Index
On Tuesday, April 12, 2022, as of the closing, the Shanghai Composite Index rose 1.46% to 321333 points, the Shenzhen Component Index rose 2.05%, and the gem index rose 2.50%. The turnover between the two markets was 916.5 billion yuan, and the north capital bought 9.137 billion yuan today.
Comments
Today, traditional infrastructure has weakened, and new infrastructure sectors such as UHV, 5g, new energy and digital infrastructure have rebounded. The recent decline of risk appetite in the market has led to the trend of value stocks better than growth stocks, and the performance of new infrastructure is poor. However, from the perspective of fundamentals, the fundamentals of new infrastructure with higher growth are still strong, especially in the field of new energy represented by wind power and photovoltaic. From the disclosed results of the first quarter, the good news rate of the enterprise's performance is high. We expect the overall demand of the new energy industry to be strong and basically good. From the perspective of the overall valuation level, with the recent sharp correction, the overall valuation level of the industry has dropped to near the median of five-year valuation, entering a reasonable layout range. Considering the dual dimensions of fundamentals and valuation, we are optimistic about the rebound opportunity of Fengguang new energy infrastructure when the market risk appetite rebounds.
Industry dynamics
Recently, Anhui Energy Bureau issued the notice on carrying out the competitive allocation of grid connection scale of the first batch of wind power and photovoltaic power generation projects in 2022. The document shows that the grid connection scale of the competitive configuration of the photovoltaic power generation project is 2gw, and the grid connection scale of the competitive configuration of the wind power project is 1GW. The declared project needs to be equipped with energy storage. From the appendix, the energy storage ratio has become a key assessment item. The letter of commitment requires the allocation of 2-hour energy storage, and the application enterprises that implement market-oriented conditions for the leased or self built electrochemical energy storage power stations (excluding the supporting energy storage power stations approved for wind power projects in 2018 and before) will add 0.1 point to the application enterprises that rent or self built electrochemical energy storage power stations for every 10000 kWh and are connected to the grid before the comprehensive review. If the comprehensive score is the same, the projects with high proportion of energy storage installed capacity configuration will be given priority. (Polaris wind power network)
Company dynamics
Dongfang Electric Corporation Limited(600875) ( Dongfang Electric Corporation Limited(600875) ): it is estimated that from January to March 2022, the net profit attributable to shareholders of listed companies will reach 886 million yuan to 949 million yuan, an increase of 253 million yuan to 316 million yuan compared with the same period of last year, an increase of 40% to 50% year-on-year. It is estimated that the total revenue from January to March 2022 will be 13.6 billion yuan to 14.1 billion yuan, an increase of 25% to 30% year-on-year compared with the same period of last year. （iFinD）
Risk warning: the implementation of the policy is less than expected; The price rise of raw materials exceeded expectations; The epidemic situation repeatedly exceeded expectations.
