Zhitong Financial APP learned that Guoxin Securities released a research report saying that it is optimistic about the long-term development of pumped storage, and recommends to pay attention to the leading or low-valued high-quality targets in various segments.EPC aspectIt is suggested that we should pay attention to China Power Construction (601669.SH), the leading pumped storage general contract business supported by the Water Planning Institute of National Electric Power Design Institute, and China Energy Construction (601868.SH), which has rich experience in pumped storage construction.Power generation equipmentDongfang Electric (600875.SH), the main supplier of domestic pumped storage units, Guodian Nanrui (600406.SH), which is the leader in the localization of unit auxiliary equipment, and Jinpan Technology (688676.SH), which has the advantages of special dry-type transformers with static frequency conversion starter.
The main points of Guoxin Securities are as follows:
The two-part electricity price opens the profit space, and the downstream investment boom is high.
The opinions on further improving the formation Mechanism of pumped Storage Price issued on April 30, 2021 (document No. 633) makes it clear that pumped storage power stations shall implement two-part electricity prices, approve capacity electricity prices and incorporate them into transmission and distribution prices by means of incentive supervision, and form electricity prices in a competitive manner. The document defines the diversion mechanism of the non-variable cost of the pumped storage power station, ensures the basic rate of return of the pumped storage power station construction, improves the construction enthusiasm of the owners, and encourages the pumped storage power station to participate in the auxiliary service market or auxiliary service compensation mechanism.
Support the multi-pronged policy to speed up the construction of pumped storage projects.
In April 2022, the National Development and Reform Commission and the National Energy Administration jointly issued a circular to speed up the development and construction of pumped storage projects during the 14th five-year Plan period, and to speed up the approval of pumped storage projects in 2022 in accordance with the principle of full nuclear power and full opening, to ensure that a number of projects are approved before the end of 2022, and to link up with the approval work in the subsequent years of the 14th five-year Plan, so as to promote the good, rapid, large-scale and high-quality development of pumped storage projects. So as to speed up the construction of a new power system, promote large-scale and high-proportion development of renewable energy, and promote the expansion of effective investment. The approval process is expected to be standardized and simplified, and project design, construction and equipment delivery will be accelerated at the same time.
The localization rate of key components has been improved, and high-quality R & D leads the technology iteration.
At present, the level of independent manufacturing of units in China has been significantly improved, and domestic manufacturers have reached the international advanced level in the independent development of large-capacity and high-speed pumped storage units with water head of 600 meters and below. In the future, the research and development of pumped storage units in China will focus on the independent design and manufacture of ultra-high head large capacity storage units and large capacity variable speed units. at the same time, the localization level of auxiliary equipment such as excitation, governor and frequency conversion devices needs to be further improved. equipment enterprises with strong R & D strength will usher in rapid development.