This week’s market
Overall: this week, Shanghai and Shenzhen 300 rose or fell by – 2.39%, 13 of the 31 industries in Shenwan level rose, the power equipment industry rose or fell by – 8.31%, ranking 31st in Shenwan level industry, and the wind photovoltaic index rose or fell by – 8.05%.
Individual stocks: two stocks in the photovoltaic industry (component stocks of wind photovoltaic index) achieved positive returns, of which, Anhui Deli Household Glass Co.Ltd(002571) led the rise with an increase of 4.33% and Yingkou Jinchen Machinery Co.Ltd(603396) led the decline with a decrease of – 21.97%.
Valuation: as of January 9, 2021, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 49.09, and the P / E ratio of electrical equipment industry (Shenwan level) is 50.75.
Price tracking
The price of the industrial chain fell steadily this week:
The price of monocrystalline silicon material remained stable;
The price of monocrystalline silicon and polycrystalline silicon remained stable;
The price of single crystal cells fell slightly, while the price of polycrystalline cells remained stable;
Component prices remained stable.
Industry dynamics
Three ministries and commissions: support the construction of rural photovoltaic wind power, and give priority to the planning of large bases and distributed projects
Shanxi 2022 electricity market trading plan released
The Ministry of industry and information technology issued the action plan for innovation and development of intelligent photovoltaic industry
Investment advice
This week, the decline of silicon material price continued to narrow, mainly due to: on the one hand, the price of silicon wafer has shown a steady upward trend. In order to meet the growth of downstream demand, the operating rate of silicon wafer enterprises has increased steadily, the intensity of silicon material procurement has also been gradually strengthened, and the periodic demand growth has slowed down the decline of silicon material price; On the other hand, the operating rate of downstream first-line enterprises is expected to increase to more than 70%. Some first-line silicon enterprises resume signing orders due to increased demand, and the transaction price remains relatively high, supporting the narrowing of the decline in the average price of silicon this week. According to the current plan to increase the operating rate of silicon wafer enterprises, the steady upward trend of downstream prices, and the approaching Spring Festival holiday, in order to avoid the impact of logistics and the increase of stock demand, in conclusion, it is expected that the price of silicon material will stop falling and stabilize in January. Long term optimistic about the leader of vertical integrated components and the leading inverter enterprises with leading layout in the field of energy storage: Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) .
Risk tips
The consumption of new energy is less than expected; The new installed capacity is less than expected; Price fluctuation risk of industrial chain; The implementation of the new energy plan in the 14th five year plan was not as expected
