Zhitong Financial APP learned that open source securities release research report said that photovoltaic has entered an era of comprehensive parity development, in the context of carbon neutralization, photovoltaic future installation space is broad, the current downstream power station in the IRR reasonable period of time, photovoltaic installed demand is close to "unlimited", the demand side of the industry continues to improve, to pay more attention to the industrial chain profit distribution and new technology layout opportunities. The bank is optimistic about the improved supply and demand pattern of components and batteries, new technologies, core growth and other directions.
Looking forward to 2022, the bank suggests that attention should be paid to the improvement of the supply and demand pattern, the growth direction of new technologies, and core growth, mainly in three aspects:1) be optimistic about the improvement of the supply and demand pattern of components and batteries in the short term.With the gradual release of silicon production capacity in 2022, the profits of the industrial chain will be redistributed. The bank believes that the worst period for the profitability of components and batteries is over, and profitability is expected to continue to rise in the future.Longji (601012.SH), Jingao Technology (002459.SZ), Trina Solar (688599.SH), Aixu (600732.SH), Zhonglai (300393.SZ)And other companies to benefit.
(2) be optimistic about the incremental opportunities brought about by technological progress in the medium term.Technological innovation promotes the reduction of industry costs, further opens up the industry space, and optimizes the competition pattern. There are technological and application breakthroughs in high efficiency battery technology, granular silicon, household optical storage and so on.，$JinkoSolar Holding Co Ltd (JKS.US) $、Poly Xiexin Energy$Xiexin Technology (03800.HK) $, Womai shares (688032.SH), Deloitte shares (605117.SH), Maiji shares (300751.SZ)And other companies to benefit.
(3) long-term optimistic about the core growth.According to the competitive advantage and industry concentration, the leading companies are expected to grow through the cycle, benefiting from the diamond line link of silicon wafer expansion, the silicon wafer link with better competition pattern, and the film, photovoltaic glass and silicon material with remarkable advantages.Meichang shares (300861.SZ), Central shares (002129.SZ), Foster (603806.SH), 601865.SH (601865.SH), Tongwei shares (600438.SH)Wait for the company to benefit.
As the photovoltaic industry chain continues to reduce costs and improve efficiency, post-cyclical opportunities such as distributed market and power market reform are highlighted, especially roof distribution and energy storage, the report said. Photovoltaic is naturally suitable for distribution. At present, supporting policies for BIPV and scenery storage have been issued, and the follow-up wait for the incremental release of the performance of relevant enterprises.Zhengtai Electric Appliance (601877.SH), Jingke Technology (601778.SH), Lin Yang Energy (601222.SH)Wait for the company to benefit.
The bank mentioned that the policy is good for distributed photovoltaic, the market demand is strong, and the development prospect is bright. Under the background of new energy, the power system has an increasing demand for energy storage equipment, and local energy storage policies have been issued one after another. Looking forward to 2022, the energy storage market may become an important part of enterprises to increase their market share, and high-quality enterprises in the field of energy storage are expected to benefit in advance. In addition, hydrogen energy has a broad space for development, hydrogen production from renewable energy electrolysis is an important technical direction, photovoltaic hydrogen production technology is worth looking forward to.Sunlight Power supply (300274.SZ), Goodway (688390.SH)Wait for the company to benefit.
Risk Tips:The development of new technology is not as expected; the installed demand is lower than expected; and the competition in the photovoltaic market is intensified.