Key investment points
Electrical equipment 10817 fell 0.15%, outperforming the market. This week (from March 14 to March 18, the same below), lithium batteries rose 0.92%, new energy vehicles rose 0.13%, industrial control automation rose 0%, photovoltaic fell 2.98%, nuclear power fell 3.52%, power generation and power grid fell 3.96%, power generation equipment fell 5.04% and wind power fell 6.39%. The top five gainers are Aoyang Shunchang, Shenzhen Senior Technology Material Co.Ltd(300568) , Shenzhen Kedali Industry Co.Ltd(002850) , Taihai Manoir Nuclear Equipment Co.Ltd(002366) , Anhui Ankai Automobile Co.Ltd(000868) ; The top five declines were Titan Wind Energy (Suzhou) Co.Ltd(002531) , Jolywood (Suzhou) Sunwatt Co.Ltd(300393) , Zhongyeda Electric Co.Ltd(002441) , Nari Technology Co.Ltd(600406) , Qingdao Tianneng Heavy Industries Co.Ltd(300569) .
Industry level: electric vehicles: some lithium salt enterprises were interviewed by relevant departments to promote reasonable and stable price operation Contemporary Amperex Technology Co.Limited(300750) responded to the establishment of a plant in North America to supply batteries to Tesla: no comment; Tesla raised the price for the third time in a week, and modely raised 15000 yuan Byd Company Limited(002594) the second price increase was RMB 3 Jointo Energy Investment Co.Ltd.Hebei(000600) 0; Due to the rise of upstream raw materials, the price of all Xiaopeng cars increased by 1001020000 yuan on March 21; Beijing will strengthen support for new energy vehicle manufacturing; The price of Zero run car C11 increased by 2 Fawer Automotive Parts Limited Company(000030) 000 yuan; Zero run submits its listing application in Hong Kong; The price of Chery QQ electric vehicle increased by 3100 yuan; Nezha V increased by 3000 yuan; Vision power has reached a cooperation with Mercedes Benz to provide power batteries for EQ series products; Weima raised the price of models on sale by 70 Lingyi Itech (Guangdong) Company(002600) 0 yuan; The price of cobalt metal is 578300 yuan / ton, this week + 0.4%, nickel is 222700 yuan / ton, this week – 3.8%, manganese is 22600 yuan / ton, this week – 31.7%, lithium metal is 3080000 yuan / ton, this week + 3.4%, battery grade lithium carbonate is 517500 yuan / ton, this week is the same, lithium hydroxide is 489500 yuan / ton, this week is the same, industrial grade DMC dimethyl carbonate is 6000 yuan / ton, this week – 7.7%, The quotation of Sanyuan 622 cathode is 385000 yuan / ton, which is the same this week. The quotation of Sanyuan 811 cathode is 411500 yuan / ton, which is + 1.0% this week. The quotation of lithium iron phosphate cathode is 164500 yuan / ton, which is the same this week. The quotation of lithium iron phosphate PVDF is 675000 yuan / ton, which is the same this week. The quotation of ternary PVDF is 850000 yuan / ton, which is the same this week. New energy: National Energy Administration: in February, the electricity consumption of the whole society increased by 16.9% year-on-year; National Bureau of Statistics: from January to February 2022, Cecep Solar Energy Co.Ltd(000591) power generation increased by 6.5%; Ministry of Finance: promote to solve the subsidy fund gap and vigorously develop renewable energy; Longji, Jingao, Huansheng, Jingke, Trina Solar, Huawei, sunshine, Shangneng Fenshi Huadian 15gw components + 13GW inverter large order; The total investment is 25 billion yuan! 90% of new buildings in Ningbo must be installed with distributed photovoltaic; Monocrystalline silicon material this week was 249 yuan / kg, unchanged month on month; The quotation of 166 / 182 / 210mm monocrystalline silicon wafer is 5.5/6.65/8.87 yuan / wafer, which is flat month on month; The quotation of single crystal perc166 battery is 1.11 yuan / W, unchanged month on month; The quotation of single crystal perc components was 1.84 yuan / W, unchanged month on month; Glass 3.2mm/2.0mm, quotation 26 / 20 yuan / flat. Industrial Control & Power Grid: manufacturing data from January to February: industrial added value from January to February was + 7.3% year-on-year; Fixed asset investment in manufacturing industry + 20.9% year-on-year; From January to February, the industrial Siasun Robot&Automation Co.Ltd(300024) output was + 29.6% year-on-year, and the output of cutting machine tools was + 7.2% year-on-year.
