Off * denitrification monitoring equipment market space

As the leader of smoke monitoring, Snow Dilong has maintained a steady development momentum. Demonstration of denitrification monitoring CEMS is booming, and with market expansion due to industrial boiler desulphurization and other policy upgrades, it is expected to bring more than expected performance.

The current orders increase by nearly 40% year-on-year, and the annual orders will exceed expectations: As of the end of August, the company's new orders were approximately 500 million yuan, an increase of nearly 40% compared with the same period of last year, which is equivalent to the order volume for the entire year. Denitrification monitoring equipment orders 250 million. The desulfurization monitoring equipment was 120 million yuan, and the industrial process analysis and operation and maintenance orders were about 130 million yuan. Although the company did not increase its annual sales forecast (annual order target for the whole year was RMB 650 million, which is a year-on-year increase of 30%), we expect the probability of over-expectation to be high throughout the year. It is expected that the annual orders will reach 7.0 to 750 million yuan, a year-on-year increase. 50%.

The absolute amount of denitrification monitoring instruments peaked in 2015, and the long-term prosperity period was longer than that of denitrification projects: The proportion of denitrification units to be completed at the end of this year is expected to reach 55%. Considering that the denitrification units are all large capacity units (mostly 600,000 kilowatts), From the number of units put into operation, the ratio is only about 30%. In the later stage, with the denitrification of small units, the capacity of the unit will increase, even though the capacity put into operation will be equivalent to or less than this year. The number of units to be monitored by a single unit is the same, so the demand for monitoring equipment at a later stage is even greater. The company expects that the absolute amount of denitrification monitoring equipment market will peak in 2015, and the high business cycle will be maintained until the end of the 15th, which is longer than the denitrification project (this year is the peak year for denitrification projects).

13-15 years of orders for denitrification areas of about 500 million yuan / year: "Eleventh Five-Year" electricity desulphurization monitoring equipment market size of about 2.5 billion, due to process design factors, the demand for denitrification monitoring equipment is desulfurization times, the estimated total size of about 70 100 million yuan. At present, the number of units that complete denitrification is about 30%, and there are nearly 5 billion yuan to be released. According to the estimated market share of about 30% of the company, orders for denitrification will be released every year with orders of RMB 500 million in 13-15 years, laying the foundation for growth of the company's performance.

Desulfurization monitoring instruments surpass market expectations and look forward to the future of industrial boilers: After the industry estimated that with the end of power desulphurization, the demand for desulfurization monitoring equipment will decline, and the optimistic estimate is also flat. But so far, the company's desulfurization monitoring equipment orders 120 million yuan, better than expected. The reason is that with the upgrading of environmental protection policies, small units and small boilers also have desulfurization needs. The recent upgrade of boiler emission standards, we strongly recommend attention to the release of potential demand for industrial boilers due to the upgrading of emission standards (China's medium and small boilers about 100,000 units, a single desulfurization monitoring equipment about 200,000 yuan, market capacity of about 20 billion), currently The market is still in the phase of no start-up, but the introduction of the policy will accelerate the release of the market, and it also changes the expectation that the desulfurization monitoring equipment will be difficult to increase.

The market for environmental operation and maintenance is large and the company is steadily advancing: With the rise of the environmental monitoring market, the introduction of the third party to implement monitoring will effectively reduce the regulatory costs of the environmental protection department. The recent introduction of environmental self-inspection requirements also clearly promoted the third-party operation and maintenance model. At present, the company has sold 5,800 sets of desulfurization and denitrification monitoring instruments and 3,400 sets of industrial process analysis instruments. According to a single annual operation and maintenance cost of 40,000 yuan to 50,000 yuan, the company's potential operation and maintenance market is about 4.0 to 500 million yuan. At present, the company has signed about 1,200 sets of operation and maintenance platforms, and the annual operation scale is about 50 million yuan, which means that there is plenty of room for growth.