Industry core view:
2022.2.282022.3.04: the decline of new power industry this week was – 3.54%, and that of Shanghai and Shenzhen 300 in the same period was – 1.68%, underperforming the Shanghai and Shenzhen 300 index by 1.86pct. It ranks 29th among the 31 industry sectors of Shenwan.
Key investment points:
New energy vehicles: with the two sessions held this week, the construction of charging infrastructure for new energy vehicles has become a hot spot. On March 5, the Ministry of Finance submitted to the fifth session of the 13th National People’s Congress to review the report on the implementation of the central and local budgets in 2021 and the draft central and local budgets in 2022. The report pointed out that in 2022, the government will support the construction of charging piles and other supporting facilities to promote the consumption of new energy vehicles; Lei Jun, deputy to the National People’s Congress and founder, chairman and CEO of Xiaomi group, suggested increasing the number of high-power fast charging stations and improving effective coverage; Yin Tongyue, deputy to the National People’s Congress and Secretary of the Party committee and chairman of Chery holding group, suggested that the Ministry of industry and information technology, the national development and Reform Commission and other ministries and commissions strengthen the top-level design and promote the solution of the problems existing in the construction and operation and maintenance of charging infrastructure. We believe that with the strengthening of charging infrastructure construction, consumers will ease their concerns about the endurance of new energy vehicles, which will help to improve the penetration rate of new energy vehicles equipped with lithium iron phosphate batteries. We believe that high-end models will be dominated by high nickel batteries in the future, while low-end models equipped with lithium iron phosphate batteries will have more and more significant price advantages in the future. We are optimistic that the penetration rate of lithium iron phosphate battery will be further improved in 2022. We suggest paying attention to Beijing Easpring Material Technology Co.Ltd(300073) ( Beijing Easpring Material Technology Co.Ltd(300073) ) and Shanghai Putailai New Energy Technology Co.Ltd(603659) ( Shanghai Putailai New Energy Technology Co.Ltd(603659) )..
New energy power generation: in terms of photovoltaic, Premier Li Keqiang proposed in the government work report on the 5th that this year, we should promote the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources, and improve the consumption capacity of the power grid for renewable energy power generation. In terms of industrial chain price, the component price is generally stable, while the prices of upstream links and auxiliary materials are gradually rising. At present, the demand in China’s component market mainly comes from distributed projects. At the same time, the bidding of large-scale ground power station projects is also continuing. Favorable policies add up to strong demand. We are optimistic about the continuous improvement of the landscape of the whole photovoltaic industry chain. We suggest paying attention to Tongwei Co.Ltd(600438) ( Tongwei Co.Ltd(600438) ) and Flat Glass Group Co.Ltd(601865) ( Flat Glass Group Co.Ltd(601865) ). In terms of wind power, the bidding price of wind turbine this week hit a new low in the industry. On March 3, 20 wind power projects such as Huaneng Fuyuan north wind farm phase II were opened. The unit price of Zhejiang Windey Co.Ltd(300772) 1825 yuan / kW (including tower) was the lowest price. After deducting the tower (about 350400 yuan / kW), the lowest price was about 14251475 yuan / kW, which was the lowest in the industry. With the continuous decline of fan prices, the demand for wind power construction will continue to release.
Hydrogen energy: on March 1, Shenneng Chuang Energy Development Co., Ltd., Air Liquide China and Shanghai Chemical Industry Zone Investment Industry Co., Ltd., a subsidiary of Shenneng group, signed an investment agreement in Shanghai to establish a tripartite joint venture in the park to build the largest hydrogen gas filling center in Shanghai and accelerate the deployment of hydrogen energy in Shanghai and the Yangtze River Delta. We believe that more and more enterprises take the initiative to layout hydrogen energy and speed up the construction of hydrogen energy by taking advantage of the location advantages of economically developed cities.
Risk factors: the sales volume of new energy vehicles is lower than expected; Safety risks of new energy vehicles; Affected by the epidemic, the opening of photovoltaic market was less than expected; Price fluctuation risk of raw materials; The approval and commencement of offshore wind power are not as expected; The wind power project has been approved and the grid connection is not as expected; The growth of photovoltaic installed capacity is less than
