Key investment points
Electrical equipment 8706 rose 2.37%, outperforming the market. This week (from April 25 to April 29, the same below), photovoltaic rose 6.04%, industrial control automation rose 0%, new energy vehicles fell 0.05%, lithium batteries fell 0.67%, power generation and power grid fell 1.13%, power generation equipment fell 2.87%, wind power fell 3.61% and nuclear power fell 6.33%. The top five gainers are Zhejiang Tony Electronic Co.Ltd(603595) , Ceepower Co.Ltd(300062) , Nari Technology Co.Ltd(600406) , Jolywood (Suzhou) Sunwatt Co.Ltd(300393) , Mianyang Fulin Precision Co.Ltd(300432) ; The top five declines were ST hakong, Beijing Dinghan Technology Group Co.Ltd(300011) , Guangyi Technology, Fujian Nebula Electronics.Ltd(300648) , Suzhou Hailu Heavy Industry Co.Ltd(002255) .
Industry level: electric vehicles: it has been disclosed that the total sales volume of seven mainstream countries in Europe is 62000 (accounting for about 43% of the nine mainstream countries), with a month on month ratio of – 1% / – 30% Byd Company Limited(002594) 4, 106000 vehicles were sold, with a month on month ratio of + 324% / 1%; Xiaopeng sold 9000 vehicles in April, with a month on month ratio of + 74% / – 42%; Weilai sold 5100 vehicles in April, with a month on month ratio of – 29% / – 49%; It is ideal to sell 4200 vehicles in April, with a month on month ratio of – 25% / – 62%; The number of vehicles sold by GAC in the same month was 23.02 million, and the number of vehicles sold by GAC in the same month was 1.02%; Nezha sold 8800 vehicles in April, with a month on month ratio of + 120% / – 27%; Zero run sold 9100 vehicles in April, with a month on month ratio of + 228% / – 10%; SNE: the installed capacity of Q1 global power battery is 95.1gwh, and Ningde shares 35%; From May 1, Guangdong will subsidize 10000 yuan for each new energy vehicle; Japan plans to occupy 20% of the global market share by 2030; Zero run car releases CTC technology, and Zero run C01 will be equipped Contemporary Amperex Technology Co.Limited(300750) and Aichi automobile signed a cooperation agreement on power exchange; The first batch of full process production line trial production vehicles of Weilai et5 were offline in neopark; Metal cobalt is quoted at 558500 yuan / ton, this week – 1.9%, nickel at 235600 yuan / ton, this week – 3.2%, manganese at 16700 yuan / ton, this week flat, metal lithium at 3.13 million yuan / ton, this week – 0.6%, battery grade lithium carbonate at 475445 yuan / ton, this week flat, lithium hydroxide at 479000 yuan / ton, this week – 1.4%, industrial grade DMC dimethyl carbonate at 5200 yuan / ton, this week – 3.7%, ternary 622 cathode at 391000 yuan / ton, this week – 1.0%, The quotation of Sanyuan 811 cathode is 418000 yuan / ton, which is – 0.6% this week. The quotation of lithium iron phosphate cathode is 159000 yuan / ton, which is – 0.6% this week. The quotation of PVDF is 675000 yuan / ton, which is the same this week. The quotation of ternary PVDF is 850000 yuan / ton, which is the same this week. New energy: National Energy Administration: in Q1, the national photovoltaic power generation was 84.1 billion kwh, an increase of 22.2% at the same time; Central financial and Economic Commission: develop distributed smart grid and build a number of new green and low-carbon energy bases; The national development and Reform Commission issued the measures for the management of power reliability. The reliability information of wind power above 50MW and centralized Cecep Solar Energy Co.Ltd(000591) power stations above 10MW must be reported quarterly; Tongwei adjusted the battery price: the size of 182 and 166 increased by 1 point respectively, and the price of 210 remained unchanged; Longji raised the price of monocrystalline silicon wafer; Central announced the latest quotation of silicon wafers: 210 silicon wafers rose by 0.1 yuan, 182 silicon wafers rose by 0.08 yuan and below 166 rose by 0.06 yuan; Jingke energy efficient n-type monocrystalline silicon single junction battery has an efficiency of 25.7%, brushing Shanghai New World Co.Ltd(600628) record; According to solarzoom, the monocrystalline silicon material this week was 255 yuan / kg, up 1.19% month on month; The quotation of 166 / 182 / 210mm monocrystalline silicon wafer is 5.71/6.87/9.15 yuan / wafer, with a month on month increase of 1.24% / 0.73% / 1.10%; The quotation of single crystal perc166 battery is 1.13 yuan / W, unchanged month on month; The quotation of single crystal perc components was 1.87 yuan / W, unchanged month on month; The price of glass 3.2mm/2.0mm is 27.5/21.15 yuan / square meter, which is the same month on month. Industrial Control & Power Grid: the completed investment in power grid infrastructure in 2022q1 was + 15.1% year-on-year.
