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 of 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 supply enterprises are expected to benefit significantly. Maintain the rating that the industry is stronger than the market.
Plate market this week: the power equipment and new energy sector fell 2.90% this week, of which industrial control automation rose 0.06%, power generation equipment fell 1.00%, wind power sector fell 1.82%, photovoltaic sector fell 2.97%, new energy vehicle index fell 3.65%, lithium battery index fell 4.62% and nuclear power sector fell 5.43%.
Key industry information this week: new energy vehicles: GGII: 2021 China Shipbuilding Industry Group Power Co.Ltd(600482) battery shipment 220gwh, a year-on-year increase of 175%. Ministry of industry and information technology: in 2022, we should study and clarify the support policies such as the extension of preferential purchase tax for new energy vehicles as soon as possible, improve the points management requirements and stabilize market expectations. Speed up the construction of charging and changing infrastructure. New energy power generation: National Energy Administration: in 2021, China’s photovoltaic installed capacity increased by about 53gw, of which distributed photovoltaic increased by about 29gw, accounting for 55%. Among the newly added distributed PV, household PV increased by 21.50gw. National Development and Reform Commission: accelerate the construction of large-scale wind power photovoltaic base projects focusing on deserts, Gobi and desertification areas in 2022. Pvinfolink: the top 10 global component shipments in 2021: Longji, Trina Solar / Jingao, Jingke, Atlas, Risen Energy Co.Ltd(300118) , Hanhua qcells, firstsolar, Suntech (Wuxi + Changzhou) and Chint.
Key information of the company this week: performance forecast for 2021: Suzhou Maxwell Technologies Co.Ltd(300751) (expected profit of 580-680 million yuan, with a year-on-year increase of 47.05% – 72.40%), Hunan Zhongke Electric Co.Ltd(300035) (expected profit of 344-393 million yuan, with a year-on-year increase of 110.00% – 140.00%), Beijing Easpring Material Technology Co.Ltd(300073) (expected profit of 1.00-1.05 billion yuan, with a year-on-year increase of 159.81% – 172.80%), Trina Solar Co.Ltd(688599) (expected profit of 1.720-2.05 billion yuan, with a year-on-year increase of 39.92% – 66.76%) Shenzhen Capchem Technology.Ltd(300037) (estimated profit of 1.307 billion yuan, a year-on-year increase of 152.39%), Guangzhou Tinci Materials Technology Co.Ltd(002709) (estimated profit of 2.100-2.300 billion yuan, a year-on-year increase of 294.09% – 331.62%), Sichuan Injet Electric Co.Ltd(300820) (estimated profit of 152-183 million yuan, a year-on-year increase of 44.98% – 74.93%), Do-Fluoride New Materials Co.Ltd(002407) (estimated profit of 1.220-1.230 billion yuan, a year-on-year increase of 2429.70% – 2635.37%) Kbc Corporation Ltd(688598) (the expected profit is 490-506 million yuan, with a year-on-year increase of 190.67% – 200.16%), Haili wind power (the expected profit is 1.046-1.231 billion yuan, with a year-on-year increase of 70% – 100%). Shenzhen Dynanonic Co.Ltd(300769) : the company plans to build a “lithium supplement project with an annual output of 20000 tons”, with a total investment of about 2 billion yuan. Yunnan Energy New Material Co.Ltd(002812) : Shanghai Enjie, the holding subsidiary of the company, signed a guarantee agreement with China Innovation airlines. In 2022, Shanghai Enjie supplied no more than 2.5 billion yuan of lithium battery diaphragm to China Innovation airlines, and China Innovation Airlines paid 100 million yuan in advance. Shanghai Hiuv New Materials Co.Ltd(688680) : the company plans to invest 200 million yuan to produce photovoltaic packaging adhesive film with annual production capacity of 5-10gw photovoltaic modules. Zhejiang Huayou Cobalt Co.Ltd(603799) : the company plans to add 867 million yuan and 655 million yuan to Huayou Posco and Puhua company to carry out additional projects of n8x cathode materials, precursors and / or other cathode materials, precursor main equipment and supporting equipment in the form of NCM or NCMA. Shuangliang Eco-Energy Systems Co.Ltd(600481) : Shuangliang silicon materials, a wholly-owned subsidiary of the company, signed the silicon wafer procurement framework contract with Tongwei Cecep Solar Energy Co.Ltd(000591) . From 2022 to 2024, Tongwei Cecep Solar Energy Co.Ltd(000591) is expected to purchase 1.048 billion monocrystalline silicon wafers from Shuangliang silicon materials, with a sales amount of 6.305 billion yuan.
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; The price of raw materials fluctuates.
