Downstream recovery of low voltage inverter is not yet clear

This week, GF Securities maintains a hold rating for the new energy industry for power equipment. The recent proposal to continue to pay attention to the annual report market, the annual report exceeding the expected power distribution equipment section is worthy of allocation. This week, photovoltaic U.S. stocks soared, and the industry's periodic recovery trend was determined. Taking into account the low valuation of photovoltaic US stocks and the margin of safety, and the high valuation of A shares of photovoltaic stocks still has the risk of downward adjustment, and hereby draw investors' attention to risks. In the sub-section, transmission and distribution equipment, we still recommend to pay attention to the state-owned enterprises; the middle and western regions of the middle and low-voltage distribution equipment sector are expected to benefit from the substantial increase in investment in rural network reconstruction; the power electronics sector has not yet seen Substantial recovery of downstream demand, it is recommended to pay close attention to the company's orders in March; the nuclear power sector suggests to pay attention to the valuation recovery brought about by the restart of nuclear power in the first quarter.

Quotes This week, Shanghai A shares, Shenzhen A shares and Shanghai and Shenzhen stocks rose by 0.9%, 2.82% and 0.67%, respectively, while the power equipment and new energy sectors rose by 2.41% and 1.94% respectively. From the perspective of the sub-industry, this week's secondary equipment rose the most, up 2.83%; followed by photovoltaic, up 2.25%.

This week the company researched the technology of Huichuan: The industry competition is increasingly fierce, and the recovery of downstream orders still needs to be observed, but the company's defensive ability and channel cooperation still have an advantage, “hold” rating; Invensys: continue to transform the business structure, the subsidiary generally strives for 2012 Annual stop loss, "hold" rating; billion crystal Optoelectronics: The company will still benefit from the rapid growth of the domestic market, but component prices and gross profit margin will remain low, "holding" rating.

Industry News The EU Commissioner said that the Greek debt reduction agreement was “substantially achieved”, the debt crisis in Europe eased, market confidence gradually recovered, and the 12th Five-Year Plan of energy technology was released, shale gas, large-capacity high-voltage transmission, nuclear energy, Wind power and other fields are valued; the national power grid has fallen into Europe and is expected to expand the overseas market of power equipment. Listed company dynamics Company announcement (1) *ST Shen Long: Asset reorganization completed, 2.17 resumption (2) Lucent Electric: Shanghai Electric Power Company will be transferred 11.77% of the shares were transferred to the State Grid Power Institute without compensation. 3) Xinlong Electronics earned 0.44 yuan per share, 2 shares for every 10 shares and 0.25 yuan for every 8 shares. (4) Solar Cable: The project won the bid of 642.69 million yuan. (5) Sunshine Power: Capital reserves increase 6-8 shares for every 10 shares of all shareholders, and the cash distribution plan is to be determined.

Industry data summary Raw materials: domestic copper price 60,600 yuan / ton (2.80%); domestic aluminum price 15,920 yuan / ton (-0.06%); oriented silicon steel 17,300 yuan / ton (0.00%); non-oriented silicon steel 6,500 yuan / ton (0% ); steel plate 4260 yuan / ton (0.33%); photovoltaic prices: polysilicon 31.25 US dollars / kg (1.6%); polysilicon tablets 1.21 US dollars / piece (4.42%); single crystal silicon wafer 1.708 US dollars / piece (5.43%); Polycrystalline cells are $2.078/W (3.85%); single crystal cells are $2.442/W (5.08%); crystalline silicon components are $0.94/W (0.00%); and thin film components are $0.77/W (0.00%).

Focus on the company's Guodian Nanrui, Senyuan Electric, Zhengtai Electric, Rongxin, Zhongyeda, Siyuan Electric, and Hekang's variable risk risk of raw material price fluctuations, and macro-control will lead to a drop in industry investment risk.

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