Sub industry core week view
New energy: the export data of photovoltaic in December was bright, and the silicon wafer followed up the price rise of silicon material and the start-up of battery chips, comprehensively reflecting the high prosperity of the demand side; The new supply of silicon material continues to release, and the “large-scale” logic will be gradually realized, with outstanding distributed advantages; The core leading stock prices have basically stopped falling and stabilized. At present, opportunities for the whole year can be gradually arranged.
Hydrogen energy and fuel cells: the annual installed capacity of fuel cells doubled year-on-year, and the performance was underestimated; The Ministry of transport issued the “14th five year plan” for the development of green transportation to encourage the pilot of heavy trucks, cold chain vehicles and hydrogen fuel cell vehicles; Jiangxi Jovo Energy Co.Ltd(605090) resumption of trading, the proposed acquisition of Sentai energy to form a “Sea gas + land gas” dual gas source, which is conducive to the stability of natural gas purchase price and the expansion of business layout.
Battery: industrial chain companies have successively released performance forecasts. The performance of 4q21 in positive pole and other links has increased significantly month on month, and the sector has exceeded the market expectation. 4q21 is the node where the midstream performance begins to be realized, and 1q22 upstream lithium and other resource products gradually realize the performance. Pay attention to the changes in profit distribution caused by the price transmission of the industrial chain; According to the recent grassroots research, compared with December 21, the industry output in January 22 increased by about 5% month on month. Focus on the links with strong global competitiveness, such as batteries, diaphragms, positive electrodes, structural parts, carbon black, aluminum plastic film and other auxiliary materials with improved localization rate, negative electrodes and PVDF with tight balance between supply and demand.
Power equipment and industrial control: the implementation of the 14th five year plan of the State Grid is imminent, the investment in power grid accelerated in the fourth quarter, and the investment in distribution network, informatization, amorphous transformer, UHV and other links is expected to continue to strengthen. From November to December, the PMI improved and the demand picked up. In 2022, the industrial control demand was better, and the valuation price performance of the sector was prominent.
Important industry events this week
New energy: the energy administration announced that 53gw of photovoltaic grid connected installed capacity will be added in 2021; The first batch of silicon materials with a new capacity of 50000 tons in Tongwei, Yunnan Province were discharged; Longji raised the official quotation for silicon wafers.
Hydrogen energy and fuel cell: the Ministry of transport issued the “14th five year plan” for the development of green transportation to encourage the pilot of hydrogen fuel cell vehicles for heavy trucks and cold chain vehicles; Zhangjiagang Furui Special Equipment Co.Ltd(300228) invested 25.5 million to establish hydrogen rich new energy in Shanghai with Shanghai Ruichao technology and hydrogen Lu technology, engaged in the research and development of fuel cell parts, holding 51%; China’s first carbon fiber composite lightweight hydrogen energy city bus was released in Haiyan, Zhejiang Province, and the National 863 achievement “large-scale application technology of ccf-3 carbon fiber composite in the field of transportation and energy” was applied to the field of public transportation.
Electric vehicles: Contemporary Amperex Technology Co.Limited(300750) release the power exchange brand evogo and power exchange solutions; Guangzhou Tinci Materials Technology Co.Ltd(002709) , Beijing Easpring Material Technology Co.Ltd(300073) , Yunnan Energy New Material Co.Ltd(002812) , Anhui Estone Materials Technology Co.Ltd(688733) , Shenzhen Capchem Technology.Ltd(300037) released the performance forecast for 2021.
Power equipment and industrial control: Recently, the Energy Bureau issued the letter on entrusting to carry out the research and demonstration of supporting water, scenery and regulating power supply of transmission channel in the 14th five year plan. Recommended portfolio of sub industries
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Risk tips:
The price competition in the industrial chain is more intense than expected; The effect of policy adjustment and implementation is lower than expected; The global epidemic worsened more than expected.
