This week’s view
This week, the power equipment and new energy index fell by 1.44%, and the leaders in the subdivided fields basically rose, of which the positive leader Ningbo Ronbay New Energy Technology Co.Ltd(688005) rose by more than 10%. Logically, the three sectors in the new energy field logically exceeded market expectations and may resonate upward. We believe that the current point is a good opportunity to configure the new energy sector and continue to recommend the photovoltaic and new energy vehicle sectors. The specific logic is as follows:
(1) new energy vehicles. Even with the expected decline in the price of new vehicles, the whole energy sector still has great confidence in the rise in the price of new vehicles, which can not bring about the rise in the price of new vehicles.
(2) photovoltaic sector. The negative factors of the slowdown of downstream demand caused by the sharp rise of silicon material price have disappeared. After the release of silicon material capacity in the second half of the year and the decline of price, the photovoltaic sector will go through three stages of simultaneous rise of volume and price, rise of price drop and rise of price stability in 2022, and finally form the process of profit redistribution. The pattern of sharp rise of terminal demand. Looking back one year at the current time point, in addition to some disturbances caused by technical iteration, the photovoltaic sector will, Basically, there are no logical flaws. Therefore, we regard photovoltaic as No.1 of this year’s new energy sector.
(3) wind power sector. At present, it is going through the stage of substantial cost reduction of photovoltaic three years ago. The main contradiction in this stage is to reduce the cost and increase the installed capacity. However, for enterprises, whether the gross profit margin decreases and whether to increase income without increasing profit is a matter of more concern to the market. At present, the published performance express does not support this concern. Once the decline of gross profit margin is falsified, the wind power sector will return to the vision of investors.
Some company dynamics
On March 18, 2022, Eve Energy Co.Ltd(300014) announced that the company had recently received a notice from Robert Bosch GmbH (hereinafter referred to as “Bosch”) that the company was selected as the supplier of Bosch to provide Bosch with lithium-ion power batteries for auxiliary applications of electric vehicles in the global market. (company announcement)
On March 17, 2022, Yunnan Energy New Material Co.Ltd(002812) disclosed the performance express of 2021. In 2021, the company realized an operating revenue of 7.982 billion yuan, an increase of 86.37% over the previous year; The operating profit was 3.217 billion yuan, an increase of 144.31% over the previous year; The net profit attributable to shareholders of listed companies was 2.718 billion yuan, an increase of 143.60% over the previous year; After deducting non recurring profits and losses, the net profit attributable to shareholders of listed companies was 2.566 billion yuan, an increase of 159.10% over the previous year; The basic earnings per share was 3.06 yuan, an increase of 128.36% over the previous year. (company announcement)
Risk tips
The risk of intensified market competition, repeated epidemic and subsidy policy.
