To introduce you.
Taiwan 601727.SH is one of the world's largest development equipment research, development, manufacturing and power station project contracting enterprises, together with Harbin Electric Power Station (01133.HK) and Shanghai Electric Power Station (601727.SH) and named as China's three major dynamic equipment enterprises. The company was listed on the Hong Kong Stock Exchange in June 1994. The holding stock of the company is directly controlled by the State Information Commission, the central enterprise, and the actual controller is the National Information Committee of the State Council. After being reorganized in 2018, the company has formed the industrial development pattern of the existing five industries: water supply, fire supply, electricity supply, nuclear power generation, nuclear power generation, nuclear power supply, nuclear power generation, thermal power generation, nuclear power generation, thermal power generation, thermal power generation and control, and new industry development. The company entered the field of water supply and fire respectively before and after the 1960s, and maintained more than 40% of its market share in China for many years. After years of opening up and expanding territory in Xinjiang, Taiwan Power Station now plays an important role in the field of fire, nuclear power, water power and other power sources. At the beginning of the 21st century, the army entered the military field, and its cumulative quantity ranked among the top five in China. In 2021, the company has completed the batch delivery of the 10MW maritime engine unit with the largest unit capacity in Asia and the second in the world; the largest 6MW unit capacity in China has been put into operation at the same time; and the distributed 2.5MW engine unit with the highest elevation (5050 meters) in the world has been installed. The company's current equipment output totaled more than 600 million kilowatts, and the annual equipment output ranked first in the world for 18 consecutive years.
Industry background
According to the 14th five-year Plan, it is necessary to build a modern energy system, speed up the construction of pumped storage stations and the large-scale application of new energy storage technologies. Pumped storage, as the main force of China's energy generation, has witnessed a new wave of explosive growth.
According to the 14th five-year Plan, the operating capacity of China's pumped storage power stations will increase from 31GW in 2021 to more than 62GW in 2025 and double again to about 120GW in 2030. As a member of the domestic water power generation unit, the market share of pumped storage has exceeded 47.2% since 2018. At present, its market share has maintained a steady growth. In addition, driven by the carbon policy, according to the forecast of the Chinese National Weather Center, China's installed capacity will reach 2500GW by 2050. It is estimated that under the support of high-activity power generation in 2050, under ideal conditions, China will account for 35% of the electricity generated by power generation. It is worth noting that during the 14th five-year Plan period, China's average annual loading machine will be about 55GW, with an average annual growth rate of as high as 15%. In recent years, Taiwan Telecom has made great efforts to distribute the market, and its 13MW marine rig unit is at the leading level in the continent. It is expected that with the launch of large-scale maritime rig projects, the output of the company's large-megawatt rig unit has accelerated, and its market share has further climbed.
Cymbals
Cater to the policy of carbon neutrality and the rapid development of trade services.
The main responsibilities of Taiwan Electric Power Station include renewable energy equipment for electricity and water suppliers, clean and efficient energy equipment for nuclear power, gas turbine and fire producers, engineering and trade, modern manufacturing services and new industries.
Before the company's business restructuring in 2018, the fire owner's clean and efficient energy service is the company's largest power source equipment service. From 2017 to 2020, the share of revenue realized by fire fell from 49.59% to 19.66%, a drop of 60.35%. In 2021, the Renewable Energy equipment Board surpassed the clean and efficient energy equipment board for the first time to become the largest collector of the company. In 2021, the company realized a net income of 467.6 billion yuan, an increase of 29.02% over the same period last year, while the profit of its mother was 2.289 billion yuan, an increase of 22.93% over the same period last year. Thanks to the rapid growth in financial services, renewable energy revenue recorded a year-on-year increase of 50.11%. In 2021, sales accounts for 26% of revenue, which has replaced the 18% recorded by fire as the company's largest source of revenue. In the first quarter of this year, Taiwan Telecom recorded a revenue of 141.1 billion yuan, an increase of 30 percent over the same period last year, while its mother's profit was 930 million yuan, an increase of 46 percent over the same period last year. Employment growth continued to be strong, with revenue accounting for 40% of the year-on-year increase. During the period from 2022 to 2025, China's economy is expected to achieve rapid growth in the world economy. The annual growth rate of new aircraft capacity in Shanghai has increased from 45GW in 2022 to 85GW in 2025, with an average annual growth rate of 24%, while that in maritime transport has increased from 6.5GW in 2022 to 18GW in 2025, with an average annual growth rate of 40%. We are optimistic about the rapid development of Fannie Mae in the financial sector, and it is expected that its continued growth in the financial market will keep its gross profit margin rising.
