Key investment points:
Market review: Shenwan power equipment industry fell 4.05% last week, 1.91 percentage points lower than Shanghai and Shenzhen 300 index, ranking 30th among Shenwan 31 industries. The top three stocks in the power equipment sector were Foshan Golden Milky Way Intelligent Equipment Co.Ltd(300619) , Shenzhen Sosen Electronics Co.Ltd(301002) and Sunfly Intelligent Technology Co.Ltd(300423) , with the three companies rising by 20.35%, 19.05% and 14.18% respectively. In terms of valuation, as of March 25, 2022, the pettm of power equipment sector was 43.66 times and the pbttm of power equipment sector was 5.47 times.
Zhou’s view of the power equipment industry: Recently, the coastal wind power storage integration project zheneng Taizhou No. 1 300MW offshore wind farm was officially started, which is the first affordable offshore wind power project started in Zhejiang Province. It took only more than three months from project approval to project commencement, and the whole approval link was nearly six months ahead of schedule. According to the “14th five year plan” development goal of Zhejiang Province, Zhejiang will build more than three million kilowatt offshore wind power bases, and increase the installed capacity of offshore wind power by more than 4.55 million kilowatts. According to incomplete statistics, the near-term and long-term plan of offshore wind power in coastal provinces and cities has exceeded 150gw, and more than 13GW affordable offshore wind projects have been launched in the industry. With the large-scale of wind turbines and the continuous record of wind turbine blade length, the decline of kWh cost will be accelerated and the investment cost of offshore wind power will continue to decline.
Recently, due to the lower than expected release of new capacity of many mainstream silicon enterprises, the current silicon wafer enterprises maintain a high operating rate, and the accelerated release of new capacity in the silicon wafer industry, resulting in a relative shortage of silicon material supply increment in the short term, and the silicon material price still maintained a slight upward trend last week. On the 25th, Longji raised the price of monocrystalline silicon wafer for the fifth time in a row this year. At present, it is 165 μ The price of 158.75mm/166mm/182mm monocrystalline silicon wafer of m increased by 10.77% / 10.34% / 14.53% respectively compared with the price announced on December 16, 2021. Recently, due to the impact of the epidemic, China’s logistics has been blocked, overseas demand has stabilized, and the rise of upstream prices does not rule out the possibility of battery enterprises accumulating inventory and slightly reducing the operating rate. It is expected that the prices of battery chips and components will stabilize in the short term. Overall, the price of photovoltaic industry chain will remain stable in the short term. In addition, currently 166mm / 165 μ The market circulation of m-Size monocrystalline silicon wafer has decreased rapidly. Driven by cost reduction and output increase, the thickness of silicon wafer has an obvious trend of thinning, and the thickness of 182mm silicon wafer is towards 150160 μ M evolution, 210mm silicon wafer thickness from 160 μ M direction 155 μ M thickness advance.
Recently, the “14th five year plan” of China Southern Power Grid Corporation was released. During the “14th five year plan”, the estimated total investment of China Southern Power Grid Corporation’s digital plan exceeded 26 billion yuan, which will further promote the digital transformation and the sustainable development of digital power grid construction. In addition, with the formal commercial operation conditions of Fuqing nuclear power unit 6, Hualong No. 1 demonstration project has been fully completed and put into operation, which reflects that China National Nuclear Power Co.Ltd(601985) technology has reached the world advanced level and is expected to promote China National Nuclear Power Co.Ltd(601985) technology overseas. By 2025, the national installed capacity of nuclear power will increase from 53gw in 2021 to 70gw, and the compound annual growth rate will reach about 7.1%. It is suggested to pay attention to Nari Technology Co.Ltd(600406) ( Nari Technology Co.Ltd(600406) ) China National Nuclear Power Co.Ltd(601985) China National Nuclear Power Co.Ltd(601985) ）； Hangzhou First Applied Material Co.Ltd(603806) Hangzhou First Applied Material Co.Ltd(603806) ）； Ming Yang Smart Energy Group Limited(601615) Ming Yang Smart Energy Group Limited(601615) ）。
Tips: increased risk of epidemic situation in China; Risk that foreign export demand is less than expected; The large-scale fan is less than the expected risk; The risk of oversupply in the photovoltaic industry chain.
