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电力设备与新能源行业周报:关税波动不改向上预期,板块回调充分
Guoyuan Securities·2025-04-28 12:23

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights that despite tariff fluctuations, the upward expectations for the sector remain intact, with sufficient corrections in the market [2]. - The report emphasizes the robust growth in the renewable energy sector, particularly in solar and wind energy, driven by technological advancements and increasing demand [4][5]. Weekly Market Review - From April 20 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, while the Shenzhen Component Index and the ChiNext Index increased by 1.38% and 1.74%, respectively. The Shenwan Electric Power Equipment Index outperformed, rising by 2.40% [12]. - Within sub-sectors, solar equipment, wind equipment, batteries, and grid equipment saw increases of 0.74%, 4.05%, 3.38%, and 1.54%, respectively [12][13]. Key Sector Tracking - In 2024, XINWANDA achieved total revenue of 56.021 billion yuan, a year-on-year increase of 17.05%, and a net profit of 1.605 billion yuan, up 64.99% year-on-year, driven by stable growth in consumer batteries and rapid growth in power battery and energy storage system businesses [3][22]. Investment Recommendations - For solar energy, the report suggests focusing on companies that have undergone sufficient corrections and have clear alpha, such as Aishuo Co., Fulete, and Xiexin Technology [4]. - In the wind energy sector, the report maintains a positive outlook, highlighting the strong competitive advantage of domestic wind energy supply chains and suggesting attention to companies like Goldwind Technology and Mingyang Smart Energy [4]. - In the electric vehicle sector, the report recommends focusing on companies benefiting from low upstream raw material prices, such as CATL and EVE Energy, as well as leading firms like Hunan Youneng and Longpan Technology [5]. Industry Price Data - The report notes that polysilicon prices remain under pressure due to high inventory levels and market expectations, with domestic prices around 36-38 yuan/kg [29]. - The price of silicon wafers has continued to decline, with N-type wafers experiencing significant drops, indicating a challenging pricing environment for manufacturers [30]. - Battery cell prices have stabilized, with P-type battery cells averaging 0.295 yuan/W, while N-type cells have also seen downward adjustments [32][34]. - Module prices are under pressure, with average bidding prices for centralized projects dropping to 0.67-0.71 yuan/W, reflecting a broader trend of price reductions across the industry [37].