This week’s market
Overall: this week, CSI 300 rose or fell by – 0.94%, 4 of the 31 industries in shenwanyi rose, the power equipment industry rose or fell by – 0.15%, ranking fifth in shenwanyi industry, and the wind photovoltaic index rose or fell by – 3.80%.
Individual stocks: 15 stocks in the photovoltaic industry (constituent stocks of wind photovoltaic index) achieved positive returns, of which, Kbc Corporation Ltd(688598) led the rise by 6.53% and Jolywood (Suzhou) Sunwatt Co.Ltd(300393) led the decline by – 16.34%.
Valuation: as of March 20, 2022, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 43.84, and the P / E ratio of electrical equipment industry (Shenwan level) is 47.99.
Price tracking
The price of the industrial chain remained stable in general this week:
The price of monocrystalline silicon material remained stable;
The price of monocrystalline silicon and polycrystalline silicon remained stable;
The price of single crystal cell remains stable and that of polycrystalline cell remains stable;
Component prices rose slightly.
Industry dynamics
Jiangxi Energy Bureau: supporting industries shall not be used as the threshold for wind and light development and construction
In the first two months of 2022, the cumulative export value of Cecep Solar Energy Co.Ltd(000591) batteries in China was US $10.56 billion
Hunan: by 2030, the total installed capacity of Fengguang will reach more than 40gw
Investment advice
As of this week, there were 13 polysilicon enterprises in China. Due to the maintenance and transportation problems of overseas enterprises, China’s supply growth may be lower than expected in April. In terms of demand, the start-up of foreign terminal installation supports the silicon wafer operating rate to maintain a high level in the short term, but the downstream links have limited acceptance of cost rise. In addition, the phased shortage of quartz sand for single crystal pull rod crucible may lead to the limitation of new production capacity. Therefore, it is expected that the silicon supply will remain balanced in the short term and the price will be stable in the short term. The latest quotation of China’s EVA photovoltaic material is 23400 yuan / ton, which has increased by more than 20% during the year. The main reason is that the recent strong demand for photovoltaic installation and the relatively insufficient supply of EVA photovoltaic material capacity. According to the production expansion plan of relevant enterprises, the production capacity of EVA photovoltaic material is expected to reach 1.12 million tons by the end of 2022, effectively covering the market demand. Long term optimistic about the leader of vertical integration components and leading inverter enterprises with leading layout in the field of energy storage: Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) .
Risk tips
The consumption of new energy is less than expected; The new installed capacity is less than expected; Price fluctuation risk of industrial chain; The implementation of the new energy plan on the 14th five year plan was not as expected.