Company level: Longi Green Energy Technology Co.Ltd(601012) : it is planned to invest in the construction of 20GW single crystal silicon rods and chips, 30GW high-efficiency single crystal cells and 5GW high-efficiency photovoltaic modules in Inner Mongolia, with an investment of 7.6 billion, 10.3 billion and 1.6 billion respectively Shenzhen Inovance Technology Co.Ltd(300124) : the proposed subsidiary will invest no more than 1.65 billion yuan to build new lead screws, industrial Siasun Robot&Automation Co.Ltd(300024) production plants and supporting facilities in Nanjing Eve Energy Co.Ltd(300014) : on March 14, 710000 shares were repurchased for the first time for the implementation of employee stock ownership plan or equity incentive; The company was selected as a Bosch supplier to provide Bosch with lithium-ion power batteries Cngr Advanced Material Co.Ltd(300919) : the revenue will reach 20.072 billion yuan in 2021, an increase of 169.81% at the same time; The net profit attributable to the parent company was 939 million yuan, an increase of 123.48% at the same time; The net profit attributable to the parent company after deducting non profits was 769 million yuan, an increase of 121.57% at the same time Revenue increased by 8.67 billion yuan in the same year; The net profit attributable to the parent company was 2.717 billion, an increase of 143.60% at the same time; The net profit attributable to the parent company after deducting non profits was 2.566 billion, an increase of 159.10% at the same time Hangzhou First Applied Material Co.Ltd(603806) : the revenue will reach 12.858 billion in 2021, an increase of 53.20% at the same time; The net profit attributable to the parent company was 2.197 billion, an increase of 40.35% at the same time; The net profit attributable to the parent company after deducting non-profit was 2.140 billion, an increase of 40.67% at the same time Nari Technology Co.Ltd(600406) : release the business briefing. It is expected to achieve a revenue of 42.411 billion yuan in 2021, an increase of 10.15% at the same time; The net profit attributable to the parent company was 5.642 billion yuan, an increase of 16.29% at the same time; The net profit attributable to the parent company after deducting non profits was 5.529 billion yuan, an increase of 19.25% at the same time Xinjiang Daqo New Energy Co.Ltd(688303) : in 2021, the revenue was 10.832 billion yuan, an increase of 132% and the net profit was 5.7 billion yuan, an increase of 449%
Investment strategy: at the beginning of last week, we suggested that with the sales exceeding expectations and the beautiful performance from January to February, the market’s confidence in the electric vehicle sector is increasing. With the market rebound, the electric vehicle sector rose sharply as scheduled. We believe that the reversal trend is established, and the current valuation of 18-40x is a rare strategic position building period. Basically, the tight supply of lithium carbonate has eased last week, the price actually fell slightly, and the car enterprises generally began the second round of price rise, Tesla‘s prices rose twice in a row last week. Car companies have plenty of orders in hand, and the production scheduling of the industrial chain continues to rise. Although the epidemic may slightly affect the terminal sales, the production generally responds normally. It is estimated that the sales volume of Q1 will exceed 1.2 million + in March. We believe that there is no suspense about 6 million + (with an increase of 70%) in the whole year, and 10 million + (with an increase of 60%) in the world. The average value of growth continued to be high 25 years ago, and we are strongly optimistic about the oversold reversal of the electric vehicle sector, Vigorously promote the leading of all links of lithium battery. In 2022, the demand for photovoltaic will be strong. The EU will raise the cumulative installed capacity in 2030 to 1tw, which is more optimistic in the medium term. The EU carbon tariff has been preliminarily approved. From a micro perspective, the overall Q1 production increase exceeds the market expectation, Q2 demand is strong, the component profit improves, the silicon performance is satisfactory, and the inverter profit is expected to be gradually repaired. The installed capacity in 2022 is 240250gw, an increase of nearly 50%, of which China is expected to be about 90gw, an increase of 65% at the same time, and continues to be optimistic about the components Inverter link and high-quality faucet.
