Zhongyan, finance and economics (http://finance.chinairn.com) date: on January 20, 2014
As absolute "hegemony" in the field of domestic power grid, the national grid's every move affects the whole electric power industry.
Recently, the national grid announced the plan with a total investment of 403.5 billion yuan in 2014, which account for 95% of the total investment of power grid investment scale is up nearly 20%. At the same time, the state grid will actively promote its south group, high Xu Ji group, group listed as a whole. This caused a big shock in the industry.
Analysts believe that 2014 will be the annual power grid equipment investment, the state grid investment plan if you can go ahead, many powerful domestic power equipment companies will share a feast, results will follow a rising tide lifts all boats. At the same time, the national electricity grid in 2014 or meet in assets reorganization, if its Chinese department can whole appears on the market, the domestic a-share market will reshuffle pattern transmission field.
Open 400 billion feast
State grid in 2014 working meeting recently, plan this year 403.5 billion yuan of investment in fixed assets, including power grid investment of 381.5 billion yuan.
Actually completed in 2013, the state power grid investment of 337.9 billion yuan, from the beginning of 2013, 309.7 billion yuan plan exceeds 9%, compared with 2012 growth of 10.6%. In 2014, the state power grid planning a total investment of 403.5 billion yuan, of which 95% of the total investment power grid investment scale is up nearly 20%. The investment amount greatly exceed market expectations.
Senior researcher Ren Haoning cic adviser, said as the absolute "hegemony" in the field of domestic power grid, every move of the state grid electric power industry have a huge and far-reaching influence. "More than $4000 of investment will create more industry bright spot, smart grid, charging pile, electrical equipment, electrical instruments, such as plate will benefit, related stocks will start gradually, the bidding work of the key projects will be rolled out in succession, the power equipment manufacturers will share a feast."
In terms of uhv, the state grid to years for approval and start "article 6 ac four dc" project, it is significantly higher than in 2013 "4/3 straight" plan. This year "western" vertical "longitudinal" project will speed up the previous work, and strive to xiluodu - zhejiang dc project put into operation, the first half of the project put into operation by the end of the north - fuzhou communication.
Notable is, investment in 381.5 billion yuan of the power grid, the construction of distribution network transformation investment reached 158 billion yuan, become a part of the biggest proportion.
In 2014, according to the plan, the state grid will complete 30 key urban core distribution network construction; 1.6 million rural "low voltage" solve problems; Solve five "isolated net running, 38, and provids county grid problems such as weak links. In addition, the state grid also specifically "from this year on new construction comprehensive application of typical distribution network design and general equipment material".
Ren Haoning think about it, the power distribution standardization is the important requirement of a smart grid, also is the key to the protection of the normal operation of the power distribution work, state grid corporation of strict with electrical work is good news for industry. However, some substandard equipment manufacturers, engineering contractor will face the risk of loss of orders, and the pattern of the whole industry is expected to take this opportunity to adjust.
At present, the domestic power equipment enterprises including credit ranks, high electric, Xu Ji electrical and many listed companies, such as change especially electrician respectively represent the different development direction in the field of power equipment. Xu Ji electrical is the most complete industrial chain of enterprises, products include transformer represented a equipment, also has a power plant protection and automation, power grid scheduling, substation automation, power distribution network automation and other secondary equipment.
Xu Ji electric officials said the distribution network is now a grid board, must want to catch up on. Otherwise, the downstream user cannot feel the achievements of the construction of the power grid. Therefore, no matter how to reform, the demand is always in.
Huatai securities research report also believes that investment will increase significantly compared to the distribution network, distribution automation system construction will be.
In addition, the state grid will start 50 this year a new generation of intelligent substation, finished 100 substations intelligent transformation. For installing new smart meters, 60 million.
And the advent of the era of big power grid investment benefit from 2014, national grid's equipment listed company will become the main beneficiaries.
2014 is expected to be listed as a whole
In a substantial increase in investment in fixed assets investment, especially in power grid, 2014 working meeting of the national grid is put forward, and actively promote the south group, high Xu Ji group, group enterprise overall listing, and shandong electrician electrical, British insurer, changan listed brokerages have conditions such as enterprise restructuring.
Preliminary estimates, if its national power grid group company after the overall listing, rui, Xu Ji electrical, flat ranks high electrical revenue, such as market is expected to achieve substantial growth.
Calculated according to the size of the company's revenue in 2012, if the overall listing, guodian south revenue to surge by about 212.38%. Flat high electrical revenue size will increase by about 68%; Xu Ji electric scale of revenue will also increase by about 60%.
At present, its four listed companies, the flat high electric in the field of uhv GIS switch interval has important market position, market share of over 30%, basic and China xd, new northeast electric group three cent world; Xu Ji electric, guodian south is in leading position in the field of distribution network construction. Incredible electrical production of amorphous products in the domestic market share of 30% ~ 30%, leading to the field.
Notable is, at present its main plate layout in the A shares in the switchgear, distribution transformer, distribution automation, intelligent substation, such as business, there is no cable, tower and other business. Shandong electrician electrical in ultra high voltage transformer, reactor, and the Eiffel Tower, cables, and other fields have important city