Key investment points
Market review: this week, the public utility industry index rose 0.92%, underperforming the CSI 300 index by 1.51%, and the market performance was weaker than the market. Among the fine-grained industries in the environmental protection industry, the water and air governance sectors led the increase. Among the sub sectors of public utilities, hydropower and gas sectors increased significantly.
Special research: after the performance disclosure of green power operation companies in Hong Kong stock market in 2021, we sorted out their performance, installed capacity, utilization hours, accounts receivable and scenery resource reserves. The results show that: 1) in 2021, the income of Hong Kong stock green power operation companies increased, but the performance was differentiated; 2) The installed capacity of renewable energy of Hong Kong stock green power company continued to grow, the utilization hours of scenery of most companies increased, and the development trend of renewable energy business was better; 3) The reserves of scenery resources of Hong Kong stock green power operation company are relatively sufficient, and the certainty and sustainability of future renewable energy business income and performance growth are strong.
Industry trends: the national development and Reform Commission, the national energy administration, the Ministry of industry and information technology and other ten departments jointly issued the document “guidance on further promoting electric energy substitution”, which proposed to continuously improve the electrification level in key areas and continuously improve the supporting policies for electric energy substitution. The goal is that by 2025, the proportion of electric energy in terminal energy consumption will reach about 30%; On March 29, the National Energy Administration issued a notice on printing and distributing the guiding opinions on energy work in 2022. The notice proposed to enhance the supply guarantee capacity. The total national energy production reached about 4.41 billion tons of standard coal, about 200 million tons of crude oil and about 214 billion cubic meters of natural gas. We will ensure an adequate supply of electricity, with an installed capacity of about 2.6 billion kilowatts and a power generation capacity of about 9.07 trillion kwh. We will increase the peak power generation capacity by more than 80 million kilowatts, and the transmission capacity of the “west to East power transmission” will reach about 290 million kilowatts.
Investment suggestion: the low-carbon transformation of energy structure continues to advance, and the installed scale of green power is high during the 14th Five Year Plan period, with high certainty of growth. In addition, the green power pilot transaction was launched, which brought marginal benefits to green power enterprises from the price side, and carbon emission quota transaction and CCER transaction brought incremental performance sources to green power enterprises. The green power sector is expected to maintain a high outlook during the 14th Five Year Plan period. It is suggested to actively grasp the investment opportunities of the green power sector. Suggestions: 1) focus on China Three Gorges Renewables (Group) Co.Ltd(600905) , China National Nuclear Power Co.Ltd(601985) , Jiangsu New Energy Development Co.Ltd(603693) , Zhongmin Energy Co.Ltd(600163) , Cecep Wind-Power Corporation(601016) , Cecep Solar Energy Co.Ltd(000591) , Jinko Power Technology Co.Ltd(601778) , Zhejiang Sunoren Solar Technology Co.Ltd(603105) ; 2) China Resources Power, Huaneng Power International Inc(600011) , Jilin Electric Power Co.Ltd(000875) , Shanghai Electric Power Co.Ltd(600021) , Fujian Funeng Co.Ltd(600483) , which actively transformed the development of new energy. Environmental protection enterprises actively expand new increment and open the second growth curve. It is suggested to pay attention to Shengyuan Environmental Protection Co.Ltd(300867) , Zhejiang Rongsheng Environmental Protection Paper Joint Stock Co.Ltd(603165) , Wangneng Environment Co.Ltd(002034) . Waste recycling brings new market opportunities, such as sea power, Fujian Funeng Co.Ltd(600483) . 3) Nuclear power is expected to rise both in volume and price, and actively transform the development of scenery new energy China National Nuclear Power Co.Ltd(601985) . Environmental protection enterprises actively expand new increment and open the second growth curve. It is suggested to pay attention to Shengyuan Environmental Protection Co.Ltd(300867) , Zhejiang Rongsheng Environmental Protection Paper Joint Stock Co.Ltd(603165) , Wangneng Environment Co.Ltd(002034) . Waste recycling brings new market opportunities. It is suggested to pay attention to the rapid and large-scale recycling of organic residue Road Environment Technology Co.Ltd(688156) . During the 14th Five Year Plan period, the investment in power grid increases, and the distribution network and intellectualization are the main directions. It is suggested to pay attention to Hangzhou Shenhao Technology Co.Ltd(300853) of the intelligent operation and inspection standard of the power industry and Suwen Electric Energy Technology Co.Ltd(300982) . Industrial temperature control expert, promising subject of energy storage and heat management Guangdong Shenling Environmental Systems Co.Ltd(301018) . The power shortage and the continuous widening of the price difference between peak and valley have promoted the demand for enterprise energy consumption control. It is suggested to pay attention to the enterprise microgrid integrated energy management solution supplier Acrel Co.Ltd(300286) .
Risk warning: the project progress is not as expected; Intensified market competition; The public materials used in the research report may have the risk of information lag or untimely update.
