Sichuan caizhou viewpoint
In the middle of February 2022, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 334000, with a year-on-year increase of 180% and a month on month decrease of 22%. The epidemic has led to the convergence of the overall supply of the industrial chain, and the new energy market has still achieved good results in the off-season. In February, the penetration rate of new energy vehicles was close to 20%, and the electrification process continued to accelerate. The new energy vehicle sector has experienced a long period of adjustment, and the industrial chain will remain prosperous in the next few years. Recently, the Ministry of industry and information technology said that it would moderately accelerate the development progress of China’s lithium resources, crack down on unfair competition such as hoarding and raising prices, and is expected to crack down on the rise in lithium carbonate prices caused by malicious hoarding, which is expected to alleviate the supply tension of upstream resources of new energy in the future. On the whole, the new energy sector is still a high-quality track worthy of investment and deserves long-term attention
Market performance in one week
This week, the power equipment index fell 3.18%, the Shanghai index fell 4.00%, and the Shanghai and Shenzhen 300 index fell 4.22%. Among the sub sectors, the battery index fell 3.91%, the photovoltaic equipment index fell 0.51% and the wind power equipment index fell 5.02%.
Industry dynamics
In February 2022, the sales of new energy vehicles were 334000, with a year-on-year increase of 204.7% and a month on month decrease of 22.6%. Among them, the sales of passenger cars were 321000, with a year-on-year increase of 202.7% and a month on month decrease of 23.4%. In February 2022, the installed capacity of power battery was 13.7gwh, with a year-on-year increase of 145.1% and a month on month decrease of 15.5%. Among them, the top 3 enterprises with installed capacity are catl, Byd Company Limited(002594) and China Innovation airlines, with installed capacity of 6.57, 2.90 and 1.15gwh respectively. (China Automobile Industry Association)
As of March 12, the price of battery grade nickel sulfate rose sharply, up 30.6% in the week. According to SMM report, mainly due to the crazy mode of pure nickel price, LME nickel price once rose to $100000 / ton under the long short game. Nickel prices continue to fluctuate in the short term. In the medium and long term, nickel prices are expected to return to fundamentals. (Financial Associated Press)
Recently, the comprehensive Department of the National Energy Administration issued a notice on matters related to the planning and research of renewable energy integration in major river basins across the country, clarifying the key points for the high-quality leap forward development of renewable energy in the 14th five year plan. (official website of National Energy Administration)
At the fifth session of the 13th National People’s Congress held on March 5, Premier Li Keqiang delivered the government work report on behalf of the State Council. The government work report made new arrangements and new requirements for the energy and power industry, and set priorities and goals for the high-quality development of the energy and power industry in the new year. Realizing carbon peak and carbon neutralization is the internal requirement of implementing the new development concept, building a new development pattern and promoting high-quality development. It is a major strategic decision made by the CPC Central Committee to coordinate the two overall situations of China and the world. (Financial Associated Press)
Company announcement
Tongwei Co.Ltd(600438) : from January to February 2022, the industry will maintain a high development momentum, and the production and sales of the company’s main products are booming. All business segments have 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.
Ja Solar Technology Co.Ltd(002459) : the company signed the investment framework agreement with Qujing Municipal People’s government and the Management Committee of Qujing Economic and Technological Development Zone on March 5, 2022. In the next six years, the company plans to invest in the development and construction of “green photovoltaic new energy base” in Qujing City, with a total investment of about RMB 10 billion, including a manufacturing base with a scale of no less than 10GW high-efficiency Cecep Solar Energy Co.Ltd(000591) batteries and 5GW modules and a new energy power station project.
Longi Green Energy Technology Co.Ltd(601012) : on March 7, Longji announced that the company signed the supplementary agreement on investment of Qujing (phase II) single crystal silicon rod and silicon wafer project with Qujing Municipal People’s government and Qujing Economic and Technological Development Zone Management Committee on March 4, 2022. The investment scale of Qujing (phase II) single crystal silicon rod project remained unchanged at 20GW per year, and the investment scale of single crystal silicon wafer project was changed from 20GW per year to 30GW per year.
Risk tip: the bottleneck of the supply chain leads to lower demand than expected, and the intensification of market competition leads to the decline of industry profitability.
