Key investment points:
Market review: Shenwan power equipment industry fell 0.56% last week, outperforming the Shanghai and Shenzhen 300 index by 3.67 percentage points, ranking second among Shenwan 31 industries. The first three stocks in the power equipment sector rose in the week were Guangzhou Great Power Energy&Technology Co.Ltd(300438) , Wuxi Shangji Automation Co.Ltd(603185) and Lanzhou Greatwall Electrical Co.Ltd(600192) respectively, and the three companies rose by 16.01%, 12.22% and 10.61% respectively. In terms of valuation, as of March 11, 2022, the PE TTM of the power equipment sector was 45.48 times and the Pb TTM of the power equipment sector was 5.85 times.
Zhou viewpoint of power equipment industry: Recently, the Ministry of housing and urban rural development issued the “14th five year plan” for building energy conservation and green building development. By 2025, it is necessary to complete the energy-saving transformation of existing buildings with an area of more than 350 million square meters, build ultra-low energy consumption and near zero energy consumption buildings with an area of more than 50 million square meters, and the proportion of prefabricated buildings in new urban buildings in that year will reach 30%, The installed capacity of Cecep Solar Energy Co.Ltd(000591) photovoltaic in new buildings nationwide is more than 50 million KW, the building application area of geothermal energy is more than 100 million square meters, the replacement rate of renewable energy in urban buildings is 8%, and the proportion of power consumption in building energy consumption is more than 55%. The Ministry of housing and urban rural development has put forward clear development goals, including prefabricated buildings and building photovoltaic. According to the plan, there is a broad demand for prefabricated buildings and building photovoltaic during the 14th Five Year Plan period, which is expected to usher in rapid development.
Recently, the Xinjiang development and Reform Commission issued the operation guidelines for serving and promoting the construction of large-scale wind power photovoltaic bases in the autonomous region (version 1.0). In terms of supporting energy storage, it is proposed that enterprises that build energy storage projects with a duration of more than 4 hours are allowed to build wind power photovoltaic power generation projects with an energy storage scale of 4 times. In addition, the use of Gobi, desert and desert to build photovoltaic power generation projects that complement the path of related industries such as desertification control, agriculture and animal husbandry. For enterprises that build energy storage projects with a duration of more than 4 hours, it is allowed to build photovoltaic projects with a storage scale of 5 times. The operation guidelines in Xinjiang are different from the requirements of wind power photovoltaic and other supporting construction and energy storage in the previous development documents of new energy power generation projects in various regions. The guidelines are for enterprises with long-term energy storage to allow them to build wind and solar projects according to more than four times the energy storage scale. With the strong support of policies, with the progress of energy storage technology, all links will be gradually integrated, and the construction of energy storage is expected to be further accelerated.
According to Bloomberg new energy finance, the new hoisting capacity of wind power in China will reach 55.8gw in 2021, a slight decrease of 3% compared with 2020. Among them, offshore wind power increased by 14.2gw, a year-on-year increase of 351%. Under the background of rapid cost reduction of offshore wind power projects, offshore wind power is expected to maintain a rapid development trend this year, and wind turbine leaders with strong advantages in offshore wind power are expected to benefit. Recently, the price of photovoltaic industry chain continues to rise month on month, which confirms the high prosperity of photovoltaic industry in the first quarter of this year. The leading enterprises of upstream silicon materials are expected to benefit from the simultaneous rise of volume and price of silicon materials. It is suggested to pay attention to Tongwei Co.Ltd(600438) ( Tongwei Co.Ltd(600438) ) Hangzhou First Applied Material Co.Ltd(603806) Hangzhou First Applied Material Co.Ltd(603806) ） ； Ming Yang Smart Energy Group Limited(601615) （ Ming Yang Smart Energy Group Limited(601615) ） ； Sinoma Science & Technology Co.Ltd(002080) （ Sinoma Science & Technology Co.Ltd(002080) ） ； Zhejiang Southeast Space Frame Co.Ltd(002135) （ Zhejiang Southeast Space Frame Co.Ltd(002135) ） ； Shenzhen Kstar Science & Technology Co.Ltd(002518) Shenzhen Kstar Science & Technology Co.Ltd(002518) ）。
Risk warning: the installed demand of new energy is less than the expected risk; Risk of declining profitability of the industry due to intensified market competition; The construction of Fengguang large base is less than the expected risk.
