海通国际：9月风电并网4.56GW，同比增长47%.pdf

请务必阅读正文之后的信息 披露和法律声明 [Table_MainInfo] 行业 研究 /机械工业 /新能源板块 证券研究报告 行业信息点评 9 月风电并网 4.56GW， 同比增长 47 [Table_Summary] 投资要点  9 月风电并网 4.56GW，同比增加 47.10，环比增加 74.71。 国家能源局公 众号发布 1-9 月份全国电力工业统计数据。截至 9 月底，全国累计发电装机 容量约 27.9 亿千瓦，同比增长 12.3。其中，风电装机容量约 4.0 亿千瓦， 同比增长 15.1；太阳能发电装机容量约 5.2 亿千瓦，同比增长 45.3。 1-9 月，风电并网 33.48GW，同比增加 74.01；光伏 1-9 月并网 128.94GW，同比 增加 145.13。单 9 月，风电并网 4.56GW，同比增加 47.10，环比增加 74.71； 光伏并网 15.78GW，同比增加 94.10，环比降低 1.38。  单 9 月，风电利用小时 127 小时，较上年同期减少 29 小时，较 8 月增加 5 小时。 1-9 月份，全国发电设备累计平均利用 2716 小时，比上年同期减少 83 小时。其中，水电 2367 小时，比上年同期减少 362 小时；太阳能发电 1017 小时，比上年同期减少 45 小时；风电 1665 小时，比上年同期增加 49 小时； 核电 5724 小时，比上年同期增加 148 小时；火电 3344 小时，比上年同期增 加 49 小时。单 9 月，风电利用小时 127 小时，较上年同期减少 29 小时，较 8 月增加 5 小时；太阳能发电 110 小时，较上年同期减少 7 小时，较 8 月减 少 17 小时。  单 9 月，风电投资额 234 亿元，同比增加 11.96，环比增加 23.81。 1-9 月 份，全国主要发电企业电源工程完成投资 5538 亿元，同比增长 41.1。其中， 核电 589 亿元，同比增长 46.0；太阳能发电 2229 亿元，同比增长 67.8。 电网工程完成投资 3287 亿元，同比增长 4.2。风电 1383 亿元，同比增加 33.4。火电 635 亿元，同比增长 16.2。水电 586 亿元，同比增加 9.7。单 9 月，风电投资额 234 亿元，同比增加 11.96，环比增加 23.81；太阳能发 电投资额 356 亿元，同比增加 17.49，环比增加 36.40。  单 9 月，风力发电 497.7 亿度，同比下降 1.6。 据国家统计局公布的数据， 1-9 月风力发电量 5836.8 亿度，同比增长 13.4；太阳能发电量 2172.9 亿度， 同比增长 11.3；核能发电 3227.9 亿度，同比增长 6.0；水力发电量 8583.9 亿度，同比下降 10.1；火力发电 46396.9 亿度，同比增长 5.8。单 9 月， 风力发电 497.7 亿度，同比下降 1.6；太阳能发电量 246.1 亿度，同比增长 6.8；核能发电 345.3 亿度，同比增长 6.7；水力发电量 1393.8 亿 度，同比 增长 39.2；火力发电量 4973.0 亿度，同比增长 2.3。  国家能源局组织开展可再生能源发展试点示范项目，重点支持单机 15 兆瓦 海上机型应用。 10 月 18 日，国家能源局发布组织开展可再生能源发展试点 示范的通知，通知要求，主要支持大容量风电机组由近（海）及远（海）应 用，重点探索新型漂浮式基础、 500 千伏及以上电压等级柔性直流输电、单 机 15 兆瓦及以上大容量风电机组等技术应用，并推动海上风电运维数字化、 智能化发展。文件还提出，主要支持海上风能资源和建设条件好的区域，结 合海上风电基地建设，融合深远海风电 技术示范，通过规模开发、设计优化、 产业协同等措施，推动深远海海域海上风电项目降低工程造价、经济性提升 和实现无补贴平价上网。深远海海上风电平价示范项目单体规模不低于 100 万千瓦。  建议关注 泰胜风能、中天科技、东方电缆、海力风电、大金重工、亨通光 电、金雷股份、日月股份、起帆电缆、天能重工、金盘科技、长盛轴承、五 洲新春、运达股份、三一重能、明阳智能、金风科技。  风险提示 原材料价格上涨，竞争加剧，行业政策波动，风电装机不及预期。 行业研究 新能源板块 行业 请务必阅读正文之后的信息披露和法律声明 2 图 1 火力发电量及其占比 资料来源国家统计局官网， HTI 图 2 水力 发电量及其占比 资料来源国家统计局官网， HTI 图 3 风力发电量及其占比 资料来源国家统计局官网， HTI 图 4 太阳能发电量及其占比 资料来源国家统计局官网， HTI 行业研究 新能源板块 行业 请务必阅读正文之后的信息披露和法律声明 3 APPENDIX 1 Summary Investment Key Points September saw a 47.10 YoY increase and 74.71 MoM growth in wind power grid connection, reaching 4.56GW. China’s installed power generation capacity rose by 12.3 YoY to 2.79 billion kW by end-Sept. Wind power installed capacity stood around 0.4 billion kW - up 15.1 YoY and solar power reached around 0.52 billion kW - up 45.3 YoY. Wind power grid connections rose by 74.01 to 33.48GW while solar power reached 128.94GW, up 145.13. Wind power output was 23.4 billion RMB in Sept, up 11.96 YoY. Overall energy investment reached 553.8 billion RMB in Jan-Sept, up 41.1 YoY. Wind power utilization hours were 127 in Sept, 29 hours fewer compared to last year but 5 hours more than August. Total power generation use averaged 2716 hours in Jan-Sept, down 83 hours from last year. Wind power’s annual output dropped by 1.6 to 49.77 billion kWh in Sept. Data shows wind power production was 583.68 billion kWh in Jan-Sept. The National Energy Administration is focusing on renewable energy development with a focus on offshore wind power. Top picks may include Taisheng Wind Energy, Zhongtian Technology, and Oriental Cable among others. Risks include raw material price inflation, increased competition, policy fluctuations, and underperforming wind power installations. 1 [Table_disclaimer] 附录 APPENDIX 重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司 HTIRL， Haitong Securities India Private Limited HSIPL， Haitong International Japan K.K. HTIJKK和海通国际证券有限公 司 HTISCL的证券研究团队所组成的全球品牌，海通国际证券集团 HTISG各成员分别在其许可的司法管辖区内从事证券活动。 IMPORTANT DISCLOSURES This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited “HTIRL”, Haitong Securities India Private Limited “HSIPL”, Haitong International Japan K.K. “HTIJKK”, Haitong International Securities Company Limited “HTISCL”, and any other members within the Haitong International Securities Group of Companies “HTISG”, each authorized to engage in securities activities in its respective jurisdiction. HTIRL 分析师认证 Analyst Certification 我， 吴杰，在此保证（ i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ ii）我的报酬中没有任何部分与本研究报告中表达 的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究 报告发布后的 3个工作日内交易此研究报告所讨论目标公司的证券。 I, Jie Wu, certify that i the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and ii no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I including members of my household have no financial interest in the security or securities of the subject companies discussed. 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