Weekly report of electric power equipment and new energy industry: significant characteristics at the bottom of the photovoltaic sector "electricity reform" is expected to welcome major catalysis
Sub industry weekly core view:
Photovoltaics&energy storage: In April, the domestic new installed capacity and export data were both booming, and the export volume of modules to ten European countries hit a new record in a single month. The inverter export Q3 is expected to turn positive year-on-year, and continue to verify the resilience of demand growth. The massive increase at the bottom of the plate shows the four bottom characteristics of "fundamentals, expectations, emotions, and institutional positions". The subsequent fundamentals, policy side, and reporting side are expected to continue to catalyze the plate moving from the bottom to the right, and the current layout window is clear.
Power grid: On May 23, General Secretary Xi presided over a symposium for enterprises and experts, and the reform of electricity was back on the agenda to accelerate the progress. Since the 18th National Congress of the Communist Party of China, the General Secretary has held only three entrepreneur symposiums, and each one is related to overall decision-making (the last one was about the preparation of the 14th Five Year Plan). The power reform mainly focuses on: 1) developing new energy and improving the acceptance of clean energy by the power grid, supplemented by the necessary support of energy storage and hydrogen energy. 2) Bring more types of power supply into the power market; Increase the proportion and pricing of auxiliary services, and give sufficient value to energy storage; Accelerate the implementation of No. 9 Document and realize the discovery of power price. 3) Improve the multi-level unified power market system, unify the trading rules and standards, and promote the power market mechanism that adapts to the transformation of energy structure; In 2024, the investment in power grid projects will be 122.9 billion yuan,+24.9% year on year.
Wind power: According to the website of the Ministry of Natural Resources, the construction scale of domestic offshore wind power in the first quarter was about 13GW (6.8GW was connected to the grid last year). A good start at the beginning of the year indicates that the annual offshore wind installation is expected to achieve high growth. It is estimated that the domestic offshore wind installation will be about 10GW in 2024, up 47% year on year. Continue to recommend Haifeng industrial chain.
Hydrogen energy and fuel cell: Although it is late, the Ulanqab 100000 t/a wind power hydrogen production integration project will start in September. The start of the green hydrogen project will inspire confidence, and the bidding will gradually be fulfilled; FCV installed capacity continued to grow. In April, the installed capacity/vehicle load was 77.52MW/527 vehicles,+69%/+4.2% year on year. FCV will continue to grow high throughout the year.
Major industry events this week:
Optical wind storage: President Xi chaired a symposium for enterprises and experts in Shandong, with "deepening the reform of the power system" as the core topic; The Energy Administration announced the new installation of photovoltaic wind power in April, with a substantial increase in photovoltaic power; The customs released the number of photovoltaic exports in April, and the export volume of components to ten European countries hit a record high; The Energy Administration held the National Renewable Energy Development and Construction Dispatching Meeting, and put forward the requirements of "fully promoting the construction of three batches of large-scale scenery bases".
Power grid: the General Secretary presided over the symposium, and the chairman of the State Power Investment Corporation put forward suggestions on deepening the reform of the power system; Zhang Zhigang, Chairman of State Grid, held talks with Meng Zhenping, Chairman of South Grid; In 2024, the investment in power grid projects will be 122.9 billion yuan,+24.9% year on year.
Hydrogen energy and fuel cell: the Ministry of Finance has issued 1.14 billion hydrogen vehicle demonstration subsidies for the first year; Chengdu will focus on building a "green hydrogen city", and the output value of hydrogen energy industry will enter the top five in the next three years; Hainan Didi's car hailing platform was officially launched as the first batch of hydrogen passenger vehicles.
Risk warning: the effect of policy adjustment and implementation is lower than the expected risk; The price competition in the industrial chain is more intense than expected.
