Sub industry core week view
New energy: Limited logistics has a controllable impact on the photovoltaic industry chain. The price rise of silicon wafer cells continues to reflect the strong short-term demand. Photovoltaic PPA in Europe and the United States continued to rise in the first quarter to support the potential demand, and the development of new battery technologies gradually accelerated; Q1 performance, international trade, epidemic impact and other recent negative factors have been released, and Q2 sector is expected to usher in the expected repair. At present, it is the layout time point. Continue to recommend: silicon, glass, inverter, new technology (components / batteries / equipment), distributed.
Hydrogen energy and fuel cell: in March, 500 / 367 fuel cell vehicles were produced and sold, with a year-on-year increase of 10.1 times and 5.2 times respectively. In Q1, 856 / 738 vehicles were produced and sold respectively, with a year-on-year increase of 7.2 times and 3.9 times. We believe that the monthly output of 500 vehicles may only be the beginning, because Guangdong and other demonstration urban agglomerations have not released this year’s plan, and there is still room to further improve the volume. In addition, the planning volume of non demonstration urban agglomerations can not be ignored. In addition, the peak of fuel cell vehicle volume only appeared in the second half of the calendar year. It is expected that there will be a monthly sales volume of about 1000 units in the second half of the year, and the annual sales volume will be about 10000 units.
Power equipment and industrial control: 1) power grid: the investment planning growth rate of the two power grids in 2022 is significantly faster than that of the 13th five year plan and 2021. The investment growth rate from January to February is higher than expected, and the prosperity of the sector is high; Under the goal of new energy, the upgrading of new technologies and equipment is accelerated, and we are optimistic about the sector leaders and high growth core tracks such as amorphous transformation, South grid, digitization and distribution network upgrading. 2) The fall of PMI in March did not change the demand trend of industrial control in the whole year. The order growth of industrial control enterprises in the first two months was good, providing strong support for Q1 performance; The supply chain of foreign brands remains tense, the localization process is expected to exceed expectations, and we are optimistic about the leading targets of the industrial control sector.
Important industry events this week
New energy: Longji and Tongwei successively raised the quotation of silicon wafer and battery Trina Solar Co.Ltd(688599) start 8gwtopcon battery project; Cecep Cecep Solar Energy Co.Ltd(000591) terminated the investment of 6.5gw high efficiency battery project.
Hydrogen energy and fuel cell: in March, 500 / 367 fuel cell vehicles were produced and sold, with a year-on-year increase of 10.1 times and 5.2 times respectively Jiangxi Jovo Energy Co.Ltd(605090) released the annual report and the first quarterly report. The performance of the first quarter was slightly higher than expected; The 14th five year plan for energy development in Guangdong Province was released to accelerate the formation of a fuel cell industry cluster in the core area of Guangzhou Shenzhen Foshan huandawan district; Management measures for operation support funds of distribution trucks in Foshan new energy city, giving subsidies for hydrogen energy vehicle operation; According to Beijing’s urban management and development plan during the 14th Five Year Plan period, 74 hydrogen refueling stations will be completed and put into operation by 2025, and environmental sanitation and construction waste transportation vehicles will be replaced by pure electric or hydrogen fuel cell vehicles.
Power equipment and industrial control: power consumption increased by 3.5% in March, Shenzhen Inovance Technology Co.Ltd(300124) released 2022q1 performance forecast, and Yunlu issued 2021 annual report.
Risk tips:
The price competition in the industrial chain is more intense than expected; The effect of policy adjustment and implementation is lower than expected; The global epidemic worsened more than expected.
