High-end grid into 12th five-year grid investment theme

On January 7, the State Grid held an annual work conference, emphasizing that the development of UHV is the “most important task” of the 12th Five-Year Power Grid construction. In the next five years, it will invest more than 500 billion yuan to build a "three vertical and three horizontal" UHV AC backbone grid and 11 UHV DC transmission projects, forming a strong grid of AC and DC coordinated development.

The development of high-end grids is an inevitable requirement of the energy revolution

The power transmission capacity, ie, grid construction, is the core theme of the 12th Five-Year Power Grid Investment. It is the most closely linked link with the major themes of energy optimization and energy structure adjustment in power grid construction and is the most urgent mission for power grid companies. . The grid company experienced many years of planning and struggle and finally received support from the central government. In the next five years, it will inevitably increase investment in high-end power grid construction. Its focus and increment will be concentrated in the UHV sector. This phase is significantly better than the overall power equipment industry in terms of competitive barriers and profitability. The blowout of investment in UHV grids will boost the performance of leading transmission and distribution enterprises.

Transformer and power transmission equipment is the best investment target

In the next five years, the total investment in power transmission links will be 358.2 billion yuan, of which transmission cables, towers and insulators will account for more than 50% of the total, and the benefit will be higher than other equipment. According to the annual average EPS contribution of UHV to the listed companies, Sanpu Pharmaceutical (Far East Cable), Qixing Tower, and Chuangyuan Technology will benefit. In the same period, the total investment in substations was approximately RMB 151.2 billion, of which the primary equipment accounted for more than 50%. According to the annual average EPS contribution of UHV to the equipment manufacturers, the benefits are TBEA and Tianwei.

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