Revenue increased significantly. First half
of 2013, the company achieved operating income of 723 million yuan, an increase
of 99.59%; net profit of 53.913 million yuan, an increase of 19.53%; net
operating cash flow to achieve 144 million yuan, an increase of 190%.
EPC business begin
to exert. In the first half, the company 361 million yuan revenue growth,
mainly due to the new year to develop photovoltaic power plant systems
integration business, which contributed 266 million yuan. According to the
company has signed a contract project situation, the expected EPC business year
will achieve 5.5-6 billion in revenue, will become the company this year and
the coming years the major growth point.
Inverter to
maintain high growth, prices gradually stabilized. Benefit from the domestic PV
market launch, the company dc ac inverter business income of 430 million yuan in the
first half, an increase of 33.58%, continue to maintain a higher shipments;
achieve gross margin 30.10%, although down by 10.32 points, but the chain
basically the same as last year.
Fully benefit from
the outbreak of the domestic PV market. Along with the "Twelve Five"
plan by the PV installed 20GW target upwards to 35GW, the explosive growth of
the domestic PV market is already open, the domestic photovoltaic installed
capacity is expected to 2013-2015 will reach 8GW, 10GW, 12GW. Company as the
leading enterprises in domestic inverter, on the one hand will fully benefit from
the rapid growth of the inverter business (companies occupy the domestic
inverter market share of approximately 30%), on the other hand will benefit
from the downstream PV power plant system integration business rapid growth
(EPC, the company in the capital, experience, government relations and have an
advantage).
Earnings forecasts
and investment rating: adjust the company's earnings forecast the next three
years, after adjustment, the company expects EPS for 2013-2015: 0.39 yuan, 0.58
yuan, 0.81 yuan, corresponding to the July 26 closing price, PE, respectively:
43 times, 29 times, 21 times. Taking into account the outbreak of the domestic
PV market will guarantee the performance of the next three years, the current
valuation basically reflects the growth of the next three years, it is to
maintain "overweight" rating.
Risk Warning: The solar power inverter prices continue to fall sharply risks; domestic PV installed capacity
lower than expected risk; EPC project default risk; GEM systemic risk.
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