Photovoltaic new energy sector breeds outbreaks

Orient Securities: Photovoltaic sector or rebound

Quotes

At the bottom of the price of photovoltaic products, the photovoltaic industry is picking up, or ushered in a rebound. In the second quarter, due to the installation volume in Germany in March-May affecting the amount of subsidies in the second half of the year, and the subsidy policy in the Italian market has been delayed, users are worried about buying psychology, which makes the demand for photovoltaic products lower than expected. Germany's shipments in March-May are about 700MW. From July 1st, the on-grid tariff will not be lowered. The German PV project IRR is expected to rise by about 3%, and has entered the peak season of installation. It is expected that the German market will rebound strongly in the second half of the year. The third quarter of the industry will improve in the second quarter, the price of photovoltaic products will stabilize, and some products will rise steadily. From a policy perspective, China's launch of concession bidding in the second half of the year and the promotion of the Golden Sun project will all contribute to the accelerated start of the Chinese market. After the deep correction in the previous period, the photovoltaic sector may usher in a rebound in the industry.

The growth rate of battery capacity expansion exceeded the demand growth rate, the contradiction between supply and demand was prominent, and the capacity utilization rate was insufficient. In 2011, the capacity expansion of major battery companies exceeded 50%, and the growth rate of demand for photovoltaic cells in 2011 is expected to be between 20-30%. The mismatch between production capacity and demand leads to imbalance between supply and demand, insufficient capacity utilization of enterprises, and current capacity of large plants. The utilization has been improved, and the operating rate of small factories is very low, the inventory is still high, and the pressure is high. Therefore, the fundamentals of the industry have not been fundamentally improved, and it is difficult to have a trend-oriented market.

Polysilicon prices rebounded slightly, and can focus on Leshan Power (buy). The price of polysilicon has fallen from the previous high point to 40% of the space. The current price is between 50-60 US dollars / kg, which is already the cost line of most polysilicon enterprises in China. From the supply side, the new capacity release will be released at the end of this year and early next year. Short-term industry rebounded from the previous month, demand appeared Xiaoyangchun, and enterprises generally reacted that polysilicon inventories were at a low level. We believe that polysilicon prices will rebound slightly. The rise in polysilicon prices has driven the stock price up, so we recommend focusing on companies with high market capitalization ratios: Leshan Power (unrated) and Dunan Environment (buy).

The integration enterprise is highly flexible, and the valuation of Haitong Group is 30 times, while the current valuation of Haitong Group is 22 times. It is recommended to pay attention to Haitong Group (unrated).

PV equipment and accessories are stable and can focus on Jinggong Technology (unrated). Photovoltaic equipment is in the process of localization, product prices are relatively stable, material costs are relatively stable, profitability is relatively stable, and the boom is lagging behind the component cycle. Part of the auxiliary products are imported and replaced, the profit is relatively stable, and the business cycle and component cycle are synchronized. Under the premise of performance certainty, it is recommended to pay attention to Jinggong Technology (unrated) and Xinda New Materials (unrated)

The valuation range of PV targets is extremely large, and the valuation center moves downwards. Growth and cyclicality are the main reasons. In 2007, overseas and domestic PV stocks were valued more than 60 times. At the beginning of 2009, PV concept stocks were valued more than 40 times. In 2010, PV stocks driven by more-than-expected demand were valued at more than 30 times. Now, the valuation of overseas PV stocks is as low as 2 times, like GCL-Poly is only 15 times, while domestic PV stocks are estimated to be 20-30 times, still growing and cycling. (Oriental Securities Research Institute)

Galaxy Securities: the outbreak of photovoltaic industry

Core point of view:

1. The continuous outbreak of global PV market demand cannot be separated from the support of government subsidy policies. The most direct subsidy method is on-grid tariff subsidy. The electricity price subsidy policies of Germany, Italy and Spain all stimulated the substantial increase in the scale of local installations in different periods.

2. At present, the photovoltaic industry has formed a market with considerable scale, complete industrial chain, numerous participants and continuous technological advancement. In countries with relatively developed PV markets (end markets), the pace of subsidy policy withdrawal is accelerating.

3. The reduction of photovoltaic power generation cost is the only way for industrial development and the ultimate driving force. The photovoltaic market will transition to the cycle of "market competition - technological advancement - cost reduction - rising PV industry investment returns - increased demand - supply and demand balance - new entrants - technological progress". In the long run, after the cost of photovoltaic equipment is reduced, PV parity is the catalyst for the real explosion of the industry.

4. Beginning in 2011, PV subsidies in major European countries, such as Germany, Italy, France, etc., have been lowered. This has led to a short-term stagnation in global market demand. In the period from March to May 2011, the imbalance between supply and demand in the photovoltaic market was obvious. The various links of photovoltaic products (silicon wafers, batteries, modules) were “destocked” and the prices of products continued to decline. With the early "destocking" come to an end and the adjustment of national subsidy policies, the short-term demand in the market is recovering, and the supply and demand situation has improved.

5. In the medium and long term, the decline in the price of this round of PV products laid the foundation for PV parity. Within three years, parity in the European region will come online in advance. At the same time, emerging markets have gained a late-comer advantage, and emerging countries can start PV demand at a lower price, such as China. We are cautious about the PV market demand in 2011 and are optimistic about the PV market demand growth in 2012-2013.

6. The average cost line of all links in the industry chain will become the bottom line of price competition. Enterprises with technical and cost advantages will eventually win. (1) Polysilicon link: The investment amount is large, the process threshold is high, and the production cost is the life and death line of the enterprise; the focus is on the polysilicon production enterprises that have completed the cold hydrogenation transformation and the companies that produce polysilicon reduction furnaces. (2) Silicon wafer link: Focus on import substitution of polysilicon ingot equipment; focus on cutting technology and recycling progress, such as waste mortar recovery, silicon material recovery, diamond cutting replacement.

