Reporter of the Economic Business: Liu Mingtao Editor of the Economic Business: Zhao Yun
Under the influence of geopolitical conflicts, European natural gas supply problems frequently occur. Previously, Russia announced that it would completely stop gas supply from August 31 and would continue until the end of sanctions against Russia. On September 9, the energy ministers of EU member states held an emergency meeting on Brussels , but the participating countries failed to reach a consensus on whether to limit prices on Russia's gas and whether to limit prices on all imported natural gas. The risk of interruption in Russia's gas supply will seriously affect Europe's winter heating and power generation.
In the long run, Europe's natural gas reserves continue to decline, and the potential for self-production gas production is insufficient. Only Norwegian has a slight potential for production increase; in terms of LNG, the new production capacity of European LNG sources such as the United States, Qatar , Mozambique , etc. will be put into production significantly in 25 years, while the new production capacity will be mainly the United States in 23-24. It is expected that the liquefied capacity of new LNG exports in Europe will be 8.2, 34.6 and 78.0Bcm/year in 23-25, respectively. The increase in 23-24 is not enough to make up for the Russian natural gas exit volume up to 140Bcm/year. It is expected that the tension in Europe's natural gas supply will continue for a long time.
Everbright Securities analysis pointed out that under the background of geopolitical conditions, Europe's natural gas shortage will lead to the continued rise of European energy prices, thereby driving the continued rise of global oil and gas prices; natural gas is crucial to European chemical production, and natural gas shortage will have a double blow to the production of chemical products. First, the production process will lack sufficient energy, and second, the manufacturing of products will lack key raw materials. The sectors with a large proportion of chemical production capacity in Europe may face supply tightness.
The brokerage suggests to pay attention to two main lines. The main line is the upstream and natural gas and oil service sectors that benefit from the rise in oil and gas prices; the main line is that the shortage of natural gas in Europe may affect the supply of chemical products. Pay attention to the vitamins, polyurethane , methionine, anti-aging additives, propylene oxide , and other sectors that account for a large proportion of European production capacity.
From the perspective of the domestic market, due to the disadvantages of wind power and photovoltaic power generation, the demand for peak shaving of electricity has increased with the large-scale production of new energy in my country. Natural gas power generation has the advantages of flexible start and stopping and fast climbing speed, which can effectively and quickly adjust the output level. Compared with coal-fired power, it has a faster response speed and stronger load change ability. It is one of the best power supply for peak shaving in the power grid.
Anxin Securities said that gas-power investment has been more concerned about economy in the past, and is gradually shifting to more concerned about supply and peak shaving functions. The growth process of natural gas power generation is expected to usher in a comprehensive acceleration in the "14th Five-Year Plan" period. Therefore, we are optimistic about the investment opportunities of the equipment-end of the entire natural gas power generation industry chain.
Here, by integrating the latest research reports of more than 10 securities companies such as Tianfeng, Anxin , Guoxin, etc., it brings 4 company profiles to fans for reference only.
1, Jiufeng Energy
Company has been deeply engaged in South China for 330 years, and is currently the largest LPG importer and an important LNG market supplier in South China. The company's main products include clean energy such as liquefied petroleum gas (LPG), liquefied natural gas (LNG), and chemical products such as methanol and dimethyl ether (DME). The company actively expands its advantages in sea and gas resources and has formed a dual-gas pattern of sea and land. The company's traditional business has strong certainty in the future growth, and its development direction is in line with the background of low-carbon and clean energy revolution.
——Shenwan Hongyuan
2, water-generated gas
00 The main products of the company's gas equipment sector include gas transmission and distribution system equipment, gas turbine auxiliary equipment, etc., which are essential equipment for gas power plants and have a high market share in the domestic market. In December 2021, the company acquired 51% of the shares of Tongliao Longshengfeng and Tieling Longshengfeng, and occupied Mintong Natural Gas, and obtained control of the "Changtu- Tongliao - Huolingol " natural gas long-term transmission pipeline, with a designed gas transmission capacity of 1.8 billion cubic meters per year. Against the backdrop of accelerated gas-electric investment, the company's gas equipment sector is expected to usher in recovery. In addition, BOG's helium-raising, gas long-distance pipeline network and other businesses are blooming at multiple points, and the company is expected to usher in rapid performance growth.
——Anxin Securities
3, Hongtong Gas
The main business of the company is the production, processing, storage, transportation and sales of LNG (liquefied natural gas) and CNG (compressed natural gas), as well as the sales of natural gas for residential, commercial and industrial use. According to the company's plan, in the medium and short term, the company will continue to invest in and layout clean transportation energy filling stations and LNG liquefied natural gas factories along the main transportation trunk lines, and expand to the upstream gas sources of the industrial chain in a timely manner, further improve the scale effect and extend the industrial chain, focus on the main business, and continue to deepen the natural gas clean transportation energy.
——The company answers investors' questions
4, Liyuan Technology
Company has been deeply engaged in nuclear power and thermal power condensate water treatment for for more than 3 years. It is a national specialized and new "little giant" enterprise. The industry has a high market share, mainly targeting large power generation central enterprises such as China National Nuclear Corporation , Huaneng Group , Datang Group, National Energy Group , and major local power generation groups. It has provided hundreds of water treatment projects with system design, equipment integration and other products and technical services. The company is currently raising funds to expand the fuel cell engine project, with an annual production capacity of 5,000 units after full production. According to the company's estimates that the annual revenue is expected to reach 1.63 billion yuan when full production occurs.
——Anxin Securities
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