2013年11月20日星期三

Sunshine Power: Breakthrough investment agreement signed in Qinghai Power Market.

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 tariff area, the other for Class 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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