Industry outlook and configuration suggestions:
New energy vehicles: the production and sales of the automobile industry have been announced in April. Affected by the epidemic in Shanghai, Changchun and other places, the production and sales of automobiles have decreased significantly year-on-year (production decreased by 46.1% and sales decreased by 47.6%), while new energy vehicles have increased against the trend (production increased by 44.3% and sales increased by 44.9%). On the one hand, new energy vehicles have been widely accepted by consumers. Coupled with the continuous high oil price, the sales penetration rate of new energy vehicles continued to increase in April, reaching 25%; On the other hand, Byd Company Limited(002594) as the leader of new energy vehicles integrating the upstream and downstream industrial chain, is the main force for the adverse growth of new energy vehicles. In April, the sales volume of passenger vehicles reached 105500, a year-on-year increase of 136.5%. Meanwhile, on May 20, Byd Company Limited(002594) released CTB battery body integration technology and the first e-platform 3.0 model seal equipped with CTB technology. The pre-sale price is 2128289800 yuan. The abundance of models is expected to stimulate the growth of product sales. At present, Chinese auto enterprises are gradually returning to work. With the gradual improvement of the epidemic, the demand for new energy vehicles is expected to recover.
Recommended recommendations include: Ningbo Shanshan Co.Ltd(600884) Eve Energy Co.Ltd(300014) , Shenzhen Dynanonic Co.Ltd(300769) , Farasis Energy (Gan Zhou) Co.Ltd(688567)
New energy power generation: in terms of installed capacity, in 2022, the new installed capacity of Q1 wind power increased steadily (16.7% year-on-year), and the new installed capacity of photovoltaic increased significantly (138% year-on-year). The overall prosperity of new energy power generation is still high, and the demand of wind power photovoltaic industry is relatively strong. In terms of price, the price of photovoltaic material modules increased to varying degrees this week, which effectively eased the cost pressure of upstream raw materials. The growth of wind power photovoltaic is gradually reflected. In the future, with the promotion of new energy, the space of wind power photovoltaic is broad.
Recommended: Yangling Metron New Material Co.Ltd(300861) , Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Tongwei Co.Ltd(600438) , Cybrid Technologies Inc(603212)
Industry trends:
New energy vehicles: China Automobile Industry Association recently released data. In April 2022, the production and sales of automobiles were 1.205 million and 1.181 million respectively, with a month on month decrease of 47.2% and 47.1%, and a year-on-year decrease of 46.1% and 47.6% respectively. The production and sales of new energy vehicles were 312000 and 299000 respectively, with a year-on-year increase of 44.3% and 44.9% respectively.
New energy power generation: in Q1 2022, China's wind power installed capacity increased steadily and photovoltaic installed capacity increased significantly. The cumulative grid connected installed capacity reached 337 million KW and 318 million KW respectively. The installed capacity of wind power increased by 7.9 million KW, a year-on-year increase of 16.7%; The installed capacity of PV increased by 13.21 million KW, a year-on-year increase of 138%. The proportion of wind power and photovoltaic power generation reached 13.4%, an increase of 0.8 percentage points year-on-year. The cumulative power generation of wind power and photovoltaic in China was 267.5 billion kwh, a year-on-year increase of 10.8%.
Risk factors: the downstream demand is less than the expected risk; Risk of technical route change; Price fluctuation risk of raw materials; Market competition intensifies risks; International trade risks, etc.
