Sichuan caizhou viewpoint
Recently, affected by the price rise of upstream raw materials and components, some new energy vehicle manufacturers have begun to raise product prices one after another. The sales data in the second quarter will be the touchstone to test the price rise. Affected by international macro factors, the overall new energy sector has been significantly adjusted in recent months. At present, the valuation of Companies in all links of the sector has fallen to a relatively reasonable position. We believe that under the macro background of 2022, it is difficult for the beta opportunity of the industry as a whole. It is suggested to pay attention to the head enterprises of lithium battery and photovoltaic wind power, as well as the investment opportunities of downstream operation industries.
Market performance in one week
This week, the power equipment index fell 0.15%, the Shanghai index fell 1.77%, and the Shanghai and Shenzhen 300 index fell 0.94%. Among the sub sectors, the battery index rose 2.05%, the photovoltaic equipment index fell 3.65% and the wind power equipment index fell 7.31%.
Industry dynamics
The Ministry of industry and information technology held a symposium on the operation of lithium industry and a symposium on the price rise of upstream materials of power batteries, requiring upstream and downstream enterprises in the industrial chain to strengthen the connection between supply and demand, work together to form a long-term and stable strategic cooperative relationship, jointly guide the rational return of lithium salt price, strengthen efforts to ensure market supply, and better support the healthy development of strategic emerging industries such as Shanxi Guoxin Energy Corporation Limited(600617) automobile. (Financial Associated Press)
The Ministry of housing and urban rural development issued the “14th five year plan” for building energy conservation and green building development. During the 14th Five Year Plan period, it is expected to add 50gw of building photovoltaic installed capacity. (official website of the Ministry of housing and urban rural development)
The Ministry of Finance said to steadily and orderly promote carbon peak and carbon neutralization; Support the development of green and low-carbon industries and technology research and development; Promote the optimization of energy structure, improve clean energy support policies, and vigorously develop renewable energy; We will promote the settlement of the funding gap for subsidies for renewable energy power generation. (Financial Associated Press)
According to the National Bureau of statistics, from January to February 2022, the national photovoltaic power generation increased by 6.5% year-on-year, and the wind power generation decreased by 7.6% year-on-year. (National Bureau of Statistics website)
According to the statistics of the European Wind Energy Association, the installed capacity of new wind power in Europe in 2021 is 17gw, with a total installed capacity of 236gw. It is estimated that the installed capacity of new wind power in 20222026 will be 116gw. (Polaris power grid)
Company announcement
Cngr Advanced Material Co.Ltd(300919) : release the annual report of 2021: in 2021, the company achieved an operating revenue of 20.072 billion yuan, a year-on-year increase of 169.81%; The net profit attributable to shareholders of listed companies was 939 million yuan, a year-on-year increase of 123.48%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 769 million yuan, a year-on-year increase of 121.57%; The basic earnings per share is 1.64 yuan.
Shandong Shida Shenghua Chemical Group Company Limite(603026) : the announcement of main business data from January to February 2022. According to the preliminary accounting of the company, the company achieved a total operating revenue of about 1.14 billion yuan from January to February 2022, with a year-on-year increase of about 13.7%; The net profit attributable to the shareholders of the listed company was about 310 million yuan, with a year-on-year increase of about 97.7%.
Henan Tong-Da Cable Co.Ltd(002560) : the company released the 2021 annual report, and the net profit attributable to the parent company was 244128 million yuan, a year-on-year decrease of 80.39%; Deduct non net profit of RMB 180508 million, a year-on-year decrease of 77.80%.
Ningbo Yunsheng Co.Ltd(600366) : the company released the 2021 annual report, and the net profit attributable to the parent company was 518 million yuan, with a year-on-year increase of 191.55%; The non net profit attributable to the parent company was 356 million yuan, with a year-on-year increase of 426.44%.
Tianqi Lithium Corporation(002466) : from January to February 2022, the output of lithium concentrate increased by about 39% year-on-year, and the sales volume increased by about 56% year-on-year; It is expected that the revenue of lithium concentrate will increase by about 366% year-on-year, and the revenue of lithium compounds and their derivatives will increase by about 492% year-on-year.
Nari Technology Co.Ltd(600406) : the net profit attributable to the parent company is expected to be 5.642 billion yuan in 2021, with a year-on-year increase of 16.29%; The non net profit attributable to the parent company was 5.529 billion yuan, a year-on-year increase of 19.25%.
Yunnan Energy New Material Co.Ltd(002812) : the company released the performance express of 2021, and the net profit attributable to the parent company is expected to be 2.718 billion yuan, a year-on-year increase of 143.60%; Deduct non net profit of RMB 2.566 billion, with a year-on-year increase of 159.10%.
Chang Lan Electric Technology Co.Ltd(002879) : the company released the 2021 annual report, and the net profit attributable to the parent company was 140 million yuan, a year-on-year decrease of 13.13%; Deduct non net profit of 118 million yuan, a year-on-year decrease of 19.88%.
Risk tip: the bottleneck of the supply chain leads to lower demand than expected, and the intensification of market competition leads to the decline of industry profitability.
