Key investment points:
As the key object of energy revolution, electric power will usher in industrial system reform and technological progress. Different from other bulk commodities, power grid, as the logistics link of electric power, not only has a huge volume, but also determines the commodity quality of electric energy. It is one of the most complex system projects of modern civilization. Given that China will build a power system suitable for new energy in the next 40 years, we believe that there are investment opportunities in the following aspects:
Strengthening of power grid structure
The structural construction represented by the strengthening and interconnection of UHVDC and AC power grids is the main construction direction of power grid projects in the future. In particular, DC related equipment, such as converter valve, DC circuit breaker, DC control and protection system, will benefit more.
Flexible / flexible transmission technology
Flexible DC and flexible AC transmission technology is an advanced transmission technology based on power electronic components. Through semi controlled or fully controlled power semiconductor devices, it can flexibly adjust system parameters, realize accurate, wide-range and continuous control, improve power quality and adapt to double random system operation. The demand for flexible transmission equipment and power semiconductor devices such as upstream thyristors and IGBTs will gradually rise.
Power Internet of things perception layer
The substation area is the terminal area of the power grid, and most of the electrical equipment is connected to the substation area. The perceptibility and intelligence of station area is the basis of digital power grid. Intelligent equipment in the station area represented by intelligent fusion terminal and intelligent IOT meter is expected to accelerate the deployment.
New grid operators and pumped storage
Power grid operators and pumped storage operators have fully benefited from the power market reform. Operators have the functions of equipment aggregation and power distribution. In the future, as the main participant in the power spot market, they will be an important channel for realizing the value of flexible resources.
Energy saving power grid and underground power grid
As an important transmission path of carbon neutralization cost, electricity price is facing great upward pressure. The energy-saving industry will shift from policy driven to demand driven. Amorphous alloy, aluminum alloy and other energy-saving power transmission and transformation materials are expected to be more applied, and the ultra-high voltage underground power grid will be more deployed.
Investment advice
Recommended focus in 2022: Nari Technology Co.Ltd(600406) , Sieyuan Electric Co.Ltd(002028) , Beijing Sifang Automation Co.Ltd(601126) etc.
