Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) (300499)
The company participated in China's first grid connected sea breeze flexible direct project
On the 21st, The company said that it provided external cooling public cooling system for the converter station of Three Gorges Rudong offshore (H6, H8, H10) wind power flexible DC transmission project, and the company participated in the drafting of technical specification for flexible DC transmission converter valve 。 Under the background of carbon peak, carbon neutralization and building a new power system, UHV is expected to usher in a new round of construction peak, and the new installed capacity of offshore flexible and direct is expected to be more considerable. The company's products are expected to benefit significantly when applied to China's first grid connected offshore wind flexible and direct project.
Development and application of far-reaching sea breeze resources
During the 14th Five Year Plan period, China is expected to increase the average annual sea wind capacity by 10GW, the total planned capacity of far-reaching sea wind power exceeds that of offshore, and the planned capacity of 24gw of far-reaching sea wind power in Yancheng, Jiangsu; Recently China Three Gorges Renewables (Group) Co.Ltd(600905) announced that the offshore distance of Yangjiang Qingzhou No. 5 and No. 7 Haifeng project to be invested and constructed is 71 and 85 kilometers respectively. Far reaching offshore wind power scale and progress exceeded expectations.
Compared with AC transmission, flexible DC transmission has small power loss and flexible operation regulation. It has cost advantages in deep and open sea scenarios, and its application will be greatly improved.
The leading position of the company will obviously benefit from flexible and direct development
The company is the leader of UHVDC converter valve water cooling equipment, has accumulated rich experience in the field of UHVDC transmission water cooling system and offshore wind power water cooling system, has mature flexible direct water cooling technology and solutions, and participated in the drafting of technical specification for flexible DC transmission converter valve.
As the supplier of water cooling products for China's first nationwide offshore flexible direct project, Provide external cooling public cooling system for the converter station of the Three Gorges Rudong Haifeng (H6, H8, H10) project of China's first grid connected Haifeng Rouzhi project; the value of the company's flexible and direct water cooling products is directly related to the cost of the converter valve. The total grid connected scale of the Three Gorges Rudong Haifeng (H6, H8, H10) project is 1.1gw, corresponding to the company's order scale of about RMB 80 million.
Profit forecast and valuation
Continue to be optimistic about the development of the company: the continuous high growth of Sixiang; Under the double carbon trend, the construction of UHV and wind power is optimistic, and the expansion of new customers drives the improvement of pure water cooling equipment; The cooperation between energy storage and heat management and Ningde brings flexibility. It is estimated that the net profit attributable to the parent company in 2021-23 will be RMB 81 / 153 / 235 million, pe54 / 29 / 19 times, maintaining "buy".
Risk tip: increased competition leads to lower gross profit margin of products; Customer development and order acquisition are not as expected.
