New energy semiannual analysis: PV start benefiting domestic distributed, lithium still do thematic investment opportunities

Low base and product prices recover, photovoltaic sector recovery in profitability . Since 12 years of industry as a whole in a difficult period, the profitability of the industry is low-lying period , many enterprises in the loss of the edge or even single year substantial loss . 13 beginning of the year , subject to the domestic Japanese market than expected and distributed generation policy support positive factors , cell and module prices have rebounded , midstream and downstream businesses started to recover , results are very flexible , most businesses profitable , substantial growth year on year .

In the EU's " double reverse " soft landing , silicon unconstrained case, we recommend attention to the most likely to restore profitability Takamoto shares . In addition , the domestic distributed power station is expected to be quick start , will drive investment opportunities in power plants and related companies stand out , the proposed focus fought in power plant construction in Central shares and sun powerinverter faucet .

Wind power, nuclear power to be good policy or event catalysis. In the first half , the whole price of wind power has moved from the lowest 3600 yuan / kw rose to 4000 yuan / kw nearby , gross margin rebounded. In addition, from 12 in the second quarter, the wind farm related significantly improve the company's profits , the equipment supplier's receivables owed ​​phenomenon began to decrease , wind power equipment company 's operating cash flow has greatly improved , we can see the entire wind power industry chain into a virtuous cycle , perhaps lying wind power sector performance period has passed , but still waiting for policy support to start or event of a catalyst. Although the performance of nuclear power is relatively stable , but we believe that its imaginary space is limited, temporarily held sidelines. Lithium plate subject of concern investments.

In the first half , on the one hand by the Tesla effect of lithium plate driven by sharply higher , the market for new energy vehicles are expected to start early ; the other hand, intelligent digital products for soft package lithium demand enables companies to rapid growth performance . We believe that the future investment opportunities in lithium plate will remain by the consumer electronics and new energy vehicles to drive .

Investment strategy advice: focus on three aspects of the investment clue: ( 1 ) distributed PV power plants driven by investment opportunities , mainly power plants and photovoltaic wind grid tie inverter integrators such companies ; ( 2 ) consumer electronics, smart , driven by demand for digital products soft bag lithium batteries and related raw materials manufacturers .