公用事业2024年第50周周报（20241215）：国网发布特高压前期招标 河南推进源网荷储

Investment Rating - Investment rating: Positive (maintained) [2] Core Viewpoints - The integration of source, network, load, and storage in Henan is expected to boost demand for distribution network equipment. The Henan Provincial Development and Reform Commission has issued a plan requiring the establishment of at least 1,010 integrated projects across various cities by 2027, aimed at reducing electricity prices and enhancing clean energy supply [2][16][18] - The State Grid has initiated multiple preliminary tenders for ultra-high voltage projects, indicating a potential increase in demand for direct current back-to-back projects. The projects include one AC ultra-high voltage and three DC back-to-back projects, with significant expected value in converter valve demand [4][22][25] Summary by Sections 1. Demand for Distribution Network Equipment in Henan - The plan outlines specific targets for the number of integrated projects in different categories of cities, with a total of no less than 1,010 projects by 2027. The goals include reducing electricity prices, promoting consumption, adjusting energy structure, expanding investment, and ensuring safety [16][17] - The integration model allows for significant savings on electricity costs, with users in Henan potentially saving 0.1145 yuan per kWh [18] 2. State Grid's Ultra-High Voltage Project Tenders - The State Grid has announced the sixth round of preliminary tenders for ultra-high voltage projects, including the construction of two new substations and the expansion of existing ones, which is expected to continuously release performance for related companies [22][25] - The three DC back-to-back projects are estimated to generate approximately 3 billion yuan in converter valve demand, indicating a positive long-term trend for direct current transmission [25] 3. Profit Forecast and Valuation - The report includes a detailed valuation table for key companies in the public utility sector, providing earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a generally positive outlook for the sector [27][28][29]