Huayou international mining. The lithium mining company has completed the first batch of lithium products for shipment and sales. On December 24, Yunnan Energy New Material Co.Ltd(002812) announced that the subsidiary Shanghai Enjie signed the advance payment agreement with Contemporary Amperex Technology Co.Limited(300750) and agreed that Contemporary Amperex Technology Co.Limited(300750) would pay an advance payment of 850 million yuan to Shanghai Enjie to ensure the supply of wet diaphragm (base film and coating film) of power battery in 2022. The total amount excluding tax was about 5.178 billion yuan.
According to the data of Shanghai Nonferrous Metals network, on December 24, the mainstream price of electrolytic cobalt in China was 482000-492000 yuan / ton, and the average price increased by 4500 yuan / ton compared with last week. Co3O4 was reported at 385000-385000 yuan / ton, and the average price was flat compared with last week. Cobalt sulfate was reported at 985-101000 yuan / ton, with the average price rising by 0700 yuan / ton compared with last week. The rise of electrolytic cobalt eased this week. Since January, the import tariff of electrolytic cobalt has decreased, the Christmas holiday is approaching, and the overseas inquiry is light. China’s downstream magnetic materials and superalloy enterprises mainly need to replenish the warehouse, and their willingness to take the initiative to prepare goods is weak. [lithium] according to the data of Shanghai Nonferrous Metals network, on December 24, the price of metal lithium was 1.15-1.2 million yuan / ton, with an average price of 20000 yuan / ton higher than last week. The mainstream price of battery grade lithium carbonate was reported at 252000-256000 yuan / ton, and the average price increased by 16000 yuan / ton compared with last week. The quotation of battery grade lithium hydroxide (coarse particle) is RMB 201-209 thousand / ton, with an average price of RMB 14000 / ton higher than last week. As for battery grade lithium carbonate, near the end of the year, the demand for upstream capital recovery is high, the downstream stock mood is heavy, and the price rises rapidly. [ternary material] Shanghai Nonferrous Metals network data, December 24, ternary material (type 523) the mainstream price is 236000-244000 yuan / ton, and the average price is 5500 yuan / ton higher than last week. Ternary precursor The price of (type 523) is 125000-128000 yuan / ton, and the average price is the same as last week. On the cost side, the manufacturing cost of ternary materials is increased due to the upward price of cobalt salt and lithium. On the demand side, the power side still maintains a strong growth trend, and the number is relatively flat. It is expected that the price of ternary materials will continue to rise slightly.
[lithium iron phosphate cathode] according to the data of Shanghai Nonferrous Metals network, on December 24, the price of lithium iron phosphate (power type) was 99000-103000 yuan / ton, with an average price of 400000 yuan / ton higher than last week. The price of lithium iron phosphate (energy storage type) was 93000-97000 yuan / ton, with an average price of 400000 yuan / ton higher than last week. On the raw material side, the price of lithium carbonate has risen rapidly recently, the manufacturing cost of lithium iron phosphate enterprises has increased significantly with lithium salt, and the quotation of mainstream large manufacturers has risen to about 100000 yuan / ton. Considering that the price of lithium salt is still in the upward range, the price of lithium iron phosphate will continue to rise in the future. It is suggested to pay active attention to: Contemporary Amperex Technology Co.Limited(300750) , Yunnan Energy New Material Co.Ltd(002812) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Beijing Easpring Material Technology Co.Ltd(300073) , Tianqi Lithium Corporation(002466) , Ganfeng Lithium Co.Ltd(002460) , Jiangsu Cnano Technology Co.Ltd(688116) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) .
[PV upstream price game atmosphere continues to wait for terminal demand] according to pvinfolink data, on December 22, the mainstream quotation of [silicon material] polycrystalline silicon compact was 236000 yuan / ton, and the average price decreased by 4.5% compared with last week. The target price of silicon material varies greatly between the buyer and the seller. The seller hopes to control the rate of price decline. On the one hand, it will maintain the opening price that is not too low at the beginning of next year, and on the other hand, it will avoid the overall market sentiment becoming more wait-and-see; On the buyer’s side, because on the one hand, the continuous low operating rate in the crystal pulling link inhibits the demand for silicon materials, on the other hand, the expectation of the continued decline in the price of silicon materials is still strong, and the consideration of the expectation of price decline and price loss urges the buyer to have concerns about purchasing. [silicon wafer] the mainstream price of single crystal silicon wafer 158.75mm is 5.000 yuan / PC, and the average price is the same as last week. The mainstream quotation of 166mm monocrystalline silicon wafer is 4.900 yuan / PC, and the average price is the same as last week. The mainstream quotation of 182mm monocrystalline silicon wafer is 5.700 yuan / PC, and the average price is the same as last week. The price of monocrystalline silicon wafer has fallen rapidly for several consecutive weeks. With the acceleration of de stocking of silicon wafer and the short-term oversold of 182mm size price, the prices of all sizes of monocrystalline silicon wafer have stabilized this week. [cell] the mainstream quotation of 166mm single crystal perc cell is 1.050 yuan / W, and the average price is the same as last week. The mainstream quotation of 182mm single crystal perc battery is 1.080 yuan / W, and the average price is the same as last week. Under the factors such as the sharp price reduction of silicon wafers, single crystal battery chips are expected to maintain a certain profit level. [component] the mainstream quotation of 365-375 / 440-450w single crystal perc component is 1.900 yuan / W, and the average price is 1.0% lower than that of last week. The mainstream quotation of 182mm single crystal perc module is 1.930 yuan / W, and the average price is 1% lower than that of last week. The demand for next year is not yet clear, the market is in a strong wait-and-see mood, and the component manufacturers are expected to repair next year. [photovoltaic glass] the mainstream price of 3.2mm coating was reported as 26.0 yuan / m2, and the average price was flat compared with last week. The mainstream quotation of 2.0mm coating is 20 yuan / m2, and the average price is the same as last week. Key recommendations: Kbc Corporation Ltd(688598) , Hangzhou First Applied Material Co.Ltd(603806) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Shanghai Aiko Solar Energy Co.Ltd(600732) , Longi Green Energy Technology Co.Ltd(601012) , Xinjiang Daqo New Energy Co.Ltd(688303) , Tongwei Co.Ltd(600438) . It is suggested to pay active attention to: Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Wuxi Shangji Automation Co.Ltd(603185) , Suzhou Maxwell Technologies Co.Ltd(300751) , Flat Glass Group Co.Ltd(601865) .
Risk warning: the policy is not as expected; The recovery of China’s photovoltaic demand is less than expected; The sales volume of new energy vehicles recovered less than expected; The impact of overseas epidemic continues.