Investment Advice:

We are optimistic about investment areas: equipment and consumables companies that benefit from the capital expenditure cycle of photovoltaic manufacturers, as well as polysilicon, vertically integrated photovoltaic companies, focusing on Jinggong technology, new and new materials. (Galaxy Securities Research Institute)

CIC Securities: Renewable energy is expected to further develop

German legislation has withdrawn from nuclear power, and renewable energy is expected to develop further. Wind power and photovoltaics will be the first choice. On June 3, German Chancellor Angela Merkel announced that the ruling coalition and the federal states have agreed on the exit schedule of nine nuclear power plants still operating in Germany, and will be closed in batches from 2015 to 2022. On June 30, the Bundestag passed a series of bills that completely withdrew from nuclear power and expanded renewable energy, and voted against only the left-wing party. At this point, Germany became the first industrial power to legislate to withdraw from nuclear power. In 2009, nuclear power accounted for about 23% of electricity supply in Germany, while renewable energy such as wind power, photovoltaics, hydropower and biomass energy accounted for less than 20%. Germany plans to increase the proportion of renewable energy to 35% by 2020. In this context, how to fill the power gap caused by the exit of nuclear power. For Germany's resource endowment, the lack of hydropower potential, the total biomass energy is too small, then the final choice for expanding the proportion of renewable energy will be to vigorously develop wind power and photovoltaic.

Offshore wind power and photovoltaics will benefit; energy storage technology becomes a bottleneck for access to the grid, or a necessary prerequisite for the development of renewable energy. In 2010, Germany's wind power installed capacity was 27.21 million kilowatts, and offshore wind power was less than 200,000 kilowatts. By 2030, offshore wind power installed capacity will reach 25 million kilowatts. In the future, new installed capacity will mainly come from offshore wind power.

In 2010, Germany's new photovoltaic installations accounted for more than 50% of the global market. Due to the sound promotion of the policy, we believe that the development of photovoltaics in Germany may continue to be higher than expected. On the other hand, due to the power characteristics of wind power and photovoltaic, it cannot become a base-load power source similar to thermal power nuclear power. Increasing the proportion of renewable energy access to the power grid will inevitably lead to an increase in grid instability. Energy storage technology combined with wind energy energy can be Stabilize the grid. We believe that energy storage technology should be a necessary prerequisite for the development of renewable energy in Germany. In addition, Germany also plans to significantly improve energy efficiency. We analyze possible ways such as building energy conservation, industrial energy conservation, and transportation energy conservation. In terms of building energy efficiency, improve building energy efficiency, develop photovoltaic integrated buildings; industrial energy conservation such as the use of energy-saving motors; traffic energy conservation mainly develops new energy vehicles.

Photovoltaic, wind and lithium battery segments can benefit. From the perspective of target selection, we believe that photovoltaic, offshore wind and lithium battery segments will benefit in the long run. For the photovoltaic sector, we recommend focusing on Haitong Group. (CIC Securities Research Institute)

CITIC Securities

: Investment strategy for the second half of the power equipment and new energy sector

We believe that the Fukushima nuclear crisis in Japan will become an important watershed in the history of energy development in the world. It will accelerate the "replacement" of nuclear power on a global scale: on the one hand, nuclear power plants in developed countries such as Europe, the United States and Japan will be shut down one after another. The so-called nuclear power exit, on the other hand, the nuclear power development difficulties such as the middle trap will reduce the medium and long-term installation targets, leaving more development space for clean energy; nuclear power exit or slow development will give photovoltaic, wind power and other sectors Bringing huge investment opportunities, we believe that from the future cost reduction space, current installed base and industry maturity, the photovoltaic industry should be optimistic; while the nuclear power industry faces downward revision, the wind power industry is shuffling, and the second half is not the first choice. Investment targets.

The exit of nuclear power has become the trend of the times. Taking the Japanese nuclear crisis as a guide and Germany as the benchmark, we believe that more and more nuclear power developed countries will turn to clean energy development, and Zhongwei may face the "13th Five-Year Plan" inland nuclear power project. The sharp cuts. Whether it is the general trend of nuclear power exit from the international community or the downward revision of domestic nuclear power installation planning, it will bring greater valuation pressure on nuclear power sector companies. We recommend short-term avoidance (3-6 months).

Looking forward to the full recovery of PV demand in the third quarter, the development has the most potential. We judge that the photovoltaic industry will fully recover in the third quarter; within three years, it will continue to support the PV market in Europe and the United States; with the progress of technology, scale expansion and increased competition, the cost of photovoltaic power generation after three years is expected. Down to 6-7 gross / kWh, the rise of the Chinese market will bring dozens of times the development space for the photovoltaic industry.

From the perspective of cost reduction, the development potential of photovoltaics is no doubt far more than nuclear power and wind power.

The wind power industry is shuffling. We believe that the wind turbine industry is experiencing the most painful stage: industry demand does not increase and prices fall, and corporate profitability faces unprecedented challenges. Such a difficult time is likely to continue until 2012, until more companies are unable to continue to withdraw.

Risk factors: There is uncertainty in the integration process of equipment assets under the fence.

Investment suggestion: Optimistic about the overall investment opportunities in the photovoltaic industry in the second half of the year: the thinning of profit margins brought about by the intensified competition in the industry will be inevitable, but leading enterprises with scale advantages and cost advantages can still enjoy the high growth of the industry; Haitong Group and Poly GCL. Power equipment: Optimistic about UHV equipment and state network asset integration potential company, the first push Xu Ji Electric. On the one hand, the comprehensive construction of the "Twelfth Five-Year" UHV AC and DC projects will directly increase the order boom of the two companies; on the other hand, the business positioning and asset integration of the two companies on the other side is expected to be gradually clear, optimistic about being in the CLP Xu Ji and Pinggao of the equipment group are "old and new". (CITIC Securities Research Department)

Shenyin Wanguo: Investment Strategy for Power Equipment and New Energy Sector in the Second Half of 2011

In the first half of the year, the electrical equipment industry index underperformed the overall market, which was greatly affected by the decline in gross profit margin of equipment. Due to the decline in gross profit margin due to the decline in the price of equipment tenders, the increase in costs also reduced some of the profits; at present, the equipment industry is under pressure from severe overcapacity, and the performance in the short term is difficult to improve.

Intelligent equipment will benefit from the massive construction of smart grids and smart substations. According to the State Grid plan, the scale of intelligent investment during the “Twelfth Five-Year Plan” period will reach 175 billion yuan, a year-on-year increase of about 3 times. At the same time, due to the high barriers to secondary equipment and stable gross profit margin, it is expected to remain at a high level in the future. Guarantee. In the second half of the year, the substation design plan will be designed according to the intelligent substation standard. It is expected that the scale of bidding for smart substation will be greatly improved next year, and the secondary equipment will benefit, and continue to recommend Guodian Nanrui and Xuji Electric.

