The resilience of PV demand outside China exceeded expectations. After the recent adjustment, the valuation fell and ushered in the layout time point. The target whose performance is expected to maintain a high growth rate is preferred to meet the challenges of the capacity cycle, and new battery technologies such as hjt and TOPCON 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 supply chain of parts and components may be tight at different stages. The global prosperity of new energy vehicles continues to rise, and the sales data are bright. 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 cells, diaphragms and other links is better, and new technologies promote the upgrading of the industrial chain. The construction of the new power system will be accelerated, and the investment structure of the power grid is expected to further tilt to UHV, intelligence and other fields, and the leading enterprises in all links are expected to benefit significantly. Maintain the rating that the industry is stronger than the market.
Plate market this week: the power equipment and new energy sector fell 3.54% this week, including photovoltaic sector rose 2.67%, nuclear power sector rose 2.40%, power generation equipment rose 2.39%, wind power sector rose 0.66%, industrial control automation fell 3.03%, lithium battery index fell 5.46% and new energy automobile index fell 5.50%.
Key industry information this week: new energy vehicles: CBC metal network: battery grade lithium carbonate, the quotation this week exceeds 500000 yuan / ton In Byd Company Limited(002594) 2 months, the sales volume of new energy vehicles was 88283, with a year-on-year increase of 752.56%. The installed capacity of global battery in February 2027gsn increased by 25.87% year-on-year. Of which, Contemporary Amperex Technology Co.Limited(300750) 9.7gwh, a year-on-year increase of 128% Byd Company Limited(002594) 3.5gwh, with a year-on-year increase of 195%. Delivery volume of new forces in February: ideal 8414, Nezha 7117, Xiaopeng 6225, Weilai 6131 and Zero run 3435. New energy power generation: 2022 government work report: promoting the construction of large-scale scenery base, new renewable energy and raw material energy will not be included in the total energy consumption control. The 14th five year plan of Inner Mongolia: add 51gw of wind power and 32.6gw of photovoltaic power.
Key information of the company this week: annual report of 2021: Shenzhen Senior Technology Material Co.Ltd(300568) (profit of RMB 283 million, a year-on-year increase of 133.49%; deduction of non-profit of RMB 296 million, a year-on-year increase of 235.00%), Shenzhen Xfh Technology Co.Ltd(300890) (profit of RMB 998394 million, a year-on-year increase of 119.65%; deduction of non-profit of RMB 103 million, a year-on-year increase of 206.95%). 2021 performance express: Farasis Energy (Gan Zhou) Co.Ltd(688567) (estimated loss of 974 million yuan), beiteri (estimated profit of 1.422 billion yuan, with a year-on-year increase of 187.46%), Xinjiang Daqo New Energy Co.Ltd(688303) (estimated profit of 5.724 billion yuan, with a year-on-year increase of 448.56%), Shenzhen Inovance Technology Co.Ltd(300124) (estimated profit of 3.534 billion yuan, with a year-on-year increase of 68.25%), Ming Yang Smart Energy Group Limited(601615) (estimated profit of 3.319 billion yuan, with a year-on-year increase of 141.56%) Liancheng CNC (expected profit of 351 million yuan, a year-on-year decrease of 7.69%) Xtc New Energy Materials(Xiamen) Co.Ltd(688778) : the company plans to raise no more than 3.5 billion yuan for the 30000 ton production expansion project of lithium-ion battery cathode materials in Haijing base 9 workshop Flat Glass Group Co.Ltd(601865) : the company plans to invest 6 billion yuan to build six photovoltaic module glass projects with a daily melting capacity of 1200 tons in two phases Guangzhou Tinci Materials Technology Co.Ltd(002709) : ① the company plans to invest 188 million yuan in the lithium battery electrolyte project with an annual output of 100000 tons, and the completion time of the project is postponed to July 31, 2022. ② An additional investment of 191428 million yuan is proposed for the sulfur based sulfuric acid project with an annual output of 400000 tons Byd Company Limited(002594) : the company released the February production and marketing express. In February, the sales volume of new energy vehicles was 88283, with a year-on-year increase of 752.56%. The total installed capacity of power batteries and energy storage batteries in February was about 4.615gwh Titan Wind Energy (Suzhou) Co.Ltd(002531) : the company plans to launch the second phase of employee stock ownership plan, with a scale of no more than 250 million yuan Ningbo Ronbay New Energy Technology Co.Ltd(688005) & Gem Co.Ltd(002340) : the two sides signed a strategic cooperation agreement to establish long-term close cooperation in the fields of power battery recycling, overseas nickel resource smelting, precursor product supply and marketing, etc Shanghai Aiko Solar Energy Co.Ltd(600732) : the company decided to terminate the non-public offering of A-Shares in 2021 and withdraw the application documents.
Risk warning: price fluctuation of raw materials; Price competition exceeds expectations; The growth rate of investment declined; Policies fail to meet expectations; International trade friction risk; The impact of covid-19 epidemic exceeded expectations.
