This week, the support of relevant departments for green energy will not be reduced. On Monday, the national development and Reform Commission and the National Energy Administration issued the implementation plan for the development of new energy storage in the 14th five year plan, which proposed that by 2025, the new energy storage will enter the stage of large-scale development from the initial stage of commercialization, have the conditions for large-scale commercial application, and the new energy storage will be fully market-oriented by 2030. On Tuesday, the national development and Reform Commission and the National Energy Administration issued the modern energy system plan for the 14th five year plan, proposing that the proportion of non fossil energy power generation will reach about 39% by 2025, increase by 5.8 percentage points during the 14th Five Year Plan period, make overall arrangements for non fossil energy power generation such as water, nuclear, wind and light in terms of task arrangement, and strive to reach about 380 million kw of conventional hydropower installed capacity by 2025, The installed capacity of nuclear power operation has reached about 70 million KW.
A series of heavy policies have pushed green energy into the wind again. Under the background of “carbon peak” and “carbon neutralization”, the global green transformation has accelerated the change of industrial structure. Some market participants pointed out that under the guidance of the goal of “carbon neutrality” in the future, China will significantly accelerate the change of real industrial structure, and the growth space of Listed Companies in relevant industrial chains is huge. It is suggested to pay attention to the high prosperity of the industry and the large opportunities of photovoltaic, wind power, hydrogen energy and other sectors.
a photovoltaic industry grab data
The installed capacity data and component export data in the first two months of 2022 are outstanding. According to the statistical data of the national power industry from January to February released by the national energy administration, Cecep Solar Energy Co.Ltd(000591) power generation installed capacity was about 315.81 million KW, an increase of 22.7% year-on-year, and the new installed capacity was 10.86 million KW, an increase of 2.34 times year-on-year. From January to February 2022, Cecep Solar Energy Co.Ltd(000591) batteries and components exported a total of 46.73 billion yuan, an increase of 110% year-on-year.
In the context of high prosperity of the industry, the leading enterprises of the photovoltaic industry chain have carried out large-scale production expansion. Among them, Longi Green Energy Technology Co.Ltd(601012) , Jingke energy, Tbea Co.Ltd(600089) , Zhuzhou Kibing Group Co.Ltd(601636) and other enterprises announced to sign major investment agreements or foreign investment announcements to expand the production capacity of silicon rods, silicon wafers, batteries, silicon materials, photovoltaic glass and other links and improve the medium and long-term market scale Central China Securities Co.Ltd(601375) analyst Tang junnan pointed out that with the help of the financing advantages of the capital market and its own industry status, the leading enterprises have accelerated the expansion of production, which can meet the strong market demand under the transformation of clean energy on the one hand; On the other hand, it is conducive to consolidate the position of the industry and give full play to the scale effect, but it is also necessary to prevent the risk of stage supply-demand mismatch, insufficient profitability and tight capital caused by blind expansion.
After more than ten years of development, the photovoltaic industry has become a rare strategic emerging industry in China that has formed an international competitive advantage, achieved end-to-end autonomy and control, and is expected to take the lead in becoming a model of high-quality development. It is also an important engine to promote China’s energy reform. Some industry insiders pointed out that with the adjustment of policies and industrial chain structure, the market demand of photovoltaic industry has been stimulated and the industry boom has been rising. Investors are advised to pay attention to Longi Green Energy Technology Co.Ltd(601012) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Tongwei Co.Ltd(600438) , Flat Glass Group Co.Ltd(601865) , Risen Energy Co.Ltd(300118) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Hoshine Silicon Industry Co.Ltd(603260) , Sungrow Power Supply Co.Ltd(300274) , etc.
