Key investment points
[Ministry of housing and urban rural development: add 50gw of building photovoltaic by 2025] on March 11, the Ministry of housing and urban rural development issued the “14th five year plan” for building energy conservation and green building development. The plan proposes that by 2025, the installed capacity of Cecep Solar Energy Co.Ltd(000591) photovoltaic buildings in China will be more than 50 million KW. Promote the integrated design, construction and installation of Cecep Solar Energy Co.Ltd(000591) photovoltaic in new buildings, encourage the government to invest in public welfare buildings and strengthen the application of Cecep Solar Energy Co.Ltd(000591) photovoltaic.
[high increase in operating data of several listed lithium battery and photovoltaic companies from January to February 2022] on March 10, Farasis Energy (Gan Zhou) Co.Ltd(688567) announced that from January to February 2022, the company’s export volume of automotive power batteries in China was 1.61gwh, a year-on-year increase of 273.93%. On March 10, Ningbo Shanshan Co.Ltd(600884) announced that from January to February 2022, the company achieved an operating revenue of about 3.214 billion yuan, an increase of about 44% year-on-year; The net profit attributable to listed companies was about 566 million yuan, a year-on-year increase of about 313%. On March 10, Guangzhou Tinci Materials Technology Co.Ltd(002709) announced that from January to February 2022, the company achieved an operating revenue of about 3.3 billion yuan, an increase of about 260% year-on-year; The net profit attributable to the shareholders of the listed company was about 860 million yuan, a year-on-year increase of about 470%. On March 10, Tongwei Co.Ltd(600438) announced that from January to February 2022, the company achieved an operating revenue of about 16 billion yuan, an increase of about 130% year-on-year; The net profit attributable to shareholders of listed companies was about 3.3 billion yuan, an increase of about 650% year-on-year.
[nickel price fluctuates abnormally this week, and the downstream purchase of cobalt salt tends to be cautious] [cobalt] according to the data of Shanghai Nonferrous Metals network, on March 11, the mainstream quotation of electrolytic cobalt in China was 56758000 yuan / ton, and the average price increased by 20000 yuan / ton compared with last week. Cobalt sulfate was reported at 1195120500 yuan / ton, with the average price rising by 1500 yuan / ton compared with last week. Co3O4 was reported at 4 Rastar Group(300043) 5000 yuan / ton, with an average price of 10500 yuan / ton higher than last week. The price of pure nickel opened a crazy mode, and the price of LME nickel once rose to $100000 / ton. In terms of cobalt, the increase of auxiliary material cost is superimposed on the emotional transmission of overseas price rise to the upstream, the quotation of upstream manufacturers is upward, and the black swan incident of nickel on the demand side makes downstream manufacturers cautious about cobalt procurement, with sporadic inquiries. It is expected that the price of cobalt salt may rise slowly in the next week. [lithium] according to the data of Shanghai Nonferrous Metals network, on March 11, the quotation of metallic lithium was 3.04-3.064 million yuan / ton, and the average price increased by 300000 yuan / ton compared with last week. The mainstream price of battery grade lithium carbonate was reported at 499 Hainan Jingliang Holdings Co.Ltd(000505) 000 yuan / ton, with an average price increase of 7000 yuan / ton compared with last week. The quotation of battery grade lithium hydroxide (coarse particle) is 477000484000 yuan / ton, and the average price is 27000 yuan / ton higher than last week. In terms of lithium carbonate, the preparation for mining is basically completed this month, and there may be a little replenishment next week, and the price may continue to rise slightly. In terms of lithium hydroxide, the price difference between lithium hydroxide and lithium carbonate has been basically corrected. With the completion of production preparation this month, the price increase may slow down and rise slightly. The average price of nonferrous materials was 5.237 million yuan / ton last week, up from 5.237 million yuan / month in Shanghai. The quotation of ternary precursor (type 523) is 153 Sichuan New Energy Power Company Limited(000155) 500 yuan / ton, and the average price is 6000 yuan / ton higher than last week. The price of lithium salt on the cost side increased slightly, the precursor price fluctuated upward due to the sharp rise and fall of nickel price, and the cost increased. There is an increase in high nickel demand in the downstream power sector, and small power and digital orders are still weak. Although the nickel price is expected to fall in the future, the price will stabilize driven by the cost of cobalt and lithium. [lithium iron phosphate cathode] according to the data of Shanghai Nonferrous Metals network, on March 11, the price of lithium iron phosphate (power type) was 159500164500 yuan / ton, with the average price unchanged from last week. The price of lithium iron phosphate (energy storage type) is 1485152500 yuan / ton, and the average price is the same as last week. It’s highly recommended to focus on: ‘s Contemporary Amperex Technology Co.Limited(300750) 35.
According to pvinfolink data, on March 9, the mainstream quotation of [silicon material] polycrystalline silicon compact was 243000 yuan / ton, with the average price rising by 0.4% compared with last week. In the first quarter, the overall new supply of silicon material was still slow compared with the new demand of silicon wafer crystal drawing. It is expected that in the market atmosphere with strong willingness to increase the operating rate in the crystal pulling link, the mismatch relationship between silicon material supply and demand is difficult to alleviate, and the price of silicon material will remain stable in the short term. [silicon chip] the mainstream quotation of 182mm single crystal silicon chip is 6.700 yuan / PC, with the average price rising by 2.8% compared with last week. The mainstream quotation of 210mm monocrystalline silicon wafer is 8.850 yuan / PC, with the average price rising by 2.9% compared with last week. The frequent rise in the price of monocrystalline silicon wafers is strongly related to the rise in the price of raw materials in the early stage and the relatively concentrated demand for silicon wafers by batteries. In addition, due to the severe epidemic situation and strengthened control in some parts of northern China recently, there are many disadvantages in material transportation and goods transportation, including personnel flow, which directly affect the production and supply in the current region. [cell] the mainstream quotation of 182mm single crystal perc cell is 1.140 yuan / W, with the average price rising by 0.9% compared with last week. The mainstream quotation of 210mm single crystal perc battery is 1.140 yuan / W, and the average price is the same as that of last week. At present, the operating rate in March is higher than that in February. The start-up of battery chips of vertical integration manufacturers is mostly 75-80%, and the production line of battery chip manufacturers is about 70-75%. However, at present, it is still mainly affected by the acceptance of component end, and the possibility of accumulation of battery chip inventory from March to April is not ruled out. [components] the mainstream quotation of 365375 / 440450w single crystal single glass perc components is 1.850 yuan / W, and the average price is 0.5% lower than last week. The mainstream quotation of 182mm single crystal single glass perc module is 1.880 yuan / W, and the average price is the same as that of last week. This week, the components were still squeezed by the terminal acceptance and the rise of the supply chain. There were few orders in March, and the price did not rise significantly. [photovoltaic glass] the mainstream price of 3.2mm coating is reported as 26.0 yuan / m2, and the average price is the same as that of last week. The mainstream quotation of 2.0mm coating is 20.0 yuan / m2, and the average price is the same as last week. Key recommendations focus on the following: ‘ Hangzhou First Applied Material Co.Ltd(603806) \ , Chengdu Guibao Science & Technology Co.Ltd(300019) , Yangling Metron New Material Co.Ltd(300861) , Levima Advanced Materials Corporation(003022) .
Risk tip: the newly installed capacity of photovoltaic is less than expected, the production and sales of new energy vehicles are less than expected, the sharp fluctuation of raw material prices affects the industry demand, and other unexpected explosion risks.
