Wind power: Technology, industry and industrial chain

And when we're done talking about towers, we have to mention flanges. Taking into account the transportation problem, the ideal length of a single section of the tower is not more than 30 meters, and now the height of the wind turbine is more than 100 meters, so several sections of the tower are connected together, and the part used to connect is the flange.

Wind power flange has tended to mature, the overall concentration of the industry is not high, the market share of the first company Hengrun shares in China's wind power flange market market is only about 10%, but the company is more competitive in the offshore wind power market. Compared with land, the offshore environment is windy and the installed capacity is larger, so the process quality requirements for connecting several sections of the tower cylinder are more stringent. Taking the procurement of Haili wind power as an example, the company accounted for 43% of the purchase amount of Haili wind power flanges in 2020, and the company's market competitiveness can be seen.

9. Cables

Cable is wire, the role do not need me to say, according to the different use of products, wire and cable can be divided into power cables, bare wires, electrical equipment with cables, winding wire and communication cables, optical cables and other five categories.

The number of wire and cable enterprises in China is large, the general scale is small, the industry market concentration is low, and the market share of Baosheng, the largest market share of wire and cable in China, is only 3.14% in 2020, and the industry CR10 is only 11.11%.

Power cables can be divided into land and sea cables according to the use of different environments, land cable downstream is very wide, including power systems, rail transit, and also very popular with investors like UHV, and the largest application of sea cable is offshore wind power.

Submarine cable is necessary for the transmission process of offshore wind power. Because the submarine cable is laid at the bottom of the sea, it needs to withstand seawater corrosion, ocean currents and Marine biological impact for a long time, which is technically more complex than the land cable, and the mechanical strength, corrosion resistance and water resistance requirements are extremely high. At the same time, it is very difficult to maintain and repair the submarine cable after laying in the seabed, so the reliability of the submarine cable is very high.

In fact, the demand growth of submarine cables will be higher than the growth of offshore wind power installed capacity, because the offshore wind power is built farther and farther, from the tide to the offshore, and is currently developing toward the far sea, the offshore distance of offshore wind farms currently in operation is mostly within 30km, but there have been projects to reach 50km, corresponding to the length of submarine cables will be longer and longer.

Submarine cables can be divided into two categories according to the use of links, the array of submarine cables used to connect between fans, and the delivery of submarine cables to the land, currently 35kV array submarine cables and 220kV submarine cable combination, as the offshore wind farm is built further and further, there will be a higher voltage submarine cable demand such as 330kV/500kV.

The market concentration of submarine cable should be the best in the wind power industry chain, according to the data of the China Business Information Network, the submarine cable industry CR3 reached 87%. The submarine cable and the fan have the same local protection, Zhejiang, Putian project is Oriental cable, Guangdong, Shanwei project is Zhongtian technology.

The introduction of the industry chain content is so much, we simply make a summary:

Steel accounts for a large proportion of the raw materials in the wind power industry chain, and the price rise of steel and other raw materials will affect the profitability of the industry chain.

After Landwind parity entered the market competition, the cost reduction pressure of the whole machine factory is larger, the fiercely competitive links in the industrial chain such as blades have greater cost reduction pressure, and the independent bidding tower cylinder is relatively small.

In the context of the integration of the industrial chain, the discourse power of some professional midstream parts is not high, such as gear boxes, blades and other links.

The profitability of the spindle and submarine cable links with high industry concentration is in the leading position in the industrial chain.

The wind power bearing industry has the lowest degree of localization, and the domestic substitution space is larger.

Sea breeze technology content is higher, the competition and profit is relatively ideal than land wind, sea breeze business accounted for a high proportion of the company's profitability is better.