The global prosperity of new energy vehicles continues to rise, Chinese battery and material enterprises accelerate the introduction into the global supply chain, the supply and demand of some links are expected to improve, the competition pattern of cells, diaphragms and other links is better, and new technologies promote the upgrading of the industrial chain. The photovoltaic industry chain has entered the price reduction channel, and the demand is expected to be fully released. The asset light subdivision direction is preferred to meet the challenge of capacity cycle, and the industrialization of hjt and TOPCON batteries is promoted in an all-round way; The inflection point of wind power boom is advanced, the demand for offshore wind power may be accelerated, and the price of bulk raw materials is loose, which is expected to thicken the profits of the midstream manufacturing industry. In terms of power equipment, the increase in the installed proportion of new energy requires accelerating the construction of a new power system with new energy as the main body. The power grid investment structure is expected to further tilt to the fields of UHV, intelligence and power distribution, and the core suppliers are expected to benefit significantly. Maintain the industry stronger than the market rating.
Plate market this week: the power equipment and new energy sector rose 2.13% this week, including lithium battery index rose 0.98%, new energy vehicle index rose 0.88%, photovoltaic sector fell 0.41%, industrial control automation fell 1.72%, nuclear power sector fell 1.80%, power generation equipment fell 3.25% and wind power sector fell 3.84%.
Key industry information this week: new energy vehicles: China Automobile Association: in December 2021, the production and sales of new energy vehicles were 518000 and 531000 respectively, with a month on month increase of 6.7% and 11.1%; The annual production and sales of new energy vehicles were 3.545 million and 3.521 million respectively, with a year-on-year increase of 159.5% and 157.5%. The passenger Federation raised the sales volume of new energy passenger vehicles in 2022 from 4.8 million to more than 5.5 million. Contemporary Amperex Technology Co.Limited(300750) release the power exchange brand evogo. New energy power generation: the average transaction price of China’s single crystal re feeding this week was 234600 yuan / ton, up 1.21% month on month; The average transaction price of single crystal compact was 232500 yuan / ton, a month on month increase of 1.48%. Power grid reform and energy Internet: China Energy News: in 2022, the State Grid plans to start 13 UHV lines with 10 AC and 3 DC lines. During the 14th Five Year Plan period, the UHV project “24 AC and 14 DC” is planned to be built, with a total investment of 380 billion yuan.
Key information of the company this week: performance forecast for 2021: Ginlong Technologies Co.Ltd(300763) (expected profit of RMB 455-535 million, with a year-on-year increase of 43.03% – 68.18%), Yunnan Energy New Material Co.Ltd(002812) (expected profit of RMB 2.66-2.76 billion, with a year-on-year increase of 138.44% – 147.40%), Shanghai Putailai New Energy Technology Co.Ltd(603659) (expected profit of RMB 1.700-1.800 billion, with a year-on-year increase of 154.63% – 169.61%), Shenzhen Dynanonic Co.Ltd(300769) (expected profit of RMB 760-830 million, with a year-on-year decrease of losses) Zhejiang Huayou Cobalt Co.Ltd(603799) (estimated profit of RMB 3.700-4.200 billion, with a year-on-year increase of 217.64% – 260.56%), beiteri (estimated profit of RMB 1.350-1.55 billion, with a year-on-year increase of 173.00% – 233.44%), Yangling Metron New Material Co.Ltd(300861) (estimated profit of RMB 684-836 million, with a year-on-year increase of 52.11% – 85.91%). Eve Energy Co.Ltd(300014) : signed a strategic cooperation agreement with Sunresin New Materials Co.Ltd Xi’An(300487) , the two sides will conduct in-depth cooperation in the lithium resource industry chain and actively participate in the development and utilization of lithium resources in Chaka Salt Lake, Jieze, Tibet. Yunnan Energy New Material Co.Ltd(002812) : sign a major contract with a large overseas automobile enterprise to supply lithium battery isolation film of no more than 1.65 billion square meters from 2022 to 2024; From 2025, the supply of lithium battery isolation film to it shall not exceed 900 million square meters / year. Luoyang Xinqianglian Slewing Bearings Co.Ltd(300850) : the proposed issuance of convertible bonds will raise no more than 1.5 billion yuan for gearbox bearings and precision parts projects, with a total investment of 1.113 billion yuan. Gem Co.Ltd(002340) : sign a strategic cooperation agreement with Xinyangfeng Agricultural Technology Co.Ltd(000902) and take the lead in the development of phosphorus resources, investment and construction of no less than 150000 tons of iron phosphate materials and supporting basic chemicals of phosphoric acid from 2022 to 2024; The company takes the lead in developing the downstream market, developing the manufacturing technology of lithium iron phosphate and building lithium iron phosphate materials with an annual output of no less than 100000 tons. Beijing Tianyishangjia New Material Corp.Ltd(688033) : it is proposed to raise no more than 2.369 billion yuan for the industrialization construction project of high-performance carbon ceramic actuator and the construction project of automatic intelligent weaving production line of carbon material products.
Risk warning: the intensity and duration of power and production restriction exceed expectations; The impact of the epidemic exceeded expectations; The growth rate of investment declined; Policies fail to meet expectations; Price competition exceeds expectations; Price fluctuation of raw materials.
