Key investment points
Overall: this week, CSI 300 rose or fell by – 0.99%, 7 of the 31 industries in shenwanyi rose, the power equipment industry rose or fell by – 7.37%, ranking 31st in shenwanyi industry, and the wind photovoltaic index rose or fell by – 7.87%.
Individual stocks: two stocks in the photovoltaic industry (constituent stocks of wind photovoltaic index) achieved positive returns, of which, Shanxi Coal International Energy Group Co.Ltd(600546) led the rise by 9.88% and Shandong Jinjing Science And Technology Stock Co.Ltd(600586) led the decline by – 19.86%.
Valuation: as of April 17, 2022, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 35.83, and the P / E ratio of power equipment industry (Shenwan level) is 38.67.
Price tracking
The price of the industrial chain remained stable and rose slightly this week:
The price of monocrystalline silicon material increased slightly;
The price of monocrystalline silicon and polycrystalline silicon increased slightly;
The price of single crystal cells increased slightly, while that of polycrystalline cells increased slightly;
Component prices remained stable.
Industry dynamics
Guangdong’s “14th five year plan” energy plan: add 40gw of scenery and encourage the integration of scenery and water storage
Hunan’s “14th five year plan” scenery construction scheme: add 12.5gw and reduce the electricity price by 0.01 yuan / month
National Development and Reform Commission: accelerate the improvement of energy storage cost compensation mechanism
Investment advice
As of this week, there are 13 polysilicon enterprises in China. The silicon branch predicts that China’s silicon material output in April will be 54 Jiangling Motors Corporation Ltd(000550) 00 tons, and the import volume in the same period is expected to be flat or slightly reduced, about 6 Jiangnan Mould & Plastic Technology Co.Ltd(000700) 0 tons. The total supply of silicon material in April is expected to be 6 Shenzhen Huaqiang Industry Co.Ltd(000062) 000 tons, and the silicon wafer output in the same period is expected to be about 24gw. Therefore, the silicon material supply in April is still in relative shortage. Prices will continue to rise slightly. It is estimated that the total supply of silicon materials in China will reach about 65000 tons in May, and the output of silicon wafers in the same period will be about 24.5-25gw. The overall supply will still be less than the demand. The following suggestions and concerns include the following: followingthe following of the following following: followingthe following following following the following: followingthe following of the following: Trina Solar Co.Ltd(688599) , Ja Solar Technology Co.Ltd(002459) , Ginlong Technologies Co.Ltd(300763) .
Risk tips
The consumption of new energy is less than expected; The new installed capacity is less than expected; Price fluctuation risk of industrial chain; The implementation of the new energy plan on the 14th five year plan was not as expected.
