Industry outlook and configuration suggestions:
New energy vehicles: Recently, new energy vehicle brand Weilai announced that the starting price of es8, ES6 and ec6 models will be increased by 10000 yuan from May 10, 2022. The successive price increases of various brands of new energy vehicles have conducted the price of raw materials and alleviated the cost pressure of the midstream battery industry chain. The recent epidemic situation is relatively serious, especially the automobile supply chain in Shanghai and its surrounding areas is facing great supply pressure. The short-term impact caused by the epidemic does not change the medium and long-term high prosperity of new energy vehicles. We believe that at the current time point, the new energy vehicle sector has ushered in a better configuration time point. It is suggested to actively pay attention to the batteries, diaphragms, negative electrodes and high nickel positive electrodes benefiting from 4680 batteries.
Recommended recommendations include: Ningbo Shanshan Co.Ltd(600884) Shenzhen Dynanonic Co.Ltd(300769) , Farasis Energy (Gan Zhou) Co.Ltd(688567)
New energy power generation: Recently, local governments have actively promoted new energy power generation projects. According to the 14th five year plan for energy development of Guangdong Province issued by Guangdong Province, the proportion of non fossil energy consumption will strive to reach about 40% in 20 Jiangxi Province and Yunnan Province have successively launched bidding for distributed photovoltaic projects. The installed capacity of Shicheng County project in Jiangxi Province is 240mw. The policy continues to increase the proportion of new energy power generation. We expect that there will be a large long-term space for wind power and photovoltaic power in the future.
Recommended: Yangling Metron New Material Co.Ltd(300861) , Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Tongwei Co.Ltd(600438) , Cybrid Technologies Inc(603212)
Industry trends:
New energy vehicles: China sold 484000 new energy vehicles in March 2022, with a year-on-year increase of 114.3% and a month on month increase of 45.0%; In March, the power battery loading volume was 21.4gwh, with a year-on-year increase of 138.0% and a month on month increase of 56.6%.
New energy power generation: the national development and Reform Commission recently issued the “14th five year plan” for the construction of Beibu Gulf Urban Agglomeration, proposing the construction of Beibu Gulf offshore wind power base and the development of distributed photovoltaic and decentralized wind power according to local conditions.
Risk factors: the downstream demand is less than the expected risk; Risk of technical route change; Price fluctuation risk of raw materials; Market competition intensifies risks; International trade risks, etc.
