特高压招标解读及十五五判断

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the ultra-high voltage (UHV) power transmission industry in China, highlighting significant developments and future projects related to UHV construction and technology. Core Insights and Arguments - Investment and Project Launches: The fourth batch of UHV equipment bidding is expected to exceed 15 billion yuan, with the converter valve portion estimated at approximately 9.86 billion yuan, marking an important industry advancement [1][2] - Upcoming Projects: Key UHV direct current lines, such as those from Gansu to Zhejiang and Shaanxi to Anhui, are anticipated to commence operations between late 2025 and 2026, significantly enhancing regional power interconnectivity [1][2][4] - Converter Valve Pricing: Conventional converter valve prices are projected to be around 165 million yuan per set, while the latest 5,000 ampere flexible direct current converter valves may reach up to 400 million yuan due to advanced IGBT chip technology [1][5][9] - Profit Margins: The expected gross margin for related companies is projected to remain around 40%, supported by the high pricing of converter valves and the increasing complexity of construction [1][13] - Domestic Supplier Support: Domestic suppliers like TBEA and Xidian are expected to receive more support to reduce reliance on foreign companies, thereby increasing the market share of domestic chips and equipment [3][10] - Impact on Regional Economy: UHV construction is set to significantly enhance regional power interconnectivity, providing robust support for economic development across various regions, including aiding Vietnam's manufacturing sector [1][7] Additional Important Content - Delayed Bidding: The bidding for UHV projects has faced delays due to economic uncertainties and national decision-making, with recent projects finally starting to bid [2][17] - Future Engineering Plans: Several important UHV projects are planned for the coming years, including the Qin-Gui direct current project and various inter-provincial interconnection projects [6][11] - International Projects: The State Grid Corporation has won a bid for a German offshore wind power integration project, expected to be operational by 2027, showcasing China's competitive edge in the global market [3][19] - Market Dynamics: The competition among domestic suppliers is expected to intensify, with traditional leaders maintaining significant market shares while new entrants target overseas markets [25][27] - Technological Development: The development of different amperage IGBT chips is crucial for the UHV projects, with 3,000 ampere chips being widely used and 5,000 ampere chips still in the testing phase [12][14][15] This summary encapsulates the essential points discussed in the conference call, providing a comprehensive overview of the UHV industry, its current status, and future outlook.