Photovoltaic: Germany will accelerate the development of new energy power and enhance the independence of energy supply. Germany China Pavilion passed a package of bills (Easter bill) on April 6, which plans to provide 80% of electricity from renewable energy by 2030 and almost all electricity from renewable energy by 2035. According to the act, Germany’s Cecep Solar Energy Co.Ltd(000591) power generation capacity will be increased from the current 59gw to 215gw by 2030. At present, renewable energy in Germany mainly includes wind power, Cecep Solar Energy Co.Ltd(000591) power generation and hydropower, accounting for about 42% of the supply. The Bill said that the conflict between Russia and Ukraine has brought a turning point in Germany’s energy supply, and energy sovereignty has become a security issue for Germany and Europe. The cancellation of Longi Green Energy Technology Co.Ltd(601012) preferential electricity price in Yunnan Province will affect the costs of relevant enterprises in the short term. On April 5, Longi Green Energy Technology Co.Ltd(601012) announced that the company received a letter from the Yunnan Provincial Development and Reform Commission on April 1, 2022: according to the requirements of relevant national departments to clean up the preferential tariff policies, the preferential tariff policies and measures enjoyed by the company in Yunnan Province will be cancelled, and the company’s all electricity consumption tariff will be formed through power market trading from September 1, 2021, and will be settled directly with power grid enterprises.
Wind power: GWEC released the 2022 global wind energy report, highlighting the price sensitivity of the wind power supply chain. Recently, GWEC released the 2022 global wind energy report, which makes a detailed analysis on the price sensitivity in the current wind power supply chain. According to GWEC, in the subdivision of construction materials of onshore wind farms, 72% are concrete, 24% are steel, 4% are electronic waste, and the rest are GFRP, copper, CFRP, rare earth, aluminum, lead and other materials; In the subdivision of offshore wind farm construction materials, 90% are steel, 5% are electronic waste, 4% are GFRP, 1% are copper, and the rest are CFRP, rare earth, lead, aluminum, concrete and other materials. Onshore wind power: the capital cost of wind turbine is estimated to account for 70% of the total capital expenditure. The lcoe within the 25-year project life is measured, and nearly 50% of the lcoe of onshore wind power projects is composed of wind turbine cost; Offshore wind power: the capital cost of wind turbine is estimated to account for 34% of the total capital expenditure. Measuring the lcoe within the 25 year project life cycle, 23% of the lcoe of offshore wind power project is composed of wind turbine cost. After the epidemic for 20 years, industrial production has recovered. The high demand for raw materials in various industries leads to the shortage of raw material supply. The superposition of logistics transportation is blocked by the continuous epidemic, and the cost expenditure of raw materials continues to increase, making the wind power supply chain highly sensitive to the rise of upstream costs and trade protection measures. GWEC believes that in the long run, the wind power industry can optimize the supply chain through some methods to reduce costs; In the short term, high raw material prices are expected to drive fan prices up Titan Wind Energy (Suzhou) Co.Ltd(002531) Wulanchabu 500MW fan procurement bid opening. On April 2, Titan Wind Energy (Suzhou) Co.Ltd(002531) wulanchabuhe County 500MW wind turbine procurement (including tower) was opened. The project is divided into two bid sections, with 7 complete machine manufacturers bidding for each. The average quotation of bid section I is equivalent to the unit price of 2165 yuan / kW, and the average quotation of bid section II is equivalent to the unit price of 2149 yuan / kW. The lowest quotation converted unit price of the two bid sections is 2051 yuan / kW of CRRC Zhuzhou Institute.
The photovoltaic sector recommends Longi Green Energy Technology Co.Ltd(601012) ( Longi Green Energy Technology Co.Ltd(601012) , buy), Tongwei Co.Ltd(600438) ( Tongwei Co.Ltd(600438) , buy), Ja Solar Technology Co.Ltd(002459) ( Ja Solar Technology Co.Ltd(002459) , buy), Shanghai Hiuv New Materials Co.Ltd(688680) ( Shanghai Hiuv New Materials Co.Ltd(688680) , buy), Hangzhou First Applied Material Co.Ltd(603806) ( Hangzhou First Applied Material Co.Ltd(603806) , buy). It is recommended to pay attention to Trina Solar Co.Ltd(688599) ( Trina Solar Co.Ltd(688599) , not rated); The wind power sector recommends Riyue Heavy Industry Co.Ltd(603218) ( Riyue Heavy Industry Co.Ltd(603218) , overweight), and it is recommended to pay attention to Titan Wind Energy (Suzhou) Co.Ltd(002531) ( Titan Wind Energy (Suzhou) Co.Ltd(002531) , not rated), Dajin Heavy Industry Co.Ltd(002487) ( Dajin Heavy Industry Co.Ltd(002487) , not rated), Jiangyin Hengrun Heavy Industries Co.Ltd(603985) ( Jiangyin Hengrun Heavy Industries Co.Ltd(603985) , not rated), Ningbo Orient Wires & Cables Co.Ltd(603606) ( Ningbo Orient Wires & Cables Co.Ltd(603606) , not rated).
Risk tips
The growth of photovoltaic industry is less than expected; The growth of wind power industry is less than expected
