This week’s view
This week, the power equipment and new energy index fell 1.01%, of which the photovoltaic index showed a strong performance and rose 2.04%. The overall performance of the new energy vehicle sector was weak. The price rise of upstream lithium carbonate and the sharp rise of nickel futures weakened the expectations of the installed capacity of power batteries and the high growth of new energy vehicles.
According to the data, the output and installed capacity of China Shipbuilding Industry Group Power Co.Ltd(600482) batteries in February reached 31.77gwh and 13.67gwh respectively, up 236.2% and 145.1% year-on-year respectively. In the case of the sharp rise in the price of lithium carbonate, the output and installed capacity were not greatly affected, and the output of power batteries was still good in March. In terms of materials in the middle reaches of lithium batteries, the output of the four major materials increased month on month in March, with an increase of 10% in the output of positive and negative electrodes and electrolyte, indicating strong demand toughness in the downstream.
The weak market trend is the expected response to the rise of upstream prices, and the actual impact is not as great as expected. At present, the price of lithium carbonate and nickel long-term association is significantly lower than the highest quotation in the market. Although the cost of cathode and battery factory has increased, it is still within the controllable range, and the subsequent market will gradually correct this situation. Continue to recommend cathode, diaphragm, lithium battery and other high-profile sectors.
Market performance
This week, the Shanghai Composite Index fell 4.00% to close at 330975; CSI 300 fell 4.22% to close at 430652; CITIC power new energy industry index fell 1.01%, outperforming the CSI 300 index by 3.21%. In terms of sub sectors, the new energy vehicle index fell 4.78%, the photovoltaic index rose 2.04% and the wind power index fell 3.29%.
Some company dynamics
On March 9, 2022, Guangzhou Tinci Materials Technology Co.Ltd(002709) ( Guangzhou Tinci Materials Technology Co.Ltd(002709) . SZ) announced that from January to February, 2022, new energy vehicle related industries maintained a high momentum of development, the production and sales of the company’s main products were booming, the new production capacity climbed smoothly, the self production rate of main raw materials increased steadily, and achieved good business results. According to the preliminary accounting of the company, 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%. (company announcement)
On March 9, 2022, Tongwei Co.Ltd(600438) ( Tongwei Co.Ltd(600438) . SH) announced that from January to February, 2022, the photovoltaic industry maintained a high development momentum, the production and sales of the company’s main products were booming, and all business segments operated effectively and achieved good business results. According to the preliminary accounting of the company, 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. (company announcement)
Risk tips
The risk of intensified market competition, repeated epidemic and subsidy policy.
