Sub industry core week view
New energy: anti circumvention in the United States and slogans in Europe, “powerless” is the most appropriate description of the self-made demands of photovoltaic in Europe and America; In April, the price of silicon material was high, the signing of orders was smooth, and the price adjustment of silicon wafer was positive. It continued to verify that the terminal demand was strong. The shipment of Q2 industry was expected to increase month on month. It continued to focus on the following recommendations: silicon material, inverter, glass, new technology (components / batteries / equipment) and distributed.
Hydrogen energy and fuel cell: the application and development direction of fuel cell in the field of transportation is high-power heavy vehicles, and the fuel cell system and electric stack will achieve parity; Policy overweight supports FCV volume, and local core parts enterprises benefit from local policy guidance; Hydrogen energy head enterprises have reached strategic cooperation to promote FCV volume, and the monthly vehicle sales may be expected to reach thousands.
Power equipment and industrial control: 1) power grid: the investment planning growth rate of the two power grids in 2022 is significantly faster than that of the 13th five year plan and 2021. The investment growth rate from January to February is higher than expected, and the prosperity of the sector is high; Under the goal of new energy, the upgrading of new technologies and equipment is accelerated, and we are optimistic about the sector leaders and high growth core tracks such as amorphous transformation, South Grid and distribution network upgrading. 2) The fall of PMI in March did not change the demand trend of industrial control in the whole year. The order growth of industrial control enterprises in the first two months was good, providing strong support for Q1 performance; The supply chain of foreign brands remains tense, the localization process is expected to exceed expectations, and we are optimistic about the leading targets of the industrial control sector.
Important industry events this week
New energy: the national development and Reform Commission, the Ministry of Finance and the National Energy Administration jointly issued the notice on self inspection of subsidies for renewable energy power generation; The Ministry of industry and information technology released the operation data of China’s photovoltaic manufacturing industry from January to February; The US Department of Commerce launched an anti circumvention investigation on photovoltaic products in Southeast Asia Longi Green Energy Technology Co.Ltd(601012) break the record of hjt (p-type, indium free) battery efficiency twice a week; Tongwei plans to invest in 32gw high efficiency battery project; Central raised the quotation of silicon wafer by 2-2.5%; Shandong Province has made it clear that the grid connected offshore wind power projects built from 2022 to 2024 will be subsidized at 800, 500 and 300 yuan per kilowatt.
Hydrogen energy and fuel cell: Japan NEDO released the road map of fuel cell heavy traffic technology Shanxi Meijin Energy Co.Ltd(000723) signed a memorandum of strategic cooperation with Toyota China; Wuhan issued the opinions of the Municipal People’s Government on supporting the development of hydrogen energy industry; Jiaxing hydrogen energy industry development Co., Ltd. issued the bidding announcement for the procurement and leasing project of 50 49 ton fuel cell standard load tractors in 2022.
Power equipment and industrial control: the PMI fell back to 49.5 in March. On March 24, the State Grid held the mobilization meeting for the commencement of Fuzhou Xiamen and Zhumadian Wuhan 1000 kV high voltage AC projects. On March 28, the government of Ningxia Autonomous Region put forward the goal of “approved commencement in the first half of the year and completed and put into operation within two and a half years” for the Ningxia Hunan UHV DC transmission project.
Recommended portfolio of sub industries
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Risk tips:
The price competition in the industrial chain is more intense than expected; The effect of policy adjustment and implementation is lower than expected; The global epidemic worsened more than expected.
