Market review: last week, the electrical equipment sector closed at 948007, up 1.69%. The Shanghai Composite Index closed at 304706, down – 1.29%; Shenzhen composite index closed at 1102144, down – 0.27%; The CSI 300 index closed at 401624, up 0.07%; The gem index closed at 231914, up 0.98%.
In terms of sub sectors, the photovoltaic equipment sector rose 6.2%, with the largest increase; Wind power equipment sector fell – 2.28%; The battery sector rose 0.72%; The power grid equipment sector rose 2.33%; The motor sector rose 3.59%; Other power equipment sectors fell – 2.68%, with the largest decline.
Investment suggestion: the electrical equipment sector rebounded last week. As we had expected, the photovoltaic sector increased the most. We believe that the valuations of all sectors of Dianxin are at the bottom, and most of the underlying valuations are similar to those in 2020. The impact of short-term factors has weakened, so we should grasp the long-term logic. The decline space is limited in the future, and the rebound will continue. At present, the photovoltaic sector is still strongly recommended. The performance in the first quarter is strong, the growth certainty of the sector in the future is the highest, and the demand for Shanxi Guoxin Energy Corporation Limited(600617) alternative fossil energy is increasing. It is strongly recommended to actively layout the photovoltaic sector; Affected by the supply chain problems, the new energy vehicle sector fell in the short term, and the valuation reached a stage low. However, the battery enterprises were affected by the upstream raw materials, and the first quarter report was not ideal. It is suggested to pay attention to the opportunities of high nickel ternary and undervalued copper foil.
New energy: the photovoltaic sector saw a strong rebound last week, which was consistent with our prediction. At the current time point, we continue to be firmly optimistic about the upward market of sector repair in May, and reiterate our view on the upward prosperity of the industry: 1) the demand at home and abroad is still strong, and the operating rate has not decreased. 2) The first quarter report is excellent, and the second quarter will continue. We believe that in the short term, the data of photovoltaic in the first quarter is strong. With the continuous release of new silicon production capacity, the supply side is gradually abundant, which is expected to drive the growth of downstream demand. In the long run, the photovoltaic industry may continue to recommend at the bottom. The order of subdivision is silicon battery silicon wafer module. It is recommended to actively layout companies with alpha.
Wind power: in the global environment of carbon emission reduction, the long-term trend is good, but the short-term performance is affected by the price rise of upstream raw materials and the price reduction of downstream main engines, so it is difficult to achieve high growth. At present, the valuation is at a reasonable level. It is suggested to pay attention to the catalysis brought to the sector by the future bidding situation of the industry and the price trend of raw materials.
New energy vehicles: the quarterly reports were released in batches on Monday. The profitability of battery enterprises was squeezed by the upstream, and the performance was poor. Some automobile enterprises released the sales data in April, which fell to varying degrees month on month, which will affect the short-term market. In the long run, due to the impact of lithium supply, the growth rate of global sales may be lower than expected, and the possibility of sector opportunities is low. It is suggested to pay attention to the opportunities of technology replacement and capacity tension. It is recommended that the domestic aluminum-plastic film sector may replace the accelerated aluminum-plastic film sector this year.
Power equipment: last week, international commodity prices fell, copper and aluminum fell by a large margin, nearly 10%, which is good for some electrical equipment enterprises. It is still difficult to predict the subsequent price change trend and keep tracking.
The combination of this week will combine the combination of the combination of the week: Shanghai Aiko Solar Energy Co.Ltd(600732) ;, Guangdong Jiayuan Technology Co.Ltd(688388) , Nuode Investment Co.Ltd(600110) , Shenzhen Xfh Technology Co.Ltd(300890) .
Risk warning: the risk that the growth rate of the industry is lower than expected; Risk of policy uncertainty; The risk of price decline due to fierce market competition.