Company level: Contemporary Amperex Technology Co.Limited(300750) : revenue of 48.678 billion yuan in 2022q1, an increase of 154% at the same time; RMB 1.493 billion, with net profit of RMB 2.493 billion Longi Green Energy Technology Co.Ltd(601012) : the revenue in 2021 was 80.932 billion yuan, an increase of 48% at the same time; The net profit attributable to the parent company was 9.086 billion yuan, an increase of 6% at the same time; 22q1 revenue was 18.595 billion yuan, an increase of 17% at the same time; The net profit attributable to the parent company was 2.664 billion yuan, an increase of 6% at the same time Ja Solar Technology Co.Ltd(002459) : in 2021, the revenue was 41.302 billion yuan, an increase of 60% and the net profit attributable to the parent company was 2.039 billion yuan, an increase of 35%. The revenue of 22q1 was 12.321 billion yuan, an increase of 77% and the net profit attributable to the parent company was 750 million yuan, an increase of 378% Trina Solar Co.Ltd(688599) : the revenue in 2021 was 44.480 billion yuan, an increase of 51% at the same time; The net profit attributable to the parent company was 1.804 billion yuan, an increase of 47% at the same time; 22q1 revenue was 15.273 billion yuan, an increase of 79% at the same time; The net profit attributable to the parent company was 543 million yuan, an increase of 136% at the same time. Jingke energy: the revenue will reach 40.57 billion yuan in 2021, an increase of 21% at the same time; The net profit attributable to the parent company was 1.141 billion yuan, an increase of 10% at the same time; The revenue of 22q1 was 14.681 billion yuan, an increase of 86% and the net profit attributable to the parent company was 401 million yuan, an increase of 66% Shenzhen Inovance Technology Co.Ltd(300124) : the revenue will reach 17.943 billion yuan in 2021, an increase of 56% at the same time; The net profit attributable to the parent company was 3.573 billion yuan, an increase of 70% at the same time; Among them, 2021q4 achieved a revenue of 4.595 billion yuan, an increase of 35% at the same time; The net profit attributable to the parent company was 1.082 billion yuan, an increase of 80% at the same time. In 2022q1, the revenue was 4.778 billion yuan, an increase of 40% at the same time; The net profit attributable to the parent company was 717 million yuan, an increase of 11% at the same time Eve Energy Co.Ltd(300014) : the revenue in 2021 was 16.9 billion yuan, an increase of 107% at the same time; The net profit attributable to the parent company was 2.906 billion yuan, an increase of 76% at the same time. In 2022q1, the revenue was 6.734 billion yuan, an increase of 128% at the same time; The net profit attributable to the parent company was 521 million yuan, down 19% at the same time Cngr Advanced Material Co.Ltd(300919) : in 2022q1, the revenue was 6.328 billion yuan, an increase of 72% at the same time; The net profit attributable to the parent company was 255 million yuan, an increase of 20% at the same time Tongwei Co.Ltd(600438) : 1) the revenue in 2021 was 63.491 billion yuan, an increase of 44% at the same time; The net profit attributable to the parent company was 8.208 billion yuan, an increase of 128% at the same time; 22q1 revenue was 24.685 billion yuan, an increase of 132% at the same time; The net profit attributable to the parent company was 5.194 billion yuan, an increase of 513% at the same time. 2) It is planned that the cumulative capacity of high-purity crystalline silicon and Cecep Solar Energy Co.Ltd(000591) battery will reach 8 Ping An Bank Co.Ltd(000001) million tons and 130150gw respectively in 202426 Ginlong Technologies Co.Ltd(300763) : the revenue in 2021 was 3.312 billion yuan, an increase of 59% at the same time; The net profit attributable to the parent company was 474 million yuan, an increase of 49% at the same time; 22q1 revenue was 1.102 billion yuan, an increase of 79% at the same time; The net profit attributable to the parent company was 164 million yuan, an increase of 55% at the same time Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) : the revenue in 2021 was 2.678 billion yuan, an increase of 68.53% at the same time; The net profit attributable to the parent company was 280 million yuan, an increase of 7.40% at the same time; 22q1 revenue was 650 million yuan, an increase of 46% at the same time; The net profit attributable to the parent company was 09 million yuan, a decrease of 87% at the same time.
