The overall performance of A-share photovoltaic sector this week is relatively low, so the “hot word” of the market is missing.
note: photovoltaic A-share weekly aims to record and comment on the weekly market performance of A-share photovoltaic sector and leading enterprises, and summarize the key factors affecting the market performance. Any view does not constitute investment suggestions
This week (from April 11 to April 15), the A-share photovoltaic sector continued the depressed market as a whole. Whether in terms of news or individual stock performance, the major photovoltaic leading enterprises have almost no bright spots.
On the closing day of April 15, the PV sector was divided into ups and downs: Tianjin Zhonghuan Semiconductor Co.Ltd(002129) ( Tianjin Zhonghuan Semiconductor Co.Ltd(002129) . SZ), Shanxi Coal International Energy Group Co.Ltd(600546) ( Shanxi Coal International Energy Group Co.Ltd(600546) . SH), Shouhang High-Tech Energy Co.Ltd(002665) ( Shouhang High-Tech Energy Co.Ltd(002665) . SZ) led the declines, falling 6.35%, 4.49% and 4.47% respectively Ginlong Technologies Co.Ltd(300763) ( Ginlong Technologies Co.Ltd(300763) . SZ), Hangzhou First Applied Material Co.Ltd(603806) ( Hangzhou First Applied Material Co.Ltd(603806) . SH), Ja Solar Technology Co.Ltd(002459) ( Ja Solar Technology Co.Ltd(002459) . SZ) led the stock price increase, rising 4.37%, 4.10% and 4.07% respectively.
Based on wind data, the 21st Century Business Herald new energy research group counted a total of 74 A-share photovoltaic concept stocks, covering all links of the industrial chain such as silicon materials, silicon wafers, battery chips, modules, power stations, auxiliary materials and equipment. As of the closing on April 15, the total market value of the above 74 photovoltaic concept stocks was 2.41 trillion yuan, a decrease of 150 billion yuan compared with last week. This week, the overall market downturn of A-share photovoltaic sector led to the collective shrinkage of the market value of most photovoltaic enterprises.
The 21st Century Business Herald new energy research group noted that this week, the share prices of some leading photovoltaic stocks reached a new low. Affected by this, the number of members of photovoltaic “100 billion market value club” continues to decrease. Therefore, based on the summary and analysis of the market of A-share photovoltaic sector this week, the research group selected a photovoltaic leading stock with poor performanceP align = “center” 1. The policy and fundamentals tend to be flat, and the share price of photovoltaic concept stocks with coal shadow is up
The research group noted that this week, the photovoltaic industry has ushered in a week with little news. Two policy documents deserve attention: on April 13, Xuancheng, Anhui Province issued the implementation plan for photovoltaic building application in Xuancheng City (Exposure Draft) (hereinafter referred to as the plan), and on the same day, Guangdong Province officially issued the 14th five year plan for energy development in Guangdong Province.
BIPV (photovoltaic building integration) is one of the terminal application scenarios of photovoltaic industry. In the context of the “double carbon” goal, the promotion of new buildings with low-carbon concept has boosted the development of BIPV market. At the same time, all localities have also stepped up the formulation of relevant supporting policies. On April 13, the plan released by Xuancheng, Anhui Province pointed out that in 2022, vigorously promote the construction of distributed photovoltaic system on the roof of distributed buildings, and promote the application of photovoltaic power generation and energy storage technologies such as heterojunction and flexible copper indium gallium selenium film in buildings; By the end of 2023, the cumulative installed capacity of photovoltaic building applications will not be less than 200MW, cultivate one or two industry leading enterprises, and drive a number of upstream and downstream supporting enterprises.
In the past two years, nearly 20 cities and districts in East China, South China, North China and Northwest China have successively issued relevant policies to ensure the rapid rise of photovoltaic construction market. According to the statistics of China Greatwall Securities Co.Ltd(002939) , policies have been issued intensively in East China. In recent years, 10 cities / districts in four provinces including Zhejiang, Jiangsu, Shanghai and Anhui have issued relevant photovoltaic construction subsidy policies; Relevant policies have also been issued in Guangzhou, Shenzhen and Dongguan in South China; Other regions include Beijing in North China, Shanxi and Shaanxi in Northwest China.
Driven by the policy side, some photovoltaic enterprises also strengthen the release of photovoltaic construction products. This week, Jingke energy released n-type BIPV color steel tile products. So far, the company’s BIPV series products include curtain wall products, color steel tile products and tile products, covering three main application scenarios: building facade, industrial and commercial roof and household roof.
