The hottest electrical equipment UHV bid continued

Electrical equipment: UHV bidding continued to promote the recommendation of three shares

in January, the manufacturing PMI rose slightly compared with the previous month, but remained below the boom and bust line. The National Bureau of statistics released the manufacturing PMI index in January 2019. The latest value of manufacturing PMI in January was 49.5%, slightly rising compared with 49.4% in December 2018, and remained below the boom and bust line. In January, the PMI of large enterprises was 51.3%, the PMI of medium-sized enterprises was 47.2%, and the PMI of small enterprises was 47.3%. Large enterprises were within the boom range, and the boom of small and medium-sized enterprises declined

the finished product inventory and raw material inventory index are still in the contraction range, and the de stocking of enterprises continues

the bidding for UHV projects continues to advance smoothly, and relevant companies will gradually realize it. On January 21 and 24, the sunshine e-commerce platform released the special bidding for AC primary equipment such as the converter station of the UHV multi terminal DC demonstration project of Wudongde power station in Guangdong and Guangxi, the bidding for DC main equipment of the Yunnan Guizhou interconnection project and the Gaozhao control and reconstruction project, including the converter valve and valve cooling system, converter transformer, 500kvgis, etc. As of the end of January, a total of five projects, namely Qinghai Henan DC UHV, Northern Shaanxi Wuhan DC UHV, Zhumadian Nanyang AC UHV, Zhangbei xiong'an AC UHV and Yunnan Guizhou interconnection channel projects, have begun bidding for equipment or materials procurement. On the whole, the UHV project is progressing smoothly, and the performance of relevant companies will gradually be realized in terms of safety functions

in 2018, UHV equipment still showed a pattern that the stronger is the stronger. In 2018, a total of six UHV projects were invited for bidding, including three DC and AC projects, respectively, Mengxi Jinzhong 1000kV AC, Wudong de Guangdong Guangxi ± 800kV DC, Qinghai Henan ± 800kV DC, Northern Shaanxi Hubei ± 800kV DC, Zhangbei xiong'an 1000kV AC, and Zhumadian Nanyang 1000kV AC. According to the bid winning results published by the national e-commerce platform and the Southern Electric sunshine e-commerce platform, the major companies with technological advantages still maintain a high market share in their respective areas of expertise, and still show a competitive pattern of "the strong is always strong". Among them, () has a very high AC market share, such as about 45.16% for non voltage combiners, () about 32.60% for converter transformers, () (including Nari Jibao and CLP Puri) has an advantage in the market share of converter valves and DC control and protection systems, about 34.78% and 72.35% respectively

investment suggestions as the improvement effect brought by intelligent manufacturing is gradually discovered by manufacturing enterprises, the overall market space of the industry will be effectively enlarged. We continue to be optimistic about intelligent manufacturing companies deep in the downstream and realize service charges. We suggest to pay attention to Nengke shares. UHV approved bidding is progressing smoothly, and the industry has ushered in a new round of boom cycle, Enterprise profits "we start from the basic principle of the copolymerization of carbon dioxide and propylene oxide, which is expected to continue to improve. It is suggested to pay attention to Nari, Pinggao electric and ().

risk tips: the recovery of the manufacturing industry is less than expected; the import substitution is less than expected; the pendulum impact testing machine; electricity investment declines; the progress of UHV projects is less than expected; the progress of power market reform is less than expected