Power equipment industry: domestic production and sales of electric vehicles increased in January, and the expansion of silicon material opened the bottleneck of photovoltaic installations_Oriental Fortune Network

In January, domestic new energy vehicle production and sales increased year-on-year, and the off-season continued to be high in the peak season. On February 18, the China Automobile Association announced that the production and sales of new energy vehicles in January were 452,000 and 431,000 units, down 12.6% and 18.6% month-on-month, and up 133.2% and 135.8% year-on-year. Among them, the production and sales of new energy passenger vehicles were 437,000 and 419,000, down 10.4% and 15.7% from the previous month, and up 134.6% and 138.7% year-on-year; the production and sales of new energy commercial vehicles were 16,000 and 12,000, respectively. The month-on-month decrease was 48.1% and 62.6%, and the year-on-year increase was 99.7% and 66.6%. In January, the penetration rate of new energy passenger vehicles reached 19.2%, a month-on-month increase of 1.3pct. In addition to seasonal factors, the month-on-month decline in monthly production and sales was mainly due to the double impact of the decline in subsidies and the increase in terminal prices of new energy vehicle companies. It still maintains a high growth rate over the same period. In 2022, the new subsidy policy is expected to release the upper limit of the subsidy scale. We expect that the domestic sales of new energy vehicles in 2022 is expected to exceed 6.5 million units.

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The development of the domestic photovoltaic industry chain is improving, and the release of silicon material production capacity has opened the bottleneck of installation. According to the Ministry of Industry and Information Technology, in 2021, the overall operation of the photovoltaic industry in the country will be good, the iterative upgrading of technology will be accelerated, and the mass production of P-type PERC will be carried out. Battery23.1% efficiency, N-type TOPCon BatteryThe test efficiency exceeded 25.4%, according toLONGi, the conversion efficiency of HJT battery test reached 26.30%, and the mainstream enterprise polysilicon has been able to meet the needs of N-type batteries; the supply of the industrial chain is safe and stable. , increased by 27.5%, 40.6%, 46.9%, and 46.1% respectively. According to the General Administration of Customs, the imported silicon material will be 114,000 tons in 2021. We estimate that the global silicon material production will be about 620,000 tons (without considering the overseas demand for a small amount of silicon wafer production capacity) .CurrentlyTongwei sharesLeshan Phase II and Baoshan Phase I 101,000 tons,Daquan EnergyThe 35,000-ton capacity and GCL-Poly’s 20,000-ton capacity have been successfully put into production and ramping up. The newly expanded capacity of Dongfang Hope, Asia Silicon Industry and other companies will be released successively during the year. An increase of 42%, which corresponds to supporting more than 250GW of newly installed photovoltaic capacity, and the opening of raw material supply bottlenecks will help to release demand.Focus on recommending inverter companies that benefit from the growing demand for photovoltaics and energy storageSungrow、Jinlang Technology、Goodway、Deye shares,focus onHopewind Electric;Recommended film faucet with strong growth certaintyFoster,focus onHaiyou New Materials;Focus on glass faucets that benefit from double glass penetrationXinyi Light Energy、Follett; Recommend component leader with profit expected to be repairedLONGi、Trina Solar,focus onJinkoSolar、JA Technology;recommended silicon faucetTongwei shares、Daquan Energy,focus onGCL-Poly Energyetc.; focus on new energy operatorsSilver Star Energy、solar energy、Funeng shares、Jinko Technology、Linyang Energy、Beijing Express、Energy-saving wind power、Three Gorges Energy、Longyuan Power、Goldwind TechnologyWait.

risk warning. Policies and demand were lower than expected; prices in the industrial chain fluctuated sharply, etc.

(Article Source:GF Securities）

Article source: GF Securities

Responsible editor: 65

Original title: Power equipment industry: domestic production and sales of electric vehicles increased in January, and the expansion of silicon material production opened the bottleneck of photovoltaic installations