At the bid opening of CNNC Huineng components, there was a significant premium for n-type components
On March 9, the first centralized procurement of photovoltaic module equipment (6-7.5gw) of China Nuclear Huineng in 2022 was officially opened, which was divided into four bid sections, namely 440460w single crystal single and double-sided module, 535560w single crystal single and double-sided module, 585w and above single crystal single and double-sided module, n-type 555w and above single crystal double-sided module. In the bid section, the bidding volume of n-type module reached 7001000mw. The average price of single-sided and double-sided components in bid section 2 is 1.829 yuan / W and 1.850 yuan / W, which can be 182 battery 72 sector type or 210 battery 55 sector type. The average price of n-type components in bid section 4 is 1.9735 yuan / W, which is 0.12-0.13 yuan / W compared with p-type double-sided components and 0.14-0.15 yuan / W compared with single-sided components. The premium of n-type components has been gradually verified.
Pay attention to the impact of photovoltaic glass production capacity expansion
Jiangsu Department of industry and information technology and Jiangsu Provincial Development and reform commission entrusted China International Engineering Consulting Co., Ltd. and China State Construction Engineering Corporation Limited(601668) glass and industrial glass association to hold hearings on three photovoltaic calendered glass projects, including Xinyi photovoltaic (Suzhou), Flat Glass Group Co.Ltd(601865) (Nantong) and Jiangsu Shandong Kaisheng New Materials Co.Ltd(301069) materials. The hearing is scheduled to be held in March 22, 2022. We will listen to the opinions and suggestions on the three projects in terms of necessity, advanced technology, energy consumption level, environmental protection level and market prospect. The production lines of the three companies are internationally advanced in terms of technology, environmental protection and energy consumption. Among them, four 1000 ton kiln production lines in Xinyi Zhangjiagang are expected to be ignited in the second half of 2022, Flat Glass Group Co.Ltd(601865) Nantong’s four 1200 ton kilns are planned to be ignited in June 2023, and Shandong Kaisheng New Materials Co.Ltd(301069) Suqian’s four 1200 ton kilns are planned to be ignited in October 2023. The hearing system is the capacity early warning mechanism required by the Ministry of industry and information technology. It is suggested to pay attention to the attitude of the hearing towards new capacity and the rhythm of subsequent hearings, and pay attention to the changes in the pattern of photovoltaic industry.
We believe that the cost performance of n-type TOPCON components has begun to show and reached the critical point of large-scale mass production. We pay attention to the enterprises with leading layout of n-type TOPCON. We suggest to pay attention to Jingke energy, Jolywood (Suzhou) Sunwatt Co.Ltd(300393) , Hainan Drinda Automotive Trim Co.Ltd(002865) . The continuous low price of photovoltaic glass and the continuous production expansion of the industry as a whole cannot exist at the same time. The industry pattern may be better than the market expectation, and the leading enterprises continue to expand production capacity. It is suggested to pay attention to Flat Glass Group Co.Ltd(601865) (A / h) and Xinyi solar energy, and maintain the “overweight” rating for the power equipment industry.
Risk tips
Risk of sharp price reduction of products, sharp rise in the price of raw materials, lower than expected downstream demand, risk of intensified industry competition, systemic risk of the market, performance failure of recommended companies, etc.
