Event: Recently, the State Council issued the national emergency system plan for the 14th five year plan; China Power Council issued a letter on Soliciting Opinions on the national standard battery management system for electric energy storage.
Energy storage safety incidents occur frequently, and energy storage fire fighting lays a foundation for the future development of the energy storage industry: on January 12, 2022, a fire broke out in the battery energy storage building of SK energy company in Korea; On January 17, a fire broke out in the Cecep Solar Energy Co.Ltd(000591) power plant located in the new valley of Niubao County, Junwei County, Gyeongsang Hokkaido, South Korea; On February 21, a freighter felicity ace loaded with new cars of Volkswagen Group brand caught fire on its way from Germany to North America. The fire of the freighter is suspected to be caused by the fire of lithium battery of electric vehicle.
As one of the fast developing new energy technologies in recent years, energy storage power station can effectively meet the large-scale access demand of new energy in power system and has the advantage of flexible regulation. Electrochemical energy storage power station is a common type of energy storage power station, but with the construction and application of energy storage power station project, its fire risk is also gradually emerging, Therefore, the fire protection of energy storage industry is also particularly important.
The implementation plan for the development of new energy storage in the 14th five year plan was officially issued, and the formulation of relevant standards for power station safety management and fire fighting was accelerated: Recently, the national development and Reform Commission and the Energy Administration issued a notice on the implementation plan for the development of new energy storage in the 14th five year plan. The scheme proposes that by 2025, the new energy storage will enter the stage of large-scale development from the initial stage of commercialization, and have the conditions for large-scale commercial application. The innovation ability of new energy storage technology has been significantly improved, the independent and controllable level of core technology and equipment has been greatly improved, the standard system has been basically improved, the industrial system is becoming more and more complete, and the market environment and business model are basically mature. Among them, the performance of electrochemical energy storage technology was further improved, and the training cost was reduced by more than 30%; At the same time, the scheme puts forward requirements for safety management, fire fighting and other relevant standards of energy storage power station, and requires to speed up the formulation of safety related standards. For new energy storage facilities with different technical routes, study and formulate all-round safety standards covering electrical safety, component safety, electromagnetic compatibility, functional safety, network safety, energy management, transportation safety, installation safety, operation safety, decommissioning management, etc. Accelerate the formulation of relevant standards for safety design and evaluation of electrochemical energy storage module / system, safety management of power station and fire fighting.
Energy storage and fire fighting are ready to take off and are optimistic about leading enterprises in the industry: according to the guidance in the guidance on accelerating the development of new energy storage, it is expected that the installed capacity of new energy storage will reach 30GW + by 2025. From 3.28gw at the end of 2020 to 30GW in 2025, the scale of the new energy storage market will be expanded to 10 times the current level in the next five years, with an annual compound annual growth rate of more than 55%. The leading enterprise of electrochemical energy storage fire fighting Guoanda Co.Ltd(300902) said that it has cooperated with excellent new energy battery manufacturers in the industry. At present, energy storage fire fighting products are being applied in a small batch of pilot projects. Due to the differences in the batteries used by each new energy battery manufacturer, the company will develop and produce different energy storage and fire-fighting products according to the different characteristics of the batteries of each manufacturer. With the rapid development of the fire protection industry, the company's energy storage technology is expected to benefit greatly in the future due to the continuous expansion of the overall market demand, Drive the improvement of the company's performance and valuation.
Industry leading enterprise Guoanda Co.Ltd(300902) strengthened the layout of UHV fire fighting, with obvious core technology advantages and gradually opened market space: according to the disclosure of the 2021 State Grid working conference, it is expected that by 2025, more than 30 new UHV line projects in China will be successively approved. At the end of 2019, the company successfully developed a fixed automatic fire extinguishing system for transformers. The "compressed air foam fire extinguishing technology" adopted by the company was identified as the key supporting technology for UHV converter stations. This product fills the industry problem that domestic fire-fighting equipment can not effectively extinguish the fire and explosion of large oil filled transformer, breaks through the dependence on imported equipment, and the product technology level is leading in China. We believe that with the continuous improvement of China's UHV network, the fire demand in the industry is growing, the company has rich technical reserves, and its performance will maintain rapid growth in the future. According to the data disclosed in the semi annual report of 2021, the power grid industry achieved an operating revenue of 53 million yuan, a year-on-year increase of 262.29%.
Investment suggestion: with the official introduction of the new energy storage development plan in the 14th five year plan in the near future, the installed capacity of Fengguang is expected to continue to expand in the future, so as to promote the expansion of energy storage scale and industry development, and drive the further expansion of local energy storage guarantee policies. Therefore, excellent and sound power and energy storage fire protection system will lay a solid foundation for the rapid development of the industry. It is suggested to focus on: Guoanda Co.Ltd(300902) (purchase), and relevant targets in the industry: Jade Bird Fire Co.Ltd(002960) .
Risk warning: the risk of market demand fluctuation caused by policy changes in downstream industries; Risks of technology substitution; The risk of intensified market competition; Industry environmental change risk; Statistical errors, prediction parameters and assumptions are less than expected risks.
