Key investment points:
Market review: Shenwan power equipment industry fell 0.32% last week, 2.76 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 24th among Shenwan 31 industries. The first three stocks in the power equipment sector rose in the week were Guangdong Shunna Electric Co.Ltd(000533) , Ningbo Sanxing Medical Electric Co.Ltd(601567) and Baoding Tianwei Baobian Electric Co.Ltd(600550) respectively, and the three companies rose by 22.97%, 12.27% and 12.09% respectively. In terms of valuation, as of April 1, 2022, the pettm of power equipment sector was 43.22 times and the pbttm of power equipment sector was 5.37 times.
Zhou viewpoint of the power equipment industry: Recently, the national development and Reform Commission, the energy administration and the Ministry of Finance jointly issued the notice on carrying out self inspection of renewable energy power generation subsidies, and decided to carry out the verification of renewable energy power generation subsidies nationwide to further find out the base of renewable energy power generation subsidies. According to the documents, the self inspection objects include power grids and power generation enterprises. The time range is the full caliber renewable energy power generation projects that have been connected to the grid and have subsidy needs by December 31, 2021, mainly including wind power, centralized photovoltaic power plants and biomass power generation projects. The self inspection content mainly includes six aspects: the power quantity, electricity price and subsidy funds of the project. According to the expenditure budget table of central government funds in 2022, the expenditure at the central level increased from 92.843 billion yuan in 2021 to 452852 billion yuan, an increase of about 360 billion yuan. According to the securities times and the relevant person in charge of a central electric power enterprise, at present, the underpayment solution for new energy power generation projects has not been substantially implemented, but the state has been considering the one-time payment of subsidies for past arrears. In the past, there was a problem of subsidy arrears in new energy power generation projects. If the subsequent arrears of subsidies can be issued, it can greatly solve the problem of insufficient cash flow of enterprises, improve the financial situation, improve the motivation of enterprises to invest in new energy and promote the sustainable development of new energy.
Recently, due to the lower than expected release of new production capacity of some mainstream silicon enterprises in China and the obstruction of maintenance and raw material transportation of some overseas silicon manufacturers, the import volume of silicon materials is lower than expected. At present, the demand for downstream battery chips and components is relatively strong, and the silicon chip enterprises still maintain a high operating rate. The two silicon chip leaders raise the price of silicon chips. At the same time, the new production capacity of the silicon chip industry is accelerated, resulting in the tight supply of silicon materials in the short term, and the price of silicon materials maintained an upward trend last week. On April 2, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) also raised the price of silicon wafer, ranging from 0.14 yuan / wafer to 0.21 yuan / wafer, after Longji raised the price of silicon wafer on March 25. On the whole, it is expected that the prices of cells and modules will remain stable in the short term, and the prices of photovoltaic industry chain will remain stable in the short term.
The National Energy Administration issued the guiding opinions on energy work in 2022, which mentioned that the proportion of wind power and photovoltaic power generation in the power consumption of the whole society reached about 12.2% this year, which was further higher than that in 2021, and the new energy industry will remain booming this year. 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) ）。
Risk tip: the intensification of the epidemic situation in China has an impact on logistics; Risk that the import volume of foreign raw materials is less than expected; The risk of oversupply in the photovoltaic industry chain.
