Market review: Shenwan power equipment industry fell 0.15% last week, outperforming the Shanghai and Shenzhen 300 index by 0.79 percentage points, ranking fifth among Shenwan 31 industries. The first three stocks in the power equipment sector were Jiangsu Azure Corporation(002245) , Shenzhen Senior Technology Material Co.Ltd(300568) Shenzhen Hekeda Precision Cleaning Equipment Co.Ltd(002816) profit, and the three companies increased by 19.08%, 15.48% and 14.65% respectively. In terms of valuation, as of March 18, 2022, the PE TTM of the power equipment sector was 45.47 times and the Pb TTM of the power equipment sector was 5.77 times.
Zhou viewpoint of power equipment industry: Recently, Urumqi 1GW wind power base project was officially put into construction, which is also the first multifunctional clean energy base integrating “wind energy, photovoltaic, thermal power and energy storage” in Xinjiang. The project adopts 6MW wind turbine, which is currently the largest onshore wind turbine in China. In addition, recently, the 91m tmt185 blade independently developed by Zhuzhou Times went offline, which is the longest onshore wind turbine blade that has been offline in China. This blade is mainly equipped with 4.5mw-6.5mw wind turbine. With the large-scale of wind turbines and the continuous record of wind turbine blade length, it will accelerate the decline of wind power cost and promote the continuous decline of wind power investment cost. During the 14th Five Year Plan period, the large-scale development of onshore and offshore wind turbines will continue to promote the technological innovation of the whole industry chain and improve the R & D and manufacturing capacity of complete machines and components.
With the early installation and start-up of photovoltaic terminals outside China, the demand for silicon wafers is good in the near future, and the operating rate of silicon wafer production enterprises remains high. In addition, problems such as maintenance and transportation of overseas enterprises affect China’s silicon material import to a certain extent. Therefore, the new supply of silicon material in China from March to April may be lower than expected, resulting in a phased shortage of silicon material supply in the near future. China’s polysilicon price continued to rise slightly month on month in the past week. With the continuous rise of upstream prices since the first quarter, superimposed on the ending of the current wave of Indian goods pulling in the Asia Pacific region, the demand for batteries and modules has slowed down, which may affect the release rate of new capacity of silicon wafers to a certain extent. On the whole, the price of photovoltaic industry chain is expected to remain stable in the short term.
With the accelerated construction of the state, the first batch of large-scale scenic bases will be connected to the grid and put into operation successively in 2022, focusing on local consumption and relying on the transmission of stock channels, and the major scenic bases have been arranged in advance, such as increasing energy storage and carrying out the integrated development of source network load storage. It is expected to accelerate the construction of supporting power grid and energy storage facilities this year. Recently, with the companies successively announcing the annual report of 2021 and the operation from January to February, it is suggested to pay attention to the enterprises with good performance and cash flow last year and high performance growth since this year. It is suggested to pay attention to Ming Yang Smart Energy Group Limited(601615) ( Ming Yang Smart Energy Group Limited(601615) ) Tongwei Co.Ltd(600438) （ Tongwei Co.Ltd(600438) ）； Hangzhou First Applied Material Co.Ltd(603806) （ Hangzhou First Applied Material Co.Ltd(603806) ） ； China National Nuclear Power Co.Ltd(601985) （ China National Nuclear Power Co.Ltd(601985) ） 。
Risk warning: the installed demand of new energy is less than the expected risk; Risk that foreign export demand is less than expected; The large-scale fan is less than the expected risk; The risk of oversupply in the photovoltaic industry chain.
