Sichuan caizhou viewpoint
In terms of photovoltaic, the installed capacity of photovoltaic in the first quarter of 2022 was 13.21 million KW, a year-on-year increase of + 148%. In the first quarter, China’s photovoltaic installation was mainly distributed. With the continuous growth of Distributed installation demand in the future, the photovoltaic installation demand outside China will continue to maintain a high boom. In terms of wind power, the newly installed capacity of wind power in China in the first quarter of 2022 was 7.90gw, a year-on-year increase of + 50%. Affected by the low temperature in the first quarter, it is in the off-season of wind power construction, and the subsequent wind power installation will increase significantly in summer. In terms of lithium battery, 10.33 million Chinese Shanxi Guoxin Energy Corporation Limited(600617) vehicles have been promoted in total, and the cumulative sales of Chinese brand new energy passenger vehicles have increased by 1.5 times year-on-year, higher than the overall growth rate of the market. Subsequently, with the resumption of work and production of Shanghai automobile industry chain enterprises, the overall prosperity rate of the industry gradually recovered in May. At present, the market expectation and valuation are obviously at the bottom of the stage, so we are optimistic about the rebound opportunity of the new energy vehicle sector. In addition, the installed demand for PV in Europe in the first quarter was much higher than expected, so it is optimistic about the PV industry chain outside China. It is suggested to pay attention to the opportunities of benefiting top enterprises in the industry chain.
Market performance in one week
This week, the power equipment index fell 6.90%, the Shanghai index fell 3.87%, and the Shanghai and Shenzhen 300 index fell 4.19%. Among the sub sectors, the battery index fell 7.19%, the photovoltaic equipment index fell 4.18% and the wind power equipment index fell 5.66%. In terms of individual stocks, the top three companies in the power equipment industry are: Harbin Air Conditioning Co.Ltd(600202) ( Harbin Air Conditioning Co.Ltd(600202) . Sh, 22.2%), Cybrid Technologies Inc(603212) ( Cybrid Technologies Inc(603212) . Sh, 20.94%), Suzhou Maxwell Technologies Co.Ltd(300751) ( Suzhou Maxwell Technologies Co.Ltd(300751) . SZ, 12.54%); The companies with the first three weeks of decline are: Sungrow Power Supply Co.Ltd(300274) ( Sungrow Power Supply Co.Ltd(300274) . SZ, – 22.93%), Liaoning Shidai Wanheng Co.Ltd(600241) ( Liaoning Shidai Wanheng Co.Ltd(600241) . Sh, – 18.40%), Flat Glass Group Co.Ltd(601865) ( Flat Glass Group Co.Ltd(601865) . Sh, – 17.49%).
Industry dynamics
The International Renewable Energy Agency said that by 2030, the world will need 5.2tw Cecep Solar Energy Co.Ltd(000591) power generation capacity, and by the middle of this century, it will need 14tw Cecep Solar Energy Co.Ltd(000591) power generation capacity, so as to limit the rise of global average temperature in this century to 1.5 degrees Celsius. According to the data of the United Nations Intergovernmental Panel on climate change, photovoltaic can eliminate 4.25 billion tons of carbon emissions every year in this decade. For the rest of this decade, the world will have to install 450gw of new Cecep Solar Energy Co.Ltd(000591) installed capacity each year – most of which is utility scale, while China and India will lead Asia in 2030, accounting for about half of the global photovoltaic installed capacity. (solarzoom photovoltaic Cecep Solar Energy Co.Ltd(000591) network)
On April 19, the Information Office of the State Council held a press conference. At the meeting, relevant persons in charge of the Ministry of industry and information technology said that they would establish a “white list” system for key industrial chain supply chain enterprises, continue to implement the action of tackling key problems of automobile chips, make every effort to improve the chip supply capacity, improve a new round of rural activities of new energy vehicles, and launch a pilot city of comprehensive electrification of vehicles in the public sector. The relevant person in charge of the Ministry of industry and information technology said that it would continue to implement the action of tackling key problems of automobile chips, make every effort to improve the chip supply capacity, promote leading enterprises to strengthen and supplement the chain, and actively help enterprises coordinate and solve difficult problems such as factor guarantee. Establish a “white list” system for key industrial chain supply chain enterprises, and ensure the stability and smoothness of key industrial chain supply chains by strengthening ministerial and provincial coordination and cross regional coordination. (passenger Union)
