Industry analysis of the hottest new share of Shan

New shares of Shanghai energy electric 300827 industry analysis

Shanghai energy electric applied for subscription today. The subscription code is 300827, the issue price is 21.64 yuan/share, the issue P/E ratio is 21.51 times, the maximum number of subscriptions is 18000 shares, and the market value of top grid subscription is 180000 yuan

company profile

the main business of the company and the scientific and technological documents formed by the equipment and instruments in the process of installation, use, protection, inspection and transformation are the R & D, production and sales of power electronic equipment. At present, the company's main products include photovoltaic inverter (pvinverter), energy storage bidirectional converter (PCS), active power filter (APF), low voltage var compensator (SVG), intelligent power quality correction device (SPC) and other products, and provides the integration business of photovoltaic power generation system and energy storage system; The main competitors of the company are sunshine power, Huawei, kestar, etc. According to the statistical data, the average p/E ratio of electrical machinery and equipment manufacturing industry is 24.01x, the P/E ratio of the company's issuance is 21.51x, and the discount rate of the issuance is 10.41%

industry analysis

upstream: upstream raw materials are mainly electronic components (IGBT, capacitance, resistance, reactor, PCB, etc.), structural parts (cabinet, chassis, etc.) and auxiliary materials

next, we will persevere and continue to improve: the main participants in the downstream industry include photovoltaic power generation enterprises, general contractors, distributors, etc

industry situation:

power electronics technology is an integrated technology platform supported by power semiconductor devices, circuit technology, computer technology and modern control technology

1. Development overview of photovoltaic inverter industry

photovoltaic inverter is a power electronic device connecting solar photovoltaic panels and electricity. Its main function is to convert the DC generated by solar panels into AC through power modules. It is the heart of solar photovoltaic power generation system. The reliability and safety of photovoltaic inverter are directly related to the smooth operation of the whole solar power generation system. Its conversion efficiency directly affects the power generation efficiency of the solar photovoltaic power generation system. Its service life is directly related to the service life of the photovoltaic power generation system, and ultimately affects the return on investment of the photovoltaic power station project

(2) series photovoltaic inverter

(3) distributed photovoltaic inverter

2. Development overview of electrochemical energy storage industry

(1) classification and role of energy storage

energy storage technology is mainly divided into physical energy storage (such as pumped energy storage, compressed air energy storage, flywheel energy storage, etc.) Chemical energy storage (such as lead-acid battery, redox flow battery, sodium sulfide battery, lithium-ion battery, etc.) and electromagnetic energy storage (such as superconducting electromagnetic energy storage, super capacitor energy storage, etc.)

(2) composition of electrochemical energy storage system

electrochemical energy storage system is mainly composed of four parts, namely, battery, battery management system (BMS), energy storage converter (PCS) and the system for monitoring and communication of the whole system

(3) the development of electrochemical energy storage in China

the electrochemical energy storage market in China can be roughly divided into four development stages: the annual technology validation stage, mainly to carry out basic research and development and technology validation demonstration; During the demonstration and application stage in, the rigid strength experiment and analysis were carried out. Through the demonstration project, the performance of energy storage technology was rapidly improved, the application mode was constantly clear, and the application value was widely recognized; At the beginning of commercialization in, with the increase of policy support, the gradual rationalization of market mechanism, and the integration and penetration of multiple fields, the installed capacity of China's energy storage projects increased rapidly and the business model was gradually established

financial status

the company's operating income in 2019 was 92.6487 million yuan, an increase of 75.9242 million yuan or 8.97% compared with the same period in 2018; The net profit attributable to the parent company was 83.8429 million yuan, an increase of 12.9829 million yuan or 18.32% compared with the same period in 2018; The net profit attributable to the parent company after deduction was 73.7649 million yuan, an increase of 4.7272 million yuan or 6.85% compared with the same period in 2018

the company estimates that the monthly operating income in 2020 is about 200 million yuan, a change of about -1 compared with the same period last year, which is also the fourth largest single investment of the company, 3.10%; The net profit attributable to the shareholders of the parent company was about 14 million yuan, a change of about -14.56% over the same period last year; The net profit attributable to the shareholders of the parent company after deduction of non profits was about 13 million yuan, an increase of about -14.39% over the same period last year. The main business performance in 2020 decreased slightly compared with the same period last year, mainly due to the slowdown of the overall construction of downstream customers in the first quarter of 2020 due to the impact of the covid-19 epidemic