The development of strategic emerging industries is expected to accelerate, and energy conservation and environmental protection will be the first among strategic emerging industries. The "12th Five-Year Plan for Energy Saving and Emission Reduction" will be the catalyst for the industry in the second half of the year. The energy consumption per unit of GDP in the “Eleventh Five-Year Plan” decreased by 19%, and the task was basically completed; the energy consumption per unit of GDP in the “Twelfth Five-Year Plan” energy conservation and emission reduction target decreased by 16%, the marginal effect was weakened, and the difficulty in energy conservation and emission reduction was increased. Abatement technology. According to the statistics of the National Development and Reform Commission, China's energy conservation and emission reduction situation is severe in the first quarter. There are 9 provinces and autonomous regions in the country that are in the first-level early warning. The energy conservation situation is very severe. It is expected that energy conservation and emission reduction will be strengthened in the second half of the year. The introduction of a special plan for emission reduction will become a catalyst for the industry. Industrial energy conservation is one of the most important forms of energy conservation and consumption reduction. The waste heat utilization and inverter energy conservation industries benefit, so it is recommended to be a leading enterprise with high performance growth: Radio and Television.

The long-term prospects for the PV market are promising and will continue to adjust in the short term. In the first half of the year, due to the slowdown in demand growth, the price of photovoltaic modules continued to decline, while the production cost of polysilicon faucets continued to decline. The cost of the photovoltaic industry is expected to decline further in the future, which will promote the photovoltaic industry to enter the next outbreak period; in the short term, the global component inventory will reach 10GW. It is equivalent to 62% of the newly added installed capacity last year. It takes a period of time for inventory to be digested. At the same time, the German subsidy has dropped by a large margin. It may wait for the PV cost to further decline before us usher in a new round of installation climax. Components may continue to face pressure from sales growth, but the outlook is promising in the long run. (Shen Yin Wan Guo Securities Research Institute)

GF Securities

: Investment strategy for the second half of the new energy sector of power equipment

In the second half of the year, we believe that we can grasp the four main lines: 1. The national energy conservation and emission reduction will continue to advance, 2. The profit of power transmission and transformation equipment will soon bottom out: 3. The power shortage will continue to accelerate the construction of thermal power in the medium and long term, 4. The second half of the PV demand will be in the second half. Germany led the next warmer. It is recommended to focus on: TBEA.

Energy-saving and emission reduction continue to advance: With the continuous expansion of market coverage and the diversification of user demand, medium and low-voltage inverters have strong ability to withstand the fluctuation risk of downstream single industry demand. We believe that domestic leading companies such as Invitro, Huichuan Technology and others will gradually achieve import substitution by virtue of the excellent cost performance of the products. In this process, the company will achieve rapid development far higher than the average growth rate of the industry.

The profit of power transmission and transformation equipment is about to bottom out: in terms of traditional voltage-grade power transmission and transformation equipment, in view of the fact that the prices of major raw materials are basically stable and the bidding price is slightly improved, the profit margin of power transmission and transformation equipment manufacturing enterprises may be the fastest this year. ~4 quarters showed a slight rebound. We believe that we can lay out leading power transmission and transformation companies with low valuation and high margin of safety, such as TBEA. Relatively speaking, we are more optimistic about the large-scale distribution equipment in the downstream market. However, due to its large number of manufacturers and obvious geographical segmentation, we recommend focusing on upstream components with core competitiveness. It is recommended to pay attention to radio and television.

The power shortage will continue to accelerate the construction of thermal power: We judge that the short-term "electricity shortage" is not caused by insufficient power generation capacity. The pricing mechanism of "market coal" and "planned electricity" has led to the weakest willingness of thermal power generation to generate electricity. This is the most important reason for this "electricity shortage". In the medium and long term, if the contradiction between supply and demand of coal and electricity is further intensified, the profitability of thermal power will continue to decline, which will inevitably lead to a slowdown in the growth rate of new thermal power installed capacity. When the installed capacity of power generation is insufficient to support the needs of economic development, the power equipment industry will usher in a new round of investment boom, and it is recommended to pay attention to Dongfang Electric.

PV market is expected to pick up in the third quarter: Germany is not expected to cut PV on-grid tariffs in the second half of this year. German demand is expected to increase sharply in the third quarter. The boost in demand is expected to ease the pressure on enterprises to destock, but the pressure on oversupply is still large. The overall profitability of the photovoltaic industry this year is not as good as last year. (Guangfa Securities Research Center)

Hongyuan Securities

: Photovoltaic sector investment strategy in the second half of the year

Report summary:

Periodic analysis of the photovoltaic industry. In the long-term downward trend, there are often sharp short-term price fluctuations due to the small market capacity and short-term instability of demand and supply.

Germany cancels subsidies and Italy's extension will stabilize investor expectations. The price of components has dropped, the on-grid price is expected to be stable, and the increase in yield will drive the growth of terminal demand in the second half of the year. There may even be a similar rush in the second half of 2010.

The pace of market supply growth will slow down in the second half of the year, and the production capacity of polysilicon will be relatively surplus. Due to the decline in the first half of the year, many wafer component manufacturers have slowed the pace of capacity expansion. After our statistics, the production capacity of polysilicon will be relatively surplus, the price of polysilicon will remain at a low level, and the profitability of high-cost enterprises may deteriorate.

The launch of markets in Southeast Asia, Africa and the Middle East. The power supply in the islands of Southeast Asia and parts of Africa is seriously insufficient, and the natural conditions are not suitable for power supply using conventional energy. Photovoltaic power generation has become an irreplaceable choice, and it is expected that these two markets will grow significantly next year. The Middle East is rich in solar energy resources and has a large market plan. It mainly depends on the time when the government starts the PV subsidy policy.

The Chinese and US markets will ensure continued growth in the industry. China and the United States will have the largest PV market capacity. Relatively speaking, the government's policies are also cautious, and the pace of launching policies is slow.

However, each market has the same capacity as the entire European market, providing a broad space for the long-term stable development of the photovoltaic industry.

Sensitivity analysis of internal rate of return of photovoltaic power plants. The cost of PV modules accounts for about 50% of the cost of the power station. Under the current cost and price conditions, the internal rate of return is 10.28%~21.10%, which is mainly determined by the lighting conditions and the on-grid price.

The technical routes of solar power generation are not mature, and there is still much room for cost reduction. Recently, attention has been paid to the breakthrough of Chinese enterprises in realizing quasi-single crystal technology. This new product has the advantages of high conversion efficiency of single crystal cells and low process cost of polycrystalline battery, which is easy to mass produce.