On April 20, the National Energy Administration released the statistical data of the national power industry from January to March. By the end of March, China’s installed power generation capacity was about 2.4 billion kw, a year-on-year increase of 7.8%. Among them, the installed capacity of Cecep Solar Energy Co.Ltd(000591) power generation was about 320 million KW, an increase of 22.9% year-on-year. From January to March, the investment in power supply projects of major power generation enterprises in China was 81.4 billion yuan, a year-on-year increase of 2.5%. Among them, Cecep Solar Energy Co.Ltd(000591) power generation was 18.8 billion yuan, a year-on-year increase of 181%. The investment in power grid projects was 62.1 billion yuan, a year-on-year increase of 15.1%. From January to March, the installed capacity of power generation increased by 31.75 million KW, including 13.21 million kw of photovoltaic, an increase of 7.88 million KW over the same period last year, a year-on-year increase of 148%. (Zhihui photovoltaic)
On April 21, the Ministry of Commerce made it clear at a regular press conference that the Ministry of Commerce would earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, and take multiple measures to promote the sustained recovery of consumption on the premise of doing a good job in epidemic prevention and control in accordance with the requirements of the executive meeting of the State Council. We will focus on the following measures: first, improve the energy level of traditional consumption. We will encourage large-scale consumption of automobiles and household appliances, deepen reform in the field of automobile circulation, expand the circulation of second-hand cars, support the accelerated development of new energy vehicles, and encourage local governments to carry out green and intelligent household appliances in the countryside and trade the old for the new. Second, accelerate the development of new consumption. Accelerate the integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) consumption, encourage the development of new business forms, new models and new scenes, and promote new consumption such as customization, experience, intelligence and fashion. The third is to optimize the consumption platform. Accelerate the cultivation and construction of international consumption center cities, promote the high-quality development of pedestrian streets, carry out the demonstration establishment of smart business districts and smart stores, and speed up the construction of a quarter hour convenient life circle. (Financial Associated Press)
On April 22, the new power system technology innovation alliance, initiated by the State Grid Corporation of China and jointly established by 31 enterprises, universities and social organizations, was officially established. The alliance will comprehensively promote eight major power science and technology innovation demonstration projects, including active support of new energy, new energy storage, green production and efficient utilization of hydrogen energy, electric carbon market, power demand response and other fields. It is expected that the total R & D investment and industrial drive will exceed 100 billion yuan. The main participants include state-owned enterprises, private enterprises and colleges and universities in power grid, power generation, power equipment, new energy and energy storage. (Polaris energy storage network)
Company announcement
Contemporary Amperex Technology Co.Limited(300750) : the net profit of the company in 2021 was 15.931 billion yuan, with a year-on-year increase of 185.34%, the revenue was 130.3 billion yuan, with a year-on-year increase of 159.06%, and the basic earnings per share was 6.88 yuan.
Yinbang Clad Material Co.Ltd(300337) : the company announced on the evening of April 18 that it had signed a memorandum of cooperation with Contemporary Amperex Technology Co.Limited(300750) and promised to supply Contemporary Amperex Technology Co.Limited(300750) directly or indirectly with battery water-cooling sector materials (applied to new energy vehicles, energy storage, etc.) during the period from January 1, 2022 to December 31, 2026. The minimum supply volume was 361800 tons, and the specific supply quantity and price were subject to the subsequent specific purchase contract or purchase order signed by both parties.
Sungrow Power Supply Co.Ltd(300274) : the company’s net profit in the first quarter was 411 million yuan, an increase of 6.26% year-on-year. Meanwhile, the company disclosed in its annual report that the net profit in 2021 was 1.583 billion yuan, a year-on-year decrease of 19.01%.
Suzhou Maxwell Technologies Co.Ltd(300751) : the company’s net profit attributable to the owner of the parent company in the first quarter was 180 million yuan, a year-on-year increase of 49.77%; The operating revenue was 834 million yuan, a year-on-year increase of 32.09%; The basic earnings per share was 1.66 yuan, a year-on-year decrease of 23.15%.
