20230117_国海证券_能源行业证券研究报告：新型电力系统-熔盐储能_44页.pdf
2023 01 16()S0350521120005 S0350522110003-1M 3M 12M-0.28%4.29%-15.45%300 3.10%8.57%-14.51%-*2022-12-13*2022-07-22-2023 1*2023-01-08*2023-01-05-2022 51*2023-01-01 20%1 2 3-0.3000-0.2500-0.2000-0.1500-0.1000-0.05000.00000.05000.100022/1 22/2 22/3 22/4 22/5 22/6 22/7 22/9 22/1022/1122/12 300 2 2023/01/16 EPS PE 2021 2022E 2023E 2021 2022E 2023E 002665.SZ 3.63-0.09-002534.SZ 15.69 0.57 0.29 0.72 27.60 53.88 21.79 600875.SH 21.63 0.73 0.96 1.31 29.47 22.53 16.51 603583.SH 26.15 0.70 1.17 1.63 37.15 22.35 16.04 603507.SH 32.96 1.26 26.23 600207.SH 6.58 0.24 0.25 0.43 27.06 26.60 15.31 Wind wind 4 600t/d 5 4.5GW 116 1 2 3 4 5 6 7 0YAZzQrMpMrQoQoNqNrOrQ7N9RbRpNrRmOmPfQrRoPfQnMtM7NnMsONZoMpNuOoOpN 3 1.6 1.1.6 1.1.1.6 1.1.2“-”.7 1.1.3.8 1.2.9 1.3.11 2.12 2.1.12 2.2.13 2.2.1.13 2.2.2.17 2.2.3.19 2.3.20 2.3.1.20 2.3.2.22 2.3.3.24 2.4 4.5GW 116.26 2.4.1 114/4.5GW 46.27 2.4.2 120/4.5GW 69.29 2.4.3.29 2.5 4.5GW 152182.30 2.5.1 100MW 8000 6000.30 2.5.2.32 2.5.3.33 2.5.4.34 3.36 4.38 5.39 4 1.6 2.7 3.8 4.9 5.12 6.15 7.15 8.16 9.16 10.20 11 50MW.20 12.21 13 AGC.21 14.22 15.25 16.28 17 2022.28 18.30 19.30 20.31 21.33 22.33 23.33 24.33 25.36 26.36 1.9 2.10 3.11 4.13 5 100MW.14 6 100MW.14 7.16 8.17 9 50MW.18 10.18 11.19 12.21 13.23 14.24 15.26 16 4.5GW.27 17.28 5 18.29 19 SGS.31 20.32 21.34 22.35 23 2022 4.5GW.39 6 1 1.1 1.1.1 1 7 1.1.2-540560-2 1 2021 76.2%2 5%3 10h 4 500 5 30 8 1.1.3 3 2021 1 350MW 4310 9 1 350MW 50%20%800h 84GWh 0.433/kWh-3640 300g/kWh 750/t-1890 105MW 8h 76.2%64GWh 0.4/kWh-2560-4310 2021 1.2 4 10 24 2 30 1 2021 9 14MW 669 2.1MW 2019 96.3%2.75 2512 10.9 2019 35 2(2022)0.15/kWh 105/t 2.6/m3 208/t 50%11 3 2022“”10 7500 3MPa 257 150MW 8MW 17MW 25MW 8400+1.3 3 50t/h+/+1.92 2022.3.8 2022.10.20 50t/h 3200 KWh 42 84 6370 KWh 15/4.6 2660MW+EPC 4188 186 604 460 145 149 93 75MWh 1260 180 450 2022 12 2021 7 4188 EPC 100MWh 5584 CSPFOCUS 12 2 2.1/5 2021 13 4/50MW 15h/50MW 127 24000 22000/50MW 13h/50MW 72 16000/50MW 12h/50MW 61 16000/100MW 11h/100MW 140 30000/100MW 10h/100MW 115 73130 52800 7500 50MW 9h/50MW 62 36000 27500 2000 50MW 7h/50MW 54.3 10093/50MW 6h/50MW 60 9300/CNSTE 2021 2.2 2.2.1 100MW 2016 46 30.4 100MW 20.5 100MW 2019-2021 8633 1.29 1.94 2022 6 3379 91.2%262 8550 14 5 100MW 2016 11 2018 12 5 7 35 115.7 2 10m/s 30 115.7m2 140 1.2 3516h 750 1.2 95%14 SHBG-2 15 37 39 400 593 1 30000 11 3.9 2021 1.94 2022 2022 4 13 8248 kwh 1150/MWh 100MW CSPPLAZA 10MW 100MW 6 100MW GE MAN-100MW 15 100MW 5*7 115.7 100MW 10MW 6 100MW-7 100MW SHBG-2 UNSN06230 100 750kW/m 1.2MW/m 95%100MW 2021 16 8 9 100MW 100MW 7/EPC 