Inverter market expects energy saving policy stimulus

A share listed companies of several inverters have foreseen interim results. Due to the slowdown in demand and the increase in R&D investment, overall performance in the medium term is not good. However, the analysis believes that the frequency converter has functions such as speed control, and has certain advantages in the field of energy conservation. With the country's increasing emphasis on energy conservation and environmental protection, the market space is expected to open further.

Overall sluggish performance Jiuzhou Electric-related company stocks

Jiuzhou Electric 5.22+0.030.58%, Zhiguang Electric 4.35-0.04-0.91%, Hekang Frequency 7.23-0.11-1.50%, Inovance Technology 39.45-1.26-3.10%, and it is expected to achieve a profit of 6.736 million to 1010.39 million yuan in the first half of the year. , a decrease of 10%-40% year-on-year. According to the company, due to the suspension of production of high-voltage Inverter business and its subsidiary Ningbo Jiuzhou Shengbao Power Co., Ltd., the decrease in operating income during the reporting period led to a drop in profits.

Hekang Inverter expects its profit for the first half of the year to be 3,687,100-4,480,800 yuan, down 15%-35% year-on-year. The company stated that although the overall policies and market trends for energy-saving and high-end equipment upgrades remain unchanged, due to the impact of the macroeconomic situation in the recent period, some customers’ capital investment in new equipment procurement and technological transformation has declined, and there is a demand for frequency converters. Slowed down. At the same time, due to the declining boom in the coal industry and the shrinking demand, the company's performance in the high-price and high-margin high-performance high-voltage inverters has declined, affecting the company's overall profitability. In addition, the low- and medium-voltage inverter products are still in the cultivation period and their contributions to the company's performance are insufficient.

Zhiguang Electric expects to achieve a profit of 2.84 million to 5.6685 million yuan in the first half of the year, a decrease of 40% to 70% year-on-year. The company continued to carry out product improvement and upgrading and new technology research on ultra-high capacity high-voltage frequency converters, voltage reactive power compensation and power quality control systems, and smart grid information technology, and intensified the promotion of new products and new business markets, and promoted the application of new technology pilots. Layout of new areas in the new industry increased management costs and sales costs accordingly; the company's main product high-voltage frequency converter industry has fierce market competition, and the sales price of general-purpose high-voltage inverters has dropped, resulting in a decrease in the company's gross profit margin.

However, Huichuan Technology expects to achieve revenue of 66.038 million to 73.9630 million yuan in the first half of the year, an increase of 25% -40%; to achieve a profit of 213.3 million 233.33 million yuan, an increase of 50% -65%. The company stated that the company’s operating income has increased, and the company’s product sales gross profit margin has increased compared to the same period of last year.

Market space or expansion

The frequency converter has functions such as speed control and has certain advantages in the field of energy conservation. According to calculations, the energy-saving rate of the motor system using the inverter is generally about 30%, and in certain occasions, it can reach 40%-60%. At present, the growth rate of the installed capacity of upconverters in the Chinese market is about 20%, and the potential market space is about 120 billion to 180 billion yuan. Among them, low-voltage inverters account for about 60% of the market share, and the remaining 40% are occupied by medium- and high-voltage inverters. At present, foreign brands account for about 70% of China's inverter market. However, the market share of local brands has expanded and has increased from 15% in 2005 to around 30% in 2012.

According to the analysis, with the gradual progress of domestic inverter enterprise technology, the competitiveness of local product market will gradually increase. At present, China-made frequency converters have occupied a certain market share in the middle and high-end markets such as oil drilling, mining, rail transportation, household appliances and energy. At the same time, under the general direction of energy-saving and emission-reduction, downstream high-energy-consuming industries such as electricity, metallurgy, cement, and petrochemical are the focus of energy-saving and emission-reduction, and the market for high-voltage inverters will expand.

It should be noted that inverter products are highly relevant to downstream industrial companies, and their performance lags behind that of downstream industrial companies for about 2-3 months. Judging from the overall macroeconomic growth expectation, the degree of prosperity of the downstream industrial enterprises will have improved, but it is still difficult to be optimistic. The future policy orientation may become the most important driving force.

The State Council Standing Committee recently held that by 2015, the market share of high-efficiency energy-saving products will increase to more than 50%. The general interpretation in the industry is that energy conservation will be the focus of the next step. Prior to this, the Ministry of Industry and Information Technology and the General Administration of Quality Supervision, Inspection and Quarantine jointly issued the "Electrical Energy Efficiency Improvement Plan (2013-2015)" on June 21st, proposing that by 2015, it will roll out 170 million kilowatts of highly efficient motors. The frequency converter is an important device for improving the energy efficiency of the motor system.