Guizhou Zhenhua E-Chem Inc(688707) : the company achieved a revenue of 2.579 billion yuan in the first quarter, an increase of 161.4% year-on-year; The net profit attributable to the parent company was 342 million yuan, a year-on-year increase of 345.35%; Deduct non net profit of RMB 338 million, with a year-on-year increase of 352.29%; The basic earnings per share is 77.0 yuan.
Hefei Kewell Power System Co.Ltd(688551) : the company achieved an operating revenue of 593699 million yuan in the first quarter, a year-on-year increase of 60.78%; The net profit attributable to shareholders of listed companies was 7.4678 million yuan, a year-on-year decrease of 41.39%.
Risen Energy Co.Ltd(300118) : the company achieved an operating revenue of 18.831 billion yuan in 2021, with a year-on-year increase of 17.23%; The net profit attributable to the parent company was -42.32 million yuan, a year-on-year decrease of 125.59%; The net operating cash flow was 601 million yuan, a year-on-year decrease of 12.44%.
Jingke energy: in 2021, the company achieved an operating revenue of 40.57 billion yuan, a year-on-year increase of 20.53%; The net profit attributable to the parent company was 1.141 billion yuan, a year-on-year increase of 9.59%. In addition, the company held the 18th meeting of the first board of directors and the 9th meeting of the first board of supervisors on April 21, 2022, deliberated and approved the proposal on using the remaining over raised funds to invest in construction projects, and agreed to use the remaining over raised funds to invest in the construction of phase II project of new Cecep Solar Energy Co.Ltd(000591) high efficiency battery project and square cutting construction project with an annual output of 20GW. The total investment of the investment and construction project is expected to be about 7.745 billion yuan, of which some over raised funds to be used amount to 2.615 billion yuan.
Beijing Relpow Technology Co.Ltd(300593) : the company achieved an operating revenue of 471 million yuan in the first quarter, with a year-on-year increase of 66.48%; The net profit attributable to the shareholders of the listed company was 868514 million yuan, a year-on-year increase of 69.69%; The basic earnings per share is 0.33 yuan. Meanwhile, the company achieved an operating revenue of 1.478 billion yuan in 2021, with a year-on-year increase of 75.37%. The net profit attributable to shareholders of listed companies was 274 million yuan, a year-on-year increase of 122.02%; The basic earnings per share is 1.03 yuan / share.
Derui lithium battery: the company achieved an operating revenue of 221 million yuan in 2021, with a year-on-year increase of 26.97%; The net profit attributable to the shareholders of the listed company was 461541 million yuan, a year-on-year increase of 34.1%.
Risen Energy Co.Ltd(300118) : the company achieved a revenue of 18.831 billion yuan in 2021, with a year-on-year increase of 17.23%;; The net profit attributable to the parent company lost 42.32 million yuan, which turned from profit to loss on a year-on-year basis; The basic earnings per share is -0.05 yuan.
Ningbo Orient Wires & Cables Co.Ltd(603606) : the company achieved an operating revenue of 1.816 billion yuan in the first quarter, with a year-on-year increase of 28.99%; The net profit attributable to the shareholders of the listed company was 278 million yuan, a year-on-year increase of 0.16%.
Fujian Nebula Electronics.Ltd(300648) : the company achieved an operating revenue of 124 million yuan in the first quarter, with a year-on-year increase of 2.07%; The net loss attributable to the shareholders of the listed company was 32.023 million yuan, a year-on-year change from profit to loss; The basic earnings per share is -0.2165 yuan / share.
Ceepower Co.Ltd(300062) : the net profit attributable to the owner of the parent company in 2021 was 226301 million yuan, with a year-on-year increase of 65.44%; The operating revenue was 1.03 billion yuan, a year-on-year increase of 8.38%; The basic earnings per share was 0.07 yuan, a year-on-year increase of 75.0%.
Sichuan New Energy Power Company Limited(000155) : in 2021, the company realized an operating revenue of 4.408 billion yuan, with a year-on-year increase of 18.54%; The net profit attributable to the shareholders of the listed company was 340 million yuan, a year-on-year increase of 27.60%.
Risk tip: the bottleneck of the supply chain leads to lower demand than expected, and the intensification of market competition leads to the decline of industry profitability.