This week, Guangdong Province officially issued the energy development plan during the 14th Five Year Plan period, and put forward specific goals for the development of its photovoltaic industry, which attracted the attention of the industry.
The plan points out that wind power, photovoltaic and other renewable energy sources in Guangdong Province have not been developed and utilized on a large scale; The proportion of non-aqueous renewable energy consumption is only 2.9%, lower than that of Jiangsu, Zhejiang and other provinces, and the proportion of non-aqueous renewable energy power generation is only 4.9%, lower than the national average. In this regard, the plan proposes to vigorously develop renewable energy – vigorously develop offshore wind power, moderately develop onshore wind power, actively develop photovoltaic power generation, and develop biomass energy according to local conditions. Among them, the development objectives of photovoltaic power generation are: vigorously improve the scale of photovoltaic power generation, adhere to both centralized and distributed development, build centralized photovoltaic power station projects according to local conditions, and vigorously support distributed photovoltaic power generation; Actively promote the integrated construction of photovoltaic buildings and encourage the development of roof distributed photovoltaic power generation; Promote the multi scenario application of photovoltaic in transportation, communication, data center and other fields; During the 14th Five Year Plan period, the installed capacity of new photovoltaic power generation is about 20 million KW.
The research group has previously calculated that so far, 25 provinces, cities and autonomous regions have defined the development goals of wind power and photovoltaic industry during the 14th Five Year Plan period. The total planning scale of 40gw of wind power and photovoltaic power announced by Guangdong Province is in the forefront of the announced provinces.
Although there are still local policies released this week, in terms of frequency, the policy mention of the whole photovoltaic industry has weakened Citic Securities Company Limited(600030) said that in the first quarter of this year, from the perspective of the central policy, the policy strength was quantified by comprehensive policy weight, quotation and transmission, and the reference to “solar hydrogen storage nuclear” in the policies of central ministries and commissions decreased month on month; Over the same period, the number of energy storage and hydrogen energy documents arranged by the national development and Reform Commission increased significantly year-on-year. At the same time, the State Council repeatedly mentioned the photovoltaic landing plan, and the overall demand is expected to be stable. From the perspective of local policies, the regional distribution of hot spots of wind power photovoltaic policies is complementary, and the strength of all local policies remains basically stable.
Therefore, under the cooling of the news, the overall performance of the A-share photovoltaic sector this week is relatively low, so the “hot word” of the market is missing. However, the research group noted that the weekly gains of two photovoltaic stocks with coal shadow were positive – Shanxi Coal International Energy Group Co.Ltd(600546) , Tbea Co.Ltd(600089) ( Tbea Co.Ltd(600089) . SH) were 9.88% and 0.46% respectively.
Recently, coal stocks have performed strongly. In most areas, the epidemic situation has eased, infrastructure has developed, coal demand has improved, and the coal sector is expected to achieve excess returns. This fundamental aspect has stabilized the stock price performance of Shanxi Coal International Energy Group Co.Ltd(600546) and Tbea Co.Ltd(600089) . Among them, Shanxi Coal International Energy Group Co.Ltd(600546) although it has vigorously promoted the transformation and layout of photovoltaic heterostructures in recent years, its coal business is still the absolute source of income for the company’s main business Tbea Co.Ltd(600089) ‘s main business also includes the production and sales of coal, which contributed 9.422 billion yuan of revenue last year, with a year-on-year increase of 73.58%.
p align = “center” 2. The number of “100 billion market value clubs” was further reduced, and the leading inverter share price hit a new low during the year
The performance of the A-share photovoltaic sector continued to be depressed this week. The most obvious phenomenon is: according to the statistics of the new energy research group of the 21st century economic report, only 4 of the 74 photovoltaic stocks rose positively in the week; Among the photovoltaic stocks with negative gains in the week, the number of stocks with a decline of more than 10% reached 18, twice that of last week.
