New energy power generation, photovoltaic, wind power

However, in the context of carbon neutrality, wind power is another important path to replace thermal power, so in the long term, the growth space is very good.

However, note that the progress of the development of components completely depends on the deployment of wind power in China, wind power has higher geographical requirements, occupies a large area, compared with photovoltaic, there is a large uncertainty.

4. What are the investment opportunities in the current new energy power generation industry?

The first conclusion:

Overall, the current valuation of the new energy power generation industry is high, and it is recommended that the valuation fall to a reasonable range.

From the perspective of sub-structure, the current valuation of wind power is relatively reasonable, and it can be invested in a small position; Pv is now valued at a high level, and it is not recommended to blindly chase up.

Look at the specific industry segments.

Silicon wafers and photovoltaic auxiliary materials are currently valued at a high level and are not suitable for investment;

Inverter current valuation is seriously overestimated, not suitable for investment;

The current valuation of photovoltaic processing equipment and wind power components is relatively reasonable and can be placed in a small position.

Next comes valuation analysis.

In front of us, we analyzed the financial data and industry pattern of various subsectors of new energy power generation, and the specific can not be invested, but also depends on the current valuation.

The net has sorted out the valuation of various sub-sectors of new energy power generation in the past 7 years (2014-2020), and calculated the average valuation level of various sub-sectors in the past 7 years.

As for why I chose the seven years 2014-2020, the reason is very simple.

2014-2020 just happens to be a complete bull and bear cycle, and the average valuation of these seven years is more instructive as a comparison object.

After a comprehensive comparison, combined with the previous financial analysis, the following conclusions are drawn.

Look at the structure.

There may be some opportunities in the wind power sector, but there is a certain bubble in the photovoltaic sector, and overall, it is still not recommended to enter now.

Look at the specific industry segments.

Silicon wafer should be the largest long-term investment value, this segment of the industry is the core of photovoltaic power generation, high technical content, large market size, earning power is also very strong, and the development trend of nearly 2 years is very good. However, it should be noted that the cash flow of silicon wafers is poor, and there is a trend of further deterioration, so there may be a certain "moisture" in the performance, and the current valuation is high, so it is not recommended to chase up.

Inverter performance growth rate is general, the entry threshold is not high, the overall competitiveness of the industry is poor. Moreover, among the unlisted companies, there are giants such as Huawei that share a lot of market share, so the long-term investment value is limited. From the current inverter valuation point of view, it is also seriously overvalued, so there is no current investment value.

Photovoltaic auxiliary material performance growth is very fast, but the earning power is general, and such "auxiliary industry" technical content is not high, the industry competitiveness is general, so the long-term investment value is not so high. The current valuation is also relatively high, there are few investment opportunities.

The performance of photovoltaic processing equipment is growing fast, the earning power has been significantly improved in the past two years, and the development prospects are relatively broad. And valuations are relatively reasonable, so there are some investment opportunities.

The performance of wind power components is growing very fast, the earning power is also rising in recent years, and the current valuation is also reasonable, so there are certain investment opportunities.

Overall, the long-term performance growth of the new energy power generation industry is fast, and the growth rate in the past two years is explosive. In the context of carbon neutrality, the future performance growth rate is expected to be no worse. Therefore, the investment value of the new energy power generation industry chain is still quite high.