Text of the Research Report on the hottest electri

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Electric equipment and new energy industry research report text

new energy vehicle industry view: 1. Pessimistic expectations are expected to be repaired, and pay attention to the progress of downstream leaders. The introduction of industrial policies with poor domestic conditions in the early stage has led to the industry's expectation that the domestic demand for new energy vehicles will decline precipitously in the third quarter and even in the second half of the year. According to our industry research and industrial chain tracking, the bearing capacity of the industrial chain for the market-oriented development of the industry actually exceeds the most pessimistic expectations, and it is expected to be repaired in the future: the mechanical tensile testing machine is a tensile performance testing equipment. In the short term, through product upgrading and price reduction, it can hedge the decline of most subsidies; In the long run, the demand of global car companies for product cost performance in the next few years is in line with the actual situation of the industry. The expected adjustment is only a short-term fluctuation. More importantly, positive demand factors such as the integral system and market-oriented operation are being released in succession. For Tesla, the industry's weathervane, its factories in China have made good progress recently. We need to pay attention to the specific changes in its finance and production and sales. 2. There is still pressure on the domestic industrial chain in the short term. At present, it is in the rush period of the industry, and the price of the overall industrial chain is still relatively stable; However, looking forward to the supply and demand situation in the third quarter, the overall product price level will still move down. In the future, we will pay attention to the opportunities of two types of enterprises. One is: the leading enterprises with advantages in technology, cost and scale, whose upgrading and expansion will improve the cost performance of products; The other is enterprises that can meet the global demand for new energy vehicle products, and in the trough period, non new energy demand such as consumer electronics may hedge its fluctuations

investment strategy of the new energy vehicle industry: optimistic about the transformation of the development stage of the industry: from domestic to global, from low-end to high-end, from policy driven to market driven, mainly optimistic about the high-end passenger vehicle industry chain. In 2019 and 2020, high-end electric passenger vehicles are expected to usher in the resonance development of the world. Specifically, we suggest to explore investment opportunities from the following three aspects: 1. High end: the core targets of the high-end passenger car industry chain: Ningde times, Sanhua intelligent control, Xusheng shares, etc; 2. Globalization: links in the industrial chain with high barriers and global supply (technical barriers, resource attributes, etc.): putailai, Yiwei lithium energy, Xinwangda, Enjie shares, dangsheng technology, etc; 3. Market pipelines are equipped with switch devices: technology improvement, innovation driven development links: BYD, Xinlun technology, xinzhoubang, etc

viewpoint of photovoltaic industry: 1. Industrial policies are implemented, and the inflection point of domestic demand is reduced. Recently, the national development and Reform Commission issued the notice on issues related to improving the electricity price mechanism for photovoltaic power generation, which further promotes the market-oriented development of the industry mainly through market competition. We believe that the implementation of the policy is positive. Domestic demand will be gradually released in the second half of the year, and the trough of domestic installed capacity will pass; However, at present, the overall policy is still to escort the arrival of the great era of parity. The release of large demand is expected to be in 2020 and beyond. 2. On March 8 this year, the medium and long-term opportunities of the industry were determined, and we will continue to pay attention to the progress of leading enterprises. Leading high-quality production capacity continues to be released, further consolidating the foundation of parity. We expect that the price of industrial chain products will still be under pressure in May. In the medium and long term, the pattern of leading companies such as Tongwei and Longji has been formed, and their global market share will be further and steadily increased. We should pay attention to the further impact of the release of advanced production capacity

photovoltaic industry investment strategy: we believe that 2019 will be a breakthrough year in parity, and we continue to be optimistic about high-quality leading companies. From the middle and upper reaches, the concentration of the industry is improving, and the advantages of high-quality leading enterprises are prominent; From the middle and lower reaches, we believe that there are still opportunities for change, especially in the battery end and the downstream distributed end. We are optimistic about companies with breakthroughs in these two places. It is suggested to pay attention to Tongwei shares, Longji shares, sunshine power, Zhonghuan shares, Zhonglai shares and other companies

? Wind power industry: Generally speaking, due to environmental protection, land, parts and other reasons, the installation speed in 2018 is lower than previously expected, and these factors are expected to be improved in 2019, which is expected to become a small peak of the industry's installation; From the perspective of industry supply and demand, the pressure on the manufacturing end has been released to a certain extent; Judging from the existing projects that have been operated, the overall air rejection rate is improving, the economic benefits are improving, and it is expected to further increase the installed capacity. It is suggested to pay attention to the investment opportunities of leading enterprises such as Goldwind technology

key developments in the industry: 1. The 2019 photovoltaic electricity price policy is implemented, and the electricity prices in the three resource areas are 0.4, 0.45 and 0.55 yuan/kwh respectively; 2. The National Energy Administration released the consolidation of renewable energy in the first quarter. In the first quarter, photovoltaic installed capacity was 5.2gw, of which distributed installed capacity was 2.8gw; 3. In the first quarter, the installed capacity of domestic wind power was 4.78gw, of which offshore wind power was 0.12gw, and the wind abandonment rate was 4%, a year-on-year decrease of 4.5ppt; 4. Tesla expects to complete the construction of super factory (phase I) in May and realize mass production of some production lines by the end of the year

key developments of the company: [Ningde times] net profit deducted from non parent company in the first quarter increased by 240% year-on-year; [Yiwei lithium energy] the net profit attributable to the parent company in the first quarter increased by 170% year-on-year; [Longji] the net profit attributable to the parent company in the first quarter increased by 13% year-on-year. It is estimated that the production capacity of silicon chips, battery chips and components will reach 65, 20 and 30GW respectively by the end of 2021; [Follett] invested in the construction of 750000 ton module cover glass and conductive film glass project; [Mingyang intelligent] won the bidding project of CGN, with an amount of about 8.6 billion yuan, accounting for 162% of the revenue in 2017

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