End of blind expansion of high-voltage frequency converter industry into the shuffle

For high-voltage inverter companies, 2010, which was just past, will be the cruelest and most struggling year in the history of the industry. With the fierce competition in product price wars, "price wars" have taken place one after another in turn, allowing some companies to continue to panic, followed by serious "exhaustion."

In 2011, the high-voltage frequency converter industry will end the disorderly and blind expansion of the past few years and clearly enter the shuffling period; after experiencing the rapid growth period of the past five years, the high-voltage frequency-converter industry will grow steadily this year; some companies Forced to withdraw from the market, some companies are trying to seek mergers and reorganizations in order to increase their ability to withstand market risks.

The status quo: "Price war" spreads companies together, which has become a microcosm of the high voltage inverter industry in 2010.

However, the convenience of financing did not make people feel the rapid technological advancement, but first of all made people immediately feel the cold wind brought by the price war.

Industry insiders explained to reporters: "This year's price war is largely related to the excessive number of listed companies. Because the listed company's financing channels are more convenient and the financial strength is relatively strong, they sometimes kill the competitors, and they will not hesitate to price when bidding. On the other hand, there are some companies that have been trying hard to pursue financial data such as market share and industry ranking before they are listed. To make them 'pretty', these companies will initiate price wars and severely disrupt the market order.” Did not think a large number of listed companies involved in the incident, even triggered such a severe shock.

In fact, price wars existed as early as the financial crisis. However, when reporters inquired about the market situation from the industry in 2010, almost everyone said with helplessness: “The price war is playing! Play even more powerful!” This also became a memory for reporters in the past year. One of the lenses.

From the financial statements of listed companies, it is not difficult to find that with the repeated appearance of price wars, the gross profit margins of various companies have long been out of the “prosperous scene” when they were first listed. Securities company researchers expect that this situation will continue to spread in the next few years.

Trend: Large-capacity re-extension To talk about the development of domestic high-voltage inverters, we must mention the development of large-capacity high-voltage inverters. It is true that high-capacity high-voltage frequency converters place higher requirements on technology and represent the overall technical strength of a company. In recent years, major domestic manufacturers have also been increasing the research and development of large-capacity high-voltage frequency converters.

“Domestic manufacturers basically concentrate on multi-level solutions in series units, and they mainly focus on energy-saving applications such as fans and pumps. It is necessary to break through the industrialization of high-voltage inverters with high-performance applications such as three-level structures and rolling mills, but in terms of large capacity. With progress, Guangzhou Zhiguang Electric's 10000kVA air-cooled high-voltage frequency converter and Shanghai Broadcasting Electric's 25000kVA water-cooled high-voltage frequency converter have passed the testimony of customers and national product inspections.” said Wei Wei, Deputy Secretary-General of the China Electric Appliance Industry Association's inverter branch. .

In addition to the above-mentioned companies, Leader's 8000kW/10kV (equivalent to 10000kVA/10kV) high-voltage inverters also created a sales performance of the largest domestic high-voltage inverter in November last year. Lead Huafu 10000kVA/10kV frequency conversion speed control equipment is currently the domestic maximum power level of the inverter, it put into operation to fill the gap in the domestic technology, and further laid the domestic high-voltage inverter high-power applications of the leading position. At the same time, from the 5600kW/10kV to 7500kW/10kV, to the successful operation of 8000kW/10kV, Lead Huafu has been leading the high-voltage frequency conversion market almost all the way, and it is also climbing high-power applications.

Forward-looking: Excavate market gaps With the constant excavation of high-quality customers, in the fierce competition, how should the high-voltage frequency converter industry develop? Which areas are worth focusing on?

Wind power converters are one of the few components in wind power equipment that fail to achieve localization. Dongguan Securities Researcher Yu Chunyan said in an exclusive interview with this reporter: “At present, China’s wind power converters are imported from abroad at more than 90%, and the gross profit margin is about 50%. The top three wind power converters are CONVERTEAM, ABB, Emerson.At present, listed companies have Rongxin shares (in cooperation with Goldwind Technology), Haide Controls, Hunan Electric and Jiuzhou Electric in the development and promotion of wind power converters."

For another example, the current situation in which large-capacity high-voltage inverters are widely used in the erection of oil and gas pipelines is rare. With the increase of energy-saving policies, the market will further expand. Every year, 5,000 kilometers of new pipelines will be built, one station for every 150 kilometers, and each station will need 3 to 4 frequency converters. Before that, the domestic market will be occupied almost entirely by foreign manufacturers. Overcoming technical difficulties and achieving a technical commanding height? According to the reporter's understanding, a number of companies have started to tackle the project. It is also worth noting the impact of contract energy management (EMC) on the industry.

In April last year, the National Development and Reform Commission, the Ministry of Finance, the People's Bank of China, and the State Administration of Taxation issued the "Opinions on Accelerating the Implementation of Contract Energy Management and Promoting the Development of Energy-Saving Service Industries" (hereinafter referred to as "opinions"). The "Opinions" clearly stated that enterprises should be temporarily exempted from collecting business tax, and the project will be exempted from corporate income tax for the first three years after the project's receipt of revenue, and a 4 to 6-year reduction policy for the 4 to 6-year period. The EMC expenditure of the energy-consuming enterprise can be deducted from the taxable income in the current period. Banks and other financial institutions are encouraged to provide energy conservation service companies with financial services such as project financing and factoring according to their financing needs.

The general manager of a high-voltage inverter company said in an interview: “If conditions are right now, I would like to prepare for the establishment of an energy-saving service company. On the one hand, the state has given many preferential policies. Now that a company can be established, it can obtain certain On the other hand, it also helps to open up the market for high-voltage inverters and expand sales."

However, since the core of contract energy management is to rely on contracts as long as 15 to 20 years, a good credit environment and contract spirit are very important. “In the actual operation process, credit and contract enforcement are the first. Contract energy management, how to manage without contract?” said the above person.

Although there are still many obstacles in the actual implementation, the reporter learned from the interview that most companies are still very willing to choose this new supply model.