potential stock selection
\u3000\u3000 Longi Green Energy Technology Co.Ltd(601012) Longi Green Energy Technology Co.Ltd(601012)
company continues to invest in research and development to promote technological progress. In terms of hjt battery research and development, the Research Institute of Cecep Solar Energy Co.Ltd(000591) Research Institute in Hamelin, Germany, tested and announced that Longji hjt battery has made another major breakthrough; In the field of TOPCON batteries, the company’s two models of batteries have also achieved the highest conversion efficiency in the world. At the same time, the company actively arranges BIPV and photovoltaic hydrogen production business, which is expected to open more application scenarios. The company has laid out new photovoltaic battery technology through multiple technology paths, with positive and steady performance and stable leading position. Century Securities pointed out that in the short term, although the sharp rise in the price of upstream silicon material has led to the imbalance of the industrial chain, the company, as the leader of vertical integration, has stronger pressure resistance. In the long run, the company continues to invest in R & D and promote technological progress. The vertical integration strategy has achieved remarkable results. The advantages of scale, technology and brand will ensure that the company will continue to benefit from the long-term development of the photovoltaic industry.
\u3000\u3000 Tianjin Zhonghuan Semiconductor Co.Ltd(002129) Tianjin Zhonghuan Semiconductor Co.Ltd(002129)
company officially launched 210 large-size silicon wafers in 2019. After increasing the size of silicon wafers, on the one hand, it can reduce the non silicon cost in all production links, on the other hand, it can significantly increase the module power, reduce the BOS cost, and finally reduce the photovoltaic kwh cost. Guosheng Securities pointed out that since 2021, the industrial chain supporting 210 high-power components has been gradually improved. The market share of 210 products has reached 17%, and is in a stable growth trend. 210 silicon wafers remain in short supply. The company actively expanded its production capacity. The crystal output of the company exceeded 20000 tons and the annual output exceeded 60GW, two months ahead of the original plan. Among them, the annual output of G12 single crystal reached 27GW / year, accounting for 45%. 210 silicon wafer is expected to bring strong support to the company’s performance this year.
\u3000\u3000 Tongwei Co.Ltd(600438) Tongwei Co.Ltd(600438)
The company’s operating revenue increased by about RMB 1.6 billion year-on-year; The net profit attributable to the parent company was about 3.3 billion yuan, with a year-on-year increase of about 650%, and the performance was brilliant. Kaiyuan Securities pointed out that by the end of 2021, the company’s polysilicon production capacity had reached 180000 tons. In 2022, after Leshan phase III and Baotou phase II are put into operation, the company’s production capacity will exceed 230000 tons by the end of 2022. In the future, the global market share of the company’s silicon material sales is expected to gradually increase from nearly 20% in 2021 to more than 30%.
With high price and high production capacity, the profit of polysilicon business is expected to maintain strong growth. In terms of battery chips, with the completion and operation of new projects, the company’s battery chip production capacity is expected to exceed 50gw in 2022. With the advantages of technology and production capacity, large-size battery chips are expected to become the main contribution point of the company’s performance.
\u3000\u3000 Flat Glass Group Co.Ltd(601865) Flat Glass Group Co.Ltd(601865)
the company seizes the market opportunity, accelerates the implementation of the production expansion strategy, sits firmly in the first echelon of the photovoltaic glass industry, and has a large gap in profitability with the second and third tier enterprises. By the end of 2021, the company has put into operation photovoltaic glass with a production capacity of 12200 tons / day, ranking second in the industry Founder Securities Co.Ltd(601901) pointed out that in 2021, due to the rising cost of raw materials and fuels and the gradual release of new production capacity in the industry, the price of photovoltaic glass decreased significantly, affecting the profits of enterprises. However, the company effectively controls costs by virtue of the cost reduction advantages of large-scale production, the high bargaining power advantages of large-scale procurement and technical advantages. At the same time, with stable customer resources and superior product competitiveness, the company has promoted the gradual release of new photovoltaic glass production capacity, significantly increased the shipment of main products, offset the impact of the decline in photovoltaic glass prices, and achieved a better profit level in the industry.
B wind power installed capacity is expected to increase significantly
As a renewable and clean energy, wind power has become the third largest power source in China after thermal power and hydropower. In recent years, China’s wind power industry has developed rapidly. Since the installed capacity of wind power exceeded 60GW in 2012, China has become the world’s largest wind power country and has been maintained so far. According to the data of the national energy administration, in 2021, the new installed capacity of wind power in China reached 47.57 million KW, with a cumulative installed capacity of about 328.48 million KW, a year-on-year increase of 16.6%.
