Author|Zhu Hualei,Editor|Gu Jinfeng
Source: Jufeng Investment Advisory, Good Stock Application
At present, the construction of the UHV power grid in the mainland has formed a modern large power grid with 1000kV AC voltage and ±800kV DC voltage as the backbone grid. It has realized the energy allocation pattern of "west-to-east power transmission" and "north-south power transmission", providing strong support for the country's energy security and economic development.
During the "Twelfth Five-Year Plan", the mainland put forward the idea of building a "three vertical and three horizontal" UHV backbone grid, and continued to promote the construction and development of the UHV power grid in the follow-up planning. Up to now, China's UHV transmission technology has been in a leading position in the world, realizing the leap from "following" to "leading", and has become an important technical support for the adjustment and optimization of the national energy structure.
According to the planning of the State Grid, during the "13th Five-Year Plan" period, the mainland accelerated the pace of construction of UHV projects. This includes the start of the "four crossings and four straights" project, as well as the construction of several other UHVDC and AC projects. The construction of these projects aims to optimize the country's energy structure, improve energy efficiency, promote large-scale integration of clean energy into the grid, and strengthen the stability and security of the power grid.
The State Grid proposed that the scale of investment in the power grid this year is expected to exceed 500 billion yuan. At present, 10 UHV projects, including the Hami-Chongqing ± 800 kV UHV DC project, the Wuhan-Nanchang, Zhangbei-Shengli, Sichuan-Chongqing 1000 kV UHV AC projects and the 1000 kV UHV Beijing West Railway Station, Shijiazhuang Station and Tianjin Station expansion project, are being comprehensively promoted.
SHEMAR Power is a manufacturer focusing on composite insulators for power systems, and its products are widely used in power grid construction, especially in UHV transmission projects, which has a leading market share. The company has developed the world's first UHVDC pillar composite insulator, which is of great significance to the development of China's UHV transmission technology and helps to improve the safety and economy of the power grid.
The company's UHVDC pillar composite insulator adopts high-temperature vulcanized silicone rubber material as the outer insulation, which can be used under harsh environmental conditions, effectively prevent the occurrence of pollution flashover and ice flash accidents, and has excellent mechanical properties, and can resist earthquake disasters in high-earthquake areas. These products have been widely used in a number of UHVDC projects, supporting the construction and operation of UHVDC projects in China.
From the perspective of the company's business composition, the company's products mainly cover the following parts:
1. Substation composite external insulation products: This is the company's core product line, mainly including substation composite insulators (hollow composite insulators, pillar composite insulators), transformer composite bushings, switch composite bushings, etc. These products account for a large proportion of the company's main business income, accounting for about 70% in recent years.
2. Composite external insulation products for transmission and distribution lines: including composite insulators and composite cross arms for long-life lines (composite cross arms for transmission towers and composite cross arms for distribution networks). In recent years, the revenue proportion of this product line has increased to about 10.0%, and there is a trend of further growth.
3. Rubber seal products: such products occupy a place in the company's main business income, accounting for about 20% in recent years. With the advancement of the company's globalization strategy, the company is gradually building a global marketing network to enhance the breadth and depth of coverage to overseas customers. In recent years, the proportion of the company's overseas revenue in the current main business income has grown rapidly, and the proportion of export sales in the first quarter of 2023 will reach 63.15%, and it is expected that overseas revenue will continue to maintain a rapid growth trend in the future.
The company has a significant share of the U.S. market's composite insulator imports, has established partnerships with a number of U.S. companies, and continues to grow its revenue in the U.S.
In addition, the company also actively participates in the development and application of products in the field of new energy power generation, and its products have been applied in new energy power generation projects such as wind power and photovoltaics. Although UHV products do not account for a high proportion of SHEMAR Power's operating income, the company is still committed to further consolidating and enhancing its market position in the UHV field through technological innovation and market expansion.
The competitive advantages of the company's products are mainly reflected in the following aspects:
1. Technological innovation: The company has been committed to the research and development and innovation of external insulation products of the power system, and has the National Key Laboratory of Energy and Power Insulation Composite Materials and the National Postdoctoral Research Station, which provides a solid foundation for the research and development and technological innovation of its products. The company's CICA new technology (solutions and products) has obtained 64 domestic and foreign invention and utility model patents, and participated in the formulation of a number of industry standards, reflecting its leading technology in the industry.
2. Product performance: The new material composite external insulation products produced by the company are based on polymer materials and composite materials, which have better aging resistance and mechanical properties compared with traditional ceramic material insulators, can achieve maintenance-free life cycle, effectively prevent insulator explosion, earthquake brittleness and pollution flashover and other accidents, and improve the reliability and safety of the power grid.
3. Economy: The company's products have high cost performance in the whole life cycle. Although the price of products of different voltage levels is different, the company's products have a low one-time investment and are maintenance-free for 30 years, which can save maintenance costs in the later stage, so as to save costs for customers in long-term operation.
4. Market recognition: The company's composite insulator products have rapidly increased the proportion of applications in the world, especially in the UHV AC/DC project, which has an absolute advantage and occupies a dominant position. For example, the proportion of composite insulators used in the company's UHV stations at home and abroad is as high as 90%, and more than 80% of the products are supplied, showing the high recognition of its products by the market.
5. Global layout: The company actively promotes the globalization strategy, improves overseas marketing capabilities and enhances the breadth and depth of coverage of overseas customers through the construction of a global marketing network and digital factory. The company has established digital factories and marketing centers in the United States, Germany, the United Kingdom, Brazil, Spain and other countries to enhance the company's brand and market influence.
6. Environmental protection and low-carbon: The company's low-carbon and environmentally friendly products such as transmission tower composite cross-arm series products can greatly reduce the amount of steel and concrete required for new transmission lines while improving the voltage level and transmission capacity of the line, reduce carbon emissions, and meet the requirements of the global "dual carbon strategic goal". Pay attention to Jufeng Investment Advisor (jfinfo)/good stock application, and the analysis and research report of the leading target of "Institutional Research and Selection" is waiting for you to get!
As a leading enterprise in the field of external insulation of power system, the company continues to carry out technological innovation in the field of external insulation of power system, and has developed a number of products that fill the gap at home and abroad, such as composite insulators for substations and composite insulators for lines. These technologically advanced products have won the company's competitiveness in the global market, attracting well-known enterprises including State Grid, China Power, China XD, ABB Group, GE Group and other well-known enterprises as its customers. As the global demand for electricity continues to grow, it will provide the company with a broad market space and growth potential.
(Author: Zhu Hualei Practicing Certificate: A0680613030001)
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