The hottest State Grid wants to lead China's power

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China wants to lead the power transmission and transformation manufacturing industry in China

on July 17, the national power company, which ranked 15th among the "2 degradable materials with a long way to go" in the Fortune Global 500 in 2009, made another heavy attack, including Pinggao electric and XJ electric. On this day, it was less than a week before the mid year work conference of the national telecommunications year, which just concluded in Qingdao on July 12. It was at this meeting that China put forward the concept of "unified strong smart electricity"

the domestic industry chain extends upstream

on July 17, Pingdingshan SASAC and Guoji technology and Equipment Co., Ltd. signed the agreement on the free transfer of state-owned property rights for the transfer of 100% equity of Pinggao group. According to the agreement, the state owned assets supervision and Administration Commission of Pingdingshan will transfer 100% of the equity of Pinggao group to the state equipment company free of charge. After the transfer is completed, China National Equipment Corporation will become the sole shareholder of Pinggao group, and Guodian will hold 27.71% equity of Pinggao electric through Pinggao group

on the same day, China Electric Power Research Institute, Ping An Trust and XJ Group also signed a cooperation framework agreement. In the agreement, XJ Group "increased its capital on the basis of the assessed value of net assets after divestiture of non main business assets", which was subscribed by the China Academy of electrical technology. After the capital increase is completed, cetca and Ping An Trust will hold 60% and 40% equity of XJ Group respectively. Thereafter, Ping An Trust will choose an appropriate time to transfer its 40% equity to the China electric power academy

one is a wholly-owned subsidiary of State Grid Corporation of China and the other is one of the scientific research institutions directly under State Grid Corporation of China. The equipment company, established in 2008, is mainly engaged in engineering contracting, equipment supervision, power equipment manufacturing, etc; As early as the 1950s, the Chinese Academy of electrical Sciences, which has been established, is mainly engaged in technical research in all aspects of power generation, transmission, distribution, power supply, power consumption and so on

the signing of the above two agreements shows the country's ambition to show its strength in the power transmission and transformation equipment manufacturing industry. Previously, China's general manager Liu Zhenya publicly said that we should improve the overall technical equipment level and competitiveness of China's power technology, power equipment manufacturing and related industries. As early as the end of last year, Li Fusheng, President of XJ Group, said that the construction of UHV projects has improved the manufacturing level of the domestic power equipment industry. It is understood that the comprehensive localization rate of UHV equipment of China Construction Corporation has reached 90%. In the future, Jigu will further extend its product line

integration creates new economic growth points

"the extension of national power to upstream industries can stabilize the purchase price of power transmission and transformation equipment, and also obtain new profit growth points." Jiangshaojun, Secretary General of China Electricity Development Promotion Association, told China Energy News. According to insiders, Pinggao electric mainly manufactures and sells high-voltage switchgear, control equipment and some related accessories. It is one of the three major high-voltage switchgear bases in China; XJ electric mainly produces and operates electrical automation, relay protection and control devices, and its converter valve occupies a large market share in China

on July 23, according to the main financial indicators of the mid-2009 released by Guodian Nari, the company achieved a sales revenue of 604million yuan in the first half of the year, an increase of 31.65% over the same period last year, a net profit of 76.4 million yuan, an increase of 42% year-on-year, and an operating profit of 59 million yuan, an increase of 82.7% year-on-year. In the first half of this year, the company signed new contracts of 1.1 billion yuan, an increase of 22.83% over the same period last year. According to the analysis of insiders, this company, which has long been under the control of the state, will make more brilliant achievements in the construction of smart electricity in the future because it has increased its research and development efforts in intelligent dispatching, digital substation, intelligent distribution, user power information acquisition system, etc

some analysts believe that Pinggao electric and XJ Electric will also achieve an ideal performance after being merged into China. In the bidding of Ningdong East China ± 660kV DC line and Gehu DC II circuit equipment in February this year, China Electric Power Research Institute received orders for all four sets of converter valves for two DC lines. In the previous bidding for several DC transmission lines, XJ Group's market share in converter valves and control protection is about 50%, and XJ Electric's DC business will be strengthened

