The resilience of PV demand outside China exceeded expectations. The recent adjusted valuation fell and ushered in the layout time point. After the supply bottleneck is lifted, the demand may exceed expectations. The performance of integrated module leaders and other targets that are expected to maintain a high growth rate are preferred to meet the challenges of capacity cycle, and new battery technologies such as hjt and TOPCON 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 supply chain of parts and components may be tight at different stages. The global prosperity of new energy vehicles continues to rise, and the sales data are bright. Chinese battery and material enterprises accelerate the introduction into the global supply chain. The supply and demand of some links are expected to improve. Priority can be given to the leading targets of better competitive links such as batteries and diaphragms, as well as technological changes such as 4680 batteries and m3p. The construction of the new power system will be accelerated, the total investment in the power grid may exceed expectations, and the investment structure is expected to further tilt to UHV, intelligence and other fields. Leading enterprises in all links are expected to benefit significantly. Maintain the rating that the industry is stronger than the market.
Plate market this week: the power equipment and new energy sector fell 6.90% this week, including nuclear power sector fell 2.45%, wind power sector fell 3.49%, new energy vehicle index fell 4.13%, industrial control automation fell 6.22%, lithium battery index fell 7.15%, photovoltaic sector fell 7.77% and power generation equipment fell 9.44%.
Key industry information this week: new energy vehicles: Ministry of industry and information technology: we will continue to carry out the pilot work of new energy vehicles to the countryside and power exchange mode. The average price of lithium carbonate (99.5% battery grade / domestic) fell by 8500 yuan / ton to 467000 yuan / ton, a decrease of more than 7% compared with the beginning of the month. New energy power generation: National Development and Reform Commission: in 2022, the parity on grid policy will be continued for newly approved onshore wind power projects, newly filed centralized photovoltaic power stations and industrial and commercial distributed photovoltaic projects, and the on grid price will be implemented according to the local benchmark price of coal-fired power generation. National Energy Administration: in the first quarter of 2022, photovoltaic installed capacity increased by 13.21gw, a year-on-year increase of 147.8%.
Key information of the company this week: annual report of 2021: 3007.5 (profit of RMB 15.931 billion, a year-on-year increase of 185.34%; deduction of non-profit of RMB 13.442 billion, a year-on-year increase of 215.20%), Jingke energy (profit of RMB 1.141 billion, a year-on-year increase of 9.59%; deduction of non-profit of RMB 531million, a year-on-year decrease of 41.74%), Yangling Metron New Material Co.Ltd(300861) 763million, a year-on, a year-on increase of 69.72%; deduction of non-profit of RMB 683million, a year-on increase of 66.39% 30085 (profit of 514 million yuan; year-on-year increase of 21.09%; deduction of non-profit of 484 million yuan, year-on-year increase of 28.27%), Ningbo Shanshan Co.Ltd(600884) (profit of 3.34 billion yuan, year-on-year increase of 232000%; deduction of non-profit of 1.885 billion yuan, year-on-year increase of 125110%), Sungrow Power Supply Co.Ltd(300274) (profit of 1.583 billion yuan, year-on-year decrease of 19.01%; deduction of non-profit of 1.335 billion yuan, year-on-year decrease of 27.72%) Zhejiang Huayou Cobalt Co.Ltd(603799) (profit of RMB 3.898 billion, with a year-on-year increase of 234.59%; deduction of non-profit of RMB 3.853 billion, with a year-on-year increase of 242.84%). 2022q1 quarterly report: Suzhou Maxwell Technologies Co.Ltd(300751) (profit 180 million yuan, up 49.77% year-on-year; deduct non-profit 172 million yuan, up 42.67% year-on-year), Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) (profit 98 million yuan, up 33.97% year-on-year; deduct non-profit 127 million yuan, up 27.95% year-on-year), Yunnan Energy New Material Co.Ltd(002812) (profit 916 million yuan, up 111.92% year-on-year; deduct non-profit 878 million yuan, up 116.91% year-on-year) Sungrow Power Supply Co.Ltd(300274) (profit of 411 million yuan, with a year-on-year increase of 6.26%; deduct non-profit of 371 million yuan, with a year-on-year decrease of 1.96%), Xinjiang Daqo New Energy Co.Ltd(688303) (profit of 4.312 billion yuan, with a year-on-year increase of 640.85%; deduct non-profit of 4.303 billion yuan, with a year-on-year increase of 642.69%), Cybrid Technologies Inc(603212) (profit of 89 million yuan, with a year-on-year increase of 76.33%; deduct non-profit of 88 million yuan, with a year-on-year increase of 86.64%). 2022q1 performance forecast: Byd Company Limited(002594) (profit of 650950 million yuan, with a year-on-year increase of 174% – 300%), Jingke energy (profit of 380420 million yuan, with a year-on-year increase of 57.63% – 74.22%), Shenzhen Senior Technology Material Co.Ltd(300568) (profit of 162172 million yuan, with a year-on-year increase of 162.01% – 178.18%) Contemporary Amperex Technology Co.Limited(300750) : the company plans to invest in the construction of Xiamen times new energy battery industry base project in Xiamen, Fujian Province. The construction content includes power battery system and energy storage system production line, and the total investment of the project is no more than 13 billion yuan Suzhou Maxwell Technologies Co.Ltd(300751) : Reliance Industries plans to purchase 4.8gw heterojunction whole line equipment.
Risk warning: price fluctuation of raw materials; Price competition exceeds expectations; The growth rate of investment declined; Policies fail to meet expectations; International trade friction risk; The impact of covid-19 epidemic exceeded expectations.
