Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) (300499)
event:
Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) on December 21, the company said on the investor interaction platform that the company provided external cooling public cooling system for the converter station of the Three Gorges wind power flexible DC transmission project, such as the East China Sea, and participated in the drafting of the technical specification for flexible DC transmission converter valve.
Guoyuan view:
The volume of flexible direct transmission business has driven the performance improvement of the leader Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) in the field of electrical water cooling
During the 14th Five Year Plan period, the power grid will undergo structural transformation, and the large-scale capacity of DC transmission, especially the support of flexible DC transmission technology, will solve the problems of large-scale wind power, photovoltaic power transmission and grid connection. Under the three application scenarios of UHV Hybrid DC, flexible direct back-to-back and far-reaching sea breeze transmission, the total investment of DC transmission project during the 14th Five Year Plan period will reach more than 400 billion. As a major supplier of DC converter valve water cooling equipment in China, the company has many years of R & D and engineering experience, provides external cooling public cooling system for converter stations of the Three Gorges project, such as the East China Sea wind power flexible DC transmission project, and participates in the drafting of 6 national standards such as the technical specification for flexible DC transmission converter valve, which has a superior leading position. At the capacity end, the company has 40 sets of DC converter valves, 300 sets of flexible AC valves and 300 sets of high-power electrical drives, ranking first in the field of electrical water cooling. As the only water-cooling supporting supplier in the power grid system, the large-scale development of DC transmission will greatly improve the performance flexibility of the company.
The trend of large-scale fans has increased the market scale and thickened the performance of high-speed wind power
Due to the power limitation of small-scale fan units, the thermal management mainly adopts the air cooling mode with lower installation price. The large-scale fan will drive the sharp increase of fan power, and the thermal management mode will turn to water cooling in an all-round way. Recently, only the “14th five year plan” of Zhangzhou and Yancheng has 83 GWH of new sea breeze installed capacity, corresponding to the new water cooling demand of 1.3 billion yuan; The annual installed capacity of onshore wind power is 60gwh, corresponding to the new market scale of RMB 900 million. As the leader in the field of wind power water cooling and the only supplier of State Grid water cooling, the new market scale will significantly increase the company’s future performance.
The installed capacity of wind power photovoltaic has increased significantly, driving the outbreak of energy storage and water cooling market, Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) is expected to benefit
In the future, the installed capacity of wind power photovoltaic will increase significantly. We predict that the installed capacity of electrochemical energy storage will reach 150gw in 2025. As the first important index, the safety of energy storage battery will drive the explosion of energy storage water cooling market. The company has more than 20 years of experience in system level water cooling projects and has the lowest secondary development cost compared with the same industry. It is expected to benefit from the high prosperity of energy storage water cooling market on a large scale. Recently, the company’s energy storage and water cooling has entered the Contemporary Amperex Technology Co.Limited(300750) supply chain. As the only water cooling supplier in the whole market, the company has huge growth space.
Benefiting from the rapid improvement of the penetration rate of new energy vehicles and the accelerated business layout, Dongguan Sixiang is expected to grow
The profit margins of heating, thermal insulation and FPC of Dongguan Sixiang’s three business modules are much higher than those of its peers. The company’s thermal insulation products are the leader in the whole industry. At the same time, based on the company’s independent R & D strength, the heating and FPC business areas will be expanded rapidly. In the future, with the rapid increase of new energy vehicle penetration and the increase of single vehicle value brought by product line expansion, we expect the company’s business to double.
Investment advice and profit forecast
Benefiting from the high prosperity in the downstream field, the company’s performance is expected to improve significantly. We expect the company’s revenue to be RMB 1.298/1790/2335 billion and the net profit attributable to the parent company to be RMB 115/215/333 million from 2021 to 2023. The current share price corresponds to EPS of 0.41/0.77/1.19 yuan and PE of 40.4/21.6/14.0 times, maintaining the “buy” rating.
Risk statement
Risk of product R & D falling short of expectations; Risk of intensified industry competition; Technology change risk
