Key investment points
[the second batch of fuel cell vehicle demonstration urban agglomeration was approved] on January 10, the evaluation of the second batch of national fuel cell vehicle demonstration and application urban agglomeration was completed, and Henan urban agglomeration led by Zhengzhou and Hebei Urban Agglomeration led by Zhangjiakou, Hebei were approved. Previously, the three urban agglomerations of Beijing, Shanghai and Guangdong, led by Daxing District of Beijing, Shanghai and Foshan City, Guangdong Province, were successfully selected into the first batch of hydrogen fuel cell vehicle demonstration urban agglomerations. Therefore, the national “3 + 2” fuel cell vehicle demonstration pattern has been formed.
[ Contemporary Amperex Technology Co.Limited(300750) layout non negative metal battery technology] on January 14, the national energy information platform reported that Contemporary Amperex Technology Co.Limited(300750) has laid out non negative metal battery technology and applied for a patent. The patent includes material design and key processes of related technologies, or will be applied to the next generation of sodium ion batteries. This means that the energy density of the battery is expected to be greatly improved from the material essence, and the energy density of the next generation of sodium ion battery announced at the sodium ion battery press conference earlier Contemporary Amperex Technology Co.Limited(300750) is expected to exceed 200wh / kg.
[important announcement] Shenzhen Dynanonic Co.Ltd(300769) : it is estimated that the net profit attributable to the parent company in 2021 will be 760-830 million, and the net profit attributable to the parent company in the fourth quarter will be 516-586 million, with a month on month increase of 373.4% – 437.6%. Jiangsu Cnano Technology Co.Ltd(688116) : it is estimated that the net profit attributable to the parent company in 2021 will be 285-305 million, with a year-on-year increase of 165.73% – 184.38%. Shanghai Putailai New Energy Technology Co.Ltd(603659) : it is estimated that the net profit attributable to the parent company in 2021 will be 1.7-1.8 billion yuan, with a year-on-year increase of 154.63% – 169.61%. Zhejiang Huayou Cobalt Co.Ltd(603799) : it is estimated that the net profit attributable to the parent company in 2021 will be 3.7-4.2 billion yuan, with a year-on-year increase of 217.64% to 260.56%. Shenzhen Kedali Industry Co.Ltd(002850) : the net profit attributable to the parent company was 520-570 million yuan, with a year-on-year increase of 191.09% – 219.08%. Ginlong Technologies Co.Ltd(300763) : the net profit attributable to the parent company is expected to be RMB 455-535 million in 2021, with a year-on-year increase of 43.03% – 68.18%.
According to the data of Shanghai Nonferrous Metals network, on January 14, the mainstream price of electrolytic cobalt in China was 498000-502000 yuan / ton, with an average price increase of 6000 yuan / ton compared with last week. Cobalt sulfate was reported at 103500-105000 yuan / ton, with an average price increase of 13000 yuan / ton compared with last week. Co3O4 was reported at 401000-405000 yuan / ton, with an average price of 200000 yuan / ton higher than last week. In terms of cobalt, the Spring Festival is approaching, and the order inquiry and trading volume of China’s Electrolytic Cobalt downstream enterprises decreased before the year. Most enterprises are mainly on the sidelines, and the price forecast will remain high in the later stage. Cobalt salt turnover increased slightly compared with last week, but the downstream is still dominated by inquiry. In the future, it is predicted that the end of the year is approaching, and the market activity may be further reduced. However, driven by the cost side, the price of cobalt salt may continue to rise slightly. [lithium] according to the data of Shanghai Nonferrous Metals network, on January 14, the price of metal lithium was 1.58-1.63 million yuan / ton, with an average price of 60000 yuan / ton higher than last week. The mainstream price of battery grade lithium carbonate was reported at 322000-33000 yuan / ton, and the average price increased by 24000 yuan / ton compared with last week. The quotation of battery grade lithium hydroxide (coarse particle) is 263000-272000 yuan / ton, and the average price is 25000 yuan / ton higher than last week. The price of lithium carbonate still rose sharply this week. At present, the quotation of China’s battery grade lithium carbonate smelters is sporadic. Under the influence of the sharp drop in the price of lithium in Wuxi in the middle of this week, some traders began to release goods. However, due to the limited inventory and the high degree of downstream shortage, the spot price remains high. [ternary materials] according to the data of Shanghai Nonferrous Metals network, on January 14, the mainstream price of ternary materials (type 523) was 263000-27000 yuan / ton, and the average price increased by 8000 yuan / ton compared with last week. The quotation of ternary precursor (type 523) is 129000-132000 yuan / ton, and the average price is 1500 yuan / ton