Electrical equipment 9836 rose 7.26%, outperforming the market. This week (from May 16 to May 20, the same below), power generation equipment rose 11.79%, photovoltaic rose 11.63%, wind power rose 8.48%, lithium battery rose 6.83%, new energy vehicles rose 5.94%, nuclear power rose 4.71%, power generation and power grid rose 1.12%, and industrial control automation rose 0%. The top five gainers are Zhongtong Bus Co.Ltd(000957) , Jiangsu Zhongli Group Co.Ltd(002309) , Clenergy(Xiamen)Technology Co.Ltd(603628) , Shenzhen Kstar Science & Technology Co.Ltd(002518) , Jiangyin Hengrun Heavy Industries Co.Ltd(603985) ; The top five declines were Zhejiang Yilida Ventilator Co.Ltd(002686) , Eastar, Qingdao East Steel Tower Stock Co.Ltd(002545) , Sichuan Zhongguang Lightning Protection Technologies Co.Ltd(300414) , Kaisa Jiayun Technology Inc(300242) .
Industry level: electric vehicles: a new round of automobile going to the countryside policy is expected to be introduced in early June Byd Company Limited(002594) released CTB battery body integration technology, which is carried on the seal model; Tesla Shanghai plant has a daily output of 2600 vehicles, and the plan is postponed to May 23 Contemporary Amperex Technology Co.Limited(300750) obtained the world’s first access certificate under the new European regulations; The first Chinese auto enterprise listed in three places, Weilai, was officially listed in Singapore; Tesla officially delivered 4680 battery models to ordinary users Ganfeng Lithium Co.Ltd(002460) : the capacity of 2gwh first generation solid state battery will be released gradually this year; The second factory of gac-e’an will be put into operation in the fourth quarter, with an additional capacity of 200000 vehicles / year; Metal cobalt is quoted at 517300 yuan / ton, this week – 1.9%, nickel at 224200 yuan / ton, this week + 3.2%, manganese at 16200 yuan / ton, this week – 1.2%, metal lithium at 3060000 yuan / ton, this week – 0.6%, battery grade lithium carbonate at 476407 yuan / ton, this week + 0.2%, lithium hydroxide at 467500 yuan / ton, this week flat, industrial grade DMC dimethyl carbonate at 5400 yuan / ton, this week flat, The quotation of Sanyuan 622 cathode is 385000 yuan / ton, which is the same this week. The quotation of Sanyuan 811 cathode is 397500 yuan / ton, which is the same this week. The quotation of lithium iron phosphate cathode is 151000 yuan / ton, which is the same this week. The quotation of PVDF is 660000 yuan / ton, which is the same this week. The quotation of Sanyuan PVDF is 835000 yuan / ton, which is the same this week. New energy: National Energy Administration: 16.88gw new installed capacity of 1-4 kV, 9.58gw new installed capacity of wind power, with a year-on-year increase of + 45%, including 1.68gw new in April, with a year-on-year increase of + 25%; The European Commission announced its energy plan to double Cecep Solar Energy Co.Ltd(000591) photovoltaic power generation capacity by 2025; The price of components rises rapidly, and the average price of bid opening is close to 2 yuan / W; 9.06 and 9.49 yuan / piece, the price of the first n-type monocrystalline silicon chip in central; International Energy Agency: the price rise of fossil energy has further improved the competitiveness of renewable energy; 39.7gw in 12 provinces and cities, and the energy storage planning goal of the 14th five year plan has come; 11 new energy bases, offshore wind power and other projects have been intensively started (pre started) by Guoneng group; Longji has newly registered and established three photovoltaic equipment companies; According to solarzoom, the monocrystalline silicon material this week was 260 yuan / kg, unchanged month on month; The quotation of 166 / 182 / 210mm monocrystalline silicon wafer is 5.75/6.87/9.15 yuan / wafer, with a month on month increase of 1.77% / 0.00% / 0.00%; The quotation of single crystal perc166 battery was 1.15 yuan / W, up 0.88% month on month; The quotation of single crystal perc components was 1.9 yuan / W, up 0.53% month on month; The price of glass 3.2mm/2.0mm is 28.5/21.92 yuan / square meter, which is the same month on month. The four EU countries promised to increase the cumulative installed capacity of sea breeze from 16GW to 150gw in 2050. Industrial Control & Power Grid: from January to April 2022, the completed amount of power grid infrastructure investment was + 4.7% year-on-year.
