GOLDEN SUN SECURITIES·2026-03-01 08:24Investment Rating - The report maintains a positive outlook on the power equipment sector, particularly in renewable energy, with specific focus on solar, wind, hydrogen, and energy storage technologies [10][12]. Core Insights - The report highlights the tightening capacity of offshore wind single piles in Europe and anticipates increased policy support for hydrogen energy during the 14th Five-Year Plan period [2][3]. - In the solar sector, silicon prices are under pressure while battery module prices remain stable, indicating a potential market adjustment as production capacity is curtailed [14][15]. - The energy storage sector shows significant growth, with a marked increase in EPC project scale and expectations of rising lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafer prices averaging 1.10 RMB per piece, down 8.33% from previous levels [14][15]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [14][15]. - Key companies to watch include Tongwei Co., Xiexin Technology, Longi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [15][18]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the tight capacity in the European offshore wind sector [2][16]. - New suppliers have been contracted for the project, and domestic companies like Daikin Heavy Industries and Tianjun Wind Power are expected to expand internationally [2][16]. - The report suggests monitoring companies involved in high-voltage cables and wind turbine components, such as Dongfang Cable and Jinlei Co. [2][16]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons/year of renewable energy hydrogen production capacity by the end of 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy, Huadian Heavy Industries, and leading hydrogen compressor manufacturers [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC market saw a total installed capacity of 4.92 GW/12.42 GWh, with a 30% increase compared to the same period in 2025 [4][19]. - The report emphasizes the importance of large-scale energy storage solutions, recommending companies like Sungrow Power and Atersa [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected at 149.59 GWh, reflecting a 21.93% month-on-month increase, indicating robust demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech, with a focus on maintaining demand resilience [5][26].