The leading company of high voltage SVG sets sail in the field of energy storage.
The company's business mainly includes motor drive and energy-saving control, power quality management, rail transit high-end equipment, coal mine explosion-proof and intelligent control equipment, intelligent energy storage equipment. It is widely used in electric power, coal, cement and other fields, and can also create products and solutions for customers in terms of system energy saving, intelligent control, solving power quality problems and so on. At present, the company's high-voltage dynamic reactive power compensation device (SVG) and high-voltage frequency converter products market share are in the forefront of the domestic.
The company's energy storage system high-voltage cascade PCS technology will be put on the market in 2021, and the energy storage field will become the company's profit growth point in the future.
2022Q1 achieved an operating income of 145 million yuan, an increase of 14.62%, and a net profit of 17.2386 million yuan, down 13.16%. Affected by the epidemic and changes in raw material prices in the first quarter of 2022, the performance declined and profit margins were compressed. In April, raw material prices gradually recovered and the impact of the epidemic gradually resolved. Looking forward to the whole year, with the further decline in the cost of raw materials, the company's profitability is expected to further improve.
The "double carbon" policy promotes the development of SVG and the steady growth of frequency converter.
SVG: high voltage dynamic reactive power compensation device belongs to power quality control equipment. Because SVG is widely used in photovoltaic high voltage and low voltage grid connection, the new energy SVG market is broad this year. At present, the company has the highest proportion of high-voltage SVG shipments, and the order shows a trend of increasing single capacity and increasing permeability of distributed small capacity. We are optimistic about the application prospect of SVG in the new energy industry, and the shipments of SVG in the new energy field will be further enhanced in the future.
Frequency converter: due to the rise in commodity prices in 2021, the demand of traditional industries is improving, high-power motors gradually adopt domestic high-voltage frequency converter, and the company's frequency converter business grows rapidly. From the market application point of view, many high-power motors gradually began to use domestic high-voltage frequency converter, in addition to the new market demand, the stock high-voltage frequency converter also began to upgrade the process. Taking into account the new market demand and the upgrading of the old high-voltage frequency converter, the frequency converter market is expected to maintain a growth rate of more than 10% in the next five years.
The technology reserve of high-voltage cascade PCS is rich, and the field of energy storage is expected to become a new driving force for development.
The company has energy storage system high-voltage cascaded PCS technology reserve, its corresponding direct-hanging energy storage system can be directly connected to the 10kV power grid or even 35kV power grid. Because it is not connected to the grid through the transformer, and uses a lower carrier frequency and achieves high waveform quality, the overall efficiency of this system will be significantly higher than the existing "low-voltage energy storage + transformer" grid-connected architecture. At the same time, using cascaded multilevel technology, in the case of using the same type of IGBT, the power of the single 10kV can reach 15MW, which is very suitable for the application of large capacity energy storage. The higher the performance-to-price ratio is, the more prominent the performance advantage is. At present, the product has been put on the market in 2021. At the same time, due to the company's energy storage customers and the existing SVG business has a certain overlap, the company's market expansion is faster. With the substantial increase in the bidding volume of the energy storage industry this year, we expect the company's energy storage business to expand rapidly this year.
Profit forecast
We are optimistic about the rapid expansion of the company's business in the field of SVG and energy storage, and predict that the company's income from 2022 to 2024 will be 11.43,15.38,2.106 billion yuan respectively, EPS will be 1.04,1.45,1.88 yuan respectively, and the current stock price corresponding to PE will be 43.4,31.1 and 23.9 times respectively.
Risk hint
Raw material price fluctuation and supply risk, energy storage industry competition is too fierce, products do not meet the risk of market demand, and so on.