Industry core view:
2022.4.062022.4.08: the decline of new power industry this week was – 4.68%, and the decline of Shanghai and Shenzhen 300 in the same period was – 1.06%, underperforming the Shanghai and Shenzhen 300 index by 3.62pct It ranks 30th among Shenwan’s 31 industry sectors.
Key investment points:
New energy vehicles: on April 7, the Ministry of public security released data. As of the end of March, the total number of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in reached 8.915 million, accounting for 2.90% of the total number of vehicles. Among them, the number of pure electric vehicles is 7.245 million, accounting for 81.27% of the total number of new energy vehicles. In the first quarter, 1.11 million new energy vehicles were newly registered in China, accounting for 16.91% of the total number of newly registered vehicles, an increase of 644000 or 138.20% compared with the same period last year, showing a high-speed growth trend.
At present, new energy vehicles are driven by the market. Consumers have a high degree of acceptance of rising raw material prices and declining subsidies. We are optimistic about the continuous improvement of the penetration rate of new energy vehicles. At the same time, we believe that the batteries equipped with high-end models will be mainly high nickel ternary batteries, while the lithium iron phosphate batteries equipped with low-end models have obvious price advantages. It is recommended to pay attention to the relevant cathode targets.
New energy power generation: in terms of photovoltaic, on April 7, the people’s Government of Jieyang City, Guangdong Province issued the “14th five year plan” for energy development in Jieyang City. According to the plan, by 2025, the installed capacity of clean energy power generation in the city will account for 55% and the installed capacity of power supply will reach 9.975 million KW; During the 14th Five Year Plan period, the city plans to increase the installed capacity of photovoltaic power generation by about 1.02 million KW. We believe that in the era of affordable Internet access, favorable policies, smooth production scheduling of the industrial chain, and the installed capacity of photovoltaic is expected to be further improved. It is suggested to pay attention to the photovoltaic equipment sector. In terms of wind power, on April 7, Ming Yang Smart Energy Group Limited(601615) announced that it is expected to realize a net profit of 1.3 billion yuan to 1.55 billion yuan from January to March 2022, an increase of 1.044 billion yuan to 1.294 billion yuan compared with the same period of the previous year, an increase of 408.02% to 505.72% year-on-year. For the reasons for the performance growth, Ming Yang Smart Energy Group Limited(601615) said that the wind power industry as a whole maintained a steady development trend, and the company’s operating revenue increased year-on-year due to the increase of orders on hand and the increase of the company’s wind turbine delivery scale. We believe that the downstream wind power sector has a large demand for wind power equipment, and we suggest that we pay attention to the development trend of wind power industry.
In March, the company signed a contract with Sinochem and SINOCHEM for the production and operation of distributed fuel cell components in Beijing, including Sinochem and SINOCHEM. There are many government enterprise cooperation in the field of hydrogen energy. The R & D advantages of enterprises can effectively make up for the deficiencies of some industries in the region. The development prospect of hydrogen energy and fuel cell industry is broad. It is suggested to pay attention to the relevant targets related to the hydrogen energy industry chain, such as Beijing Sinohytec Co.Ltd(688339) ( Beijing Sinohytec Co.Ltd(688339) ), Shanxi Meijin Energy Co.Ltd(000723) ( Shanxi Meijin Energy Co.Ltd(000723) ).
Risk factors: the sales volume of new energy vehicles is lower than expected; Safety risks of new energy vehicles; Affected by the epidemic, the PV market was unsealed less than expected; Price fluctuation risk of raw materials; The approval and commencement of offshore wind power are not as expected; The wind power project has been approved and the grid connection is not as expected; The growth of photovoltaic installed capacity is lower than expected; The investment in power grid is less than expected.
