Sub industry core week view
New energy: in the last week of the financial reporting season, the sector stabilized and rebounded as scheduled, and the simultaneous rise of the volume and price of the industry in May is basically certain. This attitude of further improvement of the high prosperity of the industry is undoubtedly more than expected. The month on month improvement trend of Q2 profits in most links is clear, continue to be optimistic about the performance of Q2 sector, and optimize the links with strong certainty of performance realization or in the trend of improvement: silicon, glass, inverter New technologies (components / equipment / batteries), etc.
Power equipment and industrial control: 1) power grid: the investment planning growth rate of the two power grids in 2022 is significantly faster than that in the 13th five year plan and 2021. The investment growth rate in the first quarter is 15%, and the prosperity of the sector is high. Under the new power system, the upgrading of new technologies and equipment is accelerated, and we are optimistic about the power grid leader and high elastic tracks such as amorphous transformation, southern power grid, digitization and distribution network. 2) PMI fell sharply under the epidemic situation. The demand for industrial control is expected to pick up from May, and the demand for double carbon under the 14th five year plan is better. Under the disturbing factors, the advantages of domestic brands continue to highlight. The localization process in 2022 is expected to exceed expectations, and we are optimistic about the leading industrial control sector and downstream structural opportunities.
Hydrogen energy and fuel cell: Feichi technology has won an order to promote hydrogen energy heavy truck, and the monthly sales volume of FCV in the second half of the year may be thousands; The Ministry of science and technology has issued special application guidelines for hydrogen energy technology, strengthened technical development support, the continuous implementation of infrastructure construction and the improvement of hydrogen energy supply chain will ensure the large-scale and operation of FCV.
Important industry events this week
New energy: Central, Longji and Tongwei have raised the quotation of public silicon / battery once again; The efficiency of Jingke large area n-type TOPCON battery broke the record to 25.7%; In March, the newly added photovoltaic installed capacity in Germany increased to 732mw on a month on month basis; The National Energy Administration announced that the newly installed capacity of Q1 PV was 13.21gw, including 8.87gw distributed (accounting for 67%), 7.54gw onshore wind power, an increase of 87%, and 0.36gw offshore wind power, a decrease of 71%; In addition, according to the statistics of the voice of wind power, the wind turbine bidding in April reached 15gw, of which the offshore wind power bidding reached 1.74gw.
Power equipment and industrial control: the State Grid held a working meeting in the second quarter, the investment of the South Grid increased by 15% in the first quarter, and the performance of Nari Technology Co.Ltd(600406) the first quarter exceeded expectations.
Hydrogen energy and fuel cell: Shanxi Meijin Energy Co.Ltd(000723) released the annual report and the first quarterly report, and the performance met the expectations; Feichi technology won hundreds of millions of orders and promoted 50 fuel cell tractors; The Ministry of science and Technology issued the national key R & D plan to support the breakthrough of hydrogen energy technology; Jilin issued a special plan to join the construction of hydrogen energy corridor Shanxi Meijin Energy Co.Ltd(000723) set up a new company with business scope covering station hydrogenation and hydrogen storage facilities.
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.
