The photovoltaic track continued to pick up. Several stocks such as Jiangsu Zhongli Group Co.Ltd(002309) and Jinko Power Technology Co.Ltd(601778) rose by daily limit , and large market stocks Sungrow Power Supply Co.Ltd(300274) , Longji green energy hot Tongwei Co.Ltd(600438) closed up 6.9%, 7.14% and 8.35% respectively.
After hours data showed that under the background of substantial net purchase of RMB 5.125 billion by northbound funds throughout the day, the global leader of photovoltaic inverter Sungrow Power Supply Co.Ltd(300274) was sold for a net amount of RMB 270 million, ranked first in the net sales of the day . Meanwhile, Sungrow Power Supply Co.Ltd(300274) has been sold by foreign capital for four consecutive days, with a total amount of amounting to 719 million yuan .
From the performance of the secondary market, Sungrow Power Supply Co.Ltd(300274) share price has risen this month, but has fallen 43.54% this year , ranking fifth in the decline list of photovoltaic sector. The market value of has evaporated about 100 billion yuan .
The sharp decline in share price seems to be related to the lower than expected performance of the company. On April 19, Sungrow Power Supply Co.Ltd(300274) simultaneously disclosed the annual report and the first quarterly report of 2021. The net profit attributable to the parent company in 2021 was 1.58 billion, decreased by 19% year-on-year ; The net profit in the first quarter of 2022 was 410 million, a slight increase of 6.26% year-on-year . After the announcement of the results, the stock price of Sungrow Power Supply Co.Ltd(300274) fell by more than 30% in two days and .
At the recent performance meeting, Sungrow Power Supply Co.Ltd(300274) chairman Cao Renxian explained that the performance decline was mainly due to the lack of grid connection of Vietnam projects; The Myanmar project was cancelled due to emergencies; Overseas energy storage business was affected by the epidemic, resulting in fines.
According to public information, Sungrow Power Supply Co.Ltd(300274) is the company with the largest shipments of photovoltaic inverters in the world , accounting for about 30% of the market in China, has ranked first for many years , accounting for about 15% of the foreign market, and has been sold in batches to more than 60 countries such as Germany, Italy and Australia. In addition, the company also focuses on power station development and gradually develops energy storage business .
In terms of news, recently, the European Commission announced its energy plan to quickly promote the transformation of green energy. The plan proposes to increase the overall target of renewable energy in 2030 in the EU “fit55” policy portfolio from 40% to 45%. Among them, the target installed capacity of photovoltaic will be 320gw in 2025 and 600gw in 2030 .
According to PV InfoLink data, the European region imported 16.7gw of Chinese products in 2022q1, with a year-on-year increase of 145%. It is expected that the new installed capacity in Europe this year is expected to reach 50-55gw, with a growth rate of more than 100% .
Shanxi Securities Co.Ltd(002500) research report analysis, considering that the demand in Europe is higher than expected, the demand for installed capacity in China is expected to be stimulated, and the related enterprises of consumables, auxiliary materials, equipment and photovoltaic main industry chain may benefit.
Everbright Securities Company Limited(601788) Yin Zhongzhong and others reported on May 13 that the leading position of Sungrow Power Supply Co.Ltd(300274) inverter is stable and the growth of energy storage business is accelerated. It is expected that the company will ship about 70gw of photovoltaic inverter in 2022, and the revenue of energy storage business will reach 10 billion yuan .
On the other hand, some market participants pointed out that Sungrow Power Supply Co.Ltd(300274) is famous for its inverter and is the most profitable part. However, the current influx of players has increased rapidly, and the industry has become white hot. Meanwhile, under the influence of raw material prices, the gross profit margin of the company’s energy storage business decreased by 7.86 percentage points year-on-year in 2021.
According to the analysis of the above market participants, Sungrow Power Supply Co.Ltd(300274) encountered multiple difficulties last year, including blind expansion and rising commodity prices under the impact of the epidemic. To reverse this situation, we still have to rely on the price reduction of raw materials, but in the short term, neither the cell nor the upstream photovoltaic silicon chip will be greatly reduced, Sungrow Power Supply Co.Ltd(300274) will continue to bear pressure .
According to the profit forecast and valuation calculation of analyst Yin Zhongxin et al., it is expected that the year-on-year growth rate of net profit attributable to parent company in 3 Chongqing Sansheng Industrial Co.Ltd(002742) 022 will be 81.56% (compared with the performance growth rate of – 19.01% in 2021 significantly improved ).