Company level: Cngr Advanced Material Co.Ltd(300919) : three Zhongwei Hong Kong subsidiaries and rigqueza invested and built a laterite nickel ore smelting project with an annual output of 40000 tons of high matte nickel containing metals in Indonesia, with a total investment of US $1.26 billion. Among them, Zhongwei Hong Kong holds 70% and rigqueza holds 30% Tongwei Co.Ltd(600438) : from 2022 to 2024, the financing of the employee stock ownership plan shall not exceed 2.8 billion yuan. After the plan is established, an asset management / trust will be established, with a maximum share of 5.6 billion. 30% will be granted to 14 senior executives and 70% will be reserved Shenzhen Kedali Industry Co.Ltd(002850) : the public offering of convertible bonds was approved by the CSRC Ja Solar Technology Co.Ltd(002459) : it is planned to expand the integrated production capacity, including Qujing 10GW high-efficiency battery and 5GW module project and Hefei 11gw high-power module reconstruction and expansion project, with a total investment of 10.3 billion yuan Nuode Investment Co.Ltd(600110) : it is proposed to buy back shares of 100 million to 150 million yuan for equity incentive. The repurchase price shall not exceed 11 yuan / share. It is estimated that about 13.64 million shares can be repurchased, accounting for about 0.78% of the total share capital Flat Glass Group Co.Ltd(601865) : A-share convertible bonds were issued on May 20, raising a total of 4 billion yuan and 40 million pieces, with an initial conversion price of 43.94 yuan / share Xinjiang Daqo New Energy Co.Ltd(688303) : updating the registration draft of the fixed increase scheme still needs the approval of the CSRC Xinjiang Goldwind Science And Technology Co.Ltd(002202) : the debt financing plan to be listed shall not exceed 500 million yuan.
Investment strategy: China is expected to launch the policy of sending cars to the countryside and speed up the recovery of new energy vehicles. In April, China’s electric vehicle sales were 299000, with a month on month ratio of + 44.6% / – 38.3%. In May, the vehicle enterprises have resumed work, and the sales will be significantly improved. In June, it will return to normal, and it is still expected to reach 5.8-6 million vehicles in the whole year (with an increase of 65%). The war led to a shortage of automobile supply chains in Europe. In April, Europe disclosed that the total sales volume of nine mainstream countries was 125000 vehicles, with a month on month ratio of – 5% / – 39%. It is expected to recover in the second half of the year, and it is expected to repair down to 2.5 million vehicles in the whole year, with a year-on-year increase of nearly 20%. The United States sold 86000 electric vehicles in April, with a month on month ratio of + 109% / + 4%, showing a bright performance, maintaining the expectation of 1.1-1.3 million vehicles in the whole year, and the global sales volume in 22 years can still reach 9.5 million vehicles +, with a year-on-year increase of 50%. In terms of production scheduling, the production scheduling of lithium battery industry chain gradually returned to normal in mid May, and it is expected to return to normal from June to July. Q2 core company is 0 ~ 10% month on month, and the core company can still increase by 60 ~ 100% throughout the year. At present, the market expectation and valuation are obviously low. We continue to be strongly optimistic about the over decline and reversal of electric vehicle sector, especially the battery link of Q2 Profit reversal, and the diaphragm, negative electrode, structural parts Precursors and other links.
