Haifeng Energy Storage Power Station has opened the tip of the iceberg of the energy storage layout of the United States. The industry is also very concerned about what kind of energy storage chess will the United States play? What is the focus of the future development of energy storage business? Kelu Electronic Energy Storage Power Station and "Auxiliary Frequency Modulation" project are deployed in the power plant.
According to Zhang Mingxing, head of Haifeng project of Kelu Electronics, the total investment of Haifeng project is more than 80 million yuan. Shenzhen Lurun Energy, a wholly-owned subsidiary of Kelu Electronics, is responsible for the investment and construction. It started construction in August 2018 and will be connected to the grid in August 2019.
The energy storage project is a grid-level energy storage system based on lithium iron phosphate battery technology, which jointly develops AGC frequency modulation business of power grid with thermal power units of Xiaomo Power Plant, that is, "energy storage + thermal power" mode.
the revenue concerns of the industry, the Haifeng Energy Storage Power Station has generated revenue in its second year of operation.". Guo Hong said, "At present, the total revenue is more than 200 million, and the income situation has been ranked in the forefront of the South Net.". In 2020, 2021 and total revenue, it ranked first in the South Grid. Guo Hong, chief strategy expert
of Kelu Electronics, explained that the income of general energy storage probably comes from two aspects: one is that the regulation performance must be good, and the income will be more; the other is that the policy must be good, and the money allocated to you will be more after the policy is good (according to the clear proportion of the policy, the income will be more). Among them, Haifeng project relies on its own profits to achieve operation.
At present, in addition to Haifeng Project, Kelu Electronics also has many projects, such as Shanxi Tongda Power Plant Energy Storage AGC Project, Inner Mongolia Shangdu Power Plant Energy Storage AGC Auxiliary Frequency Modulation Project and so on. Energy storage ambition of the
United States: Holding two listed energy storage companies
, the United States has realized the left-handed Kelu Electronics and the right-handed Hekang Xinneng in the layout of energy storage. Relevant people in the
United States said in an interview that the business of the two companies is highly in line with the strategic layout of the Midea Group. The United States traded investment for time and quickly cut into the high boom track of energy storage. The common investment of the
two companies is that the United States has gradually realized the holding of the two energy storage listed companies by throwing money to acquire equity.
Among them, Kelu Electronics was founded in 1996 and successfully listed on the A-share market in 2007. In 2022, Midea Group invested in Kelu Electronics strategically. In June 2023, Midea Group formally controlled Kelu Electronics, He Xiangjian became the actual controller, and Fu Yongjun became the chairman.
Hekang Xinneng was founded in 2003 and listed on the GEM of Shenzhen Stock Exchange in 2010. By April 2020, the United States will become the controlling shareholder and the actual controller.
From the point of view of difference, Kelu Electronics mainly focuses on large storage business, while Hekang Xinneng focuses more on household storage business.
From the perspective of business, Kelu Electronics started the strategic layout of the energy storage industry as early as 2009; in 2018, Kelu energy storage products were sold overseas for the first time; in 2020, the self-operated Haifeng Energy Storage AGC Frequency Modulation Power Station was selected as one of the eight demonstration projects of the National Energy Administration; In 2022, the energy storage base 5Gwh was put into operation, and the energy storage business achieved global coverage. In the first half of
2023, the total shipment of Kelu Electronic Energy Storage Business was close to 800MWh, of which the largest new energy generation side photovoltaic storage project (485 MWh) in South America was completed.
Hekang Xinneng focuses on the business model of household energy storage business. Its household energy storage products are mainly sold to overseas markets, and downstream customers mainly include installers, distributors, brands and other channel providers. Hekang Xinneng has established contacts and cooperation with customers in Australia, Germany, Britain, Austria, Turkey, Spain and other major overseas markets, including installers, distributors, brands, etc., to build a localized service system and effectively reach different overseas regional markets. The overseas layout of Hekang Xinneng actually matches the overseas sales format of household appliances giants. The
United States said that after taking over the two companies, the United States will not only invest in capital and talent, but also integrate and coordinate the lean production, digitalization and the whole system of technological innovation in the lighthouse factory.
