Inverter project investment and
construction, power station disguised open Qinghai market. The scale of investment
totaled 200 million yuan, in two phases, each of 500MW capacity, is expected to
commence production in late 2014. Meanwhile, according to business development,
the company will set up power plant company in Xining ,
Industrial Park Administrative Committee promised five years from 2014 onwards
for the company with certain scale photovoltaic power plants indicators, and
other enterprises in Qinghai
Province will give
priority to the construction of photovoltaic power plants using the company
products .
We believe that through this investment,
the company "three birds with one stone": (1) With the domestic
market, quick start, the company continued to grow inverter shipments, capacity
is tight, the project will expand the company's production capacity inverter; (
2) Cooperation Agreement in relation to the terms of preferred products will
promote the company's products sold in Qinghai;
(3) most importantly, the company as an
opportunity to enter the market Qinghai
station. Illumination sufficient resources in Qinghai Haixi class Ⅰ tariff area, the other for Class Ⅱ regions, while Qinghai
photovoltaic power plants in general can get local Development and Reform
Commission approved the construction, investment facilitation and income levels
are higher.
Farm business layout maturing, the latter
will gradually enter the harvest period. Since 2012 the company has carried out
farm business, farm business gradually improved layout: (a) focus on the layout
of large power stations in Gansu, Qinghai and other western regions, EPC and BT
business models go hand in hand; (2) actively explore eastern markets, focusing
on breakthroughs in Anhui, Shandong and other areas with local subsidies. On
one hand, reserves distributed space resources, the construction of large power
plant projects, and change of Party B, to ensure plant gains;
On the other hand, with the power plant
investment companies to enter the field of distributed EPC. Currently, the
company announced Anhui Lutiao exceed 400MW, Gansu Province Lutiao 79MW (next
year is expected to add over 100MW), Shandong Province Lutiao 20MW or more, the
scale of construction is expected in 2014, more than 200MW, and gradually into
the harvest period.
Determine the high-growth domestic market
remained unchanged "recommended" rating. Domestic subsidies policy
rules after landing photovoltaic power plant installed capacity will expand
rapidly, is expected to domestic PV installed capacity 2013-2015 were 8GW,
11GW, 15GW, leading the company as an solar inverters will clearly benefit;
Meanwhile, the company carried out
large-scale power plants and distributed business are advancing rapidly and
continue to receive flagging resources and cooperation agreement is expected to
drive the company's power plant business continued to exceed expectations. We
are optimistic about the prospects for power stations and distributed business,
but that with the decline in the cost inverter company, also has a large
manufacturing business profits flexibility. 2013-2014 the company expects EPS
were 0.55,0.89 yuan, corresponding to PE were 59,37 times, maintain the
"recommended" rating
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