Love stock

New Era Securities--UHV industry research: UHV restarts soon, equipment leading investment opportunities appear [Industry Research]

Click volume:Number of reply: 0Report Initialization state Posted on 2019-02-01 15:50:38

[Summary of research report content]

    UHV can realize a wide range of power resource transfer, in line with China's objective national conditions:

    By definition, UHV refers to the transmission technology with voltage levels of 1000 kV and above and DC ±800 kV and above. It has the advantages of large transmission capacity, long distance, high efficiency and low loss. In terms of energy consumption, more than two-thirds of China's energy needs are concentrated in the central and eastern regions, most of which lack primary energy. UHV long-distance, large-capacity transmission has the inherent economic advantages of low cost and low loss. It is suitable for long-distance transportation, large transmission capacity and easy to control and adjust, so as to better solve the mismatch between China's energy distribution and energy demand. The problem of balance.

    UHV technology originated overseas and then flourished in Chinese engineering practice:

    Since the 1960s, the United States, the Soviet Union, Italy, Japan and other countries have carried out research on UHV transmission technology, such as the 1900 km long 1150 kV AC line built in the Soviet Union in the 1980s and the 427 km built in Japan in the 1990s. Long 1000 kV double-circuit line on the same tower, but overall, the development of UHV abroad is still in the stage of experimental research and practical exploration, and no breakthrough has been made in commercial applications. China's tracking research on UHV technology began in the 1980s, and since the end of 2004, it has concentrated on large-scale research and demonstration, technical research and engineering practice. At present, China's UHV-based "Global Energy Internet" strategy breaks the traditional oil and gas-based traditional energy system in the West and consolidates China's leading position in UHV and smart grid technologies.

    In the last round of the UHV cycle in 2014-2017, the progress of the approval of this round of projects will accelerate:

    At present, China has built an eight-way, thirteen-straight high-pressure, with a total investment of about 407.3 billion yuan, and a single UHV investment amount of about 20 billion yuan. At present, there are 6 UHV projects in China, including 3 Jiaotong 2 and Sutong GIL Integrated Pipe Gallery. In mid-2014, the National Energy Administration issued the Notice on Accelerating the Construction of 12 Key Transmission Channels for the Air Pollution Prevention and Control Action Plan, requiring the acceleration of the progress of a total of 12 power grid projects including 9 UHVs (4 crossings and 5 straight lines). All will be put into production before the end of 2017.

    At the end of 2018, State Grid announced the opening of social capital in the field of UHV DC. In view of this, we believe that this round of UHV cycle will focus on the completion of the approval and bidding work in the period of 2019-2020.

    The competition in the equipment market in the core station is stable, and relevant manufacturers will usher in performance repair:

    The main equipment in the UHV station accounts for about 10% of the investment amount, and the dominant position of the leading enterprises remains stable. Leading companies in GIS, converter valves and transformers are Pinggao Electric, Guodian NARI and TBEA, with market share of 40%, 35% and 40% respectively. In terms of DC control and protection systems, Xu Ji Electric and Guodian Nanrui each accounted for 50% of the market share, showing a duopoly. Referring to the previous round of UHV, all construction will be completed three years after the policy planning. We believe that the current UHV construction will be completed before the end of 2021, and the performance of core equipment manufacturers will be repaired in 2019-2020.

    Key subject: The national network leading company with high market share in the core equipment field, recommend Guodian NARI.

    Benefits: Companies that benefit from the construction of this round of UHV and have greater flexibility, including Xu Ji Electric and Ping Gao Electric.

    Risk warning: UHV progress is less than expected; tender competition is intensifying; raw material prices fluctuate.

Read the full text of the attachment please download:New Era Securities--UHV industry research: UHV restarts soon, equipment leading investment opportunities appear

I support() I object() Return to the research report Reply to topic

 

Post Reply

*content:
expression: smile laughing out loud Flowers anger Cry Helpless sweat pain sinister smile Madness Was flat Soy sauce push ups Cutting meat despise Bear Cattle rise
Author:
username Password 5 seconds registration

The post you have seen recently

Hot stocks

Financial sector
respected user:

In order to provide a more harmonious, healthy and effective communication environment for the majority of shareholders, if you find any violations of national laws and regulations, please contact us in time with the financial sector management administrator. You are welcome to provide valuable comments and suggestions.

Financial Customer Service Center Email: xin.li@jrj.com.cn

Love stock customer service phone: 010-5832 5349