This week’s market
Overall: this week, CSI 300 rose or fell by – 4.22%, 0 of 31 industries in Shenwan class rose, the power equipment industry rose or fell by – 0.56%, ranking second in Shenwan class industry, and the wind photovoltaic index rose or fell by – 1.05%.
Individual stocks: 28 stocks in the photovoltaic industry (constituent stocks of wind photovoltaic index) achieved positive returns, of which Wuxi Shangji Automation Co.Ltd(603185) led the rise by 12.22% and Cybrid Technologies Inc(603212) led the decline by – 14.94%.
Valuation: as of March 13, 2022, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 45.10, and the P / E ratio of electrical equipment industry (Shenwan level) is 47.87.
Price tracking
The price of the industrial chain remained stable in general this week:
The price of monocrystalline silicon material increased slightly;
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 remained stable.
Industry dynamics
Inner Mongolia issues opinions on high-quality development of wind and light: give priority to the grid connection of market-oriented projects
Ministry of housing and urban rural development’s “14th five year plan” photovoltaic building plan: add 50gw and 80% renewable energy substitution rate
Ministry of Finance: promote to solve the subsidy fund gap and vigorously develop renewable energy
Investment advice
Due to the gradual launch of projects in China, including the installation of Fengguang base, and the continuous demand for battery and component preparation, the price of silicon wafers has increased continuously, and the increase is higher than the increase in the cost of raw material prices. Under the support of demand expectation and price rise, silicon wafer enterprises are less likely to reduce the operating rate. It is expected that the silicon material will continue to maintain a tight balance pattern in April, and the price will remain stable in the short term. Recently, according to the data released by the national energy administration, the new installed capacity of photovoltaic in 2021 was 54.88gw, a year-on-year increase of 13.86%, including 29.27gw of distributed photovoltaic, accounting for 53.33%, breaking through 50% for the first time, and 25.60gw of centralized photovoltaic, accounting for 46.64%. In terms of regions, the new installed capacity of Shandong, Henan and Hebei ranked among the top three provinces in China. It is expected that China’s photovoltaic industry will present a pattern of large base and distributed two wheel drive in the future. It is optimistic about the leader of vertical integrated modules and the leading inverter enterprises with leading layout in the field of energy storage for a long time: 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.