Focus on recommending the largest expansion of Dagang shares

Haitong Securities

: Investment opportunities in power equipment and new energy industry under the "electricity shortage" situation

(1) Investment proposals for the power equipment industry:

In the second half of the year, the power grid construction will accelerate, optimistic about the smart grid, especially the UHV DC, intelligent substation and distribution network automation industry.

In the long run, the energy-saving industry is welcoming the golden period of development. Energy-saving equipment field is optimistic about special frequency conversion, energy-saving services optimistic about contract energy management.

(2) Selection method of power equipment company:

Smart grid: a leading company with strong technical strength. Such as Guodian Nanzi, Rongxin shares and so on.

Energy saving: the first entrant in the market with strong financial strength. Such as Ying Wei Teng and so on.

(3) Investment proposals for new energy industry:

The price drop in this round is coming to an end. The main reasons are: (1) has reached the bottom line of the profitable company; (2) the inventory digestion continues; (3) the economy has already appeared, the higher IRR will push the demand again, thus maintaining the price dynamic equilibrium.

The factor we need to observe is when the demand starts again, and we judge that the third quarter is expected to appear.

(4) New energy company selection method:

Investment options increase key equipment, consumables companies, inverter companies that are driven by the domestic market, and cost-leading companies. (Haitong Securities Research Institute)

Shenyin Wanguo: The old energy crisis reminds us of the need for China's new energy development

In terms of demand, the surge in electricity consumption in the first quarter was mainly due to temporary factors. The cold winter factor led to a significant increase in the electricity consumption of residents in the first quarter; high-energy-consuming enterprises rebounded after heavy energy saving and emission reduction. Therefore, climate reasons and rebound factors after energy conservation and emission reduction are difficult to play a leading role in this year's power shortage.

From the perspective of supply, the ebb tide in East China may be slower than in Central China. In the central Hunan, Henan and other provinces, there is indeed a phenomenon in which the hours of thermal power utilization do not fall and rise in the power shortage. Therefore, the electricity shortage in these provinces can be eased soon after the price of the grid is raised. However, the utilization hours of thermal power in Jiangsu, Zhejiang, Anhui and other provinces have increased significantly year-on-year, and it is necessary to increase investment in thermal power equipment to ease.

The story of the past three different stages of the Chinese-style power shortage.

Electricity shortage caused by insufficient investment: In the era of planned economy, under the exclusive power-sending mode, the investment in fixed assets was seriously insufficient, resulting in the existence of power shortages all the year round. It was not until 1984 that the emergence of electricity fundraising fundamentally solved this problem. Electricity shortage caused by limited investment: At the beginning of this century, administrative measures to curb power investment to avoid the problem of idle power generation in 1998 led to the construction of power equipment lags behind economic development and triggered the power shortage in 2004. Electricity shortage caused by rising old energy prices: China's power generation is over-reliant on coal. When coal prices rise, electricity is naturally tight. In 2007-08, the price of coal increased by 300%, and the price of electricity was increased by 15%, which directly led to the power shortage in 2008 and the low willingness to invest in thermal power equipment in the following years.

What is the current way out of power shortage: new energy sources such as energy conservation and emission reduction, power grid investment and nuclear power. The nature of electricity shortage is the old energy crisis, and the increase in electricity prices is not the solution. If the electricity price is largely liberalized, the cost pressure will be directly transmitted to the whole society. If the electricity price is raised slightly (such as in 2008 and April 11), it is difficult to really solve the power shortage, but it will push up the demand for coal. Combined with the main theme of the 12th Five-Year Transition, we are more likely to see an upgrade of energy-saving and emission reduction measures in the short term. In the long run, on the one hand, the current investment in power grids such as UHV equipment is lagging behind, and on the other hand, efforts to increase the supply of thermal power are not the solution. It is necessary to improve energy efficiency at the demand side and reduce energy consumption. , the development of new energy sources such as nuclear power. (Shen Yin Wan Guo Securities Research Institute)

GF Securities: Current Investment Strategy for Power Equipment and New Energy Sector

Industry perspective

The oversold and valuation corrections in the industry segment may lead to investment opportunities. We maintain our previous views and recommend that we focus on industry stocks with clearer growth and profit recovery.

Industry news

The "electricity shortage" speeded up the transmission of power to the east, and the National Energy Administration clearly agreed to work in Xinjiang before the Hami-Zhengzhou UHV DC delivery project. The installed capacity of the 10 projects reached 6.57 million kilowatts, which is the largest in the history of Xinjiang for national power generation projects.

State Grid announced the third batch of centralized bidding this year. The equipment for the first three batches of bidding in 2011 showed a significant increase compared with the same period of last year, mainly due to the expansion of the scope of bidding, and the voltage level of 110kV and below was also included in the centralized bidding list.

The price of photovoltaic products has fallen. Under the influence of weak demand for photovoltaic power plants in Europe, large-scale domestic expansion and high inventory, the price of components and batteries has dropped by 18%-20% in three months, while the price of polysilicon has fallen in a single week. 10%.

Recent research

Huayi Electric: Although the company's previous wind power base is low, the business will have a large growth in the future, but we are cautious about the development prospects of the industry in the next 1-2 years. In addition, the solar thermal power generation business in the market is also difficult to achieve significant profits in the short term. The EPS is tentatively estimated to be 0.47 and 0.63 yuan in 2011~2012.

Hyde Control: The company's business strategy is positioned on the industrialization of independent products and providing solutions. At present, the domesticization of domestic wind power converters has accelerated, and the company's leading position in China will bring certain market opportunities. At this stage, the company's products have been used in small batches by important whole machine manufacturers, but large-scale orders still take time. The accumulation. The traditional thermal power integration business was affected by the decline in thermal power installed capacity, and its performance declined. The transportation sector still has growth. In the future, the company's integrated business will develop toward new energy-saving businesses, but the market has yet to make a complete breakthrough.

Yellow River whirlwind: The company's synthetic diamond downstream demand is strong, the application of single crystal material industry is expanding, and the growth rate will reach 20%-30% in the future. Based on the current business and new products after the issuance, the EPS for the next three years will be 0.35, 0.74 and 0.90 yuan respectively.