From the perspective of photovoltaic, the demand in Europe this year and in the medium term is expected to exceed expectations, and household energy storage is hot. Due to the slight improvement in the margin of 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, the price of silicon material continues to rise by more than 250000 / T in May, the overall output of components is expected to increase slightly, and Q2 is expected to improve on the same month on month basis, Continue to be optimistic about the growth of photovoltaic sector, focusing on components, inverters and diamond wire links. The domestic substitution of industrial control continued and the boom was low, but China’s leading order Q1 exceeded expectations. In April, it generally exceeded expectations and was optimistic about the leading Huichuan. After the rush to install wind power, the cost fell sharply and entered the era of parity. Land wind resumed growth in 22 years, sea wind resumed growth in 23 years, commodity prices fell, wind power profits improved, and focus on leading parts and components. 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 of power battery, high-quality customers, leading technology and cost advantage), Longi Green Energy Technology Co.Ltd(601012) (global leader of monocrystalline silicon wafer and components, expectation of new battery technology value), Shenzhen Inovance Technology Co.Ltd(300124) (obvious alpha of general automation, breakthrough in all aspects of power assembly), Eve Energy Co.Ltd(300014) (inflection point of overall volume profit of power lithium battery and steady growth of consumer batteries) Yangling Metron New Material Co.Ltd(300861) (the leading enterprise of diamond wire, leading the iteration of flake and thin line), Byd Company Limited(002594) (the sales volume of electric vehicles continues to exceed expectations and the external supply of blade batteries accelerates), Yunnan Energy New Material Co.Ltd(002812) (the global leader of wet diaphragm, with strong and stable profitability), Shanghai Putailai New Energy Technology Co.Ltd(603659) (the global leader of negative electrode and diaphragm coating), Shenzhen Kedali Industry Co.Ltd(002850) (the global leader of structural parts, high-quality customers and high-volume increase period) Ja Solar Technology Co.Ltd(002459) (integrated component leader, 2022 profit elasticity can be expected), Ginlong Technologies Co.Ltd(300763) (series inverter leader, high performance growth), Trina Solar Co.Ltd(688599) (210 component leader, household system outbreak), Hongfa Technology Co.Ltd(600885) (new and old relay global leader, 2021 supermarket market expectation), Ningbo Ronbay New Energy Technology Co.Ltd(688005) (high nickel positive lead, high capacity release can be expected) Guangzhou Tinci Materials Technology Co.Ltd(002709) (Electrolyte & hexafluoride leading, new lithium salt leading), Beijing Easpring Material Technology Co.Ltd(300073) (positive electrode steady leading, strong profitability, low valuation), Jingke energy (integrated component leading, TOPCON technology leading), Sungrow Power Supply Co.Ltd(300274) (inverter global leading, energy storage forward-looking layout), Jiangsu Cnano Technology Co.Ltd(688116) (carbon nanotube conductive agent leading, entering the upper volume stage), Zhejiang Huayou Cobalt Co.Ltd(603799) (cobalt salt leading, positive electrode precursor leading) Cngr Advanced Material Co.Ltd(300919) (the global leader of ternary precursor and the high nickel matte project is about to be put into operation), 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 and the steady growth underestimates), Shenzhen Dynanonic Co.Ltd(300769) (the demand for iron and lithium exceeds the market expectation and the profit exceeds the expectation), Shenzhen Capchem Technology.Ltd(300037) (electrolyte and fluorine chemical industry go hand in hand and the valuation is low) Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) \ , Sieyuan Electric Co.Ltd(002028) Nuode Investment Co.Ltd(600110) , Flat Glass Group Co.Ltd(601865) , Shenzhen Senior Technology Material Co.Ltd(300568) , Xinjiang Daqo New Energy Co.Ltd(688303) , No. 9 company, China Leadshine Technology Co.Ltd(002979) , 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) , Sunwoda Electronic Co.Ltd(300207) , Hunan Zhongke Electric Co.Ltd(300035) , beiteri, Dajin Heavy Industry Co.Ltd(002487) , Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) , Riyue Heavy Industry Co.Ltd(603218) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , 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
