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Power grid investment growth accelerated 500 billion investment cake to be divided


Release time:

2014-02-06

The growth rate of domestic power grid investment has accelerated this year. Statistics show that the two major power grid companies, State Grid and China Southern Power Grid, invested a total of 488.1 billion billion yuan in fixed assets this year, an increase of about 12.07 percent over the same period last year, much higher than the 4.56 percent growth rate in the same period.

The growth rate of domestic power grid investment has accelerated this year. Statistics show that the two major power grid companies, State Grid and China Southern Power Grid, invested a total of 488.1 billion billion yuan in fixed assets this year, an increase of about 12.07 percent over the same period last year, much higher than the 4.56 percent growth rate in the same period.

According to data from the 2014 work conference of the State Grid and China Southern Power Grid, the State Grid plans to complete fixed asset investment of 403.5 billion billion yuan in 2014, an increase of 11.92 year-on-year. Among them, the power grid investment was 381.5 billion billion yuan, an increase of 43.6 billion billion yuan, an increase of 12.9 percent, higher than the previous year's growth rate of 10.64 percent. China Southern Power Grid plans to complete fixed asset investment of about 84.6 billion yuan in 2014, an increase of 12.8 over the same period in 2013. In 2013, China Southern Power Grid Company completed the power grid construction investment of about 63.2 billion yuan.

Among them, the State Grid Corporation's power grid investment this year will be mainly in the UHV and distribution network. In terms of UHV, the State Grid strives to approve and start the "6 AC and 4 DC" project within the year, which is significantly higher than the "4 AC and 3 DC" plan in 2013. In 2013, the National Development and Reform Commission finally approved and started only one new UHV line-the UHV AC transmission project from northern Zhejiang to Fuzhou. In terms of distribution network, the State Grid Corporation of China increased its investment in distribution network to 158 billion yuan this year, of which 77.5 billion yuan was used for the construction and transformation of smart grid, and comprehensively promoted the standardization of distribution network.

China Southern Power Grid Corporation's power grid investment this year is mainly to promote the construction of key projects. Including speeding up the construction of the second round of Hainan networking project and completing the processing of approved supporting documents before April 30. We will promptly carry out the preliminary work for the "back-to-back" DC project in Luoping, Yunnan Guanyinyan DC project, and the second round project in southern Yunnan, and report to the state for approval before June 30.

In addition, this year, China Southern Power Grid will speed up the construction of the sea storage power station and the Jinzhong DC project. The Dongzong-Baoan and Shenzhen-Pengcheng 500 kV series resistance projects will be completed and put into operation before June 30. Strengthen the management of rural power grid projects to ensure that the investment plan for the transformation and upgrading of rural power grids within the central budget is fully completed within the year.

Distribution network investment will increase significantly year-on-year, distribution automation system construction will be orderly progress. Beijing Corey, Guodian Nanrui, Jicheng Electronics, Xu Ji Electric and other companies will continue to benefit.

In terms of smart substations, we are optimistic about the development trend of integrated substations, and recommend focusing on companies with prefabricated cabin-type secondary combination equipment winning bid performance, such as Guodian Nanrui, Changyuan Group, Guodian Nanji, Siyuan Electric, Quartet shares.

Based on the importance of smart grid, analysts pointed out that it is recommended to select the listed companies that benefit most from smart grid construction from five perspectives. First, the proportion of secondary equipment. The higher the proportion of secondary equipment in the existing revenue of listed companies, the more obvious the effect of smart grid pull. Second, barriers to entry. The higher the product entry barrier, the smaller the probability of overcapacity. Third, the degree of urgency of grid investment. From the perspective of the priority of driving factors, the consideration of new energy development is better than energy saving, and the consideration of energy saving is better than grid security. Therefore, the sub-sectors are sorted by urgency into electric vehicle charging cabinets, energy storage batteries, flexible transmission, smart meters, distribution automation, digital substations, intelligent dispatching, and online monitoring devices. Fourth, the degree of power grid recognition. Whether it has ever entered the power grid market, and how the power grid company recognizes the technology and stability of the listed company directly determines the future market share of the listed company. Fifth, the impact on the original business. For a listed company, if the sale of new products at the expense of the original business revenue, it will not be able to fully benefit from the birth of new technologies.

In terms of individual stock configuration, Guangzhou Securities recommends paying attention to the performance and order certainty of strong secondary equipment industry leaders and sub-industry leaders, especially intelligent protection, substation status detection, distribution automation and other links, such as Guodian Nanrui, Xu Ji Electric.