Zhongheng Electric (002364) company comment: 5G power advantages verify HVDC faucet flexibility can be expected
Event: The company issued an announcement and became a successful candidate for “China Mobile’s centralized procurement of integrated power products from 2019 to 2020”, winning 5026/15781/3117 million yuan in the first, second, and third bid packages, a total of 19 respectively.
57% / 14.
49% / 17.
39%, winning a total of 2 bids.
China Mobile’s first 5G integrated power tender, the first three verify the company’s leadership.
The bidding project is the centralized purchase of China Mobile’s integrated power products from 2019 to 2020, including three standard packages of integrated 1kW, modular assembly 2kW, and modular assembly 3kW. The purchase quantities are 18948/29327/5598 sets, total58373 sets; purchase amounts are 3 respectively.
00 trillion, for a total of 18.
The company won the bids of 5026/15781/3117 million yuan in three bid packages, with a share of 19.
57% / 14.
49% / 17.
39%, winning a total of 2 bids.
US $ 3.9 billion, ranking second / third / third respectively, in the first echelon.
This tender is China Mobile’s first centralized purchase of 5G integrated power supplies. The company’s expanded bid to verify the company’s leading position in the field of 5G base station communication power, and cooperation with communication operators to further deepen.
The expansion of 5G base stations has brought broad demand space, and communication power leaders have fully benefited.
The average 5G commercialization has accelerated since 2019. According to data from the speech given by Li Yizhong, Minister of the U.S. Industry and Information Technology at the 2020 Finance Summit, 6 million 5G base stations will be built nationwide in 7 years, and the construction peak will be 2020-2021.700,000 base stations, corresponding to the 5G base station communication power demand space is expected to reach 7 billion US dollars.
According to the results of the successful bidding, according to the 10% allocation calculation, it is expected to bring more than 7杭州桑拿网00 million related orders to the company, corresponding to the company’s overall revenue elasticity in 2018 can reach 71%.
The company has been deeply involved in the field of communication power for many years. The first-mover advantage and customer advantage are prominent. It has launched equipment energy fusion, energy-saving minimalist integrated solutions and 5G-PAD intelligent energy products for 5G base stations with high throughput and space sensitivity.Fully benefit from the explosive growth of industry demand.
Electric power informatization is deeply involved, fully supporting the ubiquitous and comprehensive construction.
The company actively deploys the energy Internet, promotes software and hardware integration and business synergy. Through modern communications and the Internet of Things technology, relying on the subsidiary Zhongheng Borui’s rich experience in the field of power informatization and the energy Internet integration platform, based on independent equipment, integrationThe ubiquitous electric power IoT system ecology that connects all partners.
In 2020, it will enter the context of the ubiquitous construction of the electric power Internet of Things. The company gradually realizes Zhongheng Borui’s qualification advantages and the prospective layout of the Energy Internet. It is deeply involved in the ubiquitous platform layer (lean management) and the application layer (integrated energy services).), Line loss monitoring) construction.
HVDC develops IDC and Panama system brings increased performance.
The company has been deeply engaged in the field of communication power for many years. As a leader in high-voltage direct current power technology (HVDC), it has expanded rapidly in the distributed computing scenarios such as the conversion of global big data, which has brought significant increase in data center power requirements.
In November of this year, Ali United introduced the Panama system, an IDC integrated solution, which can greatly reduce the cost and installation space of the switching matrix, while consolidating the leader in the HVDC field while achieving more growth in the large IDC field.
Investment suggestion: The company is a domestic HVDC leader and has obvious advantages in the field of communication base station power and IDC access solutions. In the future, it will fully benefit from 5G commercial acceleration and data scale expansion. Zhongheng Borui has been deeply cultivating power informatization for many years and has become a flooded overall solution.Ability is expected to fully support the ubiquitous comprehensive advancement.
We expect the company’s net profit attributable to mothers to reach 1 in 2019-2021.
49 trillion, EPS is 0.
44 yuan, corresponding to the closing price of PE on January 7, 2020 were 63.
7 times, maintaining the overweight level. Risk warning: 5G base station construction is less than expected, IDC construction is less than expected, and ubiquitous power IoT construction is less than expected