higher than last week. On the supply side, due to the increasing difficulty of lithium salt preparation, some small and medium-sized plants may choose to reduce the overall operating rate and delay the delivery of documents. On the demand side, the overall orders still maintain a small increment, and the power side is the main growth point. In the future, it is expected that the price of ternary materials will continue to rise with the cost. [lithium iron phosphate cathode] according to the data of Shanghai Nonferrous Metals network, on January 14, the price of lithium iron phosphate (power type) was 112000-117000 yuan / ton, and the average price increased by 200000 yuan / ton compared with last week. The price of lithium iron phosphate (energy storage type) is 107000-111000 yuan / ton, with an average price increase of 2000 yuan / ton compared with last week. At present, some manufacturers in the industry are facing a serious shortage of lithium salt. With some upstream lithium salt plants entering the Spring Festival maintenance period, the supply has weakened, resulting in the extremely low raw material inventory level of some enterprises and the overall production has been affected. It is expected that the possibility of industrial output decline in January will not be ruled out. However, considering that the price of lithium salt is still rising, the price of iron lithium is expected to rise in the future. Key recommendations: Contemporary Amperex Technology Co.Limited(300750) , Yunnan Energy New Material Co.Ltd(002812) , Zhejiang Huayou Cobalt Co.Ltd(603799) . It is recommended to pay active attention to: Shandong Kaisheng New Materials Co.Ltd(301069) , Anhui Estone Materials Technology Co.Ltd(688733) , Zhuhai Cosmx Battery Co.Ltd(688772) , Shan Xi Hua Yang Group New Energy Co.Ltd(600348) , Jiangsu Cnano Technology Co.Ltd(688116) , Shenzhen Dynanonic Co.Ltd(300769) .
[the upstream price rebounded, and the price of battery chips was brewing to rise] according to pvinfolink data, on January 12, the mainstream quotation of [silicon material] polysilicon dense material was 230000 yuan / ton, and the average price was flat compared with last week. The Spring Festival holiday is approaching, the downstream demand has improved slightly and the demand for silicon materials has increased month on month due to considerations such as goods preparation. [silicon wafer] the mainstream quotation of single crystal silicon wafer 166mm is 4.950 yuan / PC, and the average price is the same as last week. The mainstream quotation of 182mm monocrystalline silicon wafer is 5.850 yuan / PC, with the average price rising by 0.9% compared with last week. The mainstream quotation of 210mm monocrystalline silicon wafer is 7.700 yuan / PC, and the average price is the same as last week. This week, with the accelerated decline of monocrystalline silicon wafer inventory and the recovery of battery demand for silicon wafer, combined with the disastrous impact of the earthquake in Qinghai on January 8 on specific areas of crystal pulling production, the current supply of monocrystalline silicon wafer has not been greatly expanded, so the price of silicon wafer rebounded slightly. [cell] the mainstream quotation of 166mm single crystal perc cell is 1.050 yuan / W, and the average price is the same as last week. The mainstream quotation of 182mm single crystal perc battery is 1.080 yuan / W, and the average price is the same as last week. The mainstream quotation of 210mm single crystal perc battery is 1.035 yuan / W, and the average price is the same as that of last week. Battery manufacturers are brewing the rise and expect the price of M6 / M10 / G12 battery to increase by 1-2 cents per watt. [components] the mainstream quotation of 365-375 / 440-450w single crystal perc components is 1.850 yuan / W, and the average price is the same as last week. The mainstream quotation of 182mm single crystal perc module is 1.880 yuan / W, and the average price is the same as last week. After the supply chain price is gradually stabilized by silicon material, the component price is also temporarily stable. [photovoltaic glass] the mainstream price of 3.2mm coating is reported as 25.0 yuan / m2, and the average price is the same as last week. The mainstream quotation of 2.0mm coating is 19.2 yuan / m2, and the average price is the same as last week. Key recommendations: Hangzhou First Applied Material Co.Ltd(603806) , Shanghai Aiko Solar Energy Co.Ltd(600732) , Kbc Corporation Ltd(688598) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Longi Green Energy Technology Co.Ltd(601012) , Tongwei Co.Ltd(600438) , Xinjiang Daqo New Energy Co.Ltd(688303) . It is recommended to pay active attention to: Shanghai Hiuv New Materials Co.Ltd(688680) , Risen Energy Co.Ltd(300118) , Chengdu Guibao Science & Technology Co.Ltd(300019) , Yangling Metron New Material Co.Ltd(300861) , Levima Advanced Materials Corporation(003022) .
Risk warning: the policy is not as expected; The recovery of China’s photovoltaic demand is less than expected; The sales volume of new energy vehicles recovered less than expected; The impact of overseas epidemic continues.
