The resilience of PV demand outside China exceeded expectations. The recent adjusted valuation fell and ushered in the layout time point. After the supply bottleneck is lifted, the demand may exceed expectations. The target whose performance is expected to maintain a high growth rate is preferred to meet the challenges of the production capacity cycle, and new battery technologies such as hjt and TOPCON are promoted in an all-round way; The inflection point of wind power boom is advanced, the demand for offshore wind power may be accelerated, and the supply chain of parts and components may be tight at different stages. The global prosperity of new energy vehicles continues to rise, and the sales data are bright. Chinese battery and material enterprises accelerate the introduction into the global supply chain. The supply and demand of some links are expected to improve, the competition pattern of cells, diaphragms and other links is better, and new technologies promote the upgrading of the industrial chain. The construction of the new power system will be accelerated, and the investment structure of the power grid is expected to further tilt to UHV, intelligence and other fields, and the leading enterprises in all links are expected to benefit significantly. Maintain the rating that the industry is stronger than the market.
Plate market this week: the power equipment and new energy sector fell 4.05% this week, including nuclear power sector fell 1.71%, industrial control automation fell 2.06%, lithium battery index fell 2.10%, new energy vehicle index fell 3.38%, wind power sector fell 5.74%, photovoltaic sector fell 6.40% and power generation equipment fell 6.77%.
Key industry information this week: new energy vehicles: stellantis group and LG new energy plan to build a lithium battery project with an annual capacity of more than 45gwh in a joint venture. LG new energy will spend about US $1.4 billion to build a battery plant with a capacity of 11gwh in Arizona. Tesla Berlin factory officially opened and delivered the first batch of 30 modely models. New energy power generation: the national development and Reform Commission and the National Energy Administration issued the “14th five year plan” for modern energy system. It is proposed that by 2025, the proportion of non fossil energy consumption will increase to about 20%, the proportion of non fossil energy power generation will reach about 39%, the electrification level will continue to improve, and the proportion of electric energy in terminal energy consumption will reach about 30%. The national energy administration and the national development and Reform Commission jointly issued the medium and long term plan for the development of hydrogen energy industry (20212035). It is proposed that by 2025, the core technology and manufacturing process will be basically mastered, the number of fuel cell vehicles will be about 50000, a number of hydrogen refueling stations will be deployed and constructed, and the hydrogen production capacity of renewable energy will reach 1 China Vanke Co.Ltd(000002) 00000 tons / year.
Key information of the company this week: annual report of 2021: Xinjiang Goldwind Science And Technology Co.Ltd(002202) (profit of 3.457 billion yuan, with a year-on-year increase of 16.65%; deduction of non-profit of 2.993 billion yuan, with a year-on-year increase of 8.33%), Guangzhou Tinci Materials Technology Co.Ltd(002709) (profit of 2.208 billion yuan, with a year-on-year increase of 314.42%; deduction of non-profit of 2.169 billion yuan, with a year-on-year increase of 310.55%), Flat Glass Group Co.Ltd(601865) (profit of 2.120 billion yuan, with a year-on-year increase of 30.15%; deduction of non-profit of 2.055 billion yuan, with a year-on-year increase of 26.92%) Do-Fluoride New Materials Co.Ltd(002407) (profit of 1.260 billion yuan, up 249080% year-on-year; deduction of non-profit of 1.236 billion yuan, up 860.32% year-on-year), Suzhou Good-Ark Electronics Co.Ltd(002079) (profit of 218 million yuan, up 140.90% year-on-year; deduction of non-profit of 167 million yuan, up 176.11% year-on-year) Longi Green Energy Technology Co.Ltd(601012) & Tongwei Co.Ltd(600438) : a polysilicon material long order purchase agreement was signed. Between January 2022 and December 2023, the polysilicon material transaction volume was 203600 tons, and the total contract amount was about 44.2 billion yuan. Jingke energy: the company announced the 2021 performance and shipment of Jingke Energy Holdings (JKS), the indirect controlling shareholder. In 2021, the shipment of components of Jingke Energy Holdings (JKS) was 22.23gw, with a year-on-year increase of 18.4%. The total shipment volume in the first quarter of 2022 is expected to be 7.5gw-8gw Zhejiang Huayou Cobalt Co.Ltd(603799) : the company, Volkswagen (China) and Aoyama holdings plan to establish a joint venture in Indonesia to jointly layout the nickel and cobalt resource development business. The joint venture plans to build products with an annual output of about 120000 tons of nickel metal and about 15000 tons of cobalt metal, which can meet the supply of nickel and cobalt raw materials for about 160gwh batteries; It is proposed to establish a joint venture to invest in the construction of new energy lithium battery cathode material integration project, engaged in nickel cobalt sulfate refining, ternary precursor and ternary cathode material Shanghai Putailai New Energy Technology Co.Ltd(603659) : the company plans to grant 7.43 million stock options to 78 incentive objects, accounting for 1.07% of the total share capital of the company. The net profit of the company in 2023 and 2024 is not less than RMB 4 billion and RMB 2.6 billion respectively.
Risk warning: price fluctuation of raw materials; Price competition exceeds expectations; The growth rate of investment declined; Policies fail to meet expectations; International trade friction risk; The impact of covid-19 epidemic exceeded expectations.
