This week’s market
Overall: this week, CSI 300 rose or fell by – 5.00%, five of the 31 industries in shenwanyi rose, the power equipment industry rose or fell by – 8.40%, ranking 31st in shenwanyi industry, and the wind photovoltaic index rose or fell by – 3.72%.
Individual stocks: 11 stocks in the photovoltaic industry (constituent stocks of wind photovoltaic index) achieved positive returns, of which, Shanxi Coal International Energy Group Co.Ltd(600546) led the rise by 16.53% and Kbc Corporation Ltd(688598) led the decline by – 23.40%.
Valuation: as of March 7, 2022, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 45.11, and the P / E ratio of electrical equipment industry (Shenwan level) is 46.46.
Price tracking
The price of the industrial chain remained stable in general this week:
The price of monocrystalline silicon material remained stable;
The price of monocrystalline silicon and polycrystalline silicon increased slightly;
The price of single crystal cell remains stable, while the price of polycrystalline cell rises slightly;
Component prices fell slightly.
Industry dynamics
Southern Energy Regulatory Bureau: strengthen the supervision of the development and application of new energy storage in the southern region
Inner Mongolia: more than 80gw of new installed capacity of renewable energy in the 14th five year plan
Sichuan’s “14th five year plan” energy plan: add 10GW of photovoltaic power and 6Gw of wind power
Investment advice
According to the statistics of the silicon industry branch, China’s polysilicon output in February was about 52300 tons, with a lower growth than expected. In addition, according to the production scheduling plan of China’s foreign silicon material and silicon wafer enterprises in March, the release of new silicon material production capacity is still lower than expected. In addition, the maintenance of production capacity outside Shanghai has not been completed. At the same time, silicon wafer enterprises maintain a high opening rate, and it is expected that the silicon material price will continue to rise slightly in March. The 2022 government work report pointed out that we should orderly promote the work of carbon peak and carbon neutralization, promote the transformation of low-carbon energy, promote the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources, improve the consumption capacity of power grids for renewable energy power generation, promote the transformation from “dual control” of energy consumption to “dual control” of total carbon emission and intensity, and provide policy support for the construction of photovoltaic in 2022, It is expected to accelerate the release of production capacity in the tense links of supply and demand and alleviate the pressure of downstream costs. Long term optimistic about the leader of vertical integration components and leading inverter enterprises with leading layout in the field of energy storage: Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) .
Risk tips
The consumption of new energy is less than expected; The new installed capacity is less than expected; Price fluctuation risk of industrial chain; The implementation of the new energy plan on the 14th five year plan was not as expected.
