Key investment points
The epidemic affects the industrial chain by affecting logistics, and has little impact on the annual demand
The impact of the epidemic on the photovoltaic industry chain is mainly reflected in the logistics link, which has little impact on the production and operation of companies. In some links, the production scheduling may be reduced due to the tight supply of raw materials, and the module export may be affected by the phased impact of port congestion. Some raw materials need to be imported with high import dependence, including EVA resin and high-purity quartz sand for photovoltaic. The import is blocked, which may lead to tight supply. At present, there is a strong potential demand in the downstream of photovoltaic. At present and for some time to come, the bottleneck of photovoltaic industry chain still lies in silicon material. At present, the production and operation of silicon material enterprises are basically normal, and the current epidemic has little impact on the overall demand of the whole year. With the gradual resumption of work and production in Shanghai and its surrounding areas in the future, the logistics will gradually return to normal, and the industrial chain will gradually return to normal.
The bidding and order were launched simultaneously, and the n-type TOPCON logic was further verified in March
On April 18, CGN released the module procurement bidding for the 200 MW desertification control project of Guangyi Hangjin Banner, in which it plans to purchase 21.5mw double-sided double glass n-type single crystal photovoltaic modules. On April 15, the project was opened and six enterprises participated in the bidding. The bidding unit price was 1.984-2.285 yuan / W, with an average price of 2.13 yuan / W. at present, the price of single glass products of centralized project is 1.87 yuan / W, and the difference between double glass products is about 2-4 points, The average price of n-type components in this bidding is about 0.23 yuan / W higher than that of p-type double glass products in the current market, and the premium of n-type TOPCON components is further verified.
This week, Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) announced that the whole subsidiary, Jiangsu Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) won the bidding project of Jingke energy TOPCON laser micro loss equipment, with a bid winning amount of 1.067 billion yuan. TOPCON production line improves the efficiency by adding laser equipment in the boron diffusion link. It is expected that the cost performance advantage of n-type TOPCON will be further reflected compared with pperc Suzhou Maxwell Technologies Co.Ltd(300751) announced that Reliance Industries plans to purchase 8 Cecep Solar Energy Co.Ltd(000591) heterojunction battery production equipment from Singapore Maiwei, with a capacity of 600MW / piece, a total of 4.8gw. The mature technology of hjt and TOPCON batteries will drive n-type products to gradually replace p-type products. High purity quartz sand is the main raw material of the quartz crucible used in the production of monocrystalline silicon. The trend from p-type single crystal to n-type single crystal will require higher purity and quality of high-purity quartz glass materials, and the replacement frequency is faster, which further drives the demand for high-purity quartz sand. It is suggested to pay attention to Jiangsu Pacific Quartz Co.Ltd(603688) .
Investment suggestion: the epidemic has limited impact on photovoltaic. It is recommended to pay attention to companies whose performance is matched with the valuation, recommend integrated components, and pay attention to Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Trina Solar Co.Ltd(688599) , Jingke energy. Recommend the photovoltaic glass link. It is recommended to pay attention to Flat Glass Group Co.Ltd(601865) (a + H) and Xinyi solar energy, and recommend the n-type direction, especially the Topcon direction. It is recommended to pay attention to Jingke energy and Jiangsu Pacific Quartz Co.Ltd(603688) . Maintain the “overweight” rating for the power equipment industry.
Risk tips
Risk of sharp price reduction of products, sharp rise in the price of raw materials, lower than expected downstream demand, risk of intensified industry competition, systemic risk of the market, performance failure of recommended companies, etc.
