Zhou’s view: the penetration of new technologies is accelerated, and the expansion of leading enterprises is accelerated
(1) new energy vehicles: from the sales data, February is expected to be the low point of the whole year of 2022, and the data ring in March is greatly improved. From the annual reports and recent announcements of leading companies, leading companies increase long-term layout and expand production, Shanghai Putailai New Energy Technology Co.Ltd(603659) , Yunnan Energy New Material Co.Ltd(002812) are typical representatives, and leading companies with high barriers such as lithium battery, diaphragm and negative electrode are expected to grow through the supply and demand cycle. From the perspective of new technology, the current supply side shortage and the peak of industry supply and demand are the key stages of accelerating the penetration of new technology; From the perspective of battery technology, high safety and high performance are the core of the industry. Technologies such as large cylinder, non thermal diffusion technology and the third generation CTP are expected to accelerate their application. From the perspective of investment rhythm, the stage with the greatest contradiction between supply and demand is about to pass, the price of lithium carbonate has loosened, and the second quarter is the rebound window period; As the demand side is better, the supply side of the industrial chain will be released faster in the second half of the year, and the growth environment will be better. We believe that we should pay attention to investment opportunities in three directions: (a) core growth: invest according to the level of barriers (batteries, lithium resources, diaphragms, negative electrodes, etc.), Contemporary Amperex Technology Co.Limited(300750) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Yunnan Energy New Material Co.Ltd(002812) and other companies benefit; (b) Post cycle: companies such as Guangzhou Great Power Energy&Technology Co.Ltd(300438) and others benefit from flexible investment according to the growth rate, such as energy storage, power exchange and other sectors; (c) New technology: invest according to the penetration rate, such as 4680, flat wire, etc. Ningbo Ronbay New Energy Technology Co.Ltd(688005) and other companies benefit.
(2) photovoltaic: the price of silicon material continues to rise, which has suppressed the downstream demand in the short term, and needs to be released from the supply side to form a new balance. This time point is expected to occur in May. The dispute over photovoltaic cells has been preliminarily settled, and leading enterprises such as Tongwei Co.Ltd(600438) , Longi Green Energy Technology Co.Ltd(601012) will accelerate the expansion of new technology products. We are optimistic about three directions: (a) terminal links such as global leading components with good competition pattern, Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , etc; (b) Innovation at the industrial end (n-type battery, granular silicon, localization of parts, etc.) benefits Jingke energy, poly GCL energy, Shenzhen Hopewind Electric Co.Ltd(603063) etc. (c) Power station and other post cycle links, Zhejiang Chint Electrics Co.Ltd(601877) , Jiangsu Linyang Energy Co.Ltd(601222) , Jinko Power Technology Co.Ltd(601778) , etc.
(3) wind power: the bidding price of industrial chain products has reached the relative bottom range, and the current stage is a good window period for investment in wind power plants; Shandong’s policy has increased to support offshore wind power, and the offshore wind has ushered in a new medium and long-term upward cycle. Long term optimistic about offshore wind power + large-scale + core parts, Zhejiang Windey Co.Ltd(300772) , Ningbo Orient Wires & Cables Co.Ltd(603606) and other companies benefit; Wind power plant investment and operators benefit in the short term.
Shanghai Putailai New Energy Technology Co.Ltd(603659) : the performance growth exceeded expectations and is optimistic about the growth of lithium battery materials comprehensive platform
Performance growth exceeded expectations and continued to be optimistic about the growth of lithium battery materials comprehensive platform. In 2021, the revenue was 8.996 billion yuan, a year-on-year increase of 70.36%; Net profit deducted from non parent company was 1.66 billion yuan, with a year-on-year increase of 166.16%; The gross profit margin of main business was 35.54%, with a year-on-year increase of 4.06pct. The net profit attributable to the parent company was 518 million yuan in 2021q4, with a month on month increase of 13.53%. In 2021, the company’s products were in short supply and the profit margin increased. In the future, the company will increase the production expansion of various lines and is committed to building an industrial platform for negative electrode and coating diaphragm.
Sector and company tracking
New energy vehicle industry: Contemporary Amperex Technology Co.Limited(300750) will soon launch the third generation CTP technology, and mass produce new energy vehicle companies in 2023: Shanghai Putailai New Energy Technology Co.Ltd(603659) , Byd Company Limited(002594) , beiteri and other companies issued annual reports for 2021. Photovoltaic industry level: CNNC 6-7.5gw module bid opening, Risen Energy Co.Ltd(300118) , Jingao and other 12 enterprises were shortlisted. Photovoltaic company level: Longi Green Energy Technology Co.Ltd(601012) held the second extraordinary general meeting of shareholders in 2022, Considered and passed a number of proposals in the wind energy industry: photovoltaic giant Jinko Power Technology Co.Ltd(601778) officially entered wind power
Risk warning: the development of new technologies exceeds expectations, the demand is lower than expectations, and the competition in the new energy market is intensified
