Overall: this week, Shanghai and Shenzhen 300 rose or fell by 1.11%, 10 of the 31 industries in Shenwan level rose, the power equipment industry rose or fell by – 2.90%, ranking 21st in Shenwan level industry, and the wind photovoltaic index rose or fell by – 3.73%.
Individual stocks: 19 stocks in the photovoltaic industry (component stocks of wind photovoltaic index) achieved positive returns, of which, Shanxi Coal International Energy Group Co.Ltd(600546) led the rise by 21.27% and Shenzhen S.C New Energy Technology Corporation(300724) led the decline by – 15.91%.
Valuation: as of January 23, 2021, the PE (TTM) of photovoltaic industry (wind photovoltaic index) is 47.44, and the P / E ratio of electrical equipment industry (Shenwan level) is 50.57.
Price tracking
The overall price of the industrial chain stabilized and rebounded this week:
The price of monocrystalline silicon rises;
The price of monocrystalline silicon rises, and the price of polycrystalline silicon rises;
The price of single crystal cell rises, and the price of polycrystalline cell rises;
Component prices remained stable.
Industry dynamics
National Energy Administration: household PV will increase by 21.59gw in 2021
National Energy Administration: 53gw new PV in 2021
Zhejiang: full integration of grid connected photovoltaic in the 14th five year plan into the supporting scale
Investment advice
Due to the reluctance of some orders to accept high price components in the fourth quarter of last year and the impact of the window period before the imposition of Indian component tariffs, the demand for components outside China is more vigorous recently than in previous years. In addition, the production time of new silicon production capacity is slightly delayed, resulting in the silicon production capacity being less than expected in the short term, and the silicon price has stopped falling and rebounded recently. This week, the National Energy Administration announced that China’s newly added photovoltaic installed capacity in 2021 was 53gw, which was in line with expectations. Among them, distributed photovoltaic added 29gw, accounting for 55%, which exceeded 50% for the first time. It is expected that in the future, with the continuous promotion of distributed photovoltaic in the whole county, the photovoltaic installation will adopt the development mode of centralized and distributed two wheel promotion. Long term optimistic about the leader of vertical integrated components and the leading inverter enterprises with leading layout in the field of energy storage: Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) , Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) .
Risk tips
The consumption of new energy is less than expected; The new installed capacity is less than expected; Price fluctuation risk of industrial chain; The implementation of the new energy plan on the 14th five year plan was not as expected.
