Industry perspective:
New energy power generation: the EU will further promote the development of new energy through the carbon tariff proposal. On March 15, the European Council proposed a carbon tariff. EU carbon tariff, also known as “carbon border regulation mechanism (CBAM)”, is the first carbon tariff measure officially brewing in the world. The EU adopts the form of “nominal” carbon market. In the initial stage, it will cover five industries such as cement, electric power, chemical fertilizer, steel and aluminum. Only the direct emissions from the production process of products will be accounted for, and the indirect emissions will not be considered for the time being. 20232025 is the transition period, and it will be officially implemented in 2026. Under this mechanism, the EU plans to charge the carbon content of imported products to make imported products bear the same carbon emission cost as EU local industries. On the one hand, the implementation of this plan will increase the cost of relevant materials in the EU. If Chinese goods are used, it will also bring about the problem of carbon tax, which will stimulate them to use clean energy faster. According to the latest report of solarpower Europe, the EU estimates that 25.9gw of new photovoltaic installed capacity will be connected to the grid in 2021, an increase of 34%. The EU itself depends on China for photovoltaic import, and the carbon tariff policy will accelerate the export of China’s photovoltaic products. On the other hand, the later tariff policy will stimulate relevant Chinese enterprises to increase the use of renewable energy or purchase green power, which will be beneficial to the development of new energy, especially photovoltaic and wind power products.
Energy storage: Hebei Province requires distributed photovoltaic energy storage, which will play a positive demonstration role. On March 16, Hebei Provincial Energy Bureau issued the guidance specification for roof distributed photovoltaic construction (Trial), which clearly requires distributed photovoltaic configuration and energy storage. Although Hebei Province has no mandatory requirements on the distribution and storage scale, as a provincial document, it will play a very important exemplary role. In areas with better scenery resources, the problems of consumption and power grid security are becoming more and more prominent. It is expected that there will be more and more policies in various regions for distributed energy storage in the future. In addition, with the improvement of the economic benefits of energy storage, the enthusiasm of users for energy distribution and storage will gradually increase.
New energy vehicles: the price of lithium battery raw materials rises, and the cost is transmitted to new energy vehicles. Affected by factors such as rising raw material prices and declining subsidies, nearly 20 new energy vehicle enterprises have announced price increases since March, involving nearly 40 models. From the perspective of the price increase range of new energy models of automobile enterprises, due to the large battery capacity of pure electric vehicles, the price increase range of pure electric models is higher than that of hybrid models; The cost of battery self-produced car enterprises is lower than that of battery purchasing car enterprises, and the price increase is low. We believe that when the price of battery raw materials is high, the car enterprises that layout battery production will have a more competitive advantage. After the decline of central and local purchase subsidies, the actual cost of new energy models in various car enterprises generally increased by more than 2000 yuan to 3000 yuan. We believe that the decline of new energy subsidies has been vaccinated in terms of policy, and the market has long expected the decline of new energy subsidies. In the cost composition of new energy vehicles, the battery cost accounts for about 40%. Due to the rising prices of core raw materials such as cobalt, lithium and nickel, the battery cost is rising. It is simply estimated that the rise of lithium price may have led to an increase of about 16560 yuan – 22080 yuan in the cost of battery packs with a capacity of 60kwh. Therefore, new energy vehicle manufacturers Byd Company Limited(002594) , Tesla and other auto enterprises have raised prices, continuously transmitting the rising cost of core components such as batteries to the downstream and transferring the cost pressure.
Important industry information:
Jiangxi Province: supporting industries shall not be used as the threshold for the development and construction of scenery projects. On March 18, Jiangxi Provincial Energy Bureau issued the notice on matters related to the management of photovoltaic and wind power projects in 2022. In order to further optimize the new energy development environment and standardize the development and construction order, supporting industries shall not be used as the threshold for the development and construction of photovoltaic wind power projects.
One week market performance:
Industry performance: among the 28 Shenwan level industries, the power equipment industry fell 0.15%, ranking second; The utility industry fell 4.14% this week, ranking 27th.
Performance of sub sectors: among the sub sectors, lithium batteries, special equipment for lithium batteries and battery chemicals ranked among the top three, with increases of 4.90%, 4.36% and 4.21% respectively; Wind power parts, power grid automation equipment and photovoltaic power generation ranked the last three, with – 8.79%, – 7.44% and – 6.16% respectively.
Growth of individual stocks: Among Listed Companies in the power energy industry, Sunway Co.Ltd(603333) , Eve Energy Co.Ltd(300014) , Gcl Energy Technology Co.Ltd(002015) , Shenyang Jinshan Energy Co.Ltd(600396) , Jiangxi Special Electric Motor Co.Ltd(002176) rose in the top five, rising 13.37%, 10.99%, 9.39%, 9.19% and 8.12% respectively.