Focus on the company: TBEA, INVT, sunflower, Zhengtai Electric, Radio and Television Electric. (Guangfa Securities Research Center)

Xiangcai Securities: annual power shortage, electricity price increase indirectly benefit new energy

Electricity supply and demand situation is tight this year, and electricity prices have been raised. According to the statistics of China Electricity Council from January to April, the electricity consumption in January, March and April this year is very close to the peak summer electricity consumption in July and August last year. The latest forecast for 2011 is: the national electricity supply and demand is generally tight, and some regions continue to be tight, and the power supply gap may further expand during the peak summer. In April, the National Development and Reform Commission raised the on-grid tariffs of 16 provinces, and the adjustment of electricity prices will eventually be transmitted to the sales price. According to "Power Industry? Twelve Five? According to the forecast of the Planning Research Report, the average selling price of electricity in China will reach 0.71 yuan/kWh in 2015, so the annual sales price of 2~3 points/kWh is raised in a reasonable expectation.

The regional power shortage is good for the development of UHV. Since the areas where electricity shortages have occurred in the near future are mainly concentrated in the economically developed areas in the east and the south, and UHV construction is conducive to solving the shortcomings of insufficient coal transportation capacity, we expect UHV to accelerate in a short period of time and may accelerate its launch in the later period. Good TBEA 600089, China Xidian and other companies.

The periodical power shortage is good for the construction of energy storage power stations. The time of power shortage is mainly concentrated in the peak season of electricity consumption in summer and winter, and peak output may be formed in a certain period of time, resulting in insufficient supply. Therefore, we believe that the construction of energy storage power stations with peak-cutting and valley-filling functions will gradually be put on the agenda, which will benefit suppliers of pumped storage power stations such as BYD and Dongfang Electric 600875.

The increase in on-grid tariffs is conducive to photovoltaic installations. The increase in the price of thermal power on-grid and the increase in electricity prices that may be caused by the increase in power shortages in the later period will have a relatively positive effect on photovoltaic installations. It is reflected in: 1. The short-term photovoltaic and thermal power generation costs are narrowing, and the relative competitive disadvantages are weakened. 2. The timing of the introduction of benchmarking feed-in tariffs in the medium term may be advanced (the domestic market will achieve rapid growth). 3. The time for long-term PV to achieve parity online may be advanced (photovoltaic power generation is fully marketized).

Industrial electricity prices have improved the installed capacity of photovoltaics. Judging from the current situation, it is generally believed that the price of electricity sold should start from the increase in industrial electricity prices, and the method of using electricity prices for residential electricity. In the industrial zones of the developed coastal economic provinces, the industrial electricity price is relatively high, generally around 1 yuan / kWh. Installing solar power plants in the plant area can solve some of the industrial electricity demand. If the subsidies are considered, the project has already had economic benefits. Therefore, we believe that the further improvement of industrial electricity prices will promote the construction of photovoltaic power plants on the roof of the plant and accelerate the launch of the domestic PV installation market.

Investment Advice. Recently, PV prices are still in a downward channel, and investment opportunities in the industry are in the field of equipment and auxiliary materials at the stage of import substitution. It is recommended to pay attention to Tianlong Optoelectronics, Suzhou Gushu 002079 and other companies. (Xiangcai Securities Research Institute)

GF Securities: Judging the trend of the solar sector in the second half of the year

Since Germany's new installations in May-May are about 700 MW, less than 1 GW, the original scheduled July 1 reduction of subsidies may not be implemented. The recent decline in the upstream is fierce. According to the current polysilicon of 50 US dollars / kg, the possibility of a large decline in the second half is relatively small (high domestic cost), unless continued in the subsequent digestion of inventory. The extreme risk behavior of the big price-cutting behavior is mainly shocked, but the silicon material should continue to fall next year.

Investment Strategy:

If the above extreme risk behavior (important premise) does not occur, the price estimate will be relatively stable in the second half of the year. If the German market demand is heavy, it will boost the second quarter wilting price. Overall, the industry will rebound slightly in the second half of the year, corresponding to the small price of the stock market. The gross profit margin of the industry from May to June should have bottomed out. However, there are still many uncertainties including the risk of the market system. It is recommended to wait carefully for the obvious warm-up signal; aggressive investors recommend buying properly.

Recently recommended combination:

Suzhou Gushu, Guangdong Yutai, Zhonghuan shares. (Guangfa Securities Research Center)

GF Securities: Recent Tracking Study of the Solar Industry

First, the overall judgment

In the first half of 2011, the market was affected by the adjustment of European policies in the short term, and the stock performance was affected by the earthquake in Japan. From mid-March to early May, the price of the industrial chain has declined to a certain extent from upstream to downstream, and is in a state of adjustment. How to look at the demand in the second half? Affected by the Italian temporary adjustment policy and the expectations of the German policy, the hot market in the first half of the year we expected in February did not continue. The Italian adjusted policy was finalized in early May, and downstream demand is generally rising. Italy's final policy We currently think that it is neutral for stocks, and it is biased towards the industry because it introduces a registration system and has its own standards for obtaining approval projects. The current subsidy mechanism is not clear for large projects. The main purpose of the government is It is still in control of the market without losing control. For the current market, policy determination is good for the industry! Procrastination will only make the market adjust sharply. The overall market in Italy is growing steadily in the future, with domestic energy imports accounting for a large proportion. The German market initially judged that the second half of the year will be better than the first half of the year. The installation in the first half of the year should be lower than expected, in order to avoid the original fixed amount of installation in March-May will bring a higher rate of electricity price reduction. Japan may abandon its nuclear power development plan. In terms of downstream demand, if the more common forecast this year is between 20-25GW, then the current supply chain supply should be sufficient, and the silicon material is slightly lagging behind. If the composite forecast is installed in the first half of the first half of the year, and the second quarter is less than expected due to the policy adjustment, and this year's annual growth rate is 30% compared with last year's installation, then the installation price in the second half is still worth looking forward to. But reflected in the stock, it still needs to pay close attention to the impact of price movements on gross profit margin. If the upstream decline is slower, there is still some compression on the gross margin. According to the current policy, the price of downstream components should be sustainable if it comes from the investment income of the system. It needs to be concerned about the impact of supply and demand on prices. (The second quarter component 1.5 US dollars / w, the second half of 1.4 US dollars / w should be more reasonable).

