1. Power cable:
Power cable is the energy carrier of the power system and a network element for power circulation. Although most cables are mid- to low-end products, high-end products such as ultra-high voltage DC cables, submarine cables, new overhead wires, gas insulated transmission (GIL), ultra-high voltage basic insulation materials and shielding materials have very large room for development.
Energy-saving and capacity-increasing conductors based on high conductivity aluminum, aluminum alloys, soft aluminum profiled wires and carbon fiber composite cores are the main development direction of new conductors in the future. The total market size is expected to reach 35 billion yuan during the 14th Five-Year Plan period, with a compound annual growth rate The rate is about 22%.
Zhongtian Technology : The company's business fully covers power fittings, power cables, insulators, power engineering design and services, etc. It can provide complete solutions for power transmission and distribution systems, and has submarine optical cable core manufacturing technology. It is the core supplier of State Grid and China Southern Power Grid and is expected to usher in a period of rapid growth.
Oriental Cable : The only company in China that masters marine umbilical cord cables, it has realized the transformation and application of a number of "stuck neck" technical achievements, and can provide customers with complete submarine cable solutions. In terms of terrestrial cables, it is fully tilted towards high-end products and is expected to achieve good revenue growth and continued rising gross profit margins.
Baosheng Co., Ltd. : A new manufacturer in the submarine cable business, with revenue of 1.509 billion yuan in 2021 and a gross profit margin of 38.66%, becoming the company’s fastest growing point; the wire and cable business has experienced high year-on-year growth, benefiting from the new power infrastructure and developing towards high-end .
Long Cable Technology: Focusing on the R&D, production and sales of cable accessories and supporting products, the company's products have entered the offshore wind power and pumped storage markets, achieving 0 breakthroughs, and the products have a high gross profit of 70%.
Amkor Intelligent Electronics: GIL leader, the company's GIL system has been successfully used in projects such as CATL, Luxi Chemical , Green Development Group, etc. As GIL becomes more popular and applied in the country, it is expected to develop rapidly. The company's modular substations are expected to grow rapidly with the construction of urban power transmission and transformation projects and data centers.
Han Cable Co., Ltd.: its products are cable and accessory systems, status detection systems, and general contracting of power transmission and transformation projects. It is a technological leader in the field of domestic submarine and terrestrial cables. One of the enterprises. In terms of land cables in the first half of 2021, State Grid and China Southern Grid ranked first in winning bids, with a complete industrial chain layout and low valuations.
Wanma Co., Ltd. : The company is the leader in the localization of high-voltage cable polymer insulation materials and shielding materials. The joint venture with the State Grid Research Institute to develop high-voltage insulation materials breaks the overseas monopoly and marks the arrival of the era of localization of high-voltage insulation shielding materials. The company's polymer materials business has great room for domestic substitution.
Dalian Electric Porcelain : my country's largest line porcelain insulator industry leader, with a market share of 26% in the State Grid insulator market. In recent years, it has made breakthroughs in the research and development of new porcelain composite insulator products. In 2021, its gross profit margin exceeded 40%, and its net profit margin exceeded 40%. Interest rates exceeded 20%, benefiting from UHV transmission projects.
2. Temperature control
Temperature control is an important guarantee for the safety of energy storage, mainly air-cooled and liquid-cooled. In addition to electric energy storage, IDC, 5G base stations, new energy vehicles, etc. also have large market space.
The power energy storage temperature control market is expected to reach 1.762 billion yuan in 2022, with air cooling and liquid cooling accounting for 67.56% and 32.44% respectively. The market size is expected to reach 9.1 billion yuan by 2025, with air cooling and liquid cooling accounting for 67.56% and 32.44% respectively. 46.83%, 53.17%, and the CAGR from 2021 to 2025 will reach 103.65%.
Invic : The company’s energy storage business started early, with profound product technology accumulation, significant first-mover advantage, and “customization + standardization” capabilities to stabilize the company’s mid- to long-term leading position.
Tongfei Co., Ltd.: The company has rapidly deployed in high-refrigeration capacity product series and has cooperated with many customers. At this stage, the energy storage business is small but highly flexible.
Gaolan Co., Ltd. : There are currently energy storage products with outstanding customization and standardization capabilities. The market is expected to open up in the medium term, and the high growth of the power battery temperature control business is worth looking forward to.
Songzhi Co., Ltd. : The technology is mainly liquid cooling, and it has become a supplier of energy storage and temperature control for CATL and Vision Energy. As the penetration rate of liquid cooling increases, it will benefit in the medium term.
3. Energy Storage
Energy storage is a vital part of the new power system and a necessary guarantee for new energy consumption and grid security. The mandatory distribution and storage policy of wind and solar in the domestic market has promoted the exponential growth of the energy storage industry, and it has also appeared abroad. With explosive growth, the energy storage industry has huge room for development.
Energy storage types are as follows: physical energy storage, electrical energy storage, electrochemical energy storage, thermal energy storage, chemical energy storage
There are currently six types of energy storage available, but the main application is pumped storage. , lithium-ion batteries, compressed air and sodium-ion batteries, etc.
