电新：新版分布式光伏管理办法正式发布

Investment Rating - The report maintains a "Recommended" investment rating for the electric power equipment and new energy industry [4]. Core Viewpoints - The report highlights that the valuation of the electric power equipment and new energy industry is at a historical low, with a significant increase in expected returns. As of November 22, 2024, the industry’s price-to-earnings ratio (TTM) is 47.27 times, which is 54.90% of its 10-year historical valuation percentile, indicating it is in a historical bottom region [23][38]. - The report notes that the lithium carbonate price has shown an upward trend, reaching 79,000 yuan/ton (+0.43%) as of November 22, 2024, while other materials like the ternary 622 precursor have decreased by 3.50% to 69,000 yuan/ton [40][53]. Summary by Sections Market Review - From November 15 to November 22, 2024, the CSI 300 index decreased by 2.60%, the ChiNext index fell by 3.03%, and the new energy index dropped by 1.90%, ranking 17th among industries. Notably, the fuel cell, nuclear power, and comprehensive energy equipment sectors saw significant increases of 5.79%, 0.97%, and 0.26%, respectively [19]. Valuation Analysis - The report emphasizes that the valuation is at a historical low, with the electric power equipment and new energy industry (CI) price-to-earnings ratio (TTM) at 47.27 times, which is 54.90% of its 10-year historical valuation percentile, indicating a historical bottom region. The sub-industries of the grid, energy storage, new energy vehicles, and wind power have price-to-earnings ratios of 25.08, 84.75, 33.85, and 46.57 times, respectively, with historical valuation percentiles of 33.74%, 56.02%, 19.39%, and 79.52% [23][38]. Industry Data Tracking - The report indicates that the photovoltaic industry chain prices have entered a downward cycle, with the price of high-purity silicon material remaining stable at 36.0 yuan/kg as of November 20, 2024. The prices of various components, including monocrystalline silicon wafers and battery cells, have also remained stable [40][48]. - The report highlights that the overall profit margins in the industry are under pressure due to rapid price declines, particularly in the silicon material segment, where the gross profit margin was reported at -0.01 yuan/W as of November 21, 2024 [48]. Key News Tracking - The report mentions significant developments such as the successful trial operation of the Qinghai electricity spot market and the announcement of a major tender by the Southern Power Grid for materials worth 8.859 billion yuan for 2024 [66][70].