Electrical equipment 8504 fell 6.9%, weaker than the market. This week (from April 18 to April 22, the same below), power generation and power grid rose 0.78%, industrial control automation rose 0%, nuclear power fell 2.45%, wind power fell 3.49%, new energy vehicles fell 4.13%, lithium batteries fell 7.15%, photovoltaic fell 7.77% and power generation equipment fell 9.44%. The top five gainers are ST hakong, Suzhou Maxwell Technologies Co.Ltd(300751) , Fujian Funeng Co.Ltd(600483) , Ning Xia Yin Xing Energy Co.Ltd(000862) , Tianlong optoelectronics; The top five declines were Sungrow Power Supply Co.Ltd(300274) , Nanfang Ventilator Co.Ltd(300004) , Flat Glass Group Co.Ltd(601865) , Fujian Superpipe Co.Ltd(300198) , Jiangyin Hengrun Heavy Industries Co.Ltd(603985) .
Industry level: electric vehicles: the Ministry of industry and information technology said it would launch the pilot city of comprehensive electrification of vehicles in the public sector; Tesla Q1’s operating profit margin was 19.2%, and the new plant boosted the expansion of production capacity; Single shift resumption of production in Tesla Shanghai factory Contemporary Amperex Technology Co.Limited(300750) Shanghai Lingang Holdings Co.Ltd(600848) factory has resumed production Yichun times new energy mining, a Contemporary Amperex Technology Co.Limited(300750) subsidiary, obtained Yichun lithium exploration right; The high configuration version of krypton 001 will be increased by 18000 yuan, which will be implemented from May 1; Power battery company Sunwoda Electronic Co.Ltd(300207) official announced price increase Byd Company Limited(002594) again announced the price adjustment, with a maximum increase of 16000 yuan, mainly for online car Hailing; Lithium batteries compete with Indonesia, and LG takes the lead in the construction of a $9 billion project; Metal cobalt is quoted at 569300 yuan / ton, this week + 0.5%, nickel at 243300 yuan / ton, this week + 4.6%, manganese at 16700 yuan / ton, this week – 4.6%, metal lithium at 3.15 million yuan / ton, this week flat, battery grade lithium carbonate at 475445 yuan / ton, this week – 1%, lithium hydroxide at 471500 yuan / ton, this week – 4%, industrial grade DMC dimethyl carbonate at 5400 yuan / ton, this week flat, ternary 622 cathode at 395000 yuan / ton, this week flat, The quotation of Sanyuan 811 cathode is 420500 yuan / ton, which is – 0.5% this week. The quotation of lithium iron phosphate cathode is 160000 yuan / ton, which is – 2.7% this week. The quotation of PVDF is 675000 yuan / ton, which is the same this week. The quotation of Sanyuan PVDF is 850000 yuan / ton, which is the same this week. New energy: the National Energy Administration: the installed capacity of photovoltaic from January to March increased by 13.2gw, an increase of 148% at the same time! From January to March, the installed capacity of wind power increased by 7.9gw, an increase of 50% at the same time. In 2022, the wind power price policy was issued: the benchmark price of coal power is still implemented! Households may still have subsidies; National Development and Reform Commission: accelerate the improvement of energy storage cost compensation mechanism; Qibin plans to build two photovoltaic glass production lines with a total investment of 3.12 billion yuan; Industrial silicon giant Hoshine Silicon Industry Co.Ltd(603260) plans to invest 3 million tons of photovoltaic glass project; According to solarzoom, the monocrystalline silicon material this week was 252 yuan / kg, unchanged month on month; The quotation of 166 / 182 / 210mm monocrystalline silicon wafer is 5.64/6.82/9.05 yuan / wafer, which is flat month on month; The quotation of single crystal perc166 battery is 1.13 yuan / W, with a month on month ratio of + 0.89%; The quotation of single crystal perc components was 1.87 yuan / W, unchanged month on month; The price of glass 3.2mm/2.0mm is 27.5/21.15 yuan / square meter, which is the same month on month. Industrial Control & Power Grid: in March, the industrial control company shipped 170 million yuan of servo products in Yaskawa, yoy-51%; Panasonic 130 million yuan, yoy-13%; Delta 132 million yuan, yoy-18%; Low voltage frequency converter abb3 900 million yuan, yoy-5%; YASKAWA 86 million yuan, yoy-14%; Medium and large PLC Schneider 40 million yuan, yoy + 25%.