Pumped storage: The most mature energy storage technology, with the advantages of superior technology, low cost, long life, large capacity, high efficiency, etc., conventional pumped storage power station LOCE range It is 0.23-0.34 yuan/kwh, which is the most economical way of energy storage. There are a large number of projects under construction.
Concept stocks : China Power Construction , Ningbo Energy, Anhui Construction Engineering, Three Gorges Energy, Zhejiang New Energy, Guangdong Hydropower, Yuneng Holdings , Wenshan Electric Power , GCL Energy Technology, Dongfang Electric , Guidong Electric Power , Guodian Nanzi , Jiden Electric Co., Ltd., Longyuan Electric Power, Xintian Green Energy, Hubei Energy
lithium-ion battery energy storage: Power system energy storage is the main increase in recent years, iron lithium battery is currently the most mature electrochemical energy storage. Currently, the domestic cost is higher than overseas, and the technology needs to be improved.
concept stocks: CATL, BYD , Paineng Technology, Deye Shares, Yiwei Lithium Energy, Defang Nano, Baichuan Shares , Desai Battery , Linyang Energy, Guoxuan Hi-Tech , Aotejia , Trina Solar , Zhongrong Electric, Tianyong Intelligent, Nandu Power, GCL Integrated
compressed air energy storage : With technological advancement, the energy storage conversion efficiency of large power stations has risen to 70% -75%, lower than pumped water storage, with a kWh cost of 0.252-0.413 yuan/kwh, slightly higher than pumped water storage but much lower than lithium iron phosphate . It has the conditions for large-scale commercialization and is expected to become pumped water storage. important addition.
Concept stocks: Xizi Clean Energy, Keyuan Wisdom , Jin Tongling, Xuetian Salt Industry , Shaanxi Drum Power , Three-dimensional Chemistry, Su Yanjingshen, Snowman Shares
Sodium ion battery: electrochemical storage The performance evaluation conditions include safety, material resource availability, high and low temperature performance, lifespan and investment cost. sodium ion performs well. After scale, the cost is expected to be lower than iron lithium batteries. Development is accelerating and commercialization is imminent.
concept stocks: CATL, Huayang, Penghui Energy, Xinzhu Holdings , Shandong Zhanggu, Three Gorges Energy, Changchun Lithium, Yongtai Technology , GEM , Zhejiang Pharmaceutical , Rongbai Technology , Xiangfenghua , Xinwangda , Lizhong Group, Chuanheng Shares
all-vanadium redox flow battery : has long life, good safety, large output power, large energy storage capacity and easy expansion, cost problem It is the biggest challenge and needs to be developed.
lead carbon battery : is a capacitive lead-acid battery, which has the characteristics of lead-acid battery and capacitor . It has very good charge and discharge performance, up to more than 2000 times, and the initial investment cost is low, but The depth of discharge is lower than other forms of energy storage, and the cost advantage per kilowatt-hour is not obvious.
Energy storage converter related companies: Sungrow Power , Jinlang Technology , Deye Shares, Goodwei, Hewang Electric, Xinfengguang, Shangneng Electric
Four, inverter
Deye Shares : A new player in the inverter industry, photovoltaic and energy storage inverter business are developing rapidly, and are focusing on the overseas distributed photovoltaic and household energy storage markets. With its rapid product iteration, excellent refined cost control capabilities, and continuous breakthroughs in market development, the company is expected to maintain rapid growth amid the current strong demand for distributed photovoltaics and household energy storage.
Jinlang Technology: a leading company in string inverters, and string grid-connected inverters are the company's main revenue source, while energy storage inverters have achieved rapid growth. Affected by the conflict between Russia and Ukraine, the demand for distributed photovoltaics and household energy storage in Europe has surged. As the company's traditional business advantage, this region will benefit the company's performance this year.
GoodWe: The world's leading inverter brand, with shipments at the forefront and energy storage business growing rapidly. Due to the significant increase in expenses during the period of chip shortage, the company's profits are under short-term pressure. However, it is expected that with the transformation of research and development results and the scale effect, revenue will continue to grow, the expense rate will be diluted, and profitability is expected to rebound. The company attaches great importance to R&D investment, which is expected to inject a steady stream of power into the company's continued growth.
5. Wind power materials
Carbon fiber (blade): Shanghai Petrochemical, Jilin Chemical Fiber, Jilin Carbon Valley, Guangwei Composite Materials
Polyetheramine (blade): Akoli, Chenhua Co., Ltd., Huangma Technology
Epoxy resin (coating ): Sinopec, Sinochem International, Shangwei New Materials, Hongchang Electronics
structural adhesive (blade bonding): Huitian New Materials , Kangda New Materials
balsa wood and structural foam (blade core layer): Puyang Hui Cheng, Tiansheng New Materials
Six, waste incineration power generation
Wangneng Environment, Hanlan Environment, Sanfeng Environment, Weiming Environmental Protection, Green Power, Shengyuan Environmental Protection, Fuchun Environmental Protection
