UPS power rapid growth in domestic demand.
UPS power is widely used in finance, telecommunications, manufacturing and
other fields. China 3G network construction, are stimulating
demand for UPS power. At the same time, including logistics, education and
other new markets are constantly expanding, the next three years to maintain
the overall industry growth rate of more than clever%.
Sustained and rapid growth in overseas
markets. 2002 a 2008
UPS China exports 30% annual growth, exports account for about the same period
in 2008 14% of global sales of UPS. UPS in the international transfer of
manufacturing to China
Our company is the main manufacturer of
domestic UPS, core competitive advantages. l) in the domestic market with the
brand and customer advantages, the products are widely used in finance,
telecommunications, manufacturing, government and other fields, involved a
large number of key projects, with a significant customer and market advantage;
2) companies in the industry have a strong technology and R & D strengths.
At present, the company has a proven UPS design and development capabilities,
particularly in the logic control based on distributed parallel three-phase
half-bridge photovoltaic inverter technology has made a breakthrough, breaking the foreign
companies in the high-power UPS technology monopoly on the product.
PV inverter is expected to become a new
growth point. PV inverter system for improving the efficiency, reliability,
cost reduction is essential, with high technical barriers. Companies in the PVinverter market leading technology, the inverter is the Golden Sun Project
area, one of eight finalists. In the current domestic PV market in the context
of accelerated development, PV inverter business is expected to quickly become
a new profit growth point.
Risk Warning: risk of changes in the export
tax rebate policy; raw material price fluctuations; new product market
expansion progress than expected risks.
Earnings forecasts and valuation: We expect
2010 a 2012 earnings per share
were 0.65/0.95/1.29 yuan, representing a CAGR 41%, issue price of committing
0.5 million, corresponding to 2010 a
2012 forecast earnings 50/34/25 times. Refer to the current A-share valuations
of comparable companies, giving the company 38 times 2011 valuation, the
company estimated fair value at 36 million, is expected to have 11 percent
higher than the issue price upside.
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