The top-level design of building energy efficiency has been gradually improved, and we are optimistic about the demand expansion of relevant industrial chains
In March 2022, the Ministry of housing and urban rural development issued the "14th five year plan" for building energy efficiency and green building development. Combined with the full-text mandatory national standard "general code for building energy efficiency and renewable energy utilization" issued in October 2021 and implemented from April 2022, two programmatic documents in the field of building energy efficiency have been issued one after another, and the top-level frame design has been gradually improved. We are optimistic about building photovoltaic integration, thermal insulation materials, enclosure structure Capacity expansion opportunities in industrial chain related fields such as energy-saving design and contract energy management.
The full text of the national mandatory code puts forward clear indicators and requirements for energy conservation and emission reduction and Cecep Solar Energy Co.Ltd(000591) utilization. The general code for building energy conservation and renewable energy utilization highlights the nature of technical regulations and defines the mandatory indicators and basic requirements for design, construction, commissioning, acceptance and operation management from three aspects: energy conservation design of new buildings, energy conservation of existing buildings and utilization of renewable energy. The content structure, element composition and main technical indicators are in line with the relevant technical regulations and standards of developed countries, and generally reach the international advanced level. Among them, the index requirements in energy conservation and emission reduction and Cecep Solar Energy Co.Ltd(000591) fields deserve special attention: 1) the average design energy consumption level of new residential buildings and public buildings is further reduced, which is 30% and 20% lower than the energy-saving design standards implemented in 2016; 2) It is required that the Cecep Solar Energy Co.Ltd(000591) system should be installed in the new building. During the design of Cecep Solar Energy Co.Ltd(000591) photovoltaic power generation system, the installed capacity of the system and the total annual power generation should be given.
The 14th five year plan defines the nine development directions of building energy conservation and green building, provides detailed guidance on building energy conservation, renewable energy application, green building materials and other aspects, and provides specific solutions for achieving the carbon emission target during the 14th Five Year Plan period. Among them, 1) the field of building photovoltaic mentioned that the cumulative installed capacity of Cecep Solar Energy Co.Ltd(000591) photovoltaic buildings during the 14th Five Year Plan period is 50gw. Considering that, The Ministry of housing and urban rural development plans to increase the installed capacity of Cecep Solar Energy Co.Ltd(000591) photoelectric buildings in cities and towns throughout the country to more than 10GW during the 13th Five Year Plan period, and the goal of the 14th five year plan is significantly higher; 2) Green building materials products such as high-performance doors and windows, sun shading measures and integrated structural insulation wallboards have been mentioned, and the corresponding market space is expected to expand.
Market Review
Last week, the construction (CITIC) index fell 0.37%, the Shanghai and Shenzhen 300 index fell 1.07%, and all the tertiary sub sectors fell except construction and decoration. Among individual stocks, Zhejiang Construction Investment Group Co.Ltd(002761) (+ 55.64%), Hualan Group Co.Ltd(301027) (+ 29.39%), construction and research design (+ 28.92%), Hangzhou Landscape Architecture Design Institute Co.Ltd(300649) (+ 28.70%) and Shenzhen Institute Of Building Research Co.Ltd(300675) (+ 21.09%) led the increase.
Investment advice
Under the medium and long-term growth dimension of "construction +" leader, enterprises with "new energy" and "chemical" industries have gradually entered the performance cashing period, and their performance is expected to grow high. Under the dimension of valuation restoration of value varieties, the leaders of local state-owned enterprises are expected to enjoy the high boom of regional infrastructure, and the profit elasticity brought by the improvement of operating efficiency has initially appeared. In the medium and long term, there are both opportunities for steady growth and report quality improvement. The increase of market share of central enterprises supports the continuous growth of revenue. After the completion of leverage reduction, roe still has obvious upward elasticity. With the continuous strengthening of the profit release ability and willingness of central enterprises, It also has strong elasticity of valuation and repair.
Risk tips: Infrastructure & real estate investment went down more than expected, new energy & chemical business expansion was less than expected, the concentration of assembled leaders was less than expected, and the progress of efficiency improvement in the reform of central enterprises and state-owned enterprises was less than expected.