We still judge that the nature of the entire industry chain industry is cyclical when the cost has not dropped to a certain extent, but the overall situation should be the process of raising the bottom, the price trend will decline, and the gross profit will grow to a certain extent in the industry. Stable. After the parity online, it will be another situation. We are firmly optimistic about the industry outlook. For most of China, the intersection of traditional residential electricity prices and solar-powered users' power generation costs is around 2015.

Second, the event:

Recently, the solar energy industry chain stocks have been adjusted to a large extent, and overseas listed companies have also been in a state of adjustment in the past three days. At present, Italy policy determines that shipments are the worst in April (delayed by Italian policy), but shipments in May and June are still relatively obvious. (We understand the situation of the two companies, sales in April-June, probably 2-30MW, 40MW, 60MW) The German market is still relatively optimistic in the second half of the year. At present, silicon materials, silicon wafers and battery chips are still in relative adjustment. According to the terminal investment income, the downstream space is not large, and Germany, The policies of China, Japan, the United States and other countries to further support the industry will be clear and clear, and the future prospects of the industry are still very optimistic. If the favorable policies are issued beyond the market expectations, it should bring about an inflection point. We judged that at the end of the second quarter of the second quarter, with the gradual increase in demand and the narrowing of the upstream decline, the industry is expected to usher in a new turning point.

Third, the relevant stocks

1. Haitong Group

At present, the market is more inclined to pay attention to the company's asset replacement situation, which has put a lot of pressure on the stock price.

2, Jinggong Technology

Today's down limit, the company side reflects that the company's current fundamentals have not changed. We judge that the current market for large-scale expansion will not stop. Even if there is a delay, some orders will be transferred to next year, which will help alleviate investors' concerns about the decline of Jinggong Technology's orders next year!

3, Suzhou Gushu

Some investors have linked the company to Jinggong Technology, but the investment logic is different. Gushu is engaged in battery silver paste. At present, it is basically imported from China, and the import space is huge.

At the same time, because the silver paste is used downstream, the downstream installation volume will continue to grow in the future. Considering the import substitution, the market sales volume is linearly increased with the downstream installation.

Especially in the initial stage of import substitution, even if the installation volume is slowed down, its sales are not affected by market adjustment, so the sales of silver paste in a long time are basically not affected by the short-term fluctuation of the installation market.

Risk warning: Silver pulp industrialization is lower than expected. (Guangfa Securities Research Center)

Bohai Securities: Current Investment Strategy for New Energy Sector of Power Equipment

Investment points:

The overall growth rate of the industry is declining and the sector is seriously divided.

In 2010, the operating income of power equipment and new energy reached 300.239 billion yuan, a year-on-year increase of 26.79%, and the net profit was 26.079 billion yuan, a year-on-year increase of 23.26%. In the first quarter of 2011, the growth rate of industry revenue and profit both declined, reaching 21.77% and 12.22% respectively. The power equipment sector is characterized by an increase in revenue but not necessarily a profit. The profit of the primary equipment sector in the fine-molecular sector has even experienced negative growth. The new energy sector has become the main source of profit growth for the industry, especially in the solar sector 2010 revenue and profit growth rate of 100%. Above, it remained above 70% in the first quarter of 2011.

The decline in equipment profit is the most obvious, and the solar sector performs best.

一次设备板块是细分行业中表现最差的板块，板块呈现明显的增收不增利的特点，利润增速已连续为负，毛利率和净利率持续下滑，一季度已分别降至20.13%和6.48%。电网投资放缓、国网集中招标、原料价格大幅波动以及行业趋向完全竞争是一次设备盈利下滑的主要原因，在特高压工程建设大规模启动前，该板块业绩难有实质性好转。太阳能板块表现最为抢眼，主要是受益于行业爆发性增长，但随着竞争加剧，毛利率水平有所降低，净利率的提升主要是费用率降低所致，2011年板块的高增长将主要靠以量补价实现。

估值水平有所回落，但估值溢价率仍较高

与沪深300指数相比，电力设备和新能源子板块的估值溢价率均在100%以上，与历史数据比较，各子板块的估值水平仍然处于较高水平。二次设备估值水平最高，估值溢价率达到379.74%，风电板块估值水平最低，估值溢价率为84.08%。从一季报数据来看，除了太阳能板块，其他子板块的业绩增速均难以支撑现有的高估值水平，尤其是一、二次设备和风电板块。

投资策略

我们认为从整体来看，行业估值水平仍处于历史的高估值区间，短期的估值压力还较大。从细分子板块来看，我们认为光伏板块可以适当超配、二次设备、电控、节能和风电板块可以标配，一次设备、核电和电机板块应予以规避。推荐标的：海通集团、超日太阳、天威保变。（渤海证券研究所）

国信证券：光伏行业已触底，需求缓慢恢复

行业需求已经开始缓慢恢复

在经历了前一阶段的价格大跌之后，随着德国6月份光伏会议的结束和意大利政策的落地，需求开始缓慢恢复，而在价格深跌之后，电站的投资回报率也将有所提升，进一步会刺激需求。

近期多晶硅和组件价格下跌趋缓

进入6月以来，由于需求的恢复，组件和多晶硅价格在深跌之后逐渐企稳，部分地区的价格已经在筑底之后出现了微幅的回升，买卖方由于对于未来市场存在分歧，价格处于一个相对博弈的时期。

硅料价格下跌促使组件利润得以恢复

硅料近期的下跌为下游的组件赢得利润增长的空间，使得组件的利润在三季度有望出现环比明显改善。

政策仍存在较大的不明确性，但向好概率偏大

由于目前欧洲债务危机，整个欧洲的信贷的松紧仍然难以判断，但是由于上半年行业的大幅下滑，短期如果资金面尚可的话，出台更严厉措施的概率不大，从前阶段德国否定掉3月份再次削减补贴的预案就可以证明。而如果近期进一步取消7月1日的补贴下调，将为行业带来重大的利好。

维持行业"推荐"的投资评级。

行业基本面改善基本已经确定，如果在三季度需求和价格出现回升的话，板块有望迎来行情，因此维持行业"推荐"的投资评级。但由于需求的恢复还低于预期，行业目前仍存在风险。而在个股上，仍然偏向于上游的公司，推荐乐山电力和精功科技等白马股，而下游由于组件利润有所恢复，部分前期跌幅较大的组件企业也可以关注，给予东方日升、向日葵、超日太阳、"谨慎推荐"评级。（国信证券研究所）

