电气设备行业专题研究：虚拟电厂：聚沙成塔，灵活调控

Investment Rating - The report maintains a rating of "Outperform" for the electric equipment industry [5]. Core Insights - The virtual power plant (VPP) is identified as a flexible resource aggregation platform that coordinates power supply and demand, leveraging distributed energy resources, adjustable loads, and storage [11][4]. - The report highlights the gradual clarification of revenue models for virtual power plants as the electricity market reform deepens in China, with the official operation of the inter-provincial electricity spot market marking a new phase in market construction [3][27]. - The report recommends focusing on platform technology providers and load-side resource aggregators, specifically mentioning companies such as Guodian NARI, Dongfang Electronics, State Grid Information Communication, and others as potential beneficiaries [3][29]. Summary by Sections 1. Virtual Power Plants as Flexible Resource Aggregation Platforms - Virtual power plants aggregate distributed energy resources, adjustable loads, and storage, utilizing technologies such as metering, communication, control, big data, and artificial intelligence [11][4]. - The report categorizes virtual power plants into different types based on the aggregated resources, including generation-type, load-type, storage-type, and hybrid virtual power plants [12][13]. 2. Deepening Electricity Market Reforms and Evolving Revenue Models - The report notes that the revenue models for virtual power plants are becoming increasingly diverse, including demand response, auxiliary service trading, and electricity spot market trading [21][22]. - The implementation of the "Basic Rules for the Electricity Auxiliary Service Market" in 2024 will officially recognize virtual power plants as participants in auxiliary services [29][3]. 3. Market Participants and Beneficiary Companies - The report identifies numerous market participants, emphasizing that the incremental growth lies with platform technology providers and user-side aggregators [3][29]. - Specific companies highlighted as potential beneficiaries include Guodian NARI, Dongfang Electronics, State Grid Information Communication, Guoneng Rixin, Anke Rui, and Suwen Electric [3][29]. 4. Policy and Regulatory Framework - The report discusses the ongoing policy support for virtual power plants, with various provinces implementing guidelines for their participation in electricity markets and auxiliary services [29][35]. - It emphasizes the importance of a well-structured electricity market that includes spot markets, mid-to-long-term markets, and comprehensive auxiliary services to support the profitability of virtual power plants [23][21].