The resilience of PV demand outside China exceeded expectations. The recent adjusted valuation fell and ushered in the layout time point. After the supply bottleneck is lifted, the demand may exceed expectations. The performance of integrated module leaders and other targets that are expected to maintain a high growth rate are preferred to meet the challenges of capacity cycle, and new battery technologies such as hjt and TOPCON are promoted in an all-round way; The inflection point of wind power boom is advanced, the demand for offshore wind power may be accelerated, and the supply chain of parts and components may be tight at different stages. The global prosperity of new energy vehicles continues to rise, and the sales data are bright. Chinese battery and material enterprises accelerate the introduction into the global supply chain. The supply and demand of some links are expected to improve. Priority can be given to the leading targets of better competitive links such as batteries and diaphragms, as well as technological changes such as 4680 batteries and m3p. The construction of the new power system will be accelerated, the total investment in the power grid may exceed expectations, and the investment structure is expected to further tilt to UHV, intelligence and other fields. Leading enterprises in all links are expected to benefit significantly. Maintain the rating that the industry is stronger than the market.
Plate market this week: the power equipment and new energy sector fell 7.37% this week, including nuclear power sector fell 3.48%, industrial control automation fell 5.02%, new energy vehicle index fell 5.39%, photovoltaic sector fell 5.70%, wind power sector fell 6.67%, lithium battery index fell 7.86% and power generation equipment fell 10.12%.
Key industry information this week: new energy vehicles: in March, the wholesale sales volume of new energy passenger vehicles was 455000, with a year-on-year increase of 122.4%, a month on month increase of 43.6% and a penetration rate of 25.1%. In March, the output of China Shipbuilding Industry Group Power Co.Ltd(600482) battery was 39.2gwh, with a year-on-year increase of 247.3%; The sales volume was 24.5gwh, with a year-on-year increase of 175.3%; The loading volume was 21.4gwh, with a year-on-year increase of 138.0%. New energy power generation: National Development and Reform Commission: moderately advance the construction of energy infrastructure. Pvinfolink: the price of photovoltaic industry chain rose across the board.
Key information of the company this week: annual report of 2021: Yunnan Energy New Material Co.Ltd(002812) (profit of 2.718 billion yuan, with a year-on-year increase of 143.60%; deduction of non-profit of 2.567 billion yuan, with a year-on-year increase of 159.17%), Titan Wind Energy (Suzhou) Co.Ltd(002531) (profit of 1.310 billion yuan, with a year-on-year increase of 24.76%; deduction of non-profit of 1.075 billion yuan, with a year-on-year increase of 9.91%), Sunwoda Electronic Co.Ltd(300207) (profit of 916 million yuan, with a year-on-year increase of 14.18%; deduction of non-profit of 528 million yuan, with a year-on-year increase of 101.72%) Nanjing Hanrui Cobalt Co.Ltd(300618) (profit of 663 million yuan, with a year-on-year increase of 98.25%; deduct non-profit of 694 million yuan, with a year-on-year increase of 268.94%), Ming Yang Smart Energy Group Limited(601615) (profit of 3.101 billion yuan, with a year-on-year increase of 125.69%; deduct non-profit of 2.934 billion yuan, with a year-on-year increase of 109.55%), Wuxi Autowell Technology Co.Ltd(688516) (profit of 371 million yuan, with a year-on-year increase of 138.63%; deduct non-profit of 325 million yuan, with a year-on-year increase of 138.26%) Tbea Co.Ltd(600089) (profit of 7.255 billion yuan, a year-on-year increase of 196.34%; deduction of non-profit of 5.829 billion yuan, a year-on-year increase of 224.27%). Quarterly report of 2022q1: Shanghai Putailai New Energy Technology Co.Ltd(603659)
Risk warning: price fluctuation of raw materials; Price competition exceeds expectations; The growth rate of investment declined; Policies fail to meet expectations; International trade friction risk; The impact of covid-19 epidemic exceeded expectations.
