Sub industry core week view
New energy: the fact that the current industry is booming does not contradict the fact that the annual report / quarterly report performance of some companies is lower than expected. At present, the market’s pessimistic judgment on Q2, low mood and indiscriminate selling of companies that have not yet released performance have made the sector have a large expected repair space. At the current time, it is suggested to actively lay out: silicon, glass, inverter and new technology (components / equipment / battery).
Hydrogen energy and fuel cell: the data of FCV insurance in March was released. There was a time difference between the number of FCV insurance and the sales volume in the current month. The implementation of policy rules promoted the joint volume of enterprises in the system of demonstration urban agglomeration; Nanhai District of Foshan City released the three-year plan for hydrogen energy industry. The application field of fuel cell shows a diversified trend. Infrastructure supporting and affordable hydrogen ensure the large-scale and operation of FCV.
Power equipment and industrial control: 1) power grid: the planned growth rate of investment in the two power grids in 2022 is significantly faster than that in the 13th five year plan and 2021. From January to March, the investment growth rate remains at a high level, 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 leading power grid and high growth tracks such as amorphous transformation, southern power 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, and the demand for the 14th five year plan under double carbon was better; Under the fluctuating environment, the advantages of domestic brands are more prominent, and the delivery time of foreign capital is tight. The localization process in 2022 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: the energy administration released a new 13.2gw photovoltaic installed capacity in Q1, a year-on-year increase of 148%; Huaneng 2gw component bidding and bid opening, the average price of p-type bid section of each size is 1.85-1.88 yuan / W, and that of n-type bid section is 1.98 yuan / W; China Wind Energy Association released that in 2021, the hoisting capacity of China’s wind power will increase by 55.92gw, an increase of 2.7% at the same time; Maiwei won an order for 4.8gw heterojunction battery production line from India Longi Green Energy Technology Co.Ltd(601012) hjt / perovskite hjt laminated batteries were selected as the highest efficiency record of similar technologies in China in 2021.
Hydrogen energy and fuel cell: Zhongji hydrogen energy heavy truck has signed effective sales orders of more than 500 units, and nearly 100 units will be delivered this year Shanxi Meijin Energy Co.Ltd(000723) plans to issue convertible bonds to raise 3.59 billion yuan, of which 600 million yuan will be invested in the construction of fuel cell production line in Jinzhong, Shanxi Chongqing Changan Automobile Company Limited(000625) released Chang’an dark blue c385. The hydrogen electric version is the first mass-produced hydrogen electric vehicle in China, with a range of more than 700 kilometers and a hydrogen consumption of less than 0.65 kg per 100 kilometers.
Growth rate of power grid investment and industrial control equipment: 1-15% in January; The State Grid held Q2 working meeting in 2022 Shenzhen Megmeet Electrical Co.Ltd(002851) , China Southern network technology, China Leadshine Technology Co.Ltd(002979) , Wuxi Xinje Electric Co.Ltd(603416) released the annual report of 2021 and the first quarterly report of 2022.
Recommended portfolio of sub industries
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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.
