Market review: this week, the public utility industry index fell 3.98%, outperforming the Shanghai and Shenzhen 300 index by 0.25%, and the market performance was slightly better than the market. Among the fine-grained industries in the environmental protection industry, water affairs, energy conservation and clean utilization decreased slightly. There was a small increase in clean energy power generation in the public sector and sub sectors.
Special research: the renewable energy subsidy fund has played an important role in promoting the development of wind and solar renewable energy power. However, due to the rapid growth of wind and solar new energy installed capacity and the low collection rate of renewable energy electricity price additional income, the renewable energy subsidy gap continues to expand. The default of renewable energy subsidies increases the accounts receivable of Fengguang new energy operators, which puts some pressure on the cash flow of Fengguang new energy operators. The state has adopted various policies such as raising the collection standard of renewable energy electricity price and strengthening the additional collection of renewable energy electricity price to solve the gap of renewable energy subsidy fund. At present, the state has begun to verify the renewable energy subsidy projects, and it is expected that the problem of arrears of renewable energy subsidies may be solved in the future.
Industry information: as of March 2022, offshore wind power planning and supporting policies have been issued in various coastal areas across the country. Among them, Guangdong, Shandong and other provinces have preliminarily defined their offshore wind power development goals. Overall, during the “14th five year plan” period, the national installed capacity of offshore wind power is expected to grow rapidly. With the continuous downward exploration of offshore wind turbine prices and the gradual reduction of construction costs, offshore wind power will usher in explosive growth during the “14th five year plan” period, which will benefit offshore wind power operators.
Investment suggestion: the low-carbon transformation of energy structure continues to advance, and the installed scale of green power is high during the 14th Five Year Plan period, with high certainty of growth. In addition, the green power pilot transaction was launched, which brought marginal benefits to green power enterprises from the price side, and carbon emission quota transaction and CCER transaction brought incremental performance sources to green power enterprises. It is expected to hold the opportunity and maintain the high level of investment in the green power sector during the “green power” period. It is suggested to pay attention to: 1) China Three Gorges Renewables (Group) Co.Ltd(600905) , Jiangsu New Energy Development Co.Ltd(603693) , Zhongmin Energy Co.Ltd(600163) , Cecep Wind-Power Corporation(601016) , Cecep Solar Energy Co.Ltd(000591) , Jinko Power Technology Co.Ltd(601778) , Zhejiang Sunoren Solar Technology Co.Ltd(603105) .; 2) China Resources Power, Huaneng Power International Inc(600011) , Jilin Electric Power Co.Ltd(000875) , Shanghai Electric Power Co.Ltd(600021) , Fujian Funeng Co.Ltd(600483) , which actively transformed the development of new energy. Environmental protection enterprises actively expand new increment and open the second growth curve. It is suggested to pay attention to Shengyuan Environmental Protection Co.Ltd(300867) , Zhejiang Rongsheng Environmental Protection Paper Joint Stock Co.Ltd(603165) , Wangneng Environment Co.Ltd(002034) . Waste recycling brings new market opportunities. It is suggested to pay attention to the rapid and large-scale recycling of organic residue Road Environment Technology Co.Ltd(688156) . During the 14th Five Year Plan period, the investment in power grid increases, and the distribution network and intellectualization are the main directions. It is suggested to pay attention to Hangzhou Shenhao Technology Co.Ltd(300853) of the intelligent operation and inspection standard of the power industry and Suwen Electric Energy Technology Co.Ltd(300982) . Industrial temperature control expert, promising subject of energy storage and heat management Guangdong Shenling Environmental Systems Co.Ltd(301018) . The power shortage and the continuous widening of the price difference between peak and valley have promoted the demand for enterprise energy consumption control. It is suggested to pay attention to the enterprise microgrid integrated energy management solution supplier Acrel Co.Ltd(300286) .
Risk warning: the project progress is not as expected; The implementation of the policy is not as expected; Intensified market competition; The public materials used in the research report may have the risk of information lag or untimely update.
