Investment strategy of the hottest power equipment

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Investment strategy of power equipment and new energy industry in 2019: power equipment is cost-effective, waiting for the profitability of new energy to bottom out

the performance of mainstream enterprises of power transmission and transformation equipment will be upward, with a certain cost performance in economic adjustment. Once the demand of the automation industry stabilizes, competitive mainstream enterprises may have strategic buying points. The profitability of the midstream of new energy vehicles is approaching the bottom, and is expected to reach the bottom in mid-2019; At present, the pattern of ternary battery and electrolyte is the first to stabilize. There may be policy amendments in the photovoltaic sector. On the whole, in 2019, especially in the second half of the year, the trend of plate fundamentals will be significantly better than that in 2018, and there may be valuable investment opportunities in some fields

the valuation has entered a reasonable range. The mid stream valuation of new energy vehicles is close to the lowest level in the last four years, the automation sector is in a low position, and the valuation of the power transmission and transformation sector hit a 10-year low. Among them, the valuation of high-quality enterprises is within a reasonable range, while the adjustment range of second and third tier enterprises is greater

the power transmission and transformation equipment sector has cost performance. The essence of the operation performance of power equipment passing through the annual cycle is that it can transfer the investment to the national consumers. As long as the power consumption can be stabilized, the power investment can be maintained in this round of economic adjustment with a high probability. Considering the UHV cycle investment, the operation of mainstream Enterprises is upward

whether the profitability service of the midstream of new energy vehicles is in place is approaching the bottom. The number of cost-effective new energy vehicles in China is increasing, and policy driven increments may appear in renting and car Hailing. It is expected that the demand trend will continue, and overseas enterprises may start a relatively strong pull in 2020. However, the rapid expansion of the supply of power batteries and related fields has led to cyclical industrial profits. At the same time, scientific research should also be allowed to fail and repeat in a certain stage. At present, the profitability of raw materials and battery materials is still declining. Considering the utilization rate of effective capacity and the fact that most participants have been difficult to support a new round of large-scale expansion, we expect the industrial profitability to bottom out around the middle of 2019. Before that, the bottleneck of effective supply was ternary cells, and the bottom of profitability was electrolyte

wait for strategic buying points in the automation sector. The era of domestic reckless entrepreneurship has passed, and some enterprises have formed obvious leading advantages, and their leading degree of operation efficiency and expansion cost is still expanding. In recent quarters, domestic demand has weakened, but from the perspective of tightening the oil joint after long-term unloading, the economy and necessity of the industry will become stronger and stronger. Once the demand trend of the industry stabilizes, it should be a strategic buying point for high-quality enterprises

photovoltaic may have policy amendments, and the main line is still cost reduction. 5. The domestic installed capacity of the moonlight volt new deal has brought great disturbance and profit pressure, and there may be policy amendments in the future. Mainstream enterprises will hedge some domestic pressure through overseas markets, but the recovery of global supply and demand will take several quarters, and the differentiation and concentration of enterprises will improve significantly. The delivery cycle of wind power has begun, and the subsequent profitability is expected to stabilize. Press the "start" key on the counter

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