Market review: in February 2022, the power equipment and new energy sector (ci005011. WI) increased by 2.95% compared with the previous month, and the Shanghai and Shenzhen 300 index increased by 0.39% in the same period.
Industry trend observation: according to the official website of the securities times, the German Ministry of economy proposed a draft to be legislated on February 28 local time, which plans to accelerate the expansion of wind energy and Cecep Solar Energy Co.Ltd(000591) infrastructure, and achieve the target of 100% renewable energy power supply 15 years ahead of schedule (to 2035). The draft plans to increase the power generation capacity of onshore wind energy and Cecep Solar Energy Co.Ltd(000591) facilities by about three times, Offshore wind power generation has more than doubled, and the power generation capacity of offshore wind power facilities is expected to rise from 30 gigawatts in 2030 to 70 gigawatts in 2045. We believe that under the dual constraints of emission reduction pressure and energy import, the development of wind and solar renewable energy is a long-term trend; Germany’s plan to complete the energy transformation ahead of schedule will also be followed by other EU countries to accelerate the development of new energy in Europe. At the same time, the growth of photovoltaic demand in Germany and the EU will drive the development of China’s photovoltaic industry chain; We are optimistic about the development prospect of photovoltaic industry, especially component enterprises, and the subdivided fields such as photovoltaic modules, photovoltaic supports and inverters.
Important industrial policies: the two ministries and commissions issued the opinions on improving the institutional mechanisms and policies and measures for green and low-carbon energy transformation, and jointly issued the implementation plan for the development of new energy storage in the 14th five year plan; 12 departments such as the national development and Reform Commission require the continued implementation of subsidies for new energy vehicles; Many southern power exchanges jointly prepared and issued the rules for green power trading in the southern region.
Monthly industry highlights: several companies jointly build a 100 billion level new energy battery whole industry chain project; February Longi Green Energy Technology Co.Ltd(601012) raised the price of silicon wafer; Jingke energy launched GW class n-type TOPCON.
Monthly important announcements: Guangdong Jiayuan Technology Co.Ltd(688388) , Shanghai Hiuv New Materials Co.Ltd(688680) , Shenzhen Increase Technology Co.Ltd(300713) , Ganfeng Lithium Co.Ltd(002460) , Ja Solar Technology Co.Ltd(002459) , Tbea Co.Ltd(600089) plans to invest in new or expanded production lines Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Gem Co.Ltd(002340) jointly build the industrial chain of “nickel and cobalt resources – power battery recovery – ternary precursor manufacturing – ternary material manufacturing”. In 22-26 years, Ningbo Ronbay New Energy Technology Co.Ltd(688005) purchased no less than 300000 tons of precursors from Gem Co.Ltd(002340) from Gem Co.Ltd(002340) Wuxi Shangji Automation Co.Ltd(603185) plans to invest 150000 tons of high-purity industrial silicon and 100000 tons of high-purity crystalline silicon with a total investment of 11.8 billion Baosheng Science And Technology Innovation Co.Ltd(600973) it is estimated that the net profit attributable to the parent company will lose Tian Jin Bohai Chemical Co.Ltd(600800) million in 2021 Sichuan Yahua Industrial Group Co.Ltd(002497) it is estimated that the net profit attributable to shareholders of Listed Companies in the first quarter of 2022 will increase by at least 10 times year-on-year.
Investment strategy: looking forward to the future, we continue to be optimistic about the development prospects of new energy vehicle markets in China and Europe, as well as the promotion of the industrialization of new wind power and photovoltaic technologies on long-term cost reduction and efficiency increase. It is suggested to pay attention to: Sungrow Power Supply Co.Ltd(300274) , Riyue Heavy Industry Co.Ltd(603218) , Ming Yang Smart Energy Group Limited(601615) , China Three Gorges Renewables (Group) Co.Ltd(600905) and other high-quality scenery leading enterprises.
Risk warning: covid-19 epidemic situation, global spread and impact or deviation from expectations; The main business of relevant listed companies may be lower than expected.
