Sichuan caizhou viewpoint
Last week, the power equipment and new energy sector continued to show a sharp correction. From the perspective of industry fundamentals, it is not difficult for the industry to maintain double-digit growth as a whole, and the prosperity is still upward. At present, the matching degree between the overall valuation level and fundamentals of the industry is reasonable.
With the continuous disclosure of the performance of Listed Companies in April, the fundamentals of the industry will be verified. It is suggested to focus on the investment opportunities of wind power industry chain and photovoltaic industry chain and the target that the performance growth of quarterly report exceeds the expectation.
Market performance in one week
This week, the power equipment index fell 4.68%, the Shanghai index fell 1.40%, and the Shanghai and Shenzhen 300 index fell 1.57%. Among the sub sectors, the battery index fell 4.37%, the photovoltaic equipment index fell 5.80% and the wind power equipment index fell 4.68%. In terms of individual stocks, the top three companies in the power equipment industry are: Hunan Corun New Energy Co.Ltd(600478) ( Hunan Corun New Energy Co.Ltd(600478) . Sh, 11.93%), Tellhow Sci-Tech Co.Ltd(600590) ( Tellhow Sci-Tech Co.Ltd(600590) . Sh, 8.76%), Jiangsu Yangdian Science & Technology Co.Ltd(301012) ( Jiangsu Yangdian Science & Technology Co.Ltd(301012) . SZ, 8.67%); The companies with the first three weeks of decline are: Guangdong Shunna Electric Co.Ltd(000533) ( Guangdong Shunna Electric Co.Ltd(000533) . SZ, – 16.70%), Jinguan Electric Co.Ltd(688517) ( Jinguan Electric Co.Ltd(688517) . Sh, – 16.11%), Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) ( Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) . Sh, – 14.71%).
Industry dynamics
Contemporary Amperex Technology Co.Limited(300750) located in Thuringia, Germany, the first overseas factory has officially obtained the production license of 8gwh cell. (Financial Associated Press) on April 8, Longi Green Energy Technology Co.Ltd(601012) annual output of 20GW monocrystalline silicon rod and chip project, 30GW high-efficiency monocrystalline cell project and 5GW high-efficiency photovoltaic module project officially started construction. (Financial Associated Press)
Trina Solar Co.Ltd(688599) released the white paper on distributed application of 600W + ultra-high power components to provide a complete set of solutions for the development of the era of distributed 6.0. (Financial Associated Press)
On April 5, Vestas officially announced the launch of v172-7.2 MW, which is the latest model based on its advanced modular enventus platform to improve the performance under medium and low wind speeds. (Financial Associated Press) on April 2, China Resources Power released the bidding announcement for the centralized procurement of photovoltaic module equipment of the fourth batch of photovoltaic projects. The bidding includes 6 packages, with a total capacity of 5100mwp of photovoltaic module equipment and corresponding services. (Financial Associated Press) recently, Guangxi development and Reform Commission issued the 2022 work promotion plan for the construction of Guangxi “energy network”. The attached “2022 energy network battle project – power project promotion schedule” shows that a total of 244 projects will be implemented in 2022, including 124 wind power projects (including wind and solar hydrogen storage projects). (official website of national development and Reform Commission)
Company announcement
Baic Bluepark New Energy Technology Co.Ltd(600733) : Baic Bluepark New Energy Technology Co.Ltd(600733) subsidiary’s production and sales express in March 2022: Beijing New Energy Vehicle Co., Ltd. produced 1019 vehicles this month, 300 vehicles in the same period last year, 2703 vehicles in the same period this year, 1217 vehicles in the same period last year, an increase of 122.10% year on year; In the same period of last year, the cumulative sales volume was 106915, with a year-on-year increase of 3575.
Hollyland (China) Electronics Technology Corp.Ltd(002729) : in 2021, the company achieved a total operating revenue of 223 million yuan, an increase of 31.56% over the same period of last year; The operating profit was 29 million yuan, an increase of 35.08% over the same period last year; The total profit was 28 million yuan, an increase of 96.69% over the same period last year; The net profit was 24 million yuan, an increase of 123.85% over the same period last year; The basic earnings per share was 0.26 yuan, an increase of 62.50% over the same period last year.
Guangdong Jiayuan Technology Co.Ltd(688388) : the total amount of funds raised in this issuance to specific objects does not exceed 4.722 billion yuan. After deducting the issuance expenses, it is proposed to be used in the following projects: the total investment of high-performance lithium battery copper foil is expected to be 3.264 billion yuan, and the proposed investment of raised funds is 2.9 billion yuan; The annual output of 20000 tons of electrolytic copper foil project of Jiangxi Guangdong Jiayuan Technology Co.Ltd(688388) Co., Ltd. is expected to have a total investment of 1.977 billion yuan and the proposed investment of raised funds is 1.6 billion yuan; The total investment of the project is expected to be 222 million yuan and the proposed investment of raised funds is 222 million yuan.
Kbc Corporation Ltd(688598) : Kbc Corporation Ltd(688598) announcement on voluntary disclosure and signing of strategic cooperation agreement: Based on the company’s R & D and application of high-purity carbon matrix composites in the semiconductor field, the company and Beijing Tianke Heda Semiconductor Co., Ltd. reached the strategic cooperation intention and signed the strategic cooperation agreement on April 8, 2022 through friendly negotiation.
Yantai Longyuan Power Technology Co.Ltd(300105) : annual report for 2021: the company achieved an operating revenue of 540 million yuan, with a year-on-year increase of 18.22%; The R & D investment is 49 million yuan, which continues to be invested at a high level; The total expenditure of management expenses, sales expenses and R & D expenses was 134 million yuan, the same as that of the same period of last year; The comprehensive gross profit margin of the product was 19.13%, an increase of 0.18% over the same period; Mainly affected by the national interest rate reduction, the total interest of the company decreased by 9.5209 million yuan and the total profit was 5.9646 million yuan, a year-on-year decrease of 39.79%; The net profit attributable to the shareholders of the listed company was 5.9474 million yuan, a year-on-year decrease of 39.29%.
Lanzhou Greatwall Electrical Co.Ltd(600192) : in 2021, the company achieved an operating revenue of 2.066 billion yuan, a year-on-year increase of 0.06%; The total profit was – 160 million yuan, and the net profit attributable to the shareholders of the listed company was – 128 million yuan. The company’s operating revenue in 2021 was basically the same as that of the previous year, but due to the rise in the price of raw materials and the adverse factors of the epidemic, the company still suffered losses, and the range of losses was narrower than that of the previous year.
Suzhou Hailu Heavy Industry Co.Ltd(002255) : in 2021, the total operating revenue was 2.533 billion yuan, an increase of 25.07% over the same period of last year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 311 million yuan, an increase of 49.39% over the same period of last year.
Risk tip: the bottleneck of the supply chain leads to lower demand than expected, and the intensification of market competition leads to the decline of industry profitability.