Company level: Contemporary Amperex Technology Co.Limited(300750) : the revenue will reach 130356 billion yuan in 2021, an increase of 159.06% at the same time; The net profit attributable to the parent company was 15.931 billion yuan, an increase of 185.34% at the same time; Among them, Q4 achieved a revenue of 56.994 billion yuan, an increase of 203.21%; The net profit attributable to the parent company was 8.180 billion yuan, an increase of 267.41% at the same time. Jingke energy: in 2021, the revenue will reach 40.57 billion yuan, an increase of 20.53% at the same time; The net profit attributable to the parent company was 1.141 billion yuan, an increase of 9.59% at the same time Sungrow Power Supply Co.Ltd(300274) : the revenue will reach 24.137 billion yuan in 2021, an increase of 25.15% at the same time; The net profit attributable to the parent company was 1.583 billion yuan, down 19.01% at the same time. In 2022q1, the revenue was 4.568 billion yuan, an increase of 36.48% at the same time; The net profit attributable to the parent company was 411 million yuan, an increase of 6.26% at the same time Hainan Jinpan Smart Technology Co.Ltd(688676) : the revenue will reach 3.303 billion yuan in 2021, an increase of 36.32% at the same time; The net profit attributable to the parent company was 235 million yuan, an increase of 1.31% at the same time. Among them, the revenue of 2021q4 was 1.015 billion yuan, an increase of 45.14% at the same time; The net profit attributable to the parent company was 67 million yuan, an increase of 1.77% at the same time Suzhou Maxwell Technologies Co.Ltd(300751) : 1) Singapore Maiwei, a subsidiary, signed a contract with reliance India, which will purchase 8 whole lines of Cecep Solar Energy Co.Ltd(000591) heterojunction battery production equipment, with a capacity of 600MW / piece (4.8gw in total), and the total purchase amount exceeds 50% of the revenue in 2021; 2) In 2022q1, the revenue was 834 million yuan, an increase of 32.09% at the same time; The net profit attributable to the parent company was 180 million yuan, an increase of 49.77% at the same time Revenue increased by 11.7 billion yuan in the same year; The net profit attributable to the parent company was 579 million yuan, an increase of 51.28% at the same time Yunnan Energy New Material Co.Ltd(002812) : the revenue of 2022q1 was 2.592 billion yuan, an increase of 79.62% at the same time; The net profit attributable to the parent company was 916 million yuan, an increase of 111.92% Jiangsu Cnano Technology Co.Ltd(688116) 1.32 billion yuan of revenue in 2021, an increase of 179.68%; The net profit attributable to the parent company was 296 million yuan, an increase of 175.88%. Among them, Q4 achieved a revenue of 408 million yuan, an increase of 161.4% at the same time; The net profit attributable to the parent company was 92 million yuan, an increase of 202.63% at the same time Byd Company Limited(002594) : 1) the company expects to achieve a profit of 650950 million yuan in 2022q1, an increase of 174% – 300% at the same time. 2) The company plans to buy back shares with 1.8 billion ~ 1.85 billion yuan for the employee stock ownership plan. The number of participants is 12000 and the transfer price is 0 yuan / share Nuode Investment Co.Ltd(600110) : the revenue will reach 4.446 billion yuan in 2021, an increase of 106.32% at the same time; The net profit attributable to the parent company was 405 million yuan, an increase of 742193% at the same time. Among them, 2021q4 achieved a revenue of 1.21 billion yuan, an increase of 52.96%; The net profit attributable to the parent company was 84 million yuan, an increase of 284.66% at the same time Ningbo Shanshan Co.Ltd(600884) : the revenue will reach 20.699 billion yuan in 2021, an increase of 151.94% at the same time. Among them, the revenue of 2021q4 was 4.988 billion yuan, an increase of 88.01%; The net profit attributable to the parent company was 566 million yuan, turning losses into profits year-on-year. Hemai shares: in 2021, the revenue reached 795 million yuan, an increase of 60.6% at the same time; The net profit attributable to the parent company was 202 million yuan, an increase of 93.8% at the same time Zhuhai Enpower Electric Co.Ltd(300681) : the revenue will reach 976 million yuan in 2021, an increase of 131.80% at the same time; The net profit attributable to the parent company was 47 million yuan, an increase of 256.01% at the same time. Among them, 2021q4 achieved a revenue of 521 million yuan, an increase of 196.44%; The net profit attributable to the parent company was 30 million yuan, an increase of 159.32% at the same time.
In 2022q1, the revenue reached 353 million yuan, an increase of 363.49% at the same time; The net profit attributable to the parent company was 18 million yuan, an increase of 774.47% at the same time Xinjiang Daqo New Energy Co.Ltd(688303) : in 2022q1, the revenue was 8.129 billion yuan, an increase of 389.28% at the same time; The net profit attributable to the parent company was 4.312 billion yuan, an increase of 640.85% at the same time Sieyuan Electric Co.Ltd(002028) : in 2022q1, the revenue reached 1.739 billion yuan, a decrease of 4.01% at the same time; The net profit attributable to the parent company was 152 million yuan, down 45.73% at the same time Ningbo Orient Wires & Cables Co.Ltd(603606) : in 2022q1, the revenue was 1.816 billion yuan, an increase of 25.60% at the same time; The net profit attributable to the parent company was 278 million yuan, an increase of 0.16% at the same time.