Comprehensive layout of new energy boards
The company has been deeply engaged in renewable energy equipment, and since 2010, it has paid attention to the research and development of fuel power cells, and has extended the layout of production plants with fuel cells as the core, covering the whole process of manufacturing, heating and heating in the upstream, the fuel power pool system in the middle reaches and the applications in the lower reaches. In response to China's carbon policy, the new energy board has become a key layout board for the company. In February 2020, 100 fuel generating engines independently developed by Fangfang Power Station were delivered, taking the lead in becoming a fuel power pool enterprise capable of supporting 100 diesel turbines in China. In June 2021, Taiwan Television signed an agreement on energy cooperation with the Beijing Greater Asia region, which will build a Beijing General Department, a membrane active research and development center and a manufacturing base in Beijing. At present, Beijing has become the first batch of energy demonstration urban agglomeration, and is optimistic about the demand for the upgrading of related operational activities and storage capacity of the company's fuel power cells, which has become a vital force for the increase of energy consumption. It is worth noting that, through years of technical efforts and word-of-mouth efforts in the water supply industry, as well as catering to the related problems related to pumped storage in the 14th five-year Plan, the pumped storage of Taiwan Power Station, as one of the main forces of China's energy generation, has brought a new wave of explosive growth. In 2021, Guangdong Electric Power and Harbin Electric Power (01133.HK) accounted for 40% and 50% of China's pumped storage power generation units, respectively. The pumped storage field has stringent requirements on funds and technical walls. as one of the manufacturers of China's large-scale pumped storage units, the company has reached the world-class level in its research and development. with the landing of the new infrastructure project, the Guangda base project and the support of the state's supportive policies, the pumped storage equipment import channel of Taiwan's pumped storage equipment is expected to increase again.
Shoddy
Fire or noodles are eliminated, but the gross profit margin is low.
The shutdown of nuclear construction and the weakening of fire engines are the main reasons for the failure of Twelfth five-year Plan and 13th five-year Plan. Under the background of the national policy to phase out some coal production capacity, the company is facing the problem of flagging equipment demand. The new energy board has achieved rapid growth in recent years, and the mobile renewable energy equipment board has surpassed the clean and efficient energy equipment board for the first time to become the company's largest closing board. However, in 2021, the gross profit margin of renewable energy equipment is still only 14.32%, while that of fire-driven clean and efficient energy equipment is as high as 21.73%. The cost of the industry is low, the industry is fierce, and the profit margin is small, which is a drag on the decline of the company's gross profit margin. In addition, the technical wall of pumped storage and power generation is relatively high. Compared with the base load power source of the traditional system, the power supply of pumped storage has the characteristics of intermittent, unsteady and low power generation. It is expected that large-scale models will be connected to the electric power system to meet the safety requirements.
There is an urgent need to improve the "walking" activity of the fire.
China is committed to achieving a peak in carbon dioxide by 2030 and carbon neutrality by 2060, which means achieving the world's highest reduction in carbon emission intensity. In short, in the context of carbon neutralization, the primary energy structure is required to change dramatically in 2050, in which the demand for fossil fuels will fall by more than 90%, and energy, energy, and bioenergy will be the main sources of energy. However, fire has long been the main body of electricity storage and increment in China. China is rich in coal resources and is a major producer and consumer of coal in the world. China's firepower is dominated by coal, which accounts for 56 percent of the total domestic energy consumption, and coal-fired power generation accounts for about 60 percent. In addition, whether a large amount of electricity can be stored or not, the generation and use of electricity are synchronized, so the generating department must generate as much electricity as it needs. There are distinct peaks and troughs in China's electricity consumption, and there is a heavy load in winter and summer. Due to the short construction period, site selection and adverse factors such as environment, weather, season, and so on, the fire is easy to operate, which is convenient for the power supply peak. The power supply peak refers to the maintenance of the power balance and the corresponding change of the power output of the generating units in order to reduce the power load. The time required for the construction of hydraulic power development is long, and the walls of science and technology are relatively high, and their development capacity will be affected in heavy or low water periods. The strong regional nature of hydropower development can only be carried out in specific places, and it is greatly affected by weather and seasonal weather. The company still has a strong dependence on the fire, and the management of the fire is irreplaceable, but the company still needs to improve the operation activity of the fire and enhance the peak capacity of the engine team.
Make a suggestion
It is optimistic that the two-side power stations will play an important role in fire, nuclear power, and water supply, and will first be granted to the other side at the "big market" level, with a target of 12 yuan. From 2022 to 2024, the profit and profit of the parent realized by the company is 2.586 billion yuan, 3.4 billion yuan and 4.2 billion yuan respectively, with an annual growth rate of 13%, 31.4% and 23.5%. It is recommended to keep it for a long time.