obviously, "the emperor's daughter is not worried about getting married", Pinggao electric and XJ Electric will become the troika under the national flag together with Guodian Nari, and there is no market to worry about. Due to the possibility of re integration of domestic companies, the horizontal competition of the three listed companies seems to be avoidable

the pattern of power transmission and transformation industry or adjustment

in fact, the reorganization of Pinggao electric and XJ Electric is the opening battle for China to fully carry out the R & D, construction and promotion of smart electricity and UHV electricity. As early as March this year, the state reached an agreement with the Henan provincial government, where the two enterprises are located, that the state would invest 35billion yuan in the construction of Henan province power in this year and next, "it is natural to integrate these two enterprises."

"the market competition of power transmission and transformation equipment is still very fierce, and a slight disturbance may pose a threat to the potential balance." A person in charge of Tianwei baobian told China Energy News. According to its introduction, as a leading domestic transformer production enterprise, Tianwei baobian has not accounted for much market share since this year

according to the analysis of an industry insider, China's restructuring move may break the existing order of the power transmission and transformation equipment manufacturing industry. "On the one hand, domestic enterprises will be further integrated, scientific and technological R & D resources will be concentrated, and the R & D, production, supply and marketing of power transmission and transformation equipment will form a unified core force; on the other hand, due to the integration, domestic electrical enterprises may become bigger and stronger, and then form a competitive trend with some multinational enterprises." He predicted that China would have further follow-up actions, including a series of integration measures, and did not rule out the possibility of reshuffling electric enterprises in the domestic capital market

Zhou Hongyu, an electric power analyst at Dongxing securities, told China energy news that the national equipment company is likely to take Pinggao electric as a jumping-off platform to vigorously promote the expansion of overseas markets and win a place in the field of global power construction. According to reliable sources, China will inject 10billion yuan into Pinggao group in the future, including 5billion yuan in three years and 1billion yuan in 2009, and strive to build Pinggao group into a high-voltage switch R & D and manufacturing base of China in three years. The new production base being built by PingGao Electric will increase the production capacity of the original disconnector by nearly 50% and the production capacity of the enclosed switchgear (GIS) by 30%

"the extension of domestic industry chain is still very beneficial to improving the conversion efficiency of scientific and technological achievements." In an interview with China Energy News, linboqiang, director of the energy economy research center of Xiamen University, said. However, he believes that compared with international famous electrical enterprises, there is still a large gap between domestic enterprises, "big does not mean strong, just bigger is not enough, it takes a long time to build a corporate brand."

reorganization may lead to the risk of monopoly

although the reorganization of power transmission and transformation equipment manufacturing industry is conducive to resource integration, improving R & D capacity and the conversion efficiency of scientific and technological achievements, some people in the industry also expressed concern about this. Jiangshaojun told China Energy News, "the reorganization of the two enterprises may enhance the monopoly characteristics of the country, which is not quite consistent with the direction of the 'separation of main and auxiliary' of the power system reform. Therefore, the SASAC needs to carefully study and deal with the possible impact in the future." Professor Wang Zhonghong of Tsinghua University also expressed the same view to China Energy News. "The integration of these two power transmission and transformation enterprises will form a situation of unfair competition." A securities analyst said that at the same time, he also pointed out that "in this case, a large number of connected transactions are inevitable."

Lin Boqiang believes that there is nothing wrong with China's reorganization in the capital market, "everything is monitored by the anti monopoly law, and this integration should be reasonable."

a person in charge of a well-known electrical enterprise appeared helpless in an interview with China Energy News, "the merger of Pinggao electric and XJ electric into the country is very beneficial to the development of the two enterprises. However, as far as the domestic power transmission and transformation equipment market is concerned, there may be an imbalance. We hope that the Chinese company can take some operable measures to balance the interests of all parties."

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