In terms of technology integration, the United States has established the Institute of Advanced Energy Storage Technology and the Institute of Green Energy, which can provide significant R & D support for Kelu Electronics. At the same time, it will better promote technology sharing among the main bodies of the United States, such as the thermal management system of the building technology of the United States, which will help Kelu energy storage system, make the energy density of the energy storage battery cabin higher and safer, and build the core competitiveness of products and technologies. Can
energy storage business translate into actual performance? Fang Hongbo, chairman
and president of the board of directors, previously disclosed that "in 2023, while stabilizing the core business of household appliances, the United States will start the second engine, develop robots and automation, building technology, new energy automotive parts, advanced energy storage and other key strategic emerging industries in Guangdong, and build the second curve-driven growth." Winning the energy storage business is a substantial progress in the layout of strategic emerging industries in the United States this year.
But at present, the contribution of strategic emerging sectors such as building technology and automation business to the second curve of the United States in terms of revenue is not obvious. According to
the latest data, in the first half of this year, Midea achieved a total operating income of 197.8 billion yuan, an increase of 7.69% over the same period last year, and realized a net profit of more than 18.2 billion yuan, an increase of 13.1% over the same period last year. Among them, Midea's industrial technology revenue in the reporting period was 13.6 billion yuan, and its building technology revenue in the reporting period was 14.8 billion yuan. The two major sectors of
industry and building technology accounted for 6.8% and 7% of the total revenue respectively. Its robot and automation business had a revenue of 15.2 billion yuan during the reporting period, accounting for 7%.
So, what is the revenue capacity of the new acquisition targets, Hekang Xinneng and Kelu Electronics? According to the first half financial report of Hekang Xinneng, the revenue of energy storage business has more than tripled compared with the same period last year. In the first half of 2022, the operating income is 620 million, the high-end manufacturing income is 450 million, accounting for 72.77%, and the new energy (including energy storage business) income is 58.84 million, accounting for 9.51%. In the income structure of the first half of 2023, the high-end manufacturing income is 360 million, accounting for 50.21%; New energy revenue was 260 million, accounting for 36.
The energy storage business revenue of Kelu Electronics declined. According to the financial report
of Kelu Electronics in the first half of the year, the revenue of energy storage business decreased by 18.22 years compared with the same period last year. In the first half of 2022, the revenue of energy storage business was 1.39 billion yuan, 1.051 billion yuan for smart grid, accounting for 75.61%, and 166 million yuan for energy storage business, accounting for 1.56 billion yuan in the first half of 2023. The smart grid is 1.33 billion, accounting for 85.49%, and the energy storage business revenue is 136 million, accounting for 8.
Taking the Haifeng project as an example, the revenue of the power station in 2021 is nearly half less than that in 2020. The main reason is that the thermal power units themselves also have the function of frequency modulation, and there are nearly 30 thermal storage joint commissioning projects in Guangdong, and the market is becoming saturated. Another reason is that in 2021, Guangdong and other places adjusted their frequency modulation policies, and the revenue of new energy storage power stations participating in AGC frequency modulation ancillary services is also declining.
Based on the current operating data, it is not clear whether the two enterprises bearing the "high expectations" of energy storage transformation can bring substantial improvement to the United States in revenue in the future. In
the big environment, the energy storage market is very hot and capital is pouring in, but the competition is also very fierce, approaching the Red Sea. Since the first half of 2023, the energy storage industry has continued to grow at a high speed. According to the statistics of the National Energy Administration, from January to June this year, the installed capacity of new energy storage in China soared, reaching 8.63 million kilowatts/17.72 million kilowatt-hours, which is equivalent to the total installed capacity of previous years.
For the United States, it is not easy to get a piece of it. As for how the energy storage business of the United States will develop in the future, Guo Hong said, "The country will establish a unified electricity market in 2025 and basically complete the unified electricity market in 2030, which is a very clear time period for the profit model of energy storage.". In this period of time, what Kelu Electronics needs to do in energy storage is to further improve the integration capability of energy storage system, solve security problems, solve the technical problems at the bottom of energy storage, and ultimately enable it to participate in spot trading or ancillary services, and make more money, which is the core competitiveness.
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