The traditional power grid technology system is relatively mature. European and American developed countries have been widely adopted in the 1970s and 1980s. The acceleration of construction in China from the beginning has clearly demonstrated the driving characteristics of fixed asset investment. It was created during the decade of 2000-2009. The rise of “Made in Chinaâ€, on the other hand, has invested 60% or more of the funds in the construction phase of traditional power grids into civil works, lines, and towers; and the smart grid is more of a technological transformation and upgrading of traditional power grids, emerging technologies or traditions The proportion of investment in technology main equipment will increase significantly. Due to the high barriers to technology systems and the similar start time between China and Europe and the United States, the overall acceleration of smart grid construction depends on the progress of our own emerging technology industrialization. At this time, we believe that The advanced industrialization of the leading smart grid companies in emerging technologies has laid a good foundation for the accelerated construction of China's smart grids. The comprehensive construction of smart grids in the next five years will surely lead to the rise of “China Creationâ€.
According to BOC International, there is almost no market space for emerging technologies in the traditional grid stage. In the normal years of traditional power grid construction, traditional technologies accounted for almost all major equipment market share. According to our statistics, traditional technologies accounted for 8% of the market share and accounted for 98% of the profit share, of which traditional primary equipment accounted for 83%. The market share and 75% of the profit share; traditional secondary equipment accounted for 15% of the market share and 23% of the profit share. However, emerging technologies and traditional emerging technologies still remain in technological discussions and few technology or demonstration projects. The market share accounts for about 2%, and almost no market space is available.
The smart grid has opened up the emerging technology market space, significantly expanding the power equipment market and profit margins. The smart grid is the core infrastructure of the third industrial revolution. According to our statistics and forecasts, in the normal years of smart grid full-scale construction, the proportion of emerging and traditional emerging technologies will reach 62%, and the profit contribution will reach 73%, of which: emerging technologies With 45% market share and 51% profit share, traditional emerging technologies account for 17% of market share and 22% of profit share.
The comprehensive construction of the smart grid will surely create the rise of "Chinese creation." China's smart grid started from the demonstration, and it is basically the participation of its own domestic enterprises. This is very different from the start of the construction of traditional power grids; China's smart grid is constantly developing international standards to break the monopoly of foreign companies. After the full construction of China's smart grid, there will be two or three large companies with only smart grid main equipment business revenues exceeding RMB 20 billion.
Smart grid is a high-end electrical technology system. It is a true "platform" type technology system and helps build a cross-type electrical technology platform that is extended to other industries. The promotion of traditional power grids and technological advancement have greatly promoted the development of economical electrification. Traditional power grid technology, as a former high-end electrical technology system, has achieved ABB's technology and business platform through its application promotion and emerging technological advancement. We believe that the smart grid as a new high-end technology system will further promote the development of economical electrification, and will help domestic smart grid companies to use this technology platform to continuously expand the development of electrical technology industry, such as rail transit, industrial, shipbuilding, military and other non-energy industry.
BOC International maintained its rating on the sector holdings and preferred to buy XJ Electric. Analysts believe that from the current point of view, the smart grid gradually has the basis for comprehensive accelerated construction, the market needs to get rid of the "traditional grid" investment concept constraints, establish a "smart grid" investment concept, this round of smart grid investment opportunities will be the trend Sexual, not transactional.
In the A-share market, related concept stocks include: XJ Electric, TBEA, NARI, Pinggao, Inovance Technology, Great Wall Development, Senyuan Electric, Sifang, Beijing Career, Jicheng Electronics.
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