Shenzhen Hopewind Electric Co.Ltd(603063) (603063)
Shenzhen Hopewind Electric Co.Ltd(603063) focusing on the field of electric energy conversion, it has established four product platforms with medium and small power converters, megawatt low-voltage converters, IGCT medium voltage converters and cascaded medium voltage converters as the core. The products include wind power converters, photovoltaic inverters and electrical transmission products, which are widely used in wind power generation, photovoltaic power generation and power machinery equipment. In terms of new energy electronic control system solutions, the company is one of the competitive electrical enterprises. At the same time, power transmission equipment is widely used downstream and domestic substitution is in progress. It has the dual attributes of high prosperity special equipment + manufacturing upgrading.
Wind power converter: China’s leading enterprise
Wind power converter is one of the core components of wind turbine. It realizes the transformation and control of wind power and converts the electric energy fluctuating with the wind speed into the electric energy with stable frequency. Converter accounts for about 40% of the cost of wind turbine control system, and it is the component with the highest proportion. Shenzhen Hopewind Electric Co.Ltd(603063) is the leading enterprise of wind power converter in China, especially in the field of sea breeze, with a high market share. The trend of large-scale wind power is gradually accelerated, the growth rate of offshore wind power is high, and the demand for high-power wind power converters is significantly increased, Shenzhen Hopewind Electric Co.Ltd(603063) is expected to benefit significantly.
Electric drive: domestic replacement
Electric drive is an important component equipment of industrial control system, which is widely used in electric power, metallurgy, petrochemical and other industries. Shenzhen Hopewind Electric Co.Ltd(603063) the main products are low-voltage and medium voltage engineering frequency converters, which are positioned at the high end and widely used. In 2020, the market scale of China’s frequency converter industry will be about 52 billion yuan. At present, the main participants are Japanese and European foreign brands. The market share of domestic brands is relatively small, and there is a broad space for domestic substitution. Shenzhen Hopewind Electric Co.Ltd(603063) after years of R & D accumulation, engineering frequency converter products have fully entered metallurgy and other industries, breaking the industry dilemma that the main drive frequency converter of section steel production line is monopolized by foreign imported brands, and laying a solid foundation for the localization of frequency converter.
Photovoltaic inverter: with the release of photovoltaic installed capacity, the demand has increased significantly
Photovoltaic inverter is an important component of photovoltaic equipment, which converts the variable DC voltage generated by photovoltaic Cecep Solar Energy Co.Ltd(000591) plate into AC with mains frequency. Shenzhen Hopewind Electric Co.Ltd(603063) provide traditional series / centralized photovoltaic inverter, one of the first distributed inverter enterprises, enter the global photovoltaic top 20 in 2021, and win the top 10 of Chinese photovoltaic inverter enterprises in 2021. The price of silicon materials and silicon wafers continues to drop, and the installed capacity of photovoltaic will be further released in 2022, which is expected to reach more than 75gw, with a year-on-year increase of about 50%, and the demand for inverter will increase significantly.
Energy storage converter and silicon carbide: layout future
The high-speed development of energy storage can be expected, and the converter is an important component. Shenzhen Hopewind Electric Co.Ltd(603063) provide a complete set of energy storage system solutions, including energy storage converters of various power levels, EMS energy management system with customizable software and hardware, which is one of the important performance contribution points of the company in the future. Power semiconductor is the core device of electric energy conversion. About 80% of silicon carbide power devices in the Chinese market still depend on imports. Shenzhen Hopewind Electric Co.Ltd(603063) through epitaxial participation in Qingchun semiconductor and Suzhou kaiweite semiconductor, it can ensure the supply stability of silicon carbide power devices in the future, reduce costs and realize domestic substitution, which is conducive to the long-term development of the company.
Investment advice
Shenzhen Hopewind Electric Co.Ltd(603063) has the dual attributes of high prosperity special equipment + manufacturing upgrading, and is given a buy rating. We estimate that the operating revenue of the company from 2021 to 2023 will be 1.821 billion yuan, 3.097 billion yuan and 3.630 billion yuan respectively, the net profit attributable to the parent company will be 246 million yuan, 425 million yuan and 526 million yuan respectively, the EPS will be 56 million yuan, 97 million yuan and 103 yuan respectively, and the corresponding PE will be 64, 37 and 30 yuan respectively.
Risk statement
Wind power construction is less than expected
Intensified competition in frequency converter industry
The overall economic environment is less than expected
The market expansion of energy storage converter is less than expected
Domestic substitution process is slow
