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2011年以来,新能源产业步入低谷。全球光伏装机增速放缓,产品价格大幅下滑,光伏企业普遍面临增收不增利的局面。我国风电则首次出现新增装机规模下滑的现象,产能过剩、风机价格下降导致全行业盈利能力下降。在此背景下,我们认为,新能源行业的投资机会在细分市场。我们预计,随着国内光伏市场规模的启动以及国产化进程的加快,国内光伏设备及耗材市场将获得超预期的增长。在风电并网瓶颈及未来风电增速放缓的背景下,具备低电压穿越能力以及更高技术水平的大型风机制造商将更具优势。同时,低速风电场的成长空间较大。
Since 2011, the new energy industry has bottomed. Global growth slowed PV installed capacity, product prices fell sharply, the PV companies are generally faced with increasing revenue without increasing the situation. China’s wind power is the first time there is a phenomenon of new installed capacity decline, overcapacity, the decline in fan prices led to decline in profitability across the industry. In this context, we believe that the investment opportunities in the new energy industry are in the market segments. We expect that with the start of the domestic PV market and the acceleration of the localization process, the domestic PV equipment and consumables market will see more-than-expected growth. Given the bottlenecks in wind power grid integration and the slowdown in future growth of wind power, large wind turbine manufacturers with low voltage ride through and higher technology will have more advantages. At the same time, low-speed wind farms have more room for growth.