The hottest electrical equipment new energy growth

2022-10-22
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Electrical equipment: the growth of new energy has not been changed. 3 shares

key points of the report weekly view: the subsidy stimulus has faded out, and the growth has not been changed. In the past five to ten years, the fiscal subsidy policy has played an important role in promoting the development of the wind power, photovoltaic and electric vehicle industries with the continuous growth of demand, but it has also brought huge fluctuations in the profitability of all links. With the rapid decline of industry costs, the gradual fading of subsidy policies and the establishment of long-term support mechanism are the only way for the industry to move towards long-term growth. We believe that the new energy industry is currently at such a critical stage. The recent introduction of incentive policies for parity projects in the wind power and photovoltaic industries can provide a certain amount of installed capacity increment for 2019 in the short term, and more importantly, it indicates that the overall parity progress of the industry may be faster than the market expectation. In terms of electric vehicles, although the increase of the annual subsidy decline may lead to a reduction in the industry's profit expectations in the next two to three quarters

however, under the background that the medium and long-term growth path has not changed, the short-term stock price adjustment instead brings opportunities for reallocation

new energy vehicles: the marketization process is speeding up, and long-term configuration buying points are brewing. This week, the market focuses on the domestic subsidy policy for new energy vehicles in 2019. At present, the national subsidy in 2019 may face a significant decline, but this week the leading trend of the sector is stable. We believe that the accelerated decline of subsidies is creating medium - and long-term gold buying points in the sector: 1) the industry has basically met the conditions for market-oriented operation. With the weakening of the industry affected by external policies, the competitiveness of high-quality enterprises will be further amplified and the medium - and long-term investment value will be improved; 2) If the decline rate in 2019 is large, and the industry experiences a certain impact, the subsidy withdrawal in will have little impact on the price and profitability of the industrial chain; 3) There is no obvious negative after the subsidy. It is suggested to follow the main line of global supply and choose high-quality companies in subdivisions with outstanding comprehensive competitiveness

Fengguang storage: policy support has been strengthened, and the domestic new energy parity is gradually approaching. This week, the national development and Reform Commission and the Energy Administration issued the notice on actively promoting the work related to the unsubsidized parity of wind power and photovoltaic power generation with guaranteed accuracy, clarifying the policy preferences and support of parity demonstration projects in many ways. The issuance of the notice, on the one hand, plays an important role in the domestic annual scenery parity project and will contribute to the annual scenery installed capacity increment; On the other hand, it will promote the better transition of domestic new energy to comprehensive parity in 2020. To sum up, we judge that the installed capacity of domestic photovoltaic and wind power will maintain a steady growth trend in, and the market space will be further opened after parity. We continue to be optimistic about the investment opportunities in the sector

scope benefits and profits of all enterprises are still good. Power equipment: UHV projects have been launched one after another, and the countercyclical attribute of the sector has been further consolidated. Recently, the power equipment sector has obtained relatively obvious excess returns, indicating that investors recognize the countercyclical attribute of the power industry. Following the centralized approval of a package of UHV projects by the energy administration in September, equipment bidding has been carried out for the 2 AC and 2 DC projects. Reiterate the previous view that the successive implementation of one UHV project combined with the heating block will definitely improve the profitability of relevant equipment enterprises in 2019 and 2020. Continue to be optimistic about the leading targets of the industrial chain, among which (,) and (,) have the largest profit elasticity. In addition, maintain the key recommendations, and the ones with the strongest sustainability of growth (,)

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