Core view
Photovoltaic: the National Energy Administration released the construction and operation of photovoltaic power generation in 2021, and the installed capacity of photovoltaic power generation in 2021 was 54.88gw. According to the data of the national energy administration, 25.6gw of centralized photovoltaic power stations and 29.28gw of distributed photovoltaic power stations are added. By the end of 2021, China’s cumulative grid connected capacity of photovoltaic power generation was 305.99gw, including 198.48gw of centralized photovoltaic power stations and 107.51gw of distributed photovoltaic power stations. The price game of the industrial chain continues, and the downstream demand shows a boom trend. From the perspective of segments: 1) silicon material: the price of silicon material continues the slight rise trend before, and the prices of various silicon materials have increased by 0.12% – 0.16%. In terms of demand, according to solarzoom’s statistical analysis, with the gradual release of new production capacity of downstream silicon wafers, the purchase volume of silicon materials has increased unabated, and the overall enthusiasm of downstream purchase signing is still high; The supply of silicon materials last month, the release of new silicon material production capacity in China still did not meet expectations. At the same time, some overseas silicon material plants have entered the maintenance period and their output has decreased. Therefore, many Chinese silicon material manufacturers remain relatively optimistic about the silicon material price in the short-term future. It is expected that the price of the long list of silicon materials in March will be clear in the near future.; 2) Silicon wafer: this week, the first-line silicon wafer manufacturers raised the price of silicon wafer again. Due to the strong demand in the downstream of silicon wafer link and the shortage of silicon material supply, the price rise of silicon wafer will become a short-term trend; 3) Battery chip: the price of upstream silicon chip rises, the manufacturers in the battery chip link are willing to increase the price, and some battery chip prices rise, but the overall rising sentiment is greatly affected by the low acceptance of downstream components; 4) Components: China’s component market is relatively stable this week. The overall production scheduling of major component manufacturers in China is relatively prosperous, and the demand at home and abroad is guaranteed to a certain extent; For the overseas demand of components in March, the Indian market basically entered the final delivery date, and the demand in Europe, Latin America and other regions is still eye-catching at present; China’s demand has continued, but the sensitivity of the Chinese market to component prices continues.
Wind power: Bloomberg New Energy Finance released the ranking of new hoisting capacity of Chinese wind power complete machine manufacturers in 2021. Among them, Xinjiang Goldwind Science And Technology Co.Ltd(002202) , prospective energy and Zhejiang Windey Co.Ltd(300772) ranked among the top three with new hoisting capacity of 11.38gw, 7.81gw and 7.64gw respectively, accounting for about 48% of China’s wind power market share in 2021. Sichuan and Guangxi successively approved 26 wind power projects, with a total of 2.79gw. On March 10, the development and Reform Commission of Sichuan Province and Guangxi Zhuang Autonomous Region approved a total of 26 wind power projects, with a scale of 2.79gw and a total investment of 19.443 billion yuan. Among them, Sichuan Province approved 14 wind power projects with a total of 1558.7mw, and Guangxi approved 12 wind power projects with a total of 1234mw. Procurement bid opening of 500MW wind turbine in Sunit Zuoqi, Shenneng. The project is divided into two bid sections, with 12 complete machine manufacturers bidding respectively. The average quotation of bid section I is equivalent to the unit price of 1615 yuan / kW; The average unit price of bid section II is 1624 yuan / kW. Among them, Shandong CRRC has the lowest quotation in both bid sections, which is 352 million yuan, equivalent to 1408 yuan / kW, and then brush the new low in the industry. Procurement bid opening of wind turbine, tower and related auxiliary equipment for Youyu Xiaowutai capacity increase 58.75mw and Youyu Zongshan capacity increase 10MW projects. A total of 6 complete machine manufacturers competed for bidding this time, and the average quotation is equivalent to the unit price of 2607 yuan / kW. Among them, vision energy won the bid in advance, and the quotation is 169925 million yuan, equivalent to the unit price of 2472 yuan / kW.
Industrial control: PPI changed from decline to rise month on month, and the year-on-year increase fell. In February 2022, PPI increased by 8.8% year-on-year, 0.3 percentage points lower than that of the previous month, 0.5% higher than that of the previous month, and 0.7 percentage points higher than that of the previous month. According to the calculation of the National Bureau of statistics, in the year-on-year increase of 8.8% in February, the tail warping impact of price changes last year was about 8.4 percentage points, a decrease of 0.9 percentage points over the previous month; The impact of the new price rise was about 0.4 percentage points, an increase of 0.6 percentage points over the previous month. In February, PPI was greatly affected by the rise of international commodity prices such as crude oil and non-ferrous metals.
Investment proposal and investment object
The photovoltaic sector recommends Longi Green Energy Technology Co.Ltd(601012) ( Longi Green Energy Technology Co.Ltd(601012) , buy), Tongwei Co.Ltd(600438) ( Tongwei Co.Ltd(600438) , buy), Ja Solar Technology Co.Ltd(002459) ( Ja Solar Technology Co.Ltd(002459) , buy), Shanghai Hiuv New Materials Co.Ltd(688680) ( Shanghai Hiuv New Materials Co.Ltd(688680) , buy), Hangzhou First Applied Material Co.Ltd(603806) ( Hangzhou First Applied Material Co.Ltd(603806) , buy). It is recommended to pay attention to Trina Solar Co.Ltd(688599) ( Trina Solar Co.Ltd(688599) , not rated); The wind power sector recommends Riyue Heavy Industry Co.Ltd(603218) ( Riyue Heavy Industry Co.Ltd(603218) , overweight), and it is recommended to pay attention to Titan Wind Energy (Suzhou) Co.Ltd(002531) ( Titan Wind Energy (Suzhou) Co.Ltd(002531) , not rated), Dajin Heavy Industry Co.Ltd(002487) ( Dajin Heavy Industry Co.Ltd(002487) , not rated), Jiangyin Hengrun Heavy Industries Co.Ltd(603985) ( Jiangyin Hengrun Heavy Industries Co.Ltd(603985) , not rated), Ningbo Orient Wires & Cables Co.Ltd(603606) ( Ningbo Orient Wires & Cables Co.Ltd(603606) , not rated).
Risk tips
The growth of photovoltaic industry is less than expected; The growth of wind power industry is less than expected; Industrial control industry grew less than expected
