Zhitong Financial APP learned that according to the research released by Guohai Securities, according to Zhongneng Jiancheng Group, Hubei Yingcheng project scale is 300MW/1500MWh, using adiabatic compression technology, the energy conversion efficiency is more than 70%, and the single machine power / energy storage scale ranks first in the world in the field of non-supplementary combustion compressed air energy storage. According to the statistics of the bank, as of the end of September this year, the installed capacity of compressed air energy storage in China is 6.3GW, which is much higher than the existing cumulative installed 182.5MW. Compressed air energy storage is currently closer to the large-scale promotion of long-term energy storage form, commercial year is approaching, to maintain the industry "recommended" rating.
Investment advice:It is recommended to pay attention to compressor manufacturers Shaanxi Drum Power (601369.SH), Jin Tongling (300091.SZ), expander manufacturers Dongfang Electric (600875.SH), Shanghai Electric (601727.SH) and Harbin Electric (01133), heat exchange system manufacturer Xizi Jieneng (002534.SZ), project designer and developer 3D Chemistry (002469.SZ), salt cave resource manufacturer Su Salt Jingshen (603299.SH).
Events:According to the official account of Zhongneng Construction Mathematical Group, on the afternoon of October 31, China Energy Construction Mathematical Group held a mobilization meeting for the demonstration project of the 300MW compressed air energy storage power station in Yingcheng, Hubei Province, and the construction of the project was speeded up in an all-round way. We will strive to achieve the first can of concrete pouring in mid-December.
The main points of Guohai Securities are as follows:
The single power is the largest in the world, and the construction of the 300MW project in Yingcheng, Hubei Province is accelerated.
According to Zhongneng Construction Mathematical Group, the scale of Hubei Yingcheng project is 300MW/1500MWh, using adiabatic compression technology, the energy conversion efficiency is more than 70%, and the single machine power / energy storage scale ranks first in the world in the field of non-supplementary combustion compressed air energy storage. The construction period of the first phase of the project is 18 months, and the unit construction cost is 6 yuan / W. According to the official WeChat of Zhongneng Construction Mathematical Group, Wuhan Institute of Mechanics and soil of Chinese Academy of Sciences, Deep ground Technology Center of Chinese Academy of Sciences, Chuyun Energy Storage Company may be responsible for salt cave engineering; Guangdong Tianan Project Management Company, China can build Central South Hospital or Jiangsu Hospital or be responsible for project construction; Shaanxi Drum Group, Dongfang steam turbine, Dongfang Motor or responsible for the supply of compressors, expanders and other equipment. According to Dongfang Steam Turbine official, Dongfang Steam Turbine has won the bid for expander and its ancillary equipment for Hubei Yingcheng project.
The commercial year is approaching, and the existing planned installed capacity 6.3GW.
According to the statistics of the bank, by the end of September 2022, the installed capacity of compressed air energy storage in China is 6.3GW, which is much higher than the existing cumulative installed 182.5MW in China. According to the website of Guan Research report, under pessimistic / neutral / optimistic expectations, the installed capacity of compressed air energy storage in China will be 3.5/6.8/10.1GW in 2025 and 27.7/43.2/58.6GW in 2030. According to the National Development and Reform Commission, China's new energy storage capacity will exceed 30GW in 2025, and compressed air energy storage accounts for 23% of the installed capacity under neutral expectations.
Under the neutral expectation, the market space of core equipment from 2022 to 2025 is expected to be 158-19.7 billion yuan.
According to media reports, the construction of compressed air energy storage projects can be roughly divided into core equipment, other equipment, electrical control systems, civil engineering and construction, etc., in which core equipment expenditure accounts for 40% of the total construction cost, mainly air compressors and turbine expanders. According to the expected new installed capacity (6.6/43.0GW) of compressed air energy storage in China in 2025 / 2030, assuming that the proportion of equipment value remains unchanged and the unit investment cost is 6 yuan / W, the market space of core equipment needed for compressed air in 2022-2025 is 158-19.7 billion yuan, and that in 2022-2030 is 1031-128.9 billion yuan.
Risk Tips:The risk of policy change; the installation is not as expected; the competition in the industry is intensified; the technological progress is not as expected; the measurement is subjective and is for reference only; focus on the company's performance is not as expected.