Sichuan Finance Quarterly view
In February 2022, the sales volume of electric vehicles still maintained rapid growth and strong demand, with sales of 334000 vehicles, a year-on-year increase of 184%. In February, the penetration rate of new energy vehicles reached 22%, an increase of 13 percentage points year-on-year. In February 2022, the installed capacity of power lithium battery was 13.70gwh, with a year-on-year increase of 146%. From the perspective of installed structure, the installed capacity of ternary battery was 5.85gwh, with a year-on-year increase of 76%, and the installed capacity of iron lithium battery was 7.78gwh, with a year-on-year increase of 247%, accounting for 57%, which continued to increase by 2 percentage points month on month. From January to February 2022, China’s photovoltaic installed capacity increased by 10.86gw, a year-on-year increase of 234%, and the downstream demand showed strong performance. In March 2022, the bidding of wind power industry maintained a high boom, and the bidding of offshore wind power was announced one after another, laying a good foundation for the subsequent development of offshore wind power.
The overall valuation of the lithium battery industry chain has gradually fallen back to the median level. The high outlook of the industry is expected to continue in 2022 and maintain a growth level of more than double digits as a whole. It is suggested to pay attention to the battery links whose profitability is expected to be repaired in 2022. The competition pattern is good, driven by the superposition of energy storage capacity. The relevant targets include Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Byd Company Limited(002594) , etc; The core link of battery technology upgrading is cathode material industry chain, high nickel ternary direction and lithium iron phosphate direction. Related companies include: Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Beijing Easpring Material Technology Co.Ltd(300073) , Shenzhen Dynanonic Co.Ltd(300769) , etc; Under the guidance of the national carbon neutral goal, the total installed capacity of scenery is expected to rise further during the 14th Five Year Plan period. In the photovoltaic field, it is suggested to focus on the silicon industry chain benefiting from the continuous tension of supply and demand pattern, and the relevant targets include Tongwei Co.Ltd(600438) , Xinjiang Daqo New Energy Co.Ltd(688303) , etc; Renewable energy subsidies are expected to be paid at one time, the cash flow of power generation enterprises has improved significantly, and the investment value of green power sector has ushered in a systematic revaluation. The relevant targets include Jilin Electric Power Co.Ltd(000875) , Cecep Solar Energy Co.Ltd(000591) , Cecep Wind-Power Corporation(601016) , etc.
Market quarterly performance
In the first quarter of 2022, the power equipment index fell 17.78%, the Shanghai stock index fell 10.65%, and the Shanghai and Shenzhen 300 index fell 14.53%. Among the sub sectors, the battery index fell 19.80%, the photovoltaic equipment index fell 19.00%, and the wind power equipment index fell 24.90%. In terms of individual stocks, the top three companies in the power equipment industry are: Taihai Manoir Nuclear Equipment Co.Ltd(002366) ( Taihai Manoir Nuclear Equipment Co.Ltd(002366) . SZ, 18.39%), Jingke energy (688223. Sh, 16.21%), and Shenzhen Dynanonic Co.Ltd(300769) ( Shenzhen Dynanonic Co.Ltd(300769) . SZ, 15.79%); The companies with the top three quarterly declines are: Arctech Solar Holding Co.Ltd(688408) ( Arctech Solar Holding Co.Ltd(688408) . Sh, – 53.28%), Northeast Electric Development Company Limited(000585) ( Northeast Electric Development Company Limited(000585) . SZ, – 52.20%), Shenzhen Zhaowei Machinery&Electronic Co.Ltd(003021) ( Shenzhen Zhaowei Machinery&Electronic Co.Ltd(003021) . SZ, – 50.58%).
Industry dynamics
Ministry of industry and information technology: it will focus on supporting the development of new energy vehicles from five aspects, including studying and clarifying support policies such as the continuation of preferential purchase tax for new energy vehicles, meeting the production needs of power batteries, and moderately accelerating the development progress of lithium resources in China. (official website of the Ministry of industry and information technology)
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. (official website of National Bureau of Statistics)
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)
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)
Company announcement
Beiteri: the company released the performance express of 2021, and the net profit attributable to the shareholders of the parent company is expected to be 1.422 billion yuan, with a year-on-year increase of 187.46%; After deducting non recurring profits and losses, the net profit attributable to shareholders of the parent company was 1.100 billion yuan, a year-on-year increase of 232.19%.
Farasis Energy (Gan Zhou) Co.Ltd(688567) : the company issued the performance express of 2021, and the net profit loss attributable to the shareholders of the parent company is expected to be 974 million yuan; After deducting non recurring profits and losses, the net profit loss attributable to shareholders of the parent company was 1.285 billion yuan.
Zhejiang Hangke Technology Incorporated Company(688006) : the company released the performance express of 2021, and the net profit attributable to the shareholders of the parent company is expected to be 256 million yuan, a year-on-year decrease of 31.27%; After deducting non recurring profits and losses, the net profit attributable to shareholders of the parent company was 182 million yuan, a year-on-year decrease of 42.76%.
Tongwei Co.Ltd(600438) : from January to February 2022, the industry will maintain a high development momentum, and the production and sales of the company’s main products are booming. All business segments have operated effectively and achieved good business results. According to the preliminary accounting of the company, from January to February 2022, the company achieved an operating revenue of about 16 billion yuan, an increase of about 130% year-on-year; The net profit attributable to shareholders of listed companies was about 3.3 billion yuan, an increase of about 650% year-on-year.
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.
