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. Priority can be given to the leading targets of better competitive links such as cell and diaphragm. New technologies such as 4680 battery 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 4.68% this week, including wind power sector fell 2.22%, nuclear power sector fell 3.26%, power generation equipment fell 3.69%, industrial control automation fell 4.22%, new energy vehicle index fell 4.41%, lithium battery index fell 4.51% and photovoltaic sector fell 5.2%.
Key industry information of this week: new energy vehicles: Byd Company Limited(002594) : according to the needs of the company’s strategic development, the company will stop the whole vehicle production of fuel vehicles from March 2022. Electronic Information Department of the Ministry of industry and information technology: from January to February, the total output of lithium batteries in China exceeded 82gwh. New energy power generation: the average price of silicon materials continued to rise this week, and the average transaction price of China’s single crystal re feeding rose to 250700 yuan / ton, with a weekly increase of 0.36%; The average transaction price of single crystal dense materials rose to 248400 yuan / ton, with a weekly increase of 0.36%. Global Wind Energy Committee: the global new wind capacity in 2021 is 93.6gw. In March, Datang, Huadian and other companies announced the bid winning results of 80 EPC projects, with a total scale of 6842mw, which is generally higher than the bid winning price in January and February, and the average price of large EPC is 4.023 yuan / W.
Key information of the company this week: Longi Green Energy Technology Co.Ltd(601012) : the relevant state departments cancel the preferential electricity price policy enjoyed by the company in Yunnan Province, and the company will directly settle with power grid enterprises through power market transactions, which will have a certain adverse impact on the company’s profits Trina Solar Co.Ltd(688599) 1: it is estimated that the profit in 2022q1 will be RMB 500600 million, with a year-on-year increase of 117.19%-160.63% The profit is expected to be RMB 13.45 billion – 15.15 billion year-on-year Ganfeng Lithium Co.Ltd(002460) : the lithium concentrate capacity of the joint venture rim’s mtmarion spodumene project increased from 450000 T / A to Shanghai Pudong Development Bank Co.Ltd(600000) T / A; It is planned to expand the existing lithium concentrate capacity to 900000 tons / year, which is expected to be completed by the end of 2022 Shanghai Hiuv New Materials Co.Ltd(688680) : the company’s factory in Jinshan District, Shanghai has temporarily stopped production recently Guangdong Jiayuan Technology Co.Ltd(688388) : the company adjusted the total amount of funds raised by issuing to specific objects to no more than 4.722 billion yuan. The proposed investment project is the phase II project of the high-precision ultra-thin electronic copper foil project with an annual output of 30000 tons, with an annual output of 15000 tons Kbc Corporation Ltd(688598) : the company signed a cooperation agreement with Tianke Heda to jointly develop thermal field materials, thermal insulation materials and powder materials that meet the application of the third generation semiconductor field Tianjin Zhonghuan Semiconductor Co.Ltd(002129) : the company signed agreements with the people’s Government of Inner Mongolia and the people’s Government of Hohhot, including high-purity polycrystalline silicon projects with a total capacity of 120000 tons, semiconductor monocrystalline silicon materials and supporting projects, with a total planned investment of about 20.6 billion yuan Ming Yang Smart Energy Group Limited(601615) : it is estimated that the profit of 2022q1 will be 1.3-1.55 billion yuan, with a year-on-year increase of 408.02% – 505.72% Qingdao Gaoce Technology Co.Ltd(688556) : the company signed the Jianhu (phase II) 10GW photovoltaic large silicon wafer project with Jiangsu Jianhu high tech Industrial Development Zone. The project is expected to be put into operation in two stages in 2023 and 2024, with an estimated total investment of 700 million yuan Chengxin Lithium Group Co.Ltd(002240) : it is proposed to subscribe for 3.7 million shares of Australian aby company at the price of a $2775000 (equivalent to about 13.36 million yuan), accounting for 3.4% of the total share capital of aby company Beijing Tianyishangjia New Material Corp.Ltd(688033) : the company made a profit of 175 million yuan in 2021, with a year-on-year increase of 53.05% Pylon Technologies Co.Ltd(688063) : the company made a profit of 316 million yuan in 2021, with a year-on-year increase of 15.19%.
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.
