TPO represents an important opportunity for polymer materials, and the incremental market is expected to be highly concentrated.
According to the financial model of typical roof photovoltaic projects, the internal income efficiency of capital can reach 19.6%.
Weather resistance.
The policy wind of industry development has come.
We mainly recommend Dongfang Yuhong, who has been deeply engaged in polymer materials and photovoltaic buildings in China for many years, has mastered channel advantages and complete product system, and Keshun shares and other leading waterproof enterprises that cooperate with international building materials giant Saint Gobain to seek development in the R & D and market of polymer materials.
Waterproof leading enterprises are neglected strong bargaining links: 1.
Bapv (building attached photovoltaic), that is, adding photovoltaic facilities on the complete building structure; 2.
2.
It is more suitable for the domestic environment with large longitude and latitude span and severe climate and environmental changes.
Building photovoltaic is expected to expand 100 billion waterproof market, and waterproof is a neglected strong bargaining link.
In 2021, building photovoltaic is ushering in a new starting point of rapid development: the support of economic benefits is the sail of sailing, and the promotion of policies is the wind of sailing.
BIPV (building integrated photovoltaic), that is to integrate photovoltaic power generation facilities in the architectural design and construction stage.
Therefore, the leading waterproof enterprise is the link that directly hits the pain point of the owner.
There are relatively few waterproof enterprises with similar product lines and the threshold is high; On the other hand, in terms of strategic layout and reserves, the first mover advantage of leading enterprises is more obvious.
According to the potential photovoltaic demand of at least 3 billion square meters, the market potential of corresponding waterproof engineering + materials will reach 300 billion yuan, and the pure material market will reach 150 billion yuan.
Policy benefit double drive ushers in the starting point of building photovoltaic take-off.
Many photovoltaic building scenarios, such as industrial plants, have poor load capacity and are more suitable for using polymer materials as single-layer roof waterproof system to further load power generation facilities.
Maintain the “overweight” rating: double driven by policy benefits, ushering in the starting point of building photovoltaic take-off.
Waterproof is a neglected strong bargaining link, and the incremental market is expected to have a high leading concentration.
Many photovoltaic building scenarios, such as industrial plants, have poor load capacity and are more suitable for using polymer materials as single-layer roof waterproof system to further load power generation facilities.
The life cycle of photovoltaic power generation facilities is about 25 years, which needs to be matched with the waterproof life.
It is expected to expand the 100 billion waterproof market, a neglected strong bargaining link.
The probability of direct exposure of newly-built and reconstructed photovoltaic roof is large, so it is more suitable for polymer materials with strong weather resistance; 2.
Therefore, it is expected to usher in greater development opportunities.
The economic benefits brought by the development of industrial chain technology and efficiency are the endogenous support for the development of photovoltaic roof; In terms of policy, the policy of promoting roof distributed photovoltaic in the whole county potentially corresponds to a market area of 3 billion square meters.
The owner has the strongest decision-making power, and waterproof directly hits the pain point of the owner: the owner is the strongest party, and the loss of water leakage is intolerable for the owner.
It is more suitable for the domestic environment with large longitude and latitude span and severe climate and environmental changes.
It is expected to expand the 100 billion waterproof market, a neglected strong bargaining link.
TPO represents an important opportunity for polymer materials, and the incremental market is expected to be highly concentrated.
From the perspective of combination form, building photovoltaic can be roughly divided into two categories: 1.
Weather resistance.
According to the potential photovoltaic demand of at least 3 billion square meters, the market potential of corresponding waterproof engineering + materials will reach 300 billion yuan, and the pure material market will reach 150 billion yuan.
On the one hand, many scenes in the construction photovoltaic market are suitable for polymer and other relative products.
Economic benefit is the endogenous fundamental support of building photovoltaic demand: according to the calculation of Guotai Junan Securities research, based on the current investment and operation cost and power generation efficiency, a typical roof photovoltaic project financial model, the internal income efficiency of capital can reach 19.6% (shared by building owners and project operators), and the static payback period is 4.4 years.
