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 such as 4680 batteries are expected to promote the upgrading of the industrial chain. The construction of the new power system will be accelerated, the total investment in the power grid may exceed expectations, and the investment structure is expected to further tilt to UHV, intelligence and other fields. 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 0.32% this week, of which the new energy vehicle index rose 0.41%, industrial control automation fell 0.30%, nuclear power sector fell 1.33%, lithium battery index fell 1.65%, wind power sector fell 2.13%, photovoltaic sector fell 2.44% and power generation equipment fell 3.07%.
Key information of this week’s industry: new energy vehicles: Byd Company Limited(002594) 3 month, the sales volume of new energy vehicles was 104300, with a year-on-year increase of 169%, and announced to stop the production of fuel vehicles. Sales volume of new forces in March: 15400 Xiaopeng, 11000 ideal, 9985 Weilai, 10100 Zero run, 20300 ai’an and 12000 Nezha. New energy power generation: the National Energy Administration issued the guidance on energy work in 2022, emphasizing the vigorous development of wind power and photovoltaic.
Key information of the company this week: annual report of 2021: Ningbo Ronbay New Energy Technology Co.Ltd(688005) (profit of RMB 911 million, with a year-on-year increase of 327.59%; deduction of non-profit of RMB 808 million, with a year-on-year increase of 404.73%), Shanghai Putailai New Energy Technology Co.Ltd(603659) (profit of RMB 1749 million, with a year-on-year increase of 161.93%; deduction of non-profit of RMB 1.66 billion, with a year-on-year increase of 166.16%), Beijing Easpring Material Technology Co.Ltd(300073) (profit of RMB 1091 million, with a year-on-year increase of 183.45%; deduction of non-profit of RMB 824 million, with a year-on-year increase of 238.28%) Shenzhen Capchem Technology.Ltd(300037) (profit of 1.307 billion yuan, with a year-on-year increase of 152.36%; deduction of non-profit of 1.233 billion yuan, with a year-on-year increase of 156.17%), Ganfeng Lithium Co.Ltd(002460) (profit of 5.228 billion yuan, with a year-on-year increase of 410.26%; deduction of non-profit of 2.907 billion yuan, with a year-on-year increase of 622.76%), Shenzhen Kedali Industry Co.Ltd(002850) (profit of 542 million yuan, with a year-on-year increase of 203.19%; deduction of non-profit of 515 million yuan, with a year-on-year increase of 218.40%) Beiteri (profit of 1.441 billion yuan, with a year-on-year increase of 191.39%; deduction of non-profit of 1.12 billion yuan, with a year-on-year increase of 238.17%), Guangdong Fangyuan Environment Co.Ltd(688148) (profit of 667218 million yuan, with a year-on-year increase of 12.46%; deduction of non-profit of 647611 million yuan, with a year-on-year increase of 17.36%), Xtc New Energy Materials(Xiamen) Co.Ltd(688778) (profit of 555 million yuan, with a year-on-year increase of 121.66%; deduction of non-profit of 513 million yuan, with a year-on-year increase of 110.15%). 2022q1 performance forecast: Ningbo Shanshan Co.Ltd(600884) (expected profit of 750850 million yuan, a year-on-year increase of 148% – 181%), Tbea Co.Ltd(600089) (expected profit of 2.8-33 billion yuan, a year-on-year increase of 32% – 56%) Flat Glass Group Co.Ltd(601865) : Anhui Flat Glass Group Co.Ltd(601865) plans to invest 3.8 billion yuan to build four photovoltaic module glass projects with a daily melting capacity of 1200 tons Tongwei Co.Ltd(600438) : Tongwei Cecep Solar Energy Co.Ltd(000591) plans to invest 12 billion yuan to build 32gw high-efficiency crystalline silicon battery project Gem Co.Ltd(002340) : Gem Co.Ltd(002340) Hong Kong signed agreements on medium and long-term supply of high nickel precursors with subsidiaries of ecopro in Korea Yunnan Energy New Material Co.Ltd(002812) : it is planned to invest 4.5 billion yuan to build a lithium battery isolation membrane production project with a capacity of 1.6 billion square meters Eve Energy Co.Ltd(300014) : it is planned to build a factory in Hungary to produce new cylindrical power batteries Shenzhen Capchem Technology.Ltd(300037) : it is proposed to issue convertible bonds to raise no more than 2 billion yuan for the “lithium battery additive project with an annual output of 59600 tons”, etc Ningbo Ronbay New Energy Technology Co.Ltd(688005) : it is proposed to raise no more than 6.068 billion yuan for lithium cathode material expansion project, ternary cathode precursor project with an annual output of 60000 tons, phase I project of engineering equipment and supplementary working capital Nuode Investment Co.Ltd(600110) : it is proposed to use 800 million yuan to increase capital to the subsidiary for the phase III expansion project of Huizhou United copper foil Electronic Materials Co., Ltd.
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.
