This week’s view
CITIC power equipment new energy index fell 7.78% this week, and growth track stocks generally fell in the new year, which was affected by the change of expectations of double carbon assessment. However, in essence, it was mainly caused by capital drift at the beginning of the year, including profit taking by institutions with good performance last year and liquidity risk caused by the expectation of interest rate increase in US stocks in advance.
On the evening of January 7, the national development and Reform Commission held a meeting to study carbon neutralization. The meeting pointed out that carbon neutralization should still be placed in a prominent position in environmental resources work. Among them, the meeting focused on accelerating the improvement of the “1 + n” policy system, excluding the new renewable energy and raw material energy from the total energy consumption control, steadily and orderly promoting double carbon and not engaging in “Sports” double carbon, and re emphasized that the double carbon goal is a long-term and complex task. From the current point of view, after this round of decline, the valuation of the new energy sector tends to be reasonable. After the risk is released at the beginning of the year, it is expected to usher in a new year’s market. It is recommended to pay attention to Eve Energy Co.Ltd(300014) , Longi Green Energy Technology Co.Ltd(601012) , Sungrow Power Supply Co.Ltd(300274) , Yunnan Energy New Material Co.Ltd(002812) , etc.
Market performance
This week, the Shanghai Composite Index fell 1.65% to close at 3579.54; CSI 300 fell 2.39% to close at 4822.37; CITIC power new energy industry index fell 7.78%, underperforming the CSI 300 index by 5.39%. In terms of sub sectors, the new energy vehicle index fell 3.14%, the photovoltaic index fell 9.23% and the wind power index fell 4.65%.
Some company dynamics
Ningbo Ronbay New Energy Technology Co.Ltd(688005) (688005. SZ) disclosed the performance forecast on the evening of January 3. The company expects to realize a net profit attributable to the owners of the parent company of RMB 890 million to RMB 920 million in 2021, with a year-on-year increase of 317.71% to 331.79%. During the reporting period, driven by the high demand of downstream customers, the company accelerated the release of new production capacity, doubled its annual sales year-on-year, and continued to maintain a leading position in China’s ternary cathode material market; The shipment volume of high nickel polycrystalline products has maintained a leading position in the market, and the proportion of single crystal high energy density products and ultra-high nickel products above 9 series has increased; The proportion of self supply of precursors increased year-on-year, reaching about 30%, and the profitability increased significantly year-on-year. (company announcement)
Shandong Shida Shenghua Chemical Group Company Limite(603026) (603026. SZ) released the performance forecast on the evening of January 7. It is expected to realize a net profit of RMB 1.17 billion to RMB 1.25 billion in 2021, with a year-on-year increase of 350.36% – 381.15%. With the rapid growth of new energy vehicle market, the sales volume and sales revenue of carbonate series products increased significantly over the same period of last year, and the company’s profit level increased significantly year-on-year. Based on the s-grade carbonate series products, the company developed SS grade series products, which further improved the profitability of the company. Propylene oxide, the main raw material in the upstream of the company’s carbonate series products, is basically self supplied. In this period, the supply and demand of propylene oxide industry tends to be in tight balance, and the competitive advantage of propylene oxide production of carbonate series products is further improved. (company announcement)
Risk tips
The risk of intensified market competition, repeated epidemic and subsidy policy.
