Market review: in December 2021, the power equipment and new energy sector (ci005011. WI) decreased by 6.83%, and the CSI 300 index rose by 2.24% in the same period.
Industry trend observation: on January 4, the five ministries and commissions jointly issued the notice on the action plan for innovation and development of intelligent photovoltaic industry (2021-2025). The plan requires that by 2025, the intelligent level of photovoltaic industry will be significantly improved, industrial technological innovation will make a breakthrough, and the mass production conversion efficiency of new high-efficiency Cecep Solar Energy Co.Ltd(000591) cells will be significantly improved, The construction of intelligent photovoltaic industry ecosystem has been basically completed, and the integration level with the new generation of information technology has been gradually deepened. Combined with the notice on strengthening the safety of distributed photovoltaic power generation in November, we believe that the above policies will promote the intelligence of distributed photovoltaic, give birth to higher safety standards, and promote the penetration of micro inverter, so as to promote the rapid expansion of micro inverter market and look forward to the rapid development of micro inverter market. In 2020, the market scale of micro inverter will be about RMB 11.43 billion. If the global newly added photovoltaic installed capacity reaches 300gw in 2025, we calculate that the market scale of micro inverter will be 28.35 billion in 2025, and the compound growth rate of the industry will reach 20% in five years. Important industrial policies: the four ministries and commissions jointly issued the subsidy standards for new energy vehicles in 2022; The National Energy Administration issued the administrative measures for consumption monitoring and statistics of photovoltaic power stations; New renewable energy and raw material energy will no longer be included in the total energy consumption control.
Monthly industry highlights: photovoltaic leading enterprises Longi Green Energy Technology Co.Ltd(601012) and Sinopec will jointly build 147 distributed photovoltaic gas stations; Tianjin Zhonghuan Semiconductor Co.Ltd(002129) silicon wafer price reduction twice in December; Onshore wind power operation and maintenance (O & M) price index hit a record low.
Monthly important announcements: Xinjiang Daqo New Energy Co.Ltd(688303) , Qingdao Tianneng Heavy Industries Co.Ltd(300569) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Sunwoda Electronic Co.Ltd(300207) , Beijing Jingyuntong Technology Co.Ltd(601908) , Risen Energy Co.Ltd(300118) , Jinlei Technology Co.Ltd(300443) , Cngr Advanced Material Co.Ltd(300919) , Tbea Co.Ltd(600089) , Hunan Zhongke Electric Co.Ltd(300035) , Sunwoda Electronic Co.Ltd(300207) and other proposed investment and construction production projects; Gotion High-Tech Co.Ltd(002074) American GuoXuan, an overseas wholly-owned subsidiary, has signed an agreement with an American automobile enterprise to supply it with a total amount of not less than 200gwh lithium iron phosphate batteries from 2023 to 2028. The two sides also plan to establish a joint venture in the United States; Yunnan Energy New Material Co.Ltd(002812) and Contemporary Amperex Technology Co.Limited(300750) lock the wet diaphragm order of 5.2 billion yuan next year; Cngr Advanced Material Co.Ltd(300919) and Xiamen Xiangyu Co.Ltd(600057) plan to supply nickel and cobalt raw materials with an amount of about 80000 tons of nickel metal and 15000 tons of cobalt metal between 2022 and 2027.
Investment strategy: looking forward to the future, we continue to be optimistic about the development prospects of new energy vehicle markets in China and Europe, and the promotion of the industrialization of new wind power and photovoltaic technologies to long-term cost reduction and efficiency increase. It is suggested to pay attention to: Riyue Heavy Industry Co.Ltd(603218) , Sungrow Power Supply Co.Ltd(300274) , Ming Yang Smart Energy Group Limited(601615) , Jiangsu Ankura Smart Transmission Engineering Technology Co.Ltd(300617) .
Risk warning: global spread of covid-19 epidemic and its impact or deviation from expectations; The main business of relevant listed companies may be lower than expected
