The wave of electrification continues, the global prosperity of new energy vehicles continues to rise, Chinese battery and material enterprises accelerate the introduction into the global supply chain, the supply and demand of some links are expected to improve, the competition pattern of cells, diaphragms and other links is better, and new technologies promote the upgrading of the industrial chain. The PV industry chain is expected to be fully released after entering the price reduction channel, the asset light subdivision direction is preferred to meet the challenges of capacity cycle, and the localization of hjt equipment and battery industrialization 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 price of bulk raw materials is loose, which is expected to thicken the profits of the midstream manufacturing industry. In terms of power equipment, the increase in the installed proportion of new energy requires accelerating the construction of a new power system with new energy as the main body. The power grid investment structure in the 14th five year plan is expected to further tilt to the fields of UHV, intelligence and power distribution. The demand for relevant equipment is expected to increase, and the core supply enterprises are expected to benefit significantly. Maintain the industry stronger than the market rating.
Plate market this week: the power equipment and new energy sector fell 8.31% this week, including nuclear power sector fell 3.05%, industrial control automation fell 4.12%, new energy vehicle index fell 6%, lithium battery index fell 6.96%, wind power sector fell 8.57%, photovoltaic sector fell 9.23% and power generation equipment fell 9.59%.
Key industry information this week: new energy vehicles: the price of lithium carbonate of Shanghai oujin Industrial Co., Ltd. increased, and the ex factory quotation reached 300000 yuan / ton. LG energy solution has begun to accept subscriptions from investors. It plans to log on to the Korean stock exchange on January 27 and start trading. It plans to raise up to US $10.8 billion (about RMB 68.8 billion). Toyota’s first mass production model equipped with solid-state batteries will be launched within three years. The first mass production model is a hybrid model. New energy power generation: the Ministry of industry and information technology and others recently jointly issued the action plan for innovation and development of intelligent photovoltaic industry (2021-2025). By 2025, the intelligent level of photovoltaic industry will be significantly improved, breakthroughs will be made in industrial technological innovation, the mass production conversion efficiency of new high-efficiency Cecep Solar Energy Co.Ltd(000591) batteries will be significantly improved, and perfect supporting capacities such as silicon materials, silicon wafers and equipment will be formed.
Key information of the company this week: Longi Green Energy Technology Co.Ltd(601012) : the company disclosed the online winning results of public issuance of convertible corporate bonds, with a total of 2652802 winning numbers. Jiangsu Eastern Shenghong Co.Ltd(000301) : the performance forecast is released. It is expected to make a profit of 4.1-5 billion yuan in 2021, with a year-on-year increase of 435.00% – 552.44%. Tongwei Co.Ltd(600438) : the performance forecast is released. It is expected to make a profit of 8-8.5 billion yuan in 2021, with a year-on-year increase of 122% – 136%. Yunnan Energy New Material Co.Ltd(002812) : the project company invested in the construction of lithium battery isolation membrane in Jincheng science and Technology Industrial Park, Jintan Economic Development Zone, Jiangsu Province has completed the project filing change. Shenzhen Dynanonic Co.Ltd(300769) : it is planned to build the “production base project of new phosphate cathode materials with an annual output of 330000 tons” in Qujing Economic and Technological Development Zone, with a total investment of about 7.5 billion yuan. Ningbo Ronbay New Energy Technology Co.Ltd(688005) : ① sign a long-term supply agreement with Contemporary Amperex Technology Co.Limited(300750) , and it is expected to purchase about 100000 tons of high nickel ternary cathode materials from the company in 2022; ② Release performance forecast: it is expected to make a profit of 890-920 million yuan in 2021, with a year-on-year increase of 317.71% – 331.79%. Shandong Shida Shenghua Chemical Group Company Limite(603026) : release the performance forecast. It is estimated that the profit in 2021 will be 1.17-1.25 billion yuan, with a year-on-year increase of 350.36% – 381.15%. Ningbo Deye Technology Co.Ltd(605117) : the performance forecast is released. It is expected to make a profit of RMB 575-600 million in 2021, with a year-on-year increase of 50.35% – 56.89%. Levima Advanced Materials Corporation(003022) : the performance forecast is released. It is estimated that the profit in 2021 will be 1.08-1.14 billion yuan, with a year-on-year increase of 68.59% – 77.96%. Guangdong Lyric Robot Automation Co.Ltd(688499) : it is proposed to issue convertible bonds to unspecified objects, and the total amount of funds raised shall not exceed 950 million yuan. The funds raised are intended to be used for the industrialization project of special aircraft in the front and middle section of lithium battery and complete equipment of the whole line and supplement working capital. Yangling Metron New Material Co.Ltd(300861) : it is proposed to invest 14.4 million yuan to establish the holding subsidiary Meichang diamond technology.
Risk warning: the intensity and duration of power and production restriction exceed expectations; The impact of the epidemic exceeded expectations; The growth rate of investment declined; Policies fail to meet expectations; Price competition exceeds expectations; Price fluctuation of raw materials.