From the beginning of 2022, the wind power industry continues to maintain a high boom. Huang Xiuyu, an analyst at Dongguan securities, said that since this year, the cost of large-scale wind turbines has continued to decline, and wind power bidding is booming. According to incomplete statistics, the bidding capacity of onshore and offshore wind turbines in China exceeded 10GW in January 2022, a year-on-year increase of more than twice. It is expected that the installed capacity of wind power in China is expected to increase significantly year-on-year this year.
According to the Beijing Declaration on wind energy, in the 14th five year plan, China’s annual installed capacity of wind power should not be less than 60 million KW after 2025, at least 800 million KW by 2030 and at least 3 billion kw by 2060. It can be seen that in the next few years, China’s wind power installed capacity will maintain an average annual compound growth rate of more than 10% The Pacific Securities Co.Ltd(601099) securities analyst Liu Guoqing pointed out that under the background of “double carbon”, with the continuous progress of wind power technology, the manufacturing cost and kwh cost of wind power are also declining rapidly, and the wind power industry is expected to develop rapidly in the future. China’s China one belt, one road, has opened up its export space for China’s wind power enterprises. With the rapid development of Chinese wind power enterprises, leading enterprises have begun to export fans. We are optimistic about the growth of wind power leading enterprises. Investors are advised to pay attention to Xinjiang Goldwind Science And Technology Co.Ltd(002202) , Ming Yang Smart Energy Group Limited(601615) , Zhejiang Windey Co.Ltd(300772) , Shanghai Electric Wind Power Group Co.Ltd(688660) , etc.
potential stock selection
\u3000\u3000 Xinjiang Goldwind Science And Technology Co.Ltd(002202) Xinjiang Goldwind Science And Technology Co.Ltd(002202)
company is one of the first enterprises in China to enter the field of wind power equipment manufacturing. In 2020, the company’s new installed capacity in China reached 12.33gw, with a Chinese market share of 21%, ranking first in China for ten consecutive years; The newly installed capacity in the world is 13.06gw, with a global market share of 13.51%, ranking second in the world and maintaining a leading position in the industry for many years. The company has sufficient orders in hand to ensure the continuous growth of wind turbine business in the future. Dongguan Securities pointed out that in 2020, the new hoisting capacity of China’s wind power reached 57.8gw, doubling on the basis of 2019, the highest level in history. The document points out that by 2030, the proportion of non fossil energy in primary energy consumption will reach about 25%, and the total installed capacity of wind power and Cecep Solar Energy Co.Ltd(000591) power generation will reach more than 1.2 billion kw. The company is expected to benefit from the higher prospect of the wind power industry in the future.
\u3000\u3000 Ming Yang Smart Energy Group Limited(601615) Ming Yang Smart Energy Group Limited(601615)
company occupies about 10% of China’s newly installed wind power market, ranking the top three in China for six consecutive years; It ranks sixth in the global ranking of new wind power installed capacity. The company has been growing rapidly for three consecutive years, and its profit has reached another record high Founder Securities Co.Ltd(601901) pointed out that the global sea breeze ushered in a period of rapid development, the three major demands were steadily boosted, and the proportion of new installed capacity was steadily increased. The company’s fan market share in China increased to 10% in 2020, ranking third, and remained stable. The offshore fan has higher technical requirements for the whole machine manufacturer, and Ming Yang Smart Energy Group Limited(601615) has a comparative advantage. Subsequent companies have a large number of orders on hand, and the market share is expected to continue to increase. Under the background of the 3060 goal and the complementary development of renewable energy and scenery, the offshore is expected to become the main battlefield of China’s wind power. Driven by the large affordable base and the high boom of offshore wind power, the industry boom is expected to be maintained.
