The power generation gain of tracking support is significant, and the application of accelerated penetration can be expected. Photovoltaic support is a special support designed for placing, installing and fixing Cecep Solar Energy Co.Ltd(000591) panels in Cecep Solar Energy Co.Ltd(000591) power generation system. In the cost composition of the whole photovoltaic power generation system, the support cost accounts for about 16.3% of the investment cost of the power station, and has an important impact on the service life and power generation efficiency of the photovoltaic power generation system. The photovoltaic support can be divided into tracking support and fixed support. The tracking support can adjust the angle with the change of solar incidence angle. Compared with the fixed support, it can usually obtain a power generation gain of 5% – 35%. In some large-scale ground power stations, the tracking support has better economy. Using the tracking support instead of the fixed support can gain higher project IRR through the gain of power generation.
The logic of the expansion of the market scale of the support industry with the growth of photovoltaic installed capacity is clear. The overseas tracking stent industry started early with mature technology and has been highly recognized in the downstream. At the same time, the accelerated construction of projects such as China’s large base also brings a broad market for the application of tracking stent, and the tracking stent is expected to accelerate its penetration. It is estimated that the total market scale of the support industry will reach 117.7 billion yuan in 2025, with an average annual compound growth rate of 15.4%. The scale of the tracking support market is expected to reach 65.1 billion yuan, with an average annual compound growth rate of 20.0%. In the next five years, the compound growth rate of tracking stent industry will be faster than that of fixed stent.
The era of catching up and tracking the rise of domestic products is coming. With the first mover advantage in the field of tracking stents, foreign leading enterprises have been accumulating technology and project experience, and have always held the leading position of stents. At present, the top three overseas enterprises account for 55% of the market share Arctech Solar Holding Co.Ltd(688408) as a local enterprise, it ranks fourth in the global tracking stent market share. With the gradual recognition and acceptance of China’s tracking support by downstream customers, China’s leading tracking support enterprises have formed a complete supply chain channel from control to drive system in recent years. In terms of business model, Chinese scaffold enterprises adopt the integrated model of R & D design + production and manufacturing, which has more advantages in quality control and cost. In terms of technology, the technological gap between China’s leading enterprises tracking stents and the top enterprises in Europe and the United States is narrowing. In terms of overseas channels, after the listing of Chinese support enterprises, they are also accelerating the overseas layout and promoting the strategy of going to sea. Chinese enterprises are optimistic about producing cost-effective products through continuous technological iteration and opening the domestic substitution cycle.
Investment strategy: as one of the key auxiliary materials of the photovoltaic industry chain, the market scale of photovoltaic support will continue to expand. Under the integrated production mode, Chinese enterprises have stronger delivery ability and better quality control and cost advantages. They are optimistic that Chinese enterprises will produce cost-effective products through continuous technological iteration and open the domestic substitution cycle. It is suggested to pay attention to the leading support leader Arctech Solar Holding Co.Ltd(688408) ( Arctech Solar Holding Co.Ltd(688408) . SH) with absolute comprehensive strength and Clenergy(Xiamen)Technology Co.Ltd(603628) ( Clenergy(Xiamen)Technology Co.Ltd(603628) . SH) in the deep ploughing household support market.
Risk warning: the global spread of covid-19 epidemic and its impact on social and economic activities deviate from expectations; The development direction of new technologies in photovoltaic and other fields may deviate from expectations.