The market potential of stock transformation is dominant, and waterproof enterprises are the flow entrance: the domestic stock transformation market is larger than the new market, and the leading waterproof enterprises have established a certain customer base and mastered more “flow” resources.
From the perspective of building photovoltaic waterproof market, we judge that this is a naturally concentrated market.
The first batch of 676 counties (cities and districts) mainly involve economically developed areas or areas with sufficient sunshine, corresponding to at least 700 million square meters of new demand.
Economic benefits are the endogenous fundamental support for building photovoltaic demand.
The policy wind of industry development has come.
Waterproof will be an inevitable link for new or reconstructed photovoltaic facilities.
2.
Waterproof leading enterprises are neglected strong bargaining links: 1.
From the perspective of building photovoltaic waterproof market, we judge that this is a naturally concentrated market.
Building photovoltaic, waterproof leader, a new growth pole Policy benefit double drive ushers in the starting point of building photovoltaic take-off.
Polymer materials have obvious advantages in photovoltaic buildings: 1.
Portability.
The economic benefits brought by the development of industrial chain technology and efficiency are the endogenous support for the development of photovoltaic roof..
Waterproof will be an inevitable link for new or reconstructed photovoltaic facilities.
1.
From the horizontal comparison between polymer materials, TPO materials have the characteristics of strong weather resistance, good flexibility and obvious advantages of environmental protection and energy saving.
Economic benefits are the endogenous fundamental support for building photovoltaic demand.
The market potential of stock transformation is dominant, and waterproof enterprises are the flow entrance: the domestic stock transformation market is larger than the new market, and the leading waterproof enterprises have established a certain customer base and mastered more “flow” resources.
The life cycle of photovoltaic power generation facilities is about 25 years, which needs to be matched with the waterproof life.
On the one hand, many scenes in the construction photovoltaic market are suitable for polymer and other relative products.
Introduction to this report: the policy benefit double drive ushers in the starting point of building photovoltaic take-off, which is expected to expand the 100 billion waterproof market.
From the horizontal comparison between polymer materials, TPO materials have the characteristics of strong weather resistance, good flexibility and obvious advantages of environmental protection and energy saving.
We mainly recommend Dongfang Yuhong, who has been deeply engaged in polymer materials and photovoltaic buildings in China for many years, has mastered channel advantages and complete product system, and Keshun shares and other leading waterproof enterprises that cooperate with international building materials giant Saint Gobain to seek development in the R & D and market of polymer materials.
TPO and other polymer materials meet the opportunity, and the incremental market is expected to be highly concentrated.
Therefore, it is expected to usher in greater development opportunities.
Portability.
Therefore, the leading waterproof enterprise is the link that directly hits the pain point of the owner.
According to the financial model of typical roof photovoltaic projects, the internal income efficiency of capital can reach 19.6%.
The probability of exposure of newly-built and reconstructed photovoltaic roof is large, so it is more suitable for polymer materials with strong weather resistance; 2.
The first batch of 676 counties (cities and districts) mainly involve economically developed areas or areas with sufficient sunshine, corresponding to at least 700 million square meters of new demand.
Polymer materials have obvious advantages in photovoltaic buildings: 1.
The economic benefits brought by the development of industrial chain technology and efficiency are the endogenous support for the development of photovoltaic roof; In terms of policy, the policy of promoting roof distributed photovoltaic in the whole county potentially corresponds to a market area of 3 billion square meters.
There are relatively few waterproof enterprises with similar product lines and the threshold is high; On the other hand, in terms of strategic layout and reserves, the first mover advantage of leading enterprises is more obvious.
2.
The owner has the strongest decision-making power, and waterproof directly hits the pain point of the owner: the owner is the strongest party, and the loss of water leakage is intolerable for the owner.
With the dual promotion of policy benefits, building photovoltaic ushered in the starting point of take-off With the rapid development of photovoltaic industry chain and the increasing scarcity of land resources, the combination of architecture and photovoltaic is becoming an important direction of development.
Risk tip: macroeconomic downturn, rising raw material costs.