Energy equipment industry focus on energy analysis

In the coming years, China will enter the era of “energy saving.” This is the conclusion we have drawn from the high-level position of the 18th National Congress of the People's Republic of China and the analysis of actual data. Furthermore, we have analyzed China's energy consumption structure from the top down, looking for the key points of energy conservation promotion from the two lines of stock and increment: The energy saving in the industrial sector is mainly in the energy conversion and transmission links, and the energy saving and residual heat of the motor system. Pressure power generation and amorphous alloy transformers are key areas; the focus of energy saving in the commercial sector is on building energy efficiency, which in turn brings a tremendous amount of space for distributed photovoltaics and building intelligence.

Motor System Energy Saving: Focusing on Technical Leads and Subsidy Policies Since the industrial energy consumption accounts for 80% of the total energy consumption, and the energy consumption of the motor system accounts for 80% of the industrial energy consumption, the motor system is a well-deserved energy saving priority. Variable frequency speed control, reactive power compensation and high-efficiency energy-saving motors are the three most powerful tools for energy-saving motor systems. In the power electronics field where the former two belong to the same category, we are optimistic about the long-term technology and scale advantages of enterprises, recommend power electronics leading Rongxin shares (002123); and investment opportunities for energy-efficient motors are driven by policy subsidies, it is recommended to pay attention to the two batches The number of selected models of Hunan TV (600,416) was significantly increased.

Waste heat and residual pressure power generation: The business model is set to fail. Residual heat and residual pressure power generation has a strong dependence on industrial production lines, and its business model has a greater impact on profitability. At present, the preliminary success of the EMC model has been achieved and should become the mainstream model in the future. However, the difficulty of recovering funds caused by the downturn in the downstream high-energy-consuming industries cannot be ignored. We believe that companies with strong income and cash flow, and strong management, operation, and risk control capabilities have greater room for development. It is recommended to pay attention to the more successful energy saving in the EMC model (300332).

Amorphous alloy transformers: usher in an inflection point before the outbreak before the State Grid announced the first batch of 2013 (Agri) network equipment agreement inventory tender of the provincial network company in 2013 showed that the total capacity of amorphous alloy transformer bidding reached more than 40%, The number of tenders in seven provinces exceeded 3,000, indicating that the bidding for amorphous alloy transformers has started on a large scale. The tender price also showed signs of recovery. It is recommended to focus on Confidence Electric (600517). Energy Efficiency in Buildings: Distributed PV and Architectural Intelligence A huge space for distributed photovoltaics Once we solve the problems of grid connection and subsidy, due to the dispersed and large number of downstream customers, the degree of marketization will be much higher than that of traditional centralized power generation, and its growth rate is difficult. Estimated. We believe that the control conversion equipment suitable for small photovoltaic systems, such as inverters and controllers, will fully share the demand growth caused by the start of the domestic distributed market. We are optimistic about the advantages of technology and scale of the domestic inverter leading solar power (300,274). In the area of ​​building intelligence, we are optimistic about companies with scale advantages, strong synergies in various businesses, outstanding comprehensive supporting capabilities, and high capital operation efficiency. In a comprehensive view, Dal Smart (002421) has a strong growth capability and deserves attention.