Core ideas of this issue
Industry outlook and configuration suggestions:
New energy vehicles: new forces have successively disclosed the delivery data in March, and the off-season of new energy vehicles is not light. In March, Xiaopeng, Nezha and ideal delivered 15400, 12000 and 11000 vehicles respectively, with a year-on-year increase of + 202%, 270% and 125%, a month-on-month increase of + 148%, 69% and 31%. Zero run and Weilai delivered 10100 and 10000 vehicles, with a year-on-year increase of + 909%, 38%, a month-on-month increase of + 193% and 63%, showing the same brilliant performance. At the current time point, the new energy vehicle sector has ushered in a better configuration time point. It is suggested to pay attention to the battery link benefiting from the expected stable price of lithium carbonate and the price rise of downstream products, the negative link with tight supply and demand of graphitization, the diaphragm link with good competition pattern and profit at the bottom, and the high nickel positive link benefiting from 4680 battery.
Recommended recommendations include: Ningbo Shanshan Co.Ltd(600884) Farasis Energy (Gan Zhou) Co.Ltd(688567)
New energy power generation: the central state-owned enterprises of main wind power and photovoltaic power generation were in good operation in 2021. The installed capacity of wind power and photovoltaic power of Longyuan Power, China Three Gorges Renewables (Group) Co.Ltd(600905) , China Resources Power, Huaneng Power International Inc(600011) , Datang new energy and China power exceeded 10GW, of which the installed capacity of wind power and photovoltaic power of Longyuan Power, China Three Gorges Renewables (Group) Co.Ltd(600905) wind power and photovoltaic power exceeded 22gw. We expect that the long-term space of wind power and photovoltaic will be further enlarged in the future.
Recommended: Yangling Metron New Material Co.Ltd(300861) , Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Tongwei Co.Ltd(600438) , Cybrid Technologies Inc(603212)
Industry trends:
New energy vehicles: according to EV volumes data, the registration volume of electric vehicles in Europe in February was nearly 160000, with a year-on-year increase of 38%, and the market share increased to 20%. Among them, Tesla Model 3, model y and Fiat 500e are in the top three of the list.
New energy power generation: the National Energy Administration issued the guiding opinions on energy work in 2022, which proposed to steadily promote the structural transformation, steadily reduce the proportion of coal consumption, increase the proportion of non fossil energy in the total energy consumption to about 17.3%, replace 180 billion kwh of new electric energy on the left and right, and the proportion of wind power and photovoltaic power generation in the power consumption of the whole society reached about 12.2%.
Risk factors: the downstream demand is less than the expected risk; Risk of technical route change; Price fluctuation risk of raw materials; Market competition intensifies risks; International trade risks, etc.