Flat Glass Group Co.Ltd(601865) : 22q1 revenue was 3.509 billion yuan, an increase of 71% at the same time; The net profit attributable to the parent company was 437 million yuan, down 48% at the same time Hangzhou First Applied Material Co.Ltd(603806) : the revenue of 22q1 was 3.884 billion yuan, an increase of 38% and the net profit attributable to the parent company was 339 million yuan, a decrease of 32% Hongfa Technology Co.Ltd(600885) : the revenue in 2021 was 10.023 billion yuan, an increase of 28% at the same time; The net profit attributable to the parent company was 1.063 billion yuan, an increase of 27.69% at the same time. In 2022q1, the revenue was 2.875 billion yuan, an increase of 20.82% at the same time; The net profit attributable to the parent company was 279 million yuan, an increase of 20.78% at the same time Shenzhen Kedali Industry Co.Ltd(002850) : the revenue of 2022q1 was 1.566 billion yuan, an increase of 95.72% at the same time; The net profit attributable to the parent company was 169 million yuan, an increase of 93.33% at the same time Shenzhen Capchem Technology.Ltd(300037) : the revenue of 2022q1 was 2.712 billion yuan, an increase of 137.95% at the same time; The net profit attributable to the parent company was 503 million yuan, an increase of 268.44% at the same time Zhejiang Huayou Cobalt Co.Ltd(603799) : the revenue of 2022q1 was 13.212 billion yuan, an increase of 105.66% at the same time; The net profit attributable to the parent company was 1.206 billion yuan, an increase of 84.40% at the same time Beijing Easpring Material Technology Co.Ltd(300073) : the revenue of 2022q1 was 3.842 billion yuan, an increase of 204.00% at the same time; The net profit attributable to the parent company was 387 million yuan, an increase of 159.38% at the same time Xinjiang Goldwind Science And Technology Co.Ltd(002202) : the revenue of 2022q1 was 6.383 billion yuan, a decrease of 8.26% at the same time; The net profit attributable to the parent company was 1.265 billion yuan, an increase of 15.27% at the same time.