2016/4/11 6.44 50MW EPC 2018/6/15 5 EPC 15.9 2021 100MW 2018/9/18 10 2016 2018 2 24.6 2021 2021 81%0.48%2021/10/1 90 10 2021/11/3 58000 270 150MW 10%2h(15MW/30MWh)2021/12/26+500 100 2021/12/28 2022/8/4 200MW 17 800MW+520MW 200MW+800MW+520MW 100 110 100MW EPC 2022/11/16 100MW EPC 16.5 CSPPLAZA CNSTE 2.2.2 2010 11.06%2022 12 5 3%8.06%8 2013 10MW 2014 10MW 1.2/kWh 2016 10MW 2018 50MW 2019 50MW MINOS 50MW EPC+50MW 50MW 2018 12 30 2021 9-2022 2 9245.6 101.12%18 95%9 50MW 2017 3 2018 12 27135 20m2 542700m2 2920h 230MW 1000kW/m2 12m 15m 90%25.2m 12m 565 24m 12m 290 10093 1.46 1.15/kWh IEC General requirements for the design of solar tower plants 10/2021/9/28 90 10 70 2022/4/22 9 2022/7/29 100MW 2022/10/17 100MW 4.8 6 CNSTE CSPPLAZA 2022 11 19 2.2.3 96.8%2022 2500 50MW 50MW 50MW 2014 50MW 50MW 11 50MW 2017/8 5 50MW 2018/1 2018 50MW/2.47 15 5 110MW 2022/8 750MW 110MW 50 2015/2 50 2018 10 50MW 2017 2018 11 2 2018 4100 50MW 2017/3 100MW 2022/10 490MW 100MW 4712 2022/10 BOO+4.2 7 105MWh/52.5MW 58 24 CSPPLAZZA CNSTE CSPFOCUS 20 2.3 40-45%12 100MW 25-30 51.4%23 8 100MW 16.518.9 4045%2.3.1 16 97%9 50MW 2.7 20m2 4 5m2 10 11 50MW CSPPLAZA AGC 50MW 1-1.5%25 7200 10550 21 AGC 12 13 AGC CNSTE 12 AGC 700t/d AGC 700t/d 2GW AGC 500MW 600t/d 2017 3mm 4mm 600/2 4 18 15 2021 9 100%2.12 2021 9 600t/d AGC 2GW 400t/d 2022 11 7 400t/d 2022 11 3.27 22 2022 4 2mm 2021 CNSTE 2.3.2 2.2 50MW 2.7 20m2 100MW 1.2 115.7m2 25 14 23 13 411m/s 3.5mrad 97%+3 0.3mrad 50MW 4400 144m2 2 1 JC35SA1 JC35SA2 24 14 2017 0.3mrad-4040 80W 1 2018 100MW 2 950MW+DEWA ACWA 1*100MW+3*200MW 700MW 250MW+1x100MW 15 3x200MW 13.5 2019 70,000 Pylon 50MW 50MW 50MW 50MW 100MW 5 JC35A11 JC35A19A A JC35A17 JC35A19 JC35SA13 A JC35SA1 JC35SA22 JC35SA5/100MW CSPPLAZA CNSTE SOHU 2.3.3 25 15 321 06Cr18Ni11Ti 347 06Cr18Ni11Nb Cl-650 625 SHBG N06230 1 SHBG-2 UNSN06230 UNSN06625 2 TP347H 10 SHBG-2 TP347H 10 200kW 100 50MW 50MW 10 2021+2021 10.3 580 26 2.4 4.5GW 116 4.5GW 2022 12 31 23 4.5GW 1=MWh=DNI 15 15/MWh t/MWH 50MW 15h/50MW 750 24000 32.0 32 100MW 10h/100MW 1000 73130 73.1 76.6 50MW 9h/50MW 450 36000 80.0 50MW 7h/50MW 350 10093 28.8 27.7 50MW 6h/50MW 300 9300 31.0 50MW 13h/50MW 650 16000 24.6 50MW 12h/50MW 600 16000 26.7 100MW 11h/100MW 1100 30000 27.3 CNSTE 2021 27 2 23 42 2022 25 90.8%/7.4%/1.8%90%7.5%2.5%3 23 8h 60%22 8h 1 9.4h 9h 8h 10h 116 56 2022/+116 69 46 5000/t 6000/t 34.7 27.6 16 4.5GW MW 90.81%2470 55.84 7.35%200 6.40 1.84%50 6.13 90%1612.8 40.21 7.50%134.4 3.87 2.50%44.8 3.09 4512 115.54 40%46.22 60%69.32 CSPPLAZA CNSTE 2.4.1 114/4.5GW 46 2021 400 200 50%50 2021 6570/20%26%35%28 16 17 2022 2021 2021 2021 6 