Power grid construction will usher in an upsurge From the "Twelfth Five-Year Plan" and the State Grid tendering situation, the focus of power grid construction focuses on the development of UHV and smart grids. However, the construction of hotspots is different at different time periods. The UHV transmission grid is expected to usher in the construction peak from 2012 to 2015, which will bring nearly 220 billion yuan in demand for power equipment; smart grid construction includes generation, transmission, substation, power distribution, electricity, and dispatch, and is expected to be in the next five. In the year of ushering in the peak of construction investment, it will bring over 620 billion yuan in demand for power equipment.
Huatai United Securities is optimistic about the long-term opportunities in the primary and secondary equipment industries in power grid construction. The primary equipment refers to the equipment used in the main system of transmission, transmission and distribution, such as generators and transformers; the secondary equipment refers to the equipment that controls, protects, monitors and measures the primary equipment, such as measuring instruments and relays. Operation switch and so on. The development of UHV and smart grids requires primary and secondary equipment, but their proportion and importance are not the same.
Smart Grid: The secondary equipment market starts With the sharp decline in power grid investment in 2010, companies in the smart grid primary equipment sector will experience declining performance this year. Moreover, smart grid construction will increase the asset utilization rate of primary equipment, and the traditional power equipment, especially the market capacity of primary equipment, will be negatively affected in the long term. CICC predicts that the traditional primary equipment market will shrink accordingly, with a compound annual growth rate of only 3%.
Correspondingly, the secondary equipment market is increasingly important. At the end of September 2010, the State Grid issued the first tender for the secondary equipment needed for the pilot project of the smart substation. State Grid also said that the area and structure of grid investment will be fine-tuned, and the proportion of investment in smart grid secondary equipment will increase. CICC expects that the compound annual growth rate of secondary equipment demand will reach 20%, and the share of grid equipment investment will increase from the current 5% to 11% in the next 10 years.
As for specific beneficiary products, CICC's future market capacity is estimated as follows: smart meters (7.1 billion to 9 billion), energy storage batteries (average 4.5 billion to 6 billion in the market), smart substations (4 to 4 billion to 4.5 billion), and flexible Transmission (2.9 billion to 4.1 billion), electric vehicle charging cabinet (2.6 billion to 3 billion), distribution automation (1.8 to 2 billion), intelligent dispatch (1.8 to 2 billion), and transformer on-line monitoring device (1 billion~ 1.2 billion).
UHV: Unprecedented status of an equipment supplier Although it has been controversial in pushing for UHV, the intention of the State Grid’s strong advancement has not changed. It is expected that by 2015, the UHV power grids in North China, East China and Central China will be built, forming “three vertical and three vertical Cross-loop network" pattern. Huatai United Securities expects that during the "12th Five-Year Plan" period, China's AC-DC UHV total investment will reach 350-400 billion yuan, while in 2010 it is expected that UHV investment will be less than 30 billion yuan, and there will be a vast market in the future.
The production of UHV primary equipment has certain technical barriers, and at the same time, it requires the products to have high operational reliability, so the market presents oligopoly. The market for transformers and reactors is mainly monopolized by TBEA, in particular, its position in the area of ​​DC UHV change rheology is difficult to shake; in the exchange of UHV combined electrical appliances market, Pinggao Electric [14.15 -1.74%], New Northeast Electrical [5.11 0.39%] and Xidian Group are three points of the world. In the DC UHV converter valve market, China West [7.44 0.95%] and XJ Electric [30.62 -0.36%] have obvious advantages.
In the exchange UHV secondary equipment, Guodian Nanrui [57.49 -2.71%] is far ahead of the market, accounting for most of the market share; the DC control and protection system market, XJ Electric holds most of the market share, and is expected to continue this situation in the future. However, it should be noted that in the UHV construction sector, investment in primary equipment will be more focused, and investment in secondary equipment used in UHV will be much smaller than primary equipment.
