During the 14th Five Year Plan period, the investment scale of power grid will be significantly increased, among which the intelligent and digital transformation of distribution network is the key link. We suggest to focus on the following main investment lines:
Link 1: the demand for distribution automation master station and primary and secondary integration equipment has increased significantly. The main distribution station is the core secondary equipment of automation, and the improvement of coverage is expected to assist the new power system to realize the accurate and fully automatic control of multiple elements of source network load and storage; Primary and secondary integration can solve multiple problems caused by the separation of primary and secondary equipment in the existing distribution network, and improve the response speed, diagnosis accuracy and intelligent level at the distribution network side. The market share of secondary equipment at the distribution network side is relatively concentrated. It is recommended that Nari Technology Co.Ltd(600406) , Beijing Sifang Automation Co.Ltd(601126) , Xj Electric Co.Ltd(000400) , Sieyuan Electric Co.Ltd(002028) , it is recommended to pay attention to State Grid Information&Communication Co.Ltd(600131) , Shanghai Holystar Information Technology Co.Ltd(688330) , Hangzhou Kelin Electric Co.Ltd(688611) , Yijiahe Technology Co.Ltd(603666) , etc.
Link 2: smart meters are expected to enter a new cycle of meter rotation, and the demand for intelligent transformation in the station area is rising. Smart meters are compulsory verification products. It is expected that China will usher in the peak of meter replacement in 2022 and enter a new round of meter replacement cycle of smart meters; There are many pain points in the existing station area. During the “14th five year plan” period, the coverage of intelligent fusion terminals in the station area is expected to increase rapidly. The performance flexibility of smart meters at the distribution network side and smart terminals in the substation area is sufficient. It is recommended to Hangzhou Sunrise Technology Co.Ltd(300360) , Willfar Information Technology Co.Ltd(688100) , and Dongfang Electronics Co.Ltd(000682) etc.
Link 3: the future space of the micro network market is broad, and high-quality enterprises with integrated supply capacity are expected to benefit. Microgrid helps to realize the efficient consumption of distributed power generation and improve the revenue on the user side. The industry has a broad space. The existing business model of microgrid is mainly EPC + operation, and companies with EPCO integrated supply capacity have obvious advantages. Suwen Electric Energy Technology Co.Ltd(300982) , it is recommended to pay attention to Wiscom System Co.Ltd(002090) , China Southern Power Grid Energy Efficiency&Clean Energy Co.Ltd(003035) , Chongqing Fuling Electric Power Industrial Co.Ltd(600452) , Zeyu intelligence, etc.
Link 4: low voltage electrical appliances are facing incremental demand, and the industry pattern is expected to be further optimized. Low voltage electrical appliances are expected to benefit from the incremental demand driven by the new power system. At present, the localization rate of the superposition industry is low, and there is sufficient growth space for domestic high-quality manufacturers. Shanghai Liangxin Electrical Co.Ltd(002706) , Zhejiang Chint Electrics Co.Ltd(601877) , etc. are recommended.
Risk warning: the risk that the power grid investment is less than expected; Macroeconomic fluctuation risk; Tight supply of raw materials and price fluctuation risk.
