Sub industry core week view
New energy: under the background of demand exceeding expectations, the excess profit of bottleneck links is further thickened in stages, and silicon consumption continues to be reduced. There is room for increasing the output scale of components, and the recommended ranking of inverters and auxiliary materials is increased; Reiterate the core view: the “50% volume increase + profit space expansion” in 2022 is clear, and continue to see the record high of Q2 sector. In addition, an in-depth report on the high-efficiency battery industry will be released this week. Welcome to pay attention.
Power equipment and industrial control: 1) power grid: the investment planning growth rate of the two networks in 2022 is significantly faster than that in 20152021, and the prosperity of the sector is high. This week, China Southern Power Grid announced that the investment growth rate from January to February was 45%, which has preliminarily verified the investment acceleration logic. The construction of new power system will force the optimization of power grid investment structure, and the upgrading of new technology and equipment is expected to speed up. We are optimistic about the sector leaders and core high growth segments. 2) The data of investment and industrial added value from January to February exceeded expectations, and the orders of industrial control enterprises increased well, providing strong support for the performance of the first quarter. In 2022, the foreign supply chain will remain tense, the localization process will continue to speed up, and we are optimistic about the leading targets of the industrial control sector.
Hydrogen energy and fuel cells: the installed capacity of fuel cells doubled year-on-year in February, with the market dominated by high-power models and the global FCV sales increasing rapidly; The Ministry of industry and information technology released the recommended catalogue of the second batch of new energy models in 2022: the number of special vehicles accounted for 50%, the mileage met the demand of commercial vehicles, and the number of enterprises in Guangdong urban agglomeration increased.
Important industry events this week
New energy: Jiangsu photovoltaic glass photovoltaic glass production expansion hearing will be held; Inverter enterprises have raised prices one after another; Hebei Province requires distributed photovoltaic to gradually add energy storage; Longji plans to invest 19.5 billion to build integrated production capacity in Inner Mongolia; Dongfang hopes to start the integration project of industrial silicon and components in Ningxia Jolywood (Suzhou) Sunwatt Co.Ltd(300393) it is planned to invest and build 200000 tons of industrial silicon + 100000 tons of polycrystalline silicon project in Shanxi.
Power equipment and industrial control: from January to February, the industrial added value and manufacturing investment data above the standard exceeded expectations Nari Technology Co.Ltd(600406) issue 2021 Business Briefing; From January to February, the investment of China Southern Power Grid increased by 45% year-on-year.
Phase III hydrogen production line of Guoneng is expected to have an annual output of 80000 sets of hydrogen production equipment for high-pressure electrolytic cell and phase III hydrogen production line; According to Ballard’s 2021 financial report, the annual revenue in 2021 increased by 1% and the gross profit decreased by 7%; Guangdong Province issued the notice on printing and distributing the key task division plan of the work report of the provincial government in 2022, which will speed up the construction of charging stations and hydrogen stations, and build more than 20000 public charging piles.
Recommended portfolio of sub industries
See the text on the next page for details.
Risk tips:
The price competition in the industrial chain is more intense than expected; The effect of policy adjustment and implementation is lower than expected; The global epidemic worsened more than expected.
