Industry core view:
From May 16, 2022 to May 20, 2022: the new power industry increased by 7.26% in one week, and the CSI 300 increased by 2.23% in the same period, outperforming the CSI 300 index by 5.03pct. It ranks second among Shenwan’s 31 industry sectors.
Key investment points:
New energy vehicles: on May 16, the Ministry of industry and information technology issued the notice on strengthening the management of smooth supply chain coordination platform of automobile industry chain (hereinafter referred to as the “notice”). The notice said that in order to smooth the supply chain of the automobile industry chain and promote the smooth operation of the automobile industry, the equipment development center of the Ministry of industry and information technology is responsible for the development, management and system maintenance of the smooth supply chain coordination platform of the automobile industry chain (hereinafter referred to as the “platform”). The Ministry of industry and information technology further strengthened platform management, accurately collected and efficiently promoted the solution of problems such as resumption of work and production, logistics and transportation of enterprises in the supply chain of the automobile industry chain. Due to the recent epidemic, the new energy vehicle industry chain has been impacted to some extent, but the long-term fundamentals are still good, and the short-term industry chain is expected to gradually return to normal operation with policy support. We are optimistic that the penetration rate of new energy vehicles will continue to improve in the future. At the same time, the lithium iron phosphate battery equipped with low-end models has cost-effective advantages, while the high nickel ternary battery equipped with high-end models has excellent endurance performance. It is recommended to pay attention to the relevant positive standards.
New energy power generation: in terms of photovoltaic, on May 17, the National Energy Administration released the statistical data of the national power industry from January to April. From January to April, the installed capacity of power generation in China increased by 42.33 million KW, 12.62 million KW more than that in the same period last year. Of which, Cecep Solar Energy Co.Ltd(000591) generates 16.88 million kilowatts. By the end of April, China’s installed power generation capacity was about 2.41 billion kw, a year-on-year increase of 7.9%. Among them, the installed capacity of Cecep Solar Energy Co.Ltd(000591) power generation was about 320 million KW, an increase of 23.6% year-on-year. From January to April, the investment in power supply projects of major power generation enterprises in China was 117.3 billion yuan, a year-on-year increase of 5.1%. Among them, Cecep Solar Energy Co.Ltd(000591) power generation was 29 billion yuan, an increase of 204.1% year-on-year. With the expansion of photovoltaic installed capacity and the acceleration of construction speed, we are optimistic about the continuous improvement of photovoltaic installed capacity in the future. It is suggested to pay attention to the related subjects of photovoltaic equipment. In terms of wind power, the bidding price of wind power remained at a low level this week. A few days ago, Huadian Hunan Yongzhou bid section 340mw, bid section 138mw, Huadian Xinjiang Mulei 800MW, and a total of 1.278gw wind turbine procurement bid opening for three projects. There are 8-9 complete machine manufacturers bidding for the project. The lowest quotation among the three projects is 1600 yuan / kW in Xinjiang project. The average quotation of the project is 17251945 yuan / kW. The cost reduction of wind power is higher than expected, which we believe will promote the large-scale increase of downstream demand. It is suggested to pay attention to the relevant targets of wind power equipment sector.
Hydrogen energy: Shanxi Meijin Energy Co.Ltd(000723) 5 announced in the evening that according to the needs of the company’s operation and development, the company participated in the bankruptcy reorganization project of Liuzhi Jiashun Coking Co., Ltd. by means of equity transfer, and planned to sign the investment agreement for Guizhou ( Shanxi Meijin Energy Co.Ltd(000723) ) Liuzhi Jiashun coking coal coke hydrogen comprehensive utilization demonstration project and relevant supplementary agreements with Liuzhi Special District People’s Government of Liupanshui City, The project is mainly a demonstration project of comprehensive utilization of coal, coke and hydrogen invested by the company in Liupanshui Luxi circular economy industrial park, Liupanshui City, Guizhou Province, with an investment amount of no more than 4.5 billion yuan. Hydrogen energy industry has broad prospects in the future, and traditional energy enterprises have advantages in developing hydrogen energy. It is suggested to pay attention to the relevant targets related to the hydrogen energy industry chain, such as yihuatong ( Beijing Sinohytec Co.Ltd(688339) ) and Shanxi Meijin Energy Co.Ltd(000723) ( Shanxi Meijin Energy Co.Ltd(000723) ).
Risk factors: the sales volume of new energy vehicles is lower than expected; Safety risks of new energy vehicles; Affected by the epidemic, the opening of photovoltaic market was less than expected; Price fluctuation risk of raw materials; The approval and commencement of offshore wind power are not as expected; The wind power project has been approved and the grid connection is not as expected; The growth of photovoltaic installed capacity is lower than expected; The investment in power grid is less than expected.