Investment strategy: last week, Tesla, velai, SAIC and other auto companies were ready to resume production, which is expected to return to normal in 2-3 weeks. We expect that affected by the epidemic, the month on month decline of 20-30% in April, the sales volume of about 350000 vehicles, gradually improved in May, and returned to normal in June, maintaining 6 million vehicles + (with an increase of 70%). In April, due to the impact of the epidemic, the production scheduling of leading batteries fell by 20% month on month, and the production scheduling of material end was basically flat. However, Q2 new cars were intensively released, and vehicle enterprises have begun to resume work. It is expected to resume production scheduling in May, accelerate growth in June, and the annual growth of leading batteries is expected to double. In March, Europe disclosed that the total sales volume of nine mainstream countries was 206000 vehicles, with a month on month ratio of + 7% / + 61%. Although the growth rate slowed down, the penetration rate was 23.0%, with a month on month ratio of + 5.8 / + 2.4pct. It is expected to increase by 30% to 2.8 million vehicles in the whole year; The United States sold 83000 electric vehicles in March, with a month on month ratio of + 66% / + 19%. If the policy is implemented in the middle of the year, the annual sales volume will double to 1.3 million +. It is estimated that the global sales of electric vehicles will be 10 million + (with an increase of 60%) in 22 years. 25 years ago, the average value of electric vehicles continued to increase. At present, the market expectation and valuation are obviously low. We are strongly optimistic about the oversold and reversal of the electric vehicle sector, and strongly push the leader in all links of lithium battery. Europe’s demand this year and in the medium term is expected to exceed expectations, and household energy storage is hot. Due to the short-term uncertainty of the anti circumvention investigation in Southeast Asia, the United States is expected to have a global photovoltaic installed capacity of 240250gw in 2022, an increase of nearly 50%, of which China is expected to have 90gw, an increase of 65% +. From a micro point of view, the price rise of components in April is partially transmitted, the epidemic affects logistics and installation, and the production scheduling is basically flat month on month. It is expected that the production scheduling will improve in May, Due to the fear that the first quarter report was not as expected, it continued to make significant adjustments, and the response was relatively sufficient. It focused on the leaders of components and inverters. The domestic substitution of industrial control continued, and the boom began to pick up in December of 21. The growth of leading orders in 2022q1 exceeded market expectations, and it is optimistic about leading Huichuan in the medium term. After the rush to install wind power, the cost fell sharply and entered the era of parity. The land wind resumed growth in 22 years and the sea wind resumed growth in 23 years. Pay attention to new export opportunities after parity. The investment in power grid is expected to increase steadily, focusing on the structural opportunities brought by the new power system.
Key recommended targets: Contemporary Amperex Technology Co.Limited(300750) (the global leader in power battery performance exceeds expectations, high-quality customers, leading technology and cost advantage), Yunnan Energy New Material Co.Ltd(002812) (the global leader in wet diaphragm with strong profitability), Shanghai Putailai New Energy Technology Co.Ltd(603659) (the global leader in negative electrode and diaphragm coating), Byd Company Limited(002594) (the sales volume of electric vehicles continues to exceed market expectations and the external supply of blade batteries accelerates) Eve Energy Co.Ltd(300014) (comprehensive layout of power lithium batteries and steady growth of consumer batteries), Guangzhou Tinci Materials Technology Co.Ltd(002709) (Electrolyte & hexafluoride faucet and new lithium salt take the lead), Shenzhen Kedali Industry Co.Ltd(002850) (global leader of structural parts and high-quality customers with high-volume growth period), Ningbo Ronbay New Energy Technology Co.Ltd(688005) (high nickel cathode faucet and high-yield growth period), Shenzhen Inovance Technology Co.Ltd(300124) (gradual recovery of general automation demand and comprehensive breakthrough of powertrain) tobeat Sungrow Power Supply Co.Ltd(300274) (the global leader of inverter and the prospective layout of energy storage), Shenzhen Dynanonic Co.Ltd(300769) (the demand of iron and lithium supermarket is expected and the profit is higher than expected), Jiangsu Cnano Technology Co.Ltd(688116) (the leader of carbon nanotube conductive agent has entered the upper volume stage), Shenzhen Capchem Technology.Ltd(300037) (electrolyte and fluorochemical industry go hand in hand and the valuation is low), Hemai Co., Ltd. (the shipment of micro reverse leader is expected to double continuously and the U.S. market begins to increase in volume) Hongda Xingye Co.Ltd(002002) 0500 \ \earningsexceed market expectations) At the end of the 60040406, the \, Arctech Solar Holding Co.Ltd(688408) . It is suggested to pay attention to: Jingke energy, Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) , Hunan Zhongke Electric Co.Ltd(300035) , beiteri, Sunwoda Electronic Co.Ltd(300207) , Guangdong Jiayuan Technology Co.Ltd(688388) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , etc.
Risk tip: the investment growth rate is declining, the policy is lower than the market expectation, and the price competition is higher than the market expectation