\u3000\u3000 Zhejiang Windey Co.Ltd(300772) Zhejiang Windey Co.Ltd(300772)
the company released its annual report for 2021. The annual operating revenue was RMB 16.041 billion, with a year-on-year increase of 39.75%, and the net profit attributable to the parent company was RMB 490 million, with a year-on-year increase of 183.13%. The company achieved double growth in operating revenue and orders, and the sales of large MW wind turbine units increased Dongxing Securities Corporation Limited(601198) pointed out that at present, the company actively distributes offshore wind power and overseas market. In terms of offshore wind power, the company has released wd2259000 platform resistant offshore units of “Haifeng” series 9mw sea harrier platform, and will have batch delivery capacity in 2022. At present, the company’s new and on-hand orders are full, and the market share of the company after the rush for installation in the wind power industry is further improved. Driven by the strong demand for the installation of scenery during the 14th Five Year Plan period and the commencement of the construction of two batches of scenery bases, the company’s production capacity and performance are expected to accelerate the release.
\u3000\u3000 Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850)
the contribution of the supporting bearing construction project of 2.0MW and above high-power wind turbine generator invested by the IPO of the company has been fully demonstrated, and the company’s performance has increased significantly due to the combination of four factors: the release of production capacity, the high prosperity of the wind power industry, the great increase of the company’s brand strength after listing and the domestic substitution of Wind Turbine Spindle products.
Capital Securities pointed out that at present, the main bearings of high-capacity wind power are mainly monopolized by foreign giants such as SKF, Schaeffler and Timken, and there is a huge space for domestic substitution. The company has mastered the design and manufacturing technology of high-power fan main shaft bearing with three row roller structure and the design and manufacturing technology of double row tapered roller main shaft bearing without soft belt of offshore wind power, and the maximum unit capacity involved has reached 6MW It is expected that with the continuous growth of R & D investment, the company is expected to become a leading enterprise in the subdivision track of high-capacity wind power bearing.
C hydrogen energy trillion market surfaced
In terms of news, the national development and Reform Commission recently released the medium and long term plan for the development of hydrogen energy industry (20212035). By 2025, a relatively perfect institutional and policy environment for the development of hydrogen energy industry will be formed, the industrial innovation ability will be significantly improved, the core technology and manufacturing process will be basically mastered, and a relatively complete supply chain and industrial system will be preliminarily established. Remarkable achievements have been made in the demonstration and application of hydrogen energy, great progress has been made in clean energy hydrogen production and hydrogen energy storage and transportation technology, and the market competitiveness has been greatly improved. A hydrogen energy supply system focusing on the nearby utilization of industrial by-product hydrogen and renewable energy hydrogen production has been preliminarily established.
In order to accelerate the development of China’s hydrogen energy industry, the national and local governments frequently support the hydrogen energy industry. In addition, the industrial economy market is broad, the number of hydrogen energy financing projects continues to grow, and the layout of relevant enterprises is accelerated. The development of China’s hydrogen energy industry will usher in an accelerated period. According to the prediction of China hydrogen energy alliance, it is expected that China’s hydrogen production from renewable energy will increase to 100 million tons by 2060, accounting for 77% of the total annual hydrogen demand in 2060. As the cost of large-scale wind power and photovoltaic renewable energy power generation decreases, the development of hydrogen production from renewable energy will usher in a breakthrough.
With the rapid development of hydrogen energy industry, the fuel cell market is opening rapidly, and local equipment companies are accelerating their layout Soochow Securities Co.Ltd(601555) analyst Zhou Ershuang pointed out that fuel cell vehicles are in a period of rapid introduction. GGII predicts that the market scale of fuel cell industry will reach 23 billion yuan in 2023 and 70 billion yuan in 2025. At present, as the industry is still in the early stage of industrialization, the head shuffling phenomenon occurs frequently. With the technical route, the determination of market demand and the formation of scale effect, we are optimistic that local enterprises with first mover advantage will stand out. It is suggested to pay attention to Moon Environment Technology Co.Ltd(000811) , Fujian Snowman Co.Ltd(002639) , Houpu Clean Energy Co.Ltd(300471) , Beijing Sinohytec Co.Ltd(688339) , Zhangjiagang Furui Special Equipment Co.Ltd(300228) , Shanghai Hanbell Precise Machinery Co.Ltd(002158) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Hefei Kewell Power System Co.Ltd(688551) , etc.