GF Securities [52.92 -5.50%] pointed out that UHV project income has the most obvious impact on TBEA, Tianwei Change, and peace. However, Pinggao Electric's traditional business fell more seriously. In mid-2010, operating income and net profit fell by 33% and 99% year-on-year respectively. In the third quarter, gross profit margin continued to decline to 15%. Taking into account the decline in the traditional business of the company, the reversal of UHV profitability can focus on two other Tianwei Baobian and TBEA.
Huatai United Securities is optimistic about the long-term opportunities in the primary and secondary equipment industries in power grid construction. The primary equipment refers to the equipment used in the main system of transmission, transmission and distribution, such as generators and transformers; the secondary equipment refers to the equipment that controls, protects, monitors and measures the primary equipment, such as measuring instruments and relays. Operation switch and so on. The development of UHV and smart grids requires primary and secondary equipment, but their proportion and importance are not the same.
Smart Grid: The secondary equipment market starts With the sharp decline in power grid investment in 2010, companies in the smart grid primary equipment sector will experience declining performance this year. Moreover, smart grid construction will increase the asset utilization rate of primary equipment, and the traditional power equipment, especially the market capacity of primary equipment, will be negatively affected in the long term. CICC predicts that the traditional primary equipment market will shrink accordingly, with a compound annual growth rate of only 3%.
Correspondingly, the secondary equipment market is increasingly important. At the end of September 2010, the State Grid issued the first tender for the secondary equipment needed for the pilot project of the smart substation. State Grid also said that the area and structure of grid investment will be fine-tuned, and the proportion of investment in smart grid secondary equipment will increase. CICC expects that the compound annual growth rate of secondary equipment demand will reach 20%, and the share of grid equipment investment will increase from the current 5% to 11% in the next 10 years.
As for specific beneficiary products, CICC's future market capacity is estimated as follows: smart meters (7.1 billion to 9 billion), energy storage batteries (average 4.5 billion to 6 billion in the market), smart substations (4 to 4 billion to 4.5 billion), and flexible Transmission (2.9 billion to 4.1 billion), electric vehicle charging cabinet (2.6 billion to 3 billion), distribution automation (1.8 to 2 billion), intelligent dispatch (1.8 to 2 billion), and transformer on-line monitoring device (1 billion~ 1.2 billion).
UHV: Unprecedented status of an equipment supplier Although it has been controversial in pushing for UHV, the intention of the State Grid’s strong advancement has not changed. It is expected that by 2015, the UHV power grids in North China, East China and Central China will be built, forming “three vertical and three vertical Cross-loop network" pattern. Huatai United Securities expects that during the "12th Five-Year Plan" period, China's AC-DC UHV total investment will reach 350-400 billion yuan, while in 2010 it is expected that UHV investment will be less than 30 billion yuan, and there will be a vast market in the future.
The production of UHV primary equipment has certain technical barriers, and at the same time, it requires the products to have high operational reliability, so the market presents oligopoly. The market for transformers and reactors is mainly monopolized by TBEA, in particular, its position in the area of ​​DC UHV change rheology is difficult to shake; in the exchange of UHV combined electrical appliances market, Pinggao Electric [14.15 -1.74%], New Northeast Electrical [5.11 0.39%] and Xidian Group are three points of the world. In the DC UHV converter valve market, China West [7.44 0.95%] and XJ Electric [30.62 -0.36%] have obvious advantages.
In the exchange UHV secondary equipment, Guodian Nanrui [57.49 -2.71%] is far ahead of the market, accounting for most of the market share; the DC control and protection system market, XJ Electric holds most of the market share, and is expected to continue this situation in the future. However, it should be noted that in the UHV construction sector, investment in primary equipment will be more focused, and investment in secondary equipment used in UHV will be much smaller than primary equipment.
GF Securities [52.92 -5.50%] pointed out that UHV project income has the most obvious impact on TBEA, Tianwei Change, and peace. However, Pinggao Electric's traditional business fell more seriously. In mid-2010, operating income and net profit fell by 33% and 99% year-on-year respectively. In the third quarter, gross profit margin continued to decline to 15%. Taking into account the decline in the traditional business of the company, the reversal of UHV profitability can focus on two other Tianwei Baobian and TBEA.
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