The domestic substitution of industrial control continued, and the boom began to pick up in December of the 21st year. The growth of leading orders from January to February exceeded market expectations, focusing on the leading Huichuan. After the rush installation of wind power, the cost has decreased significantly, and has been parity. It has resumed growth in 22 years and sea breeze has resumed growth in 23 years. Pay attention to new export opportunities after parity. The investment in power grid is expected to increase steadily, and the new power system will bring structural opportunities, focusing on grid construction, intelligent distribution network, digitization and other directions.
Key recommended targets: Contemporary Amperex Technology Co.Limited(300750) (the global leader of power battery has greatly exceeded market expectations, high-quality customers, leading technology and cost advantages), Eve Energy Co.Ltd(300014) (the power lithium battery has gradually become the leader and electronic cigarette provides support), Yunnan Energy New Material Co.Ltd(002812) (the global leader of wet diaphragm with strong profitability), Ningbo Ronbay New Energy Technology Co.Ltd(688005) (high nickel positive lead and high increase period of capacity release) Guangzhou Tinci Materials Technology Co.Ltd(002709) (Electrolyte & hexafluoride faucet, leading new lithium salt), Shenzhen Inovance Technology Co.Ltd(300124) (gradual recovery of general automation demand and comprehensive breakthrough of powertrain), Longi Green Energy Technology Co.Ltd(601012) (global leader of monocrystalline silicon wafer and components, strong comprehensive strength), Shanghai Putailai New Energy Technology Co.Ltd(603659) (global leader of negative electrode and diaphragm coating leader), Shenzhen Kedali Industry Co.Ltd(002850) (global leader of structural parts, high-quality customers and high-volume and increasing availability period) Shenzhen Dynanonic Co.Ltd(300769) (the expectation of iron and lithium demand supermarket and the turning point of profit), Jiangsu Cnano Technology Co.Ltd(688116) (the leader of carbon nanotube conductive agent, entering the upper volume stage), Trina Solar Co.Ltd(688599) (the leader of 210 components and the outbreak of household system), Sungrow Power Supply Co.Ltd(300274) (the global leader of inverter and the forward-looking layout of energy storage), Byd Company Limited(002594) (the sales of electric vehicles continue to exceed the market expectation and the external supply of blade batteries accelerates), Ginlong Technologies Co.Ltd(300763) (the leader of series inverter, with high performance growth) Ja Solar Technology Co.Ltd(002459) (integrated component leader, predictable profit elasticity in 2022), Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) (high growth of distributed inverter and power of energy storage business), Hemai Co., Ltd. (the shipment of micro reverse leader is expected to double continuously, and the American market begins to increase in volume), Zhejiang Huayou Cobalt Co.Ltd(603799) (cobalt salt leader, positive polar precursor leader), Hangzhou First Applied Material Co.Ltd(603806) (EVA and Poe leaders, and the amount on photosensitive dry film) A Tongwei Co.Ltd(600438) , Nuode Investment Co.Ltd(600110) , Flat Glass Group Co.Ltd(601865) Sieyuan Electric Co.Ltd(002028) , Shenzhen Senior Technology Material Co.Ltd(300568) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Xinjiang Daqo New Energy Co.Ltd(688303) , No. 9 company, China Leadshine Technology Co.Ltd(002979) , Shanghai Aiko Solar Energy Co.Ltd(600732) , Xinjiang Goldwind Science And Technology Co.Ltd(002202) , Arctech Solar Holding Co.Ltd(688408) . It is suggested to pay attention to: Jingke energy, Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) , Hunan Zhongke Electric Co.Ltd(300035) , beiteri, Guangdong Jiayuan Technology Co.Ltd(688388) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , etc.
Risk tip: the investment growth rate is declining, the policy is lower than the market expectation, and the price competition is higher than the market expectation
