Sichuan caizhou viewpoint
This week, there was a sharp correction in the power equipment index, and the segments fell across the board. From the perspective of fundamentals, the overall fundamental performance of the new energy industry is still strong, with high probability of performance in the first quarter and high growth certainty. From the perspective of the overall valuation level, the overall valuation level of the industry has dropped to near the median of the five-year valuation, and the valuation level basically matches the expected growth of the overall performance, It is suggested to pay attention to the excellent companies in each segment, midstream lithium battery enterprises, lithium iron phosphate industrial chain and the operation segment of wind power photovoltaic.
Market performance in one week
This week, the power equipment index fell 4.05%, the Shanghai index fell 1.19%, and the Shanghai and Shenzhen 300 index fell 2.14%. Among the sub sectors, the battery index fell 2.28%, the photovoltaic equipment index fell 4.60% and the wind power equipment index fell 4.10%. In terms of individual stocks, the top three companies in the power equipment industry are: Foshan Golden Milky Way Intelligent Equipment Co.Ltd(300619) ( Foshan Golden Milky Way Intelligent Equipment Co.Ltd(300619) . SZ, 25.35%), Shenzhen Sosen Electronics Co.Ltd(301002) ( Shenzhen Sosen Electronics Co.Ltd(301002) . SZ, 19.05%), Sunfly Intelligent Technology Co.Ltd(300423) ( Sunfly Intelligent Technology Co.Ltd(300423) . SZ, 14.18%); The companies with the first three weeks of decline are: Wuxi Shangji Automation Co.Ltd(603185) ( Wuxi Shangji Automation Co.Ltd(603185) . Sh, – 16.31%), Riyue Heavy Industry Co.Ltd(603218) ( Riyue Heavy Industry Co.Ltd(603218) . Sh, – 15.44%), Taihai Manoir Nuclear Equipment Co.Ltd(002366) ( Taihai Manoir Nuclear Equipment Co.Ltd(002366) . SZ, – 13.95%).
Industry dynamics
The national development and Reform Commission issued the medium and long term plan for the development of hydrogen energy industry (20212035). The plan mentioned that China’s development plan for hydrogen fuel cell vehicles in the next 13 years will give priority to the promotion of hydrogen fuel cell vehicles for vehicles in the field of public services and build a number of hydrogen refueling stations. (Financial Associated Press)
The 14th five year plan for modern energy system was issued to comprehensively promote the large-scale development and high-quality development of wind and light, and speed up the construction of scenery base: on March 22, the national development and Reform Commission and the National Energy Administration issued the 14th five year plan for modern energy system. The plan points out that looking forward to 2035, the proportion of non fossil energy consumption will further increase significantly on the basis of reaching 25% in 2030, and renewable energy power generation will become the main power supply. (Financial Associated Press)
Tesla‘s world’s fourth super factory, the Berlin factory, held a commencement ceremony on March 22 and delivered 30 high-performance modelys to bookers. German Chancellor Olaf Schultz and Elon Musk may attend the opening ceremony. (Financial Associated Press)
The United States announced the re exemption of tariffs on 352 imported goods from China such as photovoltaic junction boxes: Recently, the office of the U.S. trade representative issued a statement announcing the re exemption of tariffs on 352 imported goods from China. The new provisions will apply to goods imported from China from October 12, 2021 to December 31, 2022. (Financial Associated Press)
The U.S. Department of Commerce initiated a review of the change of circumstances for China’s crystalline silicon photovoltaic cell products: on March 23 local time, at the application of sourceglobal, PBC (sourceglobal), the U.S. Department of Commerce initiated a review of the change of circumstances for China’s crystalline silicon photovoltaic cell products, considering whether to revoke the existing anti-dumping and countervailing duty orders for some of the products involved (Financial Associated Press) on March 21, The National Energy Administration released the statistical data of the national power industry from January to February. By the end of February, China’s installed power generation capacity was about 2.39 billion kw, a year-on-year increase of 7.8%. Among them, the installed capacity of wind power was about 330 million KW, a year-on-year increase of 17.5% Cecep Solar Energy Co.Ltd(000591) installed power generation capacity was about 320 million KW, an increase of 22.7% year-on-year. (official website of National Energy Administration)
Company announcement
Flat Glass Group Co.Ltd(601865) : in 2021, the operating revenue reached 8.713 billion yuan, with a year-on-year increase of 39.18%; The net profit was 2.12 billion yuan, a year-on-year increase of 30.15%; The basic earnings per share is 0.99 yuan.
Do-Fluoride New Materials Co.Ltd(002407) : in 2021, the company achieved an operating revenue of 7.799 billion yuan, with a year-on-year increase of 85.29%; The net profit was 1.26 billion yuan, a year-on-year increase of 249080%; The basic earnings per share is 1.73 yuan. The company plans to distribute a cash dividend of 3.00 yuan (including tax) to all shareholders for every 10 shares.
Longi Green Energy Technology Co.Ltd(601012) : eight subsidiaries and four subsidiaries of Tongwei Co.Ltd(600438) have signed long order purchase agreements for polysilicon materials. The transaction volume of polysilicon materials from January 2022 to December 2023 is 203600 tons, and the total contract amount is estimated to be about 44.2 billion yuan.
Zhejiang Chint Electrics Co.Ltd(601877) : zhengtaianeng, the holding subsidiary of the company, signed a cooperation framework agreement with relevant government departments in many places to jointly promote the development of residential roof distributed photovoltaic power station project, involving a total contracted installed capacity of 1623mw.
The total operating profit of the parent company was RMB 13.35 billion, with a year-on-year increase of RMB 2.685 billion, and the annual report of EPS was officially disclosed as RMB 13.52 billion, with a year-on-year increase of RMB 2.68 billion.
Ningbo Orient Wires & Cables Co.Ltd(603606) : the annual report of 2021 officially disclosed that the total operating revenue was 7.932 billion yuan, an increase of 57.0% year-on-year, the net profit attributable to the shareholders of the parent company was 1.189 billion yuan, 33.98% year-on-year, the basic EPS was 1.81 yuan, and the average roe was 29.69%.
Anhui Estone Materials Technology Co.Ltd(688733) : the annual report of 2021 officially disclosed that the total operating revenue was RMB 423 million, an increase of 119.85% year-on-year, the net profit attributable to the shareholders of the parent company was RMB 108 million, 139.98% year-on-year, the basic EPS was RMB 0.71, and the average roe was 12.66%.
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.
