Central Plains Securities: It is expected that global photovoltaic supply and demand will be prosperous in 2022. It is recommended to pay attention to these segments

[Dahe Daily · Dahecai Cube] (Reporter Zhang Keyao's text picture) On June 25, Central Plains Securities opened online. Tang Junnan, a researcher at Zhongyuan Securities, believes that in 2022, the global photovoltaic market shows the characteristics of two prosperous supply and demand and rapid growth. Considering the construction of large domestic landscape bases, high -speed growth of distributed photovoltaic installations, and strong installation demand in Europe, the United States, and Asia -Pacific regions, the photovoltaic sector The high prosperity throughout the year is convinced. It is recommended to pay attention to the integrated component factories, photovoltaic equipment, photovoltaic glass, and inverter head enterprises with reasonable valuations.

Tang Junnan said that the cost of silicon material, photovoltaic glass, aluminum frame, transportation costs, direct labor and manufacturing costs have a greater impact on photovoltaic component units. The improvement efficiency of photovoltaic power generation, the automation and intelligent level of production equipment, and the improvement of labor, labor The increase in productivity will reduce the direct labor and manufacturing costs of unit products. With the obvious release of silicon material production capacity in the third, fourth quarter of 2022 or 2023, the cost of silicon material will be reduced, and the price of electrolytic aluminum prices and transportation costs will be reduced It will also lower the cost of the unit.

"Photovoltaic equipment companies generally have a longer installation, debugging and trial operation time from the equipment to customer acceptance. The increase in inventory of photovoltaic equipment companies reflects that the sales trend is good." Tang Junnan said that the liabilities of photovoltaic equipment contracts at the end of 2021 will increase significantly. There will be better growth throughout the year.

In the photovoltaic glass sector, Tang Junnan introduced that the different degree of different degrees of photovoltaic glass products, the stable production technology path, and the core difference between the enterprise lies in the cost control. , Production automation and cost control, financing channels and capital costs, and long -order sales with component factories have significant advantages. It opens up the gap with small and medium -sized manufacturers. It is recommended to pay attention to head photovoltaic glass companies with obvious cost advantages.

As for the inverter sector, Tang Junnan said that the lack of IGBT semiconductor is an important issue that plagues the development of the inverter. The expansion of domestic and foreign manufacturers such as Yingfei, Toshiba, Huanghong Semiconductor, etc. Considering that the expansion cycle is 1-2 years, In addition, the delivery cycle of semiconductor equipment is stretched. It is expected that the new capacity will be gradually released from 2022 to 2023. The problem of semiconductor supply is expected to be relieved. In the later stage of the new crown pneumonia, the company will gradually return to normal. The price of commodities is declined. At the same time, the prices of sea transportation have declined. It is expected that the profitability of inverters in the second half of 2022 is expected to improve.

Responsible editor: Shao Yuxiang | Audit: Li Zhen | Director: Wan Junwei

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