The wave of electrification continues, the global prosperity of new energy vehicles continues to rise, Chinese battery and material enterprises accelerate the introduction into the global supply chain, the supply and demand of some links are expected to improve, the competition pattern of cells, diaphragms and other links is better, and new technologies promote the upgrading of the industrial chain. The photovoltaic industry chain has entered the price reduction channel, and the demand is expected to be fully released. The asset light subdivision direction is preferred to meet the challenge of capacity cycle, and the localization of hjt equipment and battery industrialization are promoted in an all-round way; The inflection point of wind power boom is advanced, the demand for offshore wind power may be accelerated, and the price of bulk raw materials is loose, which is expected to thicken the profits of the midstream manufacturing industry. In terms of power equipment, the increase in the installed proportion of new energy requires accelerating the construction of a new power system with new energy as the main body. The power grid investment structure in the 14th five year plan is expected to further tilt to the fields of UHV, intelligence and power distribution. The demand for relevant equipment is expected to increase, and the core supply enterprises are expected to benefit significantly. Maintain the industry stronger than the market rating.
Plate market this week: the power equipment and new energy sector rose 3.40% this week, including nuclear power sector rose 1.37%, new energy vehicle index rose 2.23%, photovoltaic sector rose 7.68%, wind power sector rose 0.40%, lithium battery index rose 3.82%, power generation equipment rose 6.03% and power transmission and transformation equipment rose 0.92%.
Key industry information this week: new energy vehicles: the Ministry of Finance issued the notice on the financial subsidy policy for the promotion and application of new energy vehicles in 2022. The subsidy standard for new energy vehicles in 2022 will decline by 30% on the basis of 2021. The subsidy policy for the purchase of new energy vehicles in 2022 will be terminated on December 31, 2022, and the vehicles licensed after December 31, 2022 will not be subsidized. New energy power generation: SASAC issued the guidance on promoting the high-quality development of central enterprises and doing a good job in carbon peak and carbon neutralization, and proposed that the installed proportion of renewable energy power generation by central enterprises should reach more than 50% by 2025. Zhihui PV: in 2021, the newly added grid connected installed capacity in China will reach 60GW, of which the grid connected capacity in December will exceed 25gw, including household PV above 4gw, distributed PV above 2gw and ground power stations above 18gw. Power equipment: China Southern Power Grid adjusted the ownership structure, and SASAC of the State Council became the new shareholder, holding 51%. Meanwhile, the State Grid withdrew from the ranks of shareholders.
Key information of the company this week: Contemporary Amperex Technology Co.Limited(300750) : ① the company plans to invest and build the phase VII to phase X project of power battery Yibin manufacturing base in Yibin, Sichuan through the wholly-owned subsidiary Sichuan times, with a total investment of no more than 24 billion yuan; ② The company signed an agreement with Zhejiang vision, and the company will supply no less than 57gwh power battery products to Zhejiang vision from 2022 to 2026. Shanghai Putailai New Energy Technology Co.Ltd(603659) : the company’s holding subsidiary Guangdonghectechnologyholdingco.Ltd(600673) fluororesin plans to build 20000 t / a PVDF and 45000 T / a R142b projects in Ruyuan County, Guangdong Province, with a total planned investment of about 1.4 billion yuan. Risen Energy Co.Ltd(300118) : the company plans to invest in the source network load storage integration demonstration project (phase II) in Guyang Jinshan Industrial Park. The project includes manufacturing sector: annual output of 200000 tons of metallic silicon + 150000 tons of high-purity silicon + 10GW n-type high-efficiency crystal drawing + 3gw components; Power generation: 3.5gW photovoltaic power station project + 1.6gw wind power station project + energy storage project. The total investment is preliminarily estimated to be 44.65 billion yuan. Guangzhou Tinci Materials Technology Co.Ltd(002709) : the company plans to establish a wholly-owned subsidiary and invest 820 million yuan to build the “annual output of 200000 tons of lithium battery electrolyte project”. Dajin Heavy Industry Co.Ltd(002487) : the company raised no more than 5.100 billion yuan through non-public offering of shares for the 250MW wind farm project of Liujiazi, Zhangwu West, Fuxin, Liaoning, the production line upgrading and R & D center construction project of Penglai base, the blade production base project of Yantai Wind Power Co., Ltd., the technical transformation project of Fuxin base and the supplementary working capital. Longi Green Energy Technology Co.Ltd(601012) : the company’s convertible bonds were officially issued, with a total amount of 7 billion yuan and an initial conversion price of 82.65 yuan / share. Sunwoda Electronic Co.Ltd(300207) : the company plans to transfer 400 million yuan of shares to no more than 1250 employees in the third phase of the employee stock ownership plan.
Risk warning: the intensity and duration of power and production restriction exceed expectations; The impact of the epidemic exceeded expectations; The growth rate of investment declined; Policies fail to meet expectations; Price competition exceeds expectations; Price fluctuation of raw materials.
