Core view
Photovoltaic: the decline of silicon materials has narrowed significantly, and the overall demand of the industrial chain has improved. Silicon material: last week, the price of silicon material continued to decline and the decline narrowed. The average transaction price of single crystal re feeding, single crystal compact material and single crystal cauliflower material all decreased to less than 0.7%. Recently, the order inquiry and price negotiation in the silicon material market have increased significantly, the demand for silicon material has recovered, and the price tends to be clear. Silicon wafer: the price began to stop falling and rebound, the situation of low-cost consumption inventory in the early stage was improved, silicon wafer manufacturers began to gradually increase production and resume production, and the willingness of downstream terminals to prepare goods before the Spring Festival was sufficient, the operating rate of downstream battery manufacturers recovered, and the demand for silicon wafer was better; Battery & module: last week, the price of battery and module was relatively stable, and the operating rate of downstream components increased, which positively promoted the demand for battery. The overall demand of the industrial chain is gradually improving, waiting for the recovery of the industrial boom situation. The three ministries and commissions jointly issued a document to encourage rural wind power photovoltaic construction. On January 5, the national energy administration, the Ministry of agriculture and rural areas and the guojiaxiang Village revitalization Bureau jointly issued the notice on the implementation opinions on accelerating the transformation and development of rural energy and promoting rural revitalization. The notice pointed out that by 2025, a number of green and low-carbon pilot projects for rural energy will be completed, and the proportion of wind power, Cecep Solar Energy Co.Ltd(000591) , biomass energy and geothermal energy in rural energy will continue to increase, The guarantee capacity of rural power grid has been further enhanced, distributed renewable energy has developed and expanded, new green and low-carbon models and new business forms have been widely used, the new energy industry has become an important supplement to the rural economy and an important channel for increasing farmers’ income, and the formation of a green and diversified rural energy system has been accelerated. N-type 182 modules efficiently lead the transformation of photovoltaic industry. N-type technology has gradually become the mainstream product technology in the photovoltaic market, and the efficient n-type product scheme is leading the great change of the whole industry. Under the condition of unified DC side capacity, land availability, system design principle and component price, n-type product has great advantages in kwh cost and return on investment of large-scale ground power station projects in China and Spain. It can reduce the initial investment cost of the project and has the characteristics of high efficiency, high double-sided rate and low attenuation, It is expected to become the mainstream trend of the development of photovoltaic industry in the future.
Wind power: Xinjiang Goldwind Science And Technology Co.Ltd(002202) the first bid of offshore wind power in 2022 is expected. On January 5, the Three Gorges group announced the bid winning candidates for the bundling centralized procurement (the first batch) (the first bid section) of equipment and materials (offshore fans and towers) in the new energy field in 2021. The specific project is (001) procurement of wind turbine and tower equipment of Changyi Laizhou Bay phase I offshore wind power project, with a total bidding capacity of 300MW, and the first bid winning candidate is Xinjiang Goldwind Science And Technology Co.Ltd(002202) , The bid price is 1.343 billion yuan, equivalent to 4477 yuan / kW; The second winner is Dongfang Electric Corporation Limited(600875) , and the bid price is 1.26 billion yuan, equivalent to 4200 yuan / kW; The third winner is Shanghai Electric Wind Power Group Co.Ltd(688660) , and the bid price is 1.506 billion yuan, equivalent to 5020 yuan / kW.
Investment proposal and investment object
The photovoltaic sector recommends Longi Green Energy Technology Co.Ltd(601012) (601012, buy), Tongwei Co.Ltd(600438) (600438, buy), Ja Solar Technology Co.Ltd(002459) (002459, buy), Shanghai Hiuv New Materials Co.Ltd(688680) (688680, buy), Hangzhou First Applied Material Co.Ltd(603806) (603806, buy). It is recommended to pay attention to Trina Solar Co.Ltd(688599) (688599, not rated); The wind power sector recommends Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) (300850, buy), Riyue Heavy Industry Co.Ltd(603218) (603218, overweight). It is recommended to pay attention to Titan Wind Energy (Suzhou) Co.Ltd(002531) (002531, Unrated), Dajin Heavy Industry Co.Ltd(002487) (002487, Unrated), Jiangyin Hengrun Heavy Industries Co.Ltd(603985) (603985, Unrated), Ningbo Orient Wires & Cables Co.Ltd(603606) (603606, Unrated).
Risk tips
The growth of photovoltaic industry is less than expected; The growth of wind power industry is less than expected.
