电力设备系列报告之三输变电设备：国内特高压建设维持高景气 出海需求蕴藏潜力

Industry Overview - UHV (Ultra-High Voltage) technology offers advantages such as long-distance transmission, large capacity, and low loss, making it an optimal solution for large-scale energy transmission [1] - China's UHV construction has matured, with 38 UHV projects in operation as of April 10, 2024, including 18 AC and 20 DC projects [1] - China's power grid investment has steadily increased, reaching approximately 2.74 trillion yuan in 2023, with a compound growth rate of 4.08% from 2020 to 2023 [1] UHV Technology and Applications - UHV transmission is divided into AC and DC technologies, with AC UHV being cost-effective and flexible for short distances, while DC UHV is efficient for long-distance, point-to-point transmission [1] - China's UHV development began in the 1980s, progressing through exploration, concentrated research, and three construction peaks, now forming the backbone of the national power grid [1] - The total length of transmission lines in China increased from 33.1 million meters in 2017 to 36.0 million meters in 2023, reflecting significant investment in power grid construction [1] Global UHV Opportunities - The global energy transition is driving demand for UHV technology, with countries like the US, Europe, Southeast Asia, Latin America, and Africa upgrading their grids to enhance energy security and integrate renewable energy [3] - China's State Grid and Southern Grid have actively participated in overseas power grid projects, including investments in Brazil, the Philippines, Portugal, and other countries, leveraging their technological and industrial advantages [3] - The market underestimates the potential for Chinese power equipment companies to expand globally, particularly in regions with aging infrastructure and increasing electrification rates [3] Key Companies and Recommendations - Companies such as China XD Electric, Siyuan Electric, NARI Technology, XJ Electric, and Pinggao Electric are recommended for their active participation in overseas projects and strong sales channels [3] - These companies benefit from China's robust industrial chain, enabling them to produce high-quality, cost-effective power equipment that is competitive globally [3] UHV Projects and Development - China's UHV projects are aligned with carbon neutrality goals, with three batches of large-scale wind and solar power bases under construction to meet growing renewable energy transmission needs [1] - From 2017 to July 2024, China's cumulative new transformer capacity reached 1.767 billion kVA, reflecting the rapid expansion of power infrastructure [1] - The UHV construction boom is expected to continue, driven by the need to support renewable energy integration and enhance cross-regional power transmission capabilities [1]