The research group believes that on the basis of poor news coverage, in the remaining trading days of April, the predictable topic of A-share photovoltaic sector will focus on photovoltaic companies with better performance than expected. And when the sector is adjusted to the inflection point, the overall valuation will be attractive again, causing funds to enter a new round of speculationP align = “center” Figure 1: Top 10 share price increases of A-share photovoltaic sector this week (April 11 to April 15): 21st Century Business Herald p align = “center” Figure 2: Top 10 share price decreases of A-share photovoltaic sector this week (April 11 to April 15): 21st Century Business Herald
Overall, in the ranking of weekly rise and fall of share prices, Shanxi Coal International Energy Group Co.Ltd(600546) , Jiangsu Zongyi Co.Ltd(600770) ( Jiangsu Zongyi Co.Ltd(600770) . SH), Moso Power Supply Technology Co.Ltd(002660) ( Moso Power Supply Technology Co.Ltd(002660) . SH) share prices rose the highest, rising 9.88%, 2.96%, 1.79% and 0.46% respectively Shandong Jinjing Science And Technology Stock Co.Ltd(600586) ( Zhongzhu Healthcare Holding Co.Ltd(600568) . SH), Arctech Solar Holding Co.Ltd(688408) ( Arctech Solar Holding Co.Ltd(688408) . SH), Sungrow Power Supply Co.Ltd(300274) ( Sungrow Power Supply Co.Ltd(300274) . SZ), Sichuan Injet Electric Co.Ltd(300820) ( Sichuan Injet Electric Co.Ltd(300820) . SZ) led the decline, falling 19.86%, 16.85%, 16.73% and 16.49% respectively.
After this week’s market, the number of photovoltaic companies with a market value of 100 billion yuan has been reduced by one to seven – after the market value of Xinjiang Daqo New Energy Co.Ltd(688303) ( Xinjiang Daqo New Energy Co.Ltd(688303) . SH) fell below 100 billion yuan last week, the share price of Hangzhou First Applied Material Co.Ltd(603806) ( Hangzhou First Applied Material Co.Ltd(603806) . SH) also hit a new low this week, with the total market value reduced to 93.142 billion yuanP align = “center” Figure 3: the rise and fall of the share price of 100 billion photovoltaic leading stocks (including those with a market value of 100 billion) since this year chart: 21st century economic report
The research group noted that the share prices of three leading companies hit a new low this week: Sungrow Power Supply Co.Ltd(300274) week’s lowest price was 82.74 yuan / share, and the annual closing price fell by 42.02% Hangzhou First Applied Material Co.Ltd(603806) week’s lowest price is 90.60 yuan / share, and the annual closing price has fallen by 24.99% Zhejiang Chint Electrics Co.Ltd(601877) ( Zhejiang Chint Electrics Co.Ltd(601877) . SH) the lowest price of the week was 31.77 yuan / share, and the annual closing price fell by 37.85%.
It can be seen from the weekly decline that Sungrow Power Supply Co.Ltd(300274) ‘s share price suffered a sharp retreat this week, with a weekly decline of more than 16%.
As a leading enterprise of photovoltaic inverter, in recent years, Sungrow Power Supply Co.Ltd(300274) benefited from the performance release of power station EPC, energy storage and other business sectors, which was highly praised by institutions, and the total market value once exceeded 250 billion yuan. However, since this year, the company’s share price has shrunk sharply, and the latest market value has fallen to 125545 billion yuan.
Judging from the news, the company has not encountered major bad news recently. It is mainly affected by the early overestimation and has become the target of valuation decline in this round of adjustment of photovoltaic sector.
It is worth mentioning that Sungrow Power Supply Co.Ltd(300274) , headquartered in the Yangtze River Delta, has once again become the object of stock price adjustment due to concerns about factors such as the impact of the epidemic on logistics and transportation and local control on the progress of photovoltaic projects. But in fact, the impact of the epidemic is short-term. Although it increases the logistics time and transportation cost, the production of most photovoltaic enterprises in the Yangtze River Delta is in a normal state.
However, after the continuous decline, Sungrow Power Supply Co.Ltd(300274) ‘s P / E ratio fell to 55.5 times, and the higher point “cooled down” significantly. But next, the company also faces pressure to lift the ban. On October 22, 2021, Sungrow Power Supply Co.Ltd(300274) was listed on the fixed increase shares, and the restricted shares were lifted on April 22 this year. At that time, Sungrow Power Supply Co.Ltd(300274) ‘s fixed issue price was 128 yuan / share, the number of shares issued was 284186 million, and the total amount of funds raised was 3.638 billion yuan. Its issuing objects include many large private equity funds and investment banking institutions, such as two fund products of Jinglin assets, JPMorgan, Yunnan Energy Investment Co.Ltd(002053) , UBS, etc.
With reference to the latest closing price, the above fixed increase share price fluctuated by nearly 34%.
