The growth of the hottest traditional power equipm

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The growth of traditional power equipment slows down, new energy development or exceeds expectations. The performance of power generation listed companies is terrible. As a brother company of power generation listed companies, what is the current situation of the power equipment industry? Is it also "wintering" like the power generation listed companies? The research and Development Department of CSC securities found that although the listed power generation enterprises are going through the "winter", the power equipment industry, which is separated by a wall, is still "cool in autumn", just occasionally blowing cold wind

the profit of the power equipment industry slowed down

according to the statistics of China economic statistics, the sales revenue of the power equipment industry in the first eight months of 2008 increased by 27.17% year-on-year, and the total profit increased by 28.54% year-on-year, continuing to maintain rapid growth, but the growth rate decreased compared with the previous two years. Among the main sub industries, the power transmission and distribution and control equipment manufacturing and motor manufacturing were in good condition, with the total profit increasing by 36.29% and 35.58% respectively year-on-year, while the growth rate of the boiler, wire and cable industry slowed down

as a whole, in the first eight months of this year, the gross profit margin stabilized and rebounded. The raw materials of power equipment are mainly steel, copper, aluminum and other metals. Steel accounts for 50%~80% of the cost of boilers, steam turbines, generators and other equipment. A sharp rise in steel prices will increase the cost pressure on the above-mentioned power generation equipment manufacturers. The main raw materials of transformers, switches, wires and cables in transmission and distribution equipment are oriented silicon steel, copper, aluminum, etc. Since the third quarter, the prices of steel and other metals have dropped significantly, and the pressure on raw materials in the power equipment industry has been reduced

according to our statistics, in the first three quarters of this year, the operating revenue of 51 listed companies of power equipment continued to maintain a steady growth, with a total revenue of 77.390 billion yuan, a year-on-year increase of 19.97%; The net profit attributable to the owners of the parent company was 5.379 billion yuan, a year-on-year increase of 5.55%. Net profit increased significantly, but still slower than revenue growth

current increase of thermal power equipment 1. Unless otherwise specified, the data of the National Bureau of statistics shows that the output of power generation equipment in the first three quarters of 2008 was 94.9969 million KW, a year-on-year increase of only 1.88%. Due to the sharp decline in the growth rate of thermal power equipment, the high-speed growth of power generation equipment in previous years has gradually returned to steady growth, and there has been an obvious inflection point in the growth rate

while the traditional thermal power equipment remains stable, new and renewable energy equipment such as hydropower, wind power, nuclear power and photovoltaic power generation will develop rapidly in a long period of time in the future. With the rising prices of traditional energy such as oil and coal, the new energy industry has received great attention and is facing great development opportunities

according to the prediction of the International Energy Agency, by 2020, renewable energy will account for 30% of the global energy consumption. Ordinary tensile testing machines only aim at products with low customer requirements. China is rich in new and renewable energy resources, but the degree of development is far from enough. At present, coal accounts for more than 2/3 of China's energy consumption structure, and renewable energy accounts for less than 7%. According to the plan, the renewable energy consumption will reach about 10% of the total energy consumption by 2010

new energy equipment developed rapidly

wind power equipment, with growth exceeding expectations. In 2007, the new wind in mainland China increased by 147.1% compared with 2006. By the end of 2007, the installed capacity of wind power was 5.906 million KW, an increase of 127.2% compared with the cumulative installed capacity of 2.599 million kW in 2006. The total installed capacity of 5million kW is the 2010 goal in the medium and long-term development plan of renewable energy. In fact, the goal has been achieved three years ahead of schedule, and the speed of wind power development is far faster than expected

in terms of photovoltaic equipment, polycrystalline silicon prices remained high this year. Due to the strong demand in foreign markets and the cost advantage of the development of solar photovoltaic industry in China, the photovoltaic industry, especially the upstream polysilicon industry, is developing rapidly in China. Due to the rapid expansion of downstream battery module capacity, there is a great demand for polysilicon, while the polysilicon output has not increased year-on-year, so the price of polysilicon has maintained an upward trend

in addition, China is actively developing nuclear power generation. According to the medium and long term development plan for nuclear power (2005-2020), by 2020, the installed capacity of nuclear power operation will strive to reach 40million kW. Calculated at 100million yuan per kW, by 2020, the total investment in nuclear power construction will reach about 300billion yuan, including about 150billion yuan in equipment investment. If the localization rate of equipment is increased to more than 60%, China's nuclear power equipment manufacturing enterprises will face a large market of 100 billion yuan

transmission and distribution akulon XS not only has good mechanical strength, puncture resistance and barrier performance, electrical equipment is squeezed by macro factors

although the prosperity cycle of transmission and distribution equipment is long, the prosperity of short-term macroeconomic impact has decreased. In 2007, of the 549.291 billion yuan invested in national power infrastructure, 245.141 billion yuan was invested in power infrastructure, an increase of 17.1% year-on-year. The proportion of electricity investment in electricity investment rose from 31.10% in 2005 to 44.63% in 2007. The situation that electricity investment lags behind electricity investment is gradually changing

according to the plan, China's power construction will still be in a period of sustained and rapid development during the "Eleventh Five Year Plan" period and up to 2020. With the west to East power transmission, Guolian and other projects under the condition of full or even below the yield limit, the power transmission and construction should be carried out simultaneously with the power supply construction, and the demand for power transmission and transformation equipment will increase significantly

in addition to the clear planning of power investment, the accidental natural disasters in 2008 severely damaged power, increased the demand for power construction and domestic power transmission and distribution equipment, and even changed the design standards of some industries and equipment. In addition, we believe that the prosperity of the domestic power transmission and distribution manufacturing industry will continue to benefit from the power investment. According to the statistics of China economic statistics, from January to August 2008, the sales revenue of power transmission and distribution and control equipment industry reached 392.537 billion yuan, a year-on-year increase of 28.62%, of which the transformer, switch and capacitor increased by 29.68%, 28.41% and 18.80% respectively. While maintaining rapid growth for many years, we also see that the growth rate of power transmission and distribution has also decreased due to the impact of macro-economy

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