Key investment points
Market review: last week, the electrical equipment sector closed at 1065423, up 7.3%. The Shanghai Composite Index closed at 314657, up 2.02%; Shenzhen composite index closed at 1145453, up 2.64%; The CSI 300 index closed at 4077.6, up 2.23%; The gem index closed at 241735, up 2.51%. In terms of sub sectors, the photovoltaic equipment sector rose 11.55%, with the largest increase; Wind power equipment sector rose 9.73%; The battery sector rose 4.76%, the smallest increase; The power grid equipment sector rose 5.7%; The motor sector rose 5.54%; Other power equipment sectors rose 5.43%.
Investment suggestion: the sectors of Dianxin continue to rebound strongly, and the photovoltaic and wind power sectors have increased tremendously. We believe that after two weeks of rise, the valuation of the sectors of Dianxin has been repaired to some extent as we previously judged, and the short-term market may form differentiation. We should grasp the medium and long-term logic of the subdivided sectors. 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; The sales volume of new energy vehicles in China and Europe in April was lower than expected, and the upstream raw materials continued to decline due to insufficient downstream demand. It is suggested to pay attention to the target stocks benefiting from the decline of lithium battery raw materials and stable demand.
New energy: the photovoltaic sector continued to rebound strongly 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. In particular, from a macro and long-term perspective, the increasing demand for Shanxi Guoxin Energy Corporation Limited(600617) alternative fossil energy is the general trend. Following the news from the United States that tariffs may be adjusted and other favorable factors, Europe is likely to raise the 2030 renewable energy target to 45%. Recently, Europe has been continuously positive. Continue to recommend at the bottom, and subdivide the sectors in the order of silicon battery silicon wafer components. 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 the growth rate is difficult to achieve high growth. At present, the valuation is at a reasonable level, and there are signs of loosening of upstream raw materials in the near future. It is suggested to continue to pay attention to the future commencement of the industry and the catalysis brought to the sector by the price trend of raw materials.
New energy vehicles: the sales volume of new energy vehicles in Europe fell year-on-year, and the European market may show a structural boom in the future. The poor sales data in April, the decline of supply capacity affected by the epidemic in May, and the poor performance of battery enterprises’ profitability squeezed by the upstream will affect the short-term market. In the short term, due to insufficient demand, the price of upstream raw materials began to fall, which is good for battery enterprises. In the long term, there is still a bottleneck in 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.
It is expected that the price of bulk commodities will continue to rebound slightly last week, and it is still difficult for some electric equipment enterprises to track the international price trend.
The combination of this week will combine the combination of the combination of the week of the combination of the combination of the combination of the week of the following: ‘ Shanghai Aiko Solar Energy Co.Ltd(600732) ;, Jiangsu Azure Corporation(002245) , 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.