招商证券

：持续产业政策推出有望带来光伏板块投资机会

光伏产业进入"成本下降、政策减弱"良性发展阶段。德国、西班牙等国家光伏发电补贴力度有所减弱，但价格下降的同时使光伏发电项目IRR依然达到8%以上，需求仍然稳定增长，说明光伏发电成本的竞争力已经明显提高，在成本下降与政策推动双重作用下，行业发展状况良好。

预计2010年全球光伏装机量9.35GW，同比增长51%。2010年预计德国市场仍有4GW需求，依然是光伏需求最稳定市场；在建设低碳经济大背景下，各国政府对光伏发电的认可度逐渐提高，政策措施的效果将逐渐显现，美国、加拿大、意大利、中国和捷克等光伏市场有望兴起。

后端产业链"中国优势"逐渐突出。目前中国企业在硅片切割技术、电池片和组件生产技术已经处于全球先进水平，随着多晶硅原材料瓶颈解决及国内多晶硅企业规模效应的显现，后端产业链的"中国优势"将更加明显，一批龙头企业将成为全球光伏市场的引领者。

国际油价为光伏行业投资重要参考指标。从历史经验来看，国际油价与光伏行业股票指数相关性较强，油价上涨对光伏行业基本面和估值水平提升都有正面影响，未来油价上涨、资源紧缺以及环境问题使得我们对光伏产业的发展持乐观态度。

投资策略。光伏发展仍以晶体硅及薄膜电池技术为主。未来需要重点关注国家产业政策、光伏电场建设。长期看好全球光伏市场健康发展趋势，维持行业"推荐"投资评级。关注国家政策，持续产业政策推出有望带来行业性投资机会，预计时间为下半年。建议重点关注海通集团、天威保变、拓日新能及一些拟上市光伏企业，同时可关注香港及海外上市公司如兴业太阳能、保利协鑫、铂阳太阳能、LDK、无锡尚德、天合光能等。（招商证券）

银河证券：多晶硅行业准入条件点评

Comments:

《多晶硅行业准入条件》正式发布，根据准入条件，新建和改扩建项目投资中最低资本金比例不得低于30%；环境条件要求高的区域周边1000米内不得新建多晶硅项目；在政府投资项目核准新目录出台前，新建多晶硅项目原则上不再批准；太阳能级多晶硅项目每期规模大于3000吨/年；太阳能级多晶硅还原电耗小于80千瓦时/千克等。据准入条件规定，到2011年底前太阳能级多晶硅还原电耗必须小于60千瓦时/千克，综合电耗大于200千瓦时/千克的太阳能级多晶硅生产线则将被淘汰。还原尾气中四氯化硅、氯化氢、氢气回收利用率不低于98.5%、99%、99%。

对于国内多晶硅行业最直接的影响是提高了市场准入门槛，将提高市场集中度，减少了行业竞争，提高行业主流公司的盈利能力。具体来看，每项措施都很有针对性。

（1）资本金比例要求和规模要求。多晶硅是资本密集型产业，初始固定资产投资额大。提高资本金比例，强调每期建设，有助于防止产业内的公司盲目扩张产能，也阻止了投机资金的进入。

（2）太阳能级多晶硅还原电耗。提高了行业技术水平，淘汰落后产能。（因国内不同区域的电价水平差距大，在低电价区域，即使多晶硅企业高能耗，仍然可以获得较低的生产成本。在这种背景下，市场经济杠杆在淘汰落后产能方面部分失效。）

（3）还原尾气。之前业内对多晶硅生产诟病最多的就是有毒尾气四氯化硅的回收问题。多晶硅企业通过建设回收装置是可以充分回收有毒尾气的。但是这造成直接导致投资成本，生产成本的增加。通过国家强制要求，增加环保成本，可以为多晶硅企业创造公平的竞争环境。

从种种措施看，准入条件保证了行业的公平竞争，提高了市场集中度，主流公司盈利能力提高、特变电工等。

此外，发布《多晶硅行业准入条件》是国内实施光伏产业发展规划的必要条件。主要解决了业内对光伏产业"高耗能、高污染"的质疑。解决了这个舆论争议，光伏产业发展规划才能真正加速。（银河证券研究所）

湘财证券：太阳能逆变电源市场即将启动

太阳能交流发电系统是由太阳电池板、充电控制器、逆变器和蓄电池共同组成。其中太阳能逆变器是整个太阳能系统的关键组件。因为太阳能的直接输出一般都是12VDC、24VDC、48VDC。如果要向220VAC的电器提供电能，需要将太阳能发电系统所发出的直流电能转换成交流电能，这个时候就需要使用逆变器。另外，它可将光伏电池的可变直流输出转换成清洁正弦50或60Hz电流，也非常适用于为商业电网或地方电网提供电源。伴随着太阳能光伏市场的发展，太阳能逆变器市场必然带来新的春天。Isuppli公司预计2012年太阳能逆变器出货量将达到72.33万支，比2008年增长13倍。

我们认为随着太阳能行业的快速发展，逆变电源市场必然会随之成长，建议投资者关注科华恒盛和荣信股份（002123）。（湘财证券研究所）

国金证券

：太阳能行业投资报告

聚光太阳能是使用透镜或反射镜面等光学元件，将大面积的阳光汇聚到一个极小的面积上，再进行进一步利用产生电能的太阳能发电技术。

聚光光伏（CPV）是指将汇聚后的太阳光通过高转化效率的光伏电池直接转换为电能的技术；CPV是聚光太阳能发电技术中最典型的代表。

我们对CPV的发展前景持谨慎乐观的态度，主要基于如下三点原因：

第一，极高的规模化潜力：从技术特性的角度看，CPV技术因其光电转化效率高、土地占用面积小等特点，是在可预见的未来时间里，可用于建造大型支撑电源的最理想的太阳能发电技术。

第二，成本下降空间巨大：与晶硅和薄膜太阳能发电技术相比，CPV目前3~4美元/Wp的建设成本并无优势，但作为一项新兴技术，随着生产规模的扩大、电池效率的提高、聚光模块和冷却模块设计的改进、生产技术的进步等等，其成本仍有巨大的下降空间。

第三，技术和规模化进度存在不确定性：作为一项正在由实验室走向工程化的新技术，CPV的技术路线尚未定型，产业链也未形成。对于目前已经参与相关产品开发与生产的企业，我们需要关注其技术或成本取得优势地位的进展。

