Market review: Shenwan power equipment industry fell 4.68% last week, 3.62 percentage points lower than Shanghai and Shenzhen 300 index, ranking 30th among Shenwan 31 industries. The top three stocks in the power equipment sector were Hunan Corun New Energy Co.Ltd(600478) , Tellhow Sci-Tech Co.Ltd(600590) and Jiangsu Yangdian Science & Technology Co.Ltd(301012) , with gains of 11.93%, 8.76% and 8.67% respectively. In terms of valuation, as of April 8, 2022, PE TTM in power equipment sector was 40.89 times and Pb TTM in power equipment sector was 5.08 times.
Weekly view of power equipment industry: according to the global wind energy report 2022 recently released by the Global Wind Energy Council (GWEC), by 2021, the cumulative installed capacity of global wind power has reached 837gw, a year-on-year increase of 12%. In 2021, the global wind power installed capacity will be 93.6gw, the second highest in history, including 72.5gw of onshore wind power and 21.1gw of offshore wind power. In 2021, China’s newly installed wind power capacity was 47.6gw, accounting for 50.91% of the global newly installed wind power. In addition, in 2021, the global wind power bidding volume increased by 153% year-on-year to 88gw, including 69gw of onshore wind power, accounting for 78% and 19gw of offshore wind power. The global offshore wind power has achieved 21.1 GW of new grid connection in 2021, with a year-on-year increase of more than twice. Among them, the increment of offshore wind power in China accounts for 80% of the world. The new installed capacity of global wind power is expected to further increase to 100.6 GW in 2022. According to incomplete statistics, in the first quarter of 2022, 99 projects with a total of 15.82gw wind turbine procurement bidding were launched, including three 900MW offshore wind power projects. The wind power landscape is expected to continue this year.
Recently, due to the lower than expected release of new production capacity of some mainstream silicon enterprises in China, the maintenance of some foreign silicon manufacturers and the transportation of imported silicon materials are blocked, resulting in the lower than expected import volume of silicon materials. At the same time, the operating rates of existing and new silicon wafer production capacity have remained relatively high, and most silicon material enterprises have basically signed long orders in April, driving the price of polysilicon in China to continue to rise slightly in the past week, but the increase has narrowed. The demand for cells and modules remained strong, and module manufacturers actively prepared glass, junction boxes and other auxiliary materials, resulting in an increase in the price of photovoltaic glass in the past week. It is expected that the price of battery chips and components will continue to maintain a stable trend in the short term.
Recently, the national development and Reform Commission organized the first inter ministerial joint meeting on the implementation of 102 major projects in the 14th five year plan. Among the 102 major projects, the first task of the column of modern energy system construction project is to build a large clean energy base, including hydropower base, offshore wind power base, etc. It is also proposed to actively and orderly promote the construction of three generations of coastal nuclear power, and plan to increase the installed capacity of nuclear power operation to 70 million kilowatts. In terms of power transmission channels and power system regulation, we should promote the construction of UHV transmission channels, pumped storage power stations and energy storage projects. The new energy industry will continue its high boom 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) ） ； Flat Glass Group Co.Ltd(601865) （ Flat Glass Group Co.Ltd(601865) ） 。
Risk warning: the intensification of the epidemic in China will affect the logistics and transportation; The new supply of silicon material is less than expected, resulting in the risk of price rise; The weakening of the demand for wind turbine bidding leads to the risk that the new installed capacity is less than expected
