Huachuang Securities·2025-03-31 12:02Investment Rating - The report maintains a "Recommendation" rating for the ultra-high voltage (UHV) industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [8][55]. Core Insights - The 2025 National Grid's twelfth batch procurement involves five UHV lines with a total procurement amount of 1.96 billion yuan, with significant focus on the Yanwei project, which accounts for 82.1% of the total procurement [2][11]. - The procurement includes key equipment such as 1000kV combined electrical appliances, reactors, secondary equipment, and steel structures, with the combined electrical appliances accounting for 72.1% of the total procurement amount [13][31]. - The report highlights that the construction of new power systems and the increasing share of renewable energy generation will drive demand for UHV projects, particularly in the second half of the 14th Five-Year Plan [8]. Summary by Sections Section 1: Overview of the Current Batch of UHV Projects - The current procurement involves five UHV lines, with the Yanwei project and the Pingui Power Plant project being the most significant, representing 82.1% and 8.8% of the total procurement amount respectively [11][12]. Section 2: Equipment Procurement Situation - The total procurement amount for 1000kV combined electrical appliances is 1.413 billion yuan, with Shandong Electric accounting for 68.2% of this amount [3][31]. - The total procurement for 1000kV reactors is 182 million yuan, with all of it awarded to Tebian Electric [3][31]. - Secondary equipment procurement totals 135 million yuan, with significant contributions from State Grid Nanjing Automation and XJ Electric [3][31]. Section 3: Analysis of Key Equipment by Project/Company - The Yanwei UHV project includes substantial procurement for combined electrical appliances and reactors, with the Yanwei 1000kV switching station new construction project accounting for 78.98% of the total Yanwei project procurement [25][28]. - The Pingui Power Plant project primarily involves the expansion of the Huainan 1000kV substation, focusing on combined electrical appliances and reactors [15][26]. Section 4: Key Company Bidding Situation - The top five companies by bid amount include Shandong Electric, Pinggao Electric, and others, with Shandong Electric winning 9.64 billion yuan, representing 68.2% of the total for combined electrical appliances [31][28].