4000 6000/t 2022 17 SQM RNH 4+KCl=RK+NH 4Cl RK+NH 4NO 3=RNH 4+KNO 3 2021-29 200 16 114 46 1-2 2.4.2 120/4.5GW 69 NaNO3 380 140/69 120 2023-2025 400MW 11 0.001%87%2.4.3 18 10/30/25/25 2020 25 195 20/50MW 10MW 2017 6 500 2017 3 5 Sener 18106 1000(000792)2022 9 15 20/30 20/6.5/CSPPLAZA 2.5 4.5GW 152182 25-30 100MW/12h 15.75%2.1%18%4.55.4 2022 8-9h 12h 100MW/9h 100MW/9h 100MW/12h 75%3.44.1 4.5GW 152182 2.5.1 100MW 8000 6000 18 19 290 31 560 119MW 8 2022 5 110MW EPC 7896 20 CSPPLAZA 100MW 6000 19 SGS SGS SGS SGS SGS SGS SGS SGS SGS SGS CSPPLAZA 32 20 50MW 50MW 50MW Minos 1.91 100MW 2345 50MW 750MW 110MW 100MW 2019 950MW 2022 5 110MW EPC 7896 100MW EPC 186 50MW 3607 100MW 3KW 1MW 50MW CSPPLAZA CNSTE 2.5.2 120240 MI 260 MICC 33 21 22 CSPPLAZA 23 24 CSPPLAZA 2.5.3 34 21()1 2.5.4 1 10 2021 11 1 15%20%2021 10.3 580 2021 11 EPC 1.9 3200 KWh 50t/h 42 2022 10 35 22 2011 2013 10MW 2014 2016 10MW 2018/12 50MW 2019/9-10 50MW 50MW Minos 2021 100MW EPC 36t/d 6MWp 2022 100MW 50t/d 100t/d 8+17MW EPC 2022 10 100MW 2345 CSPPLAZA 2 2.2.3 50MW 50MW 50MW 3 100MW 2019 950MW 2022 5 110MW EPC 7896 4 MI 50MW 36 25 26 CSPPLAZA 5 2022 5 1.44 2021/2 660MW 6 50MW 50MW 10MW 3 1 37 2 3 4 600t/d 5 4.5GW 116 2023/01/16 EPS PE 2021 2022E 2023E 2021 2022E 2023E 002665.SZ 3.63-0.09-002534.SZ 15.69 0.57 0.29 0.72 27.60 53.88 21.79 600875.SH 21.63 0.73 0.96 1.31 29.47 22.53 16.51 603583.SH 26.15 0.70 1.17 1.63 37.15 22.35 16.04 603507.SH 32.96 1.26 26.23 600207.SH 6.58 0.24 0.25 0.43 27.06 26.60 15.31 Wind wind 38 4 1 2 3 4 5 6 7 39 5 23 2022 4.5GW MW h 90+10+1000 900 100 8+1500 1350 150 8 100+1000 900 100 8 90+10+1000 900 100 8 100+1000 900 100 8+1000 900 100 8+1000 900 100 12 1GW+1000 900 100 12+1000 900 100 12 10+1000 900 100 8 1GW+1000 900 100 8 10+90+1000 900 100 8+1000 900 100 8 16.34 300+300 50MW+100MW+150 100 50 16+100 100+70 42 24 170MW+120 50 1 1GW+1000 900 100 12 18.89 2+1000 900 100 3+100 16.8 110+1100 1000 100 16.5 100+1000 900 100 40 100+1000 900 100 8+2000 1800 200 6+3000 50 300MW 300+2000 100 140 1+700 200 400 100 8 140 2+700 200 400 100 8 750MW+750 640 110 700+700 600 100+10+700 400 200 100 10 16.99 70+1X100MW+700 200 400 100 10+700 600 100 12 100MW 100 5 50+640 100 8+700 110 8 70+600 100+100 70+700 200 400 100 4512 CSPPLAZA CNSTE EPC 24 100MW 812h 16.518.9 100MW 16.518.9 23 4.5GW 742850 2022 2023-2024 371425 2020-2021 2023 2024 2022 41 24 EPC 2022 12 31 1 1GW 100MW 12h 18.89 3 100MW 16.8 110 100MW 16.5+10 100MW 10h 16.99 5 2021 4 21 Wind 2 21 2020 wind 2,2018 4 2 5&,300 300 300 300 20%300 10%20%300-10%10%300 10%R3/前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