Investment Advice

建议关注东山精密。（国金证券研究所）

东吴证券：太阳能板块投资对象的选择

对于太阳能上市公司投资对象的选择，我们建议从以下几个角度着手：首先要考虑该公司在整个太阳能产业链中的位置，建议回避"两头在外"无核心竞争力的组装型公司，由于其门槛比较低，外来者容易进入，利润不能保持稳定，长期投资价值不确定；其次是要考虑公司本身的生产规模。目前太阳能发展到现在阶段之所以没有在中国和美国大规模普及，核心要素是发电成本过高，替代价值太大，因此降低太阳能发电成本是未来太阳能大规模发展的重要条件，成本低的太阳能组件制造企业将会有更大的优势，特别是在大规模推广组网阶段。最后要考察公司的持续发展能力，这包括公司在发展中所能获取的资金、技术支持和潜在的市场容量以及当地政府的在支持力度。

根据上面的综合选股条件，我们选择了四家太阳能上市公司，建议投资者进行关注。

天龙光电（300029）：公司是国内光伏设备制造业中的优秀企业，主营单晶硅晶体生长炉、单晶硅切割机床、单晶硅切方滚圆机、多晶硅铸锭炉、单晶硅籽晶炉、钢球设备的生产及销售，在国内单晶炉、硅片切割设备和切方滚磨设备方面具有领先的优势。伴随着国内光伏产业的飞速发展，光伏设备行业也具有了快速上升的动力和广阔的发展空间。公司总股本有两亿股，流通盘只有5000万股，中期业绩呈现快速发展态势，目前公司股票价格并没有充分反映公司良好的成长价值，建议进行关注。

天威保变（600550）：公司以参股或控股方式拥有上游多晶硅至下游组件生产及光伏电站安装的完整晶体硅电池产业链，同时旗下还拥有太阳能薄膜电池生产线，公司的太阳能业务布局完整。目前来看，多晶硅价格维持在52美元左右，盈利仍然困难，未来还看成本控制情况；天威薄膜一期规模较小，二期正在筹备，短期业绩影响很小；公司参股的天威英利则充分享受光伏产业景气回升带来的好处，生产线超负荷运转，组件供不应求，公司太阳能方面的投资正在进入回报期。

东山精密（002384）：公司聚光太阳能业务（CPV）是制造外包模式，核心优势在于客户，公司是全球最优秀的CPV系统集成商-Solfocus规模量产唯一供应商，聚光太阳能电池目前正处于发展初期，未来成长速度很快，CPV行业胆气面临高成长机会，值得投资者关注。但是公司的缺点是缺乏核心自主知识产权，业务模式主要是外包，聚光太阳能光伏电池高速增长回落后的市场风险需要防范。

航天机电（600151）：2010年7月20日，公司股东上海航天局和一直行动人上实集团发布公告，双方拟采用资本合作方式大力发展太阳能光伏产业，争取未来两年内根据航天局太阳能项目进展可提供的资金支持总额预计约为50亿元，首期约20亿元。这一庞大的太阳能合作计划将会使得公司在强大资本支持下率先成为国内太阳能光伏电站的建设、经营和管理者，培养公司新的核心竞争力，为公司业务转型提供巨大的想象空间。（东吴证券研究所）

国海证券：光伏一体化企业大有作为

新能源激情重燃：修改后的《可再生能源法》和"新兴能源产业发展规划"，重燃国内绿色能源激情。海外装机扩张，刺激政策动向引导光伏发电进入高速发展时期。

产业链格局：产业链各环节从上至下，技术含量逐级递减，企业数目、竞争强度增加，毛利率下降。但随着多晶硅产能释放和全球装机需求扩张，各环节的价值增值差距正在缩小，产业链逐步趋向利润均分。目前，光伏产业还未拥有自身活力，行业发展主要依靠技术突破下的成本下降和政策扶持下的需求扩张。

技术突破引导发电成本下降：在2010年的政策、技术和原材料价格条件下，税后的平均发电成本约为1.26元/KWh；垂直一体化条件下，发电成本可降为1.1元/KWh；在新疆、甘肃等光照丰富地区发电成本约为0.71元/KWh。2010年8月13个光伏发电项目最低招标价0.7288元，并非"非理性"。

刺激政策带动装机需求扩张：受德国、意大利、捷克等欧洲市场的补贴末班车效应影响，2010年全球装机容量预计超过12.7GWp。目前，世界各国政策倾向于增大补贴范围，但降低补贴深度，为我国太阳能电池、组件产业提供了巨大的出口扩张空间，也提出了更高的成本控制要求。国内装机市场受"金太阳示范工程"和"新兴能源产业发展规划"带动也逐步崛起。

投资风险：光伏产业受到政策、技术、经济、汇率等因素影响，波动性较大。企业面临政策导向转变，光伏各技术相对地位转换、经济形式变化下政府财政盈亏，外汇波动等风险。

投资建议：产业垂直一体化的公司，能提高利润空间，防范产业链调整带来的单环节风险；市场短期内仍以晶硅技术为主，涉足多元技术的公司具有更佳的防风能力和上涨空间。

公司推荐：重点关注南玻A、航天机电、海通集团等产业一体化程度较高的公司，未来将有较大作为。（国海证券研究所）

国金证券：多晶硅的盈利能力被低估

未来市场空间方面，随着太阳能发电成本的不断降低，未来三到五年，在欧美部分市场，太阳能发电成本将低于火电，太阳能将迎来新的一轮高速成长，我们判断三到五年的周期内，全球多晶硅的需求将增加到100万吨的级别，是现在的十倍左右，因此我们认为多晶硅不是简单的周期性行业，而是需求存在巨大空间的产业；

标的选择方法，我们仍延续我们从2008年以来的"多晶硅含量排序法"，以明年的权益多晶硅产量除以总市值对目前A股进行排序，乐山电力（600644.sh）排序第一，产量市值比高达32；其次是天威保变（600550.sh），产量市值比为10；H股方面建议关注保利协鑫（3800.HK），其产量市值比最高，为63；

A股推荐乐山电力（600644.sh）与天威保变（600550.sh），H股推荐GCL（保利协鑫，3800.HK）。（国金证券研究所）

广发证券：推进国内光伏发电规模化应用工作点评

Centrifuge Tubes

Centrifuge tubes are used in laboratory centrifuges, machines that spin samples in order to separate solids out of liquid chemical solutions. The centrifuge tubes can be made of glass or plastic, and resemble miniature test tubes with tapered tips. They are mainly used in series test like the centrifuge of nucleic acid

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