Sub industry core week view
New energy: the adjustment of preferential electricity price policy is both an example and a trend, and the location and technical advantages are still effective; Europe’s demands for accelerating the construction of new energy to improve energy independence began to be implemented at the policy level; In the continuous release of supply, the price of the industrial chain is strong, the industry is booming and the continuous growth trend of shipment is clear. Continue to focus on the following recommendations: silicon, inverter, glass, new technology (components / batteries / equipment) and distributed.
Hydrogen energy and fuel cell: Beijing launched the application of fuel cell vehicle demonstration and application projects in 20212022, showing three characteristics: joint application led by vehicle enterprises, fast distribution of subsidy funds and more market-oriented models. The local system enterprises in Beijing, which are led by automobile enterprises to strongly bind the advantages with the vehicle enterprises, will be able to solve the problem of poor cash flow of system enterprises by issuing the subsidy funds quickly. The main vehicle type is trucks, which is conducive to accelerating the process of fuel cell marketization.
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 American Photovoltaic Industry Association conducted a questionnaire survey on the impact of anti circumvention incidents; Germany China Pavilion promotes the acceleration of the construction of new energy power generation through a package of policies; The first batch of silicon materials with 30000 T / a new capacity of Asian silicon industry are discharged; The quotation of photovoltaic glass increased by 1-1.5 yuan / m2 in April; The bidding for 5GW components of state power investment and China Resources Power was launched; Major investment projects in Longji, central and Inner Mongolia have started successively; Longji Yunnan preferential electricity price policy was cancelled Ming Yang Smart Energy Group Limited(601615) Q1 performance increased and exceeded expectations.
Hydrogen energy and fuel cell: the application of Beijing fuel cell vehicle demonstration application project from 2021 to 2022 begins; Sichuan released the annual work plan of new energy and intelligent vehicle industry, and proposed to strive to enter the demonstration scope of the second batch of fuel cell vehicles in the country; The construction of Sinopec wind power megawatt proton membrane electrolytic water hydrogen production project was started; Rhyn, the second pipeline hydrogen transmission project in France, was launched, which can transport 125000 tons of hydrogen per year, equivalent to 900 MW of electrolysis capacity; The Czech Republic plans to build 80 hydrogenation stations by 2030.
Industrial control kit and equipment: vid production solution. Recommended portfolio of sub industries
See the text on the next page for details.
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 beyond expectations