Investment strategy: in April, China has disclosed that the sales volume of eight mainstream auto enterprises was 155000, with a month on month increase of + 167% / – 17%, which is in line with the expectation. The sales volume is expected to be 32 China Union Holdings Ltd(000036) 0000 in April, with a month on month decrease of 25-35%. It improved in May and returned to normal in June. It is still expected to reach 6 million in the whole year (with an increase of 70%). Affected by the war, the growth rate of mainstream electric vehicles in Europe slowed down in April. It has been disclosed that the total sales volume of mainstream seven countries was 62000, with a month on month ratio of – 1% / – 30%. The annual sales volume is expected to be 2.7 million + with a year-on-year increase of 25%. In April, affected by the epidemic, the production scheduling decreased by 5-20% month on month. In May, the industrial production scheduling gradually recovered, with a month on month increase of 5-20% and a month on month increase of 5-20% in Q2. The core company can still be 60-100% in the whole year. At present, the market expectation and valuation are obviously low. We continue to be strongly optimistic about the oversold reversal of the electric vehicle sector and push forward the leaders of each link of lithium battery. Europe’s demand is expected to exceed expectations this year and in the medium term, and household energy storage is booming. Due to the short-term uncertainty of the anti circumvention investigation in Southeast Asia, the United States is expected to have a global photovoltaic installed capacity of 240250gw in 2022, an increase of nearly 50%, of which China is expected to have 90gw, an increase of 65% + at the same time. From the micro point of view, due to the rise of module prices and the impact of the epidemic in April, the output decreased or remained flat month on month, improved in May, and Q2 is expected to improve month on month, focusing on modules Inverter link faucet. The domestic substitution of industrial control continued, and the boom began to pick up in December of 21. The growth of leading orders in 2022q1 exceeded market expectations, and it is optimistic about leading Huichuan in the medium term. After the rush to install wind power, the cost fell sharply and entered the era of parity. The land wind resumed growth in 22 years and the sea wind resumed growth in 23 years. Pay attention to new export opportunities after parity. The investment in power grid is expected to increase steadily, focusing on the structural opportunities brought by the new power system.
Key recommended targets: Contemporary Amperex Technology Co.Limited(300750) (global leader in power batteries, high-quality customers, leading technology and cost advantage), Yunnan Energy New Material Co.Ltd(002812) (global leader in wet diaphragm, strong and stable profitability), Shanghai Putailai New Energy Technology Co.Ltd(603659) (global leader in negative electrode and diaphragm coating), Longi Green Energy Technology Co.Ltd(601012) (global leader in monocrystalline silicon chips and components, strong comprehensive strength), Byd Company Limited(002594) (sales of electric vehicles continue to exceed expectations and external supply of blade batteries accelerates) Eve Energy Co.Ltd(300014) (comprehensive layout of power lithium batteries and steady growth of consumer batteries), Guangzhou Tinci Materials Technology Co.Ltd(002709) (Electrolyte & hexafluoro faucet and new lithium salt take the lead), Shenzhen Kedali Industry Co.Ltd(002850) (global leader of structural parts and high-quality customers with high-volume growth period), Ningbo Ronbay New Energy Technology Co.Ltd(688005) (high nickel cathode faucet and high-yield growth period), Shenzhen Inovance Technology Co.Ltd(300124) (recovery of general automation demand and comprehensive breakthrough of powertrain) Ja Solar Technology Co.Ltd(002459) (integrated component leader, predictable profit in 2022), Hongfa Technology Co.Ltd(600885) (global leader of new and old relays, expected supermarket market in 2021), Ginlong Technologies Co.Ltd(300763) (series inverter leader, high performance growth), Beijing Easpring Material Technology Co.Ltd(300073) (positive stable leader, strong profitability, low valuation), Trina Solar Co.Ltd(688599) (210 component leader, household system outbreak), Jingke energy (integrated component leader, TOPCON technology leader) Sungrow Power Supply Co.Ltd(300274) (the global leader of inverter and the prospective layout of energy storage), Shenzhen Dynanonic Co.Ltd(300769) (the demand of iron and lithium supermarket is expected and the profit is higher than expected), Jiangsu Cnano Technology Co.Ltd(688116) (the leader of carbon nanotube conductive agent, entering the upper volume stage), Hemai (the shipment of micro reverse leader is expected to double continuously and the U.S. market begins to increase in large quantities), Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (the global leader of thermal management, steady growth underestimated value) leadingenterprises, profits exceeding market expectations) A Tsingtao Brewery Company Limited(600600) 40406 ;, Shanghai Aiko Solar Energy Co.Ltd(600732) , Xinjiang Goldwind Science And Technology Co.Ltd(002202) , Arctech Solar Holding Co.Ltd(688408) . It is suggested to pay attention to: Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) , Hunan Zhongke Electric Co.Ltd(300035) , beiteri, Sunwoda Electronic Co.Ltd(300207) , Guangdong Jiayuan Technology Co.Ltd(688388) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , etc.
Risk tip: the investment growth rate is declining, the policy is lower than the market expectation, and the price competition is higher than the market expectation
