Dynamic analysis of the hottest power equipment in

2022-09-23
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Dynamic analysis of power equipment industry: ubiquitous power IOT promotes fast and steady

new energy vehicles: with the vigorous development of pure electric vehicles and industry opportunities, the exclusive platform for electric vehicles has become one of the key directions of the development of the automotive industry. At this Shanghai auto show, we found that most of the new energy models launched by various auto companies are based on new electric platforms, which can realize the sharing of technology and experience of various models, effectively shorten the development cycle of models, improve the development efficiency, and finally achieve the purpose of reducing the development and production costs of models. The new electrification platform is very expandable, and the supply of terminals is expected to be very full in the future. As the most important component of new energy vehicles, relevant enterprises began to actively participate in the auto show. We found that the power battery industry of new energy vehicles showed the following trends: 1. With the withdrawal of the subsidy policy in 2020, Korean battery enterprises began to actively seek opportunities to return to the Chinese market; 2. Great Wall Motors has begun to produce and supply its own batteries, and it may be a major trend for vehicle enterprises to extend their battery business in the future; 3. In order to ensure the safety of supply, international car enterprises are actively cultivating second and third supply battery enterprises; 4. There are signs of joint ventures between foreign vehicle enterprises and foreign battery enterprises in China (Volkswagen and ski); 5. Second and third tier battery enterprises also actively released new products to seek breakthroughs in the harsh competitive environment. Investment suggestion: maintain the judgment on the production and sales of 1.7 million new energy vehicles (yoy+35%) and the installed capacity of power batteries GWH (yoy+35-40%) in 2019. Considering the small impact of the subsidy decline in the short term and the significant competitiveness in the long term, it is recommended that: 1) Ningde times and Yiwei lithium energy, the leading cell leaders in the global competition with high-quality production capacity in short supply, should pay attention to Xinwangda; 2) Materials and parts manufacturers with high proportion of overseas supplies, lower price reduction cost, small space, and global market competitiveness. Key recommendations: dangsheng technology, new Zeus, Tianci materials, Enjie shares, putailai, Shanshan shares, Xingyuan materials, Sanhua intelligent control, etc

new energy power generation: from cycle to growth. Recently, the Energy Administration issued documents to vigorously promote parity projects by reducing non-technical costs, ensuring consumption, ensuring income and other ways. Under the current price level of the industrial chain, parity projects can achieve a yield of 6% - 8%. With the further decline of costs and the further promotion of parity policy, parity will accelerate in 2020 by 2 and expanding its manufacturing plant in Leicester, England. From a global perspective, most regions of the world have achieved parity, and the reduction of prices will stimulate more and more overseas demand. Therefore, we believe that this year is the first year for the photovoltaic sector to move from cycle to growth, and the valuation of the sector is expected to increase significantly. In the short term, driven by domestic parity projects and strong overseas demand, the global PV installed capacity is expected to exceed 120gw in 2019, and wind power is in the parity projects and 3 Stimulated by the installation of test samples, the domestic installed capacity is expected to reach 30GW in 2019. Investment suggestions: PV focuses on Longji shares, Tongwei shares, sungrow power, Chint electric appliances, etc., and it is suggested to pay attention to Dongfang Risheng, Zhonghuan shares, Zhonglai shares, foster, Linyang energy, Beijing Express, etc. related to the industrial chain; Wind power mainly recommends Goldwind technology, Tianshun wind energy, etc., and it is suggested to pay attention to Taisheng wind energy, Hengrun shares, Riyue shares, Tianneng heavy industry, Jinlei wind power, etc

power equipment and industrial control: ubiquitous power IOT advances fast and steadily. In mid April, the state-owned company held a second quarter working meeting, which pointed out that it would further promote the implementation of the strategy of "three types, two types and world-class". Provincial companies also proposed the construction plan of ubiquitous power IOT, mainly by building a comprehensive demonstration area in the form of point to area, to play a leading role in realizing the spread of the province. In addition, in the field of low-voltage electrical appliances, we reiterate Chint's recommendation logic. Through in-depth analysis of demand, pattern, trend and the company's three major initiatives, we believe that Chint will maintain a long-term growth of 15% - 20%. Investment suggestions: key recommendations in the field of universal power IOT: Guodian Nari (leading secondary equipment + 17 years of injection of group ICT related businesses), Minjiang hydropower (to be injected into guoict business), Jinzhi Technology (secondary equipment + power informatization); It is suggested to pay attention to Xinlian Electronics (collection of power consumption information causing changes in sensor output voltage +230m group + smart energy cloud platform), Juhua Technology (collection of energy consumption side information), Langxin Technology (power and gas marketing and collection system), Henghua Technology (cloud service platform for the power industry), high beam software (to be injected into the national e-commerce platform), etc. At the same time, maintain the key recommendations of Chint electric and Nader electric in the low-voltage electrical sector

risk tip: the pace or intensity of the introduction of relevant policies in the industry is lower than expected; The production and sales of new energy vehicles and wind power PV are lower than expected; This week's combination: Chint electric, Guodian Nari, Jinzhi technology, Longji, Tongwei, Jinfeng technology, Tianshun wind energy, Ningde times, Yiwei lithium energy, Pinggao electric

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