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神马电力(603530)新股询价报告

Shenma Electric Power (603530) IPO inquiry report

華鑫證券 ·  Jun 25, 2019 00:00  · Researches

Company profile

The company is mainly engaged in the R & D, production and sales of power system substation composite external insulation, transmission and distribution line composite external insulation and rubber seals. At present, the issuer is an internationally renowned manufacturer of composite external insulation products for power systems and a leading enterprise of rubber seals for domestic power equipment. The company's substation composite external insulation products mainly include substation composite insulators (hollow composite insulators, pillar composite insulators), transformer composite bushings, switch composite sleeves, etc.; transmission and distribution line composite external insulation products mainly include line composite insulators and composite cross poles (transmission tower composite cross pole and distribution network composite cross pole) At the same time, through the in-depth study of the sealing structure of electrical equipment, the material of seals and the installation technology of seals, the company has developed an integral sealing solution for power equipment.

The highlight of the company

(1) the company's insulators are based on silicone rubber and have good explosion-proof, anti-seismic and anti-pollution flashover properties, which can effectively prevent malignant accidents such as pollution flashover, explosion and brittle fracture, and improve the reliability of substation operation; the company's rubber seals can effectively solve the problem of oil leakage in electrical equipment.

(2) the company is a member of International large Grid Committee (Cigre), Association of Electrical and Electronic Engineers (IEEE) and China Society of Electrical Engineering (CSEE). It has two national R & D platforms: national key Laboratory of Energy and Electric Insulation Composites and postdoctoral Research Workstation. And Jiangsu Transmission and Transformation Composite external Insulation Engineering Technology Research Center, Jiangsu Province recognized Enterprise Technology Center, Jiangsu Province (Shenma) Composite Power equipment Technology Research Institute three provincial R & D platforms, have certain advantages in the industry.

(3) after years of market accumulation, the company's products have formed a certain brand influence in the industry. At present, it has established good business relations with more than 1000 customers, including State Grid Corporation, China Southern Power Grid Corporation, China West Power Group and other domestic customers, as well as international well-known electrical equipment suppliers represented by ABB Group, Siemens Group and GE Group. At the same time, the company has established a market-oriented marketing system through business cooperation and management consulting suggestions with IBM Management Consulting Company.

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