Special topics of this week: (1) compressor is an important general mechanical equipment, and there is still a large growth space for screw compressor in China. Compressor is a kind of fluid machinery that promotes low-pressure gas into high-pressure gas. The main uses of compressor include aerodynamics, refrigeration, air splitting, synthesis and polymerization, gas transmission, etc. the industries most used downstream of air compressor in China are machinery, petroleum, chemical industry, metallurgy, mining and power industry. According to different media, compressors can be divided into air compressors, refrigerant compressors and other media compressors. According to different structural principles, it can be divided into positive displacement compressor and power compressor. In terms of compressed media, air compressor and refrigeration compressor are the most widely used compressors, accounting for 80% of the total compressor market. From the compressor structure principle, piston air compressor and screw air compressor are the main air compressors at present. Screw compressor has high reliability, stable operation and simple operation, and is more widely used in developed countries. However, piston compressor is still the main type in China, and there is a large replacement space for piston compressor in China. In western developed countries, Japan and other regions, screw air compressors account for more than 80% of the compressor market, while China's piston compressor market share in 2018 is still as high as 75%. From 2016 to 2018, the industry showed an upward trend. In 2018, the revenue scale of China's air compressor market was 53.601 billion yuan, with a compound growth rate of about 3%. Considering the increasingly stringent policies related to energy conservation and environmental protection in China, the demand for energy conservation transformation of the industry will continue to increase, and the market scale can reach 60.554 billion yuan in 2021. (2) The high-end market is gradually conquered, and energy conservation and emission reduction is an important trend. China's high-end compressor field is still occupied by overseas enterprises, and the competition in the medium and low-end market is fierce. Overseas leading enterprises include atlas in Sweden, Ingersoll Rand in Ireland, Gatton Denver in the United States, Sullair in Japan, etc. Atlas is a global leader with rich product lines and high-end technical products. In 2020, the company's air compressor business revenue was about 37.3 billion yuan. Chinese enterprises have mastered compressor profile design technology, permanent magnet variable frequency motor and secondary compression technology, and are gradually competing with international brands in high-end fields. Chinese high-quality compressor enterprises include Zhejiang Kaishan Compressor Co.Ltd(300257) , Shanghai Hanbell Precise Machinery Co.Ltd(002158) , Ningbo Baosi Energy Equipment Co.Ltd(300441) , Xiamen East Asia Machinery Industrial Co.Ltd(301028) , etc. Zhejiang Kaishan Compressor Co.Ltd(300257) is the leader of screw compressor in China. In 2020, its compressor business income was 2.25 billion yuan. There is still a large gap in the scale of leaders outside China, and there is still room for growth in China's compressor industry. Compressor is an important industrial energy consuming equipment. The electric energy consumption of compressor air system accounts for 10% ~ 20% of the total power consumption of enterprises. 96% of the energy consumption of compressed air system is consumed by the compressor. Compared with piston compressor, screw compressor has obvious energy-saving advantages and has good development prospects in the future.
Risk factors: the spread of the global epidemic is accelerating, the demand boost after overseas resumption of work is lower than expected, and China's subsequent economic growth is weak.