potential stock selection
\u3000\u3000 Moon Environment Technology Co.Ltd(000811) 00081 7
the company actively carries out research and development in the field of hydrogen energy equipment. Under the background of carbon neutralization, CCUs is an important means to reduce carbon dioxide emissions, ensure energy security and achieve sustainable development in the future. The prosperity of the company’s carbon capture core equipment gas booster unit and carbon dioxide liquefaction unit, which have been cultivated for many years, is expected to benefit deeply. Anxin Securities pointed out that according to the company’s announcement, the company’s hydrogen transmission compressor, fuel cell air compressor, fuel cell hydrogen circulating pump and high-pressure hydrogenation compressor products have passed the scientific and technological achievement appraisal of China General Machinery Industry Association. The company has strategic cooperation with hydrogen energy companies such as East Germany, Guofu and remodeling, and has placed equipment orders. On the whole, the layout of the company’s hydrogen compressor product system is complete, and the business development space is worth looking forward to.
\u3000\u3000 Houpu Clean Energy Co.Ltd(300471) 30047 7
company has actively carried out business in hydrogen energy related fields since 2013, and is the first solution supplier of box type hydrogenation station in China. In 2020, Houpu Clean Energy Co.Ltd(300471) hydrogenation station complete set of equipment was listed in the 2020 Sichuan famous and high-quality products catalogue. In the field of hydrogenation station, the company has formed a comprehensive ability covering the whole industrial chain from design to R & D and production of key components, integration of complete sets of equipment, installation and commissioning of hydrogenation station and technical service support. The company attaches importance to scientific and technological innovation, and has independently developed a number of key components of hydrogen energy filling equipment, taking the lead in breaking the international monopoly. At present, the first 70MPa hydrogenation machine independently developed by the company has been successfully applied to the hydrogenation station, broke through key technologies such as automatic pressure regulation, and applied the independently developed 100MPa hydrogenation flowmeter, 70MPa hydrogenation gun and 70MPa hydrogenation machine control system for the first time.
\u3000\u3000 Beijing Sinohytec Co.Ltd(688339) Beijing Sinohytec Co.Ltd(688339)
company’s system has powered more than 1800 fuel cell vehicles in use in China, with an average mileage of 40000 kilometers. More than 1000 fuel cell vehicles will be put into operation in 2022 Beijing Zhangjiakou Winter Olympic Games, of which more than 700 are equipped with Beijing Sinohytec Co.Ltd(688339) hydrogen fuel system. Wanlian Securities pointed out that the company has always adhered to independent research and development, and released two new generation high-power products of 120kw and 80kW in 2021, which achieved important breakthroughs in a number of core parameter indicators while improving the rated power. As the new national subsidy scheme sets 50KW as the subsidy starting point, and the subsidy conditions for high-power heavy trucks are favorable, with the implementation of the demonstration urban agglomeration, the high-power products developed by the company are expected to improve the profitability of the company and create core technical barriers in the future, and the long-term fundamentals of the company are still good.
\u3000\u3000 Changzhou Tenglong Auto Parts Co.Ltd(603158) Changzhou Tenglong Auto Parts Co.Ltd(603158)
company layout hydrogen fuel cell business and become the largest shareholder of Xinyuan power. Xinyuan power’s innovative achievements cover all levels of key materials, key components and whole stack system of proton exchange membrane fuel cell engine system, and has nearly 400 patented technologies with independent intellectual property rights. Xinda Securities pointed out that the second generation products produced by Xinyuan power have been successfully applied to SAIC Roewe 750 and SAIC Maxus fcv80, becoming the first fuel cell in China with independent research and development and durability exceeding 5000 hours, which can realize low-temperature start at – 10 ℃ and storage at – 40 ℃; The third generation product has become China’s first highly integrated high-power stack with independent intellectual property rights. At present, the policy support is strong. The company actively arranges the hydrogen fuel cell and core parts business, and makes full use of customer resources and manufacturing capacity, which is conducive to long-term development.
