China due west to complete product structure, the degree of benefit is larger
Market has been looking forward to for a long time '- Huai' Shanghai special high-voltage AC transmission lines tender finally released the results of, among them, high electrical [9.15-1.93% Research Report], China XD [4.090.49% Stock Research Report] and other company issued a notice.
High level of electrical bid subject for Shanghai Municipal Electric Power Company of 1000kVGIS combination electric appliance at an interval of 7, 1100kvgis bus equipment 2 sets; Anhui Province Electric Power Company of 1000kVGIS combination electric appliance at an interval of 7, 1100kvgis bus 2 sets of equipment dynamic without compensation.
Involving China XD electric products including 1000kVGIS switchgear interval of 9, 1100kvgis bus equipment 2 sets, 1000kV transformer 11 units and 1000 kV reactor 14.
comment：
1, the results generally in line with expectations
In accordance with the construction plan, the core equipment combination electric appliance, transformer and reactor size of the tender were 33 intervals, 25 units and 25 units. In the combination of electrical appliances, high level of electrical share rose, in line with expectations. The high level of electrical 14 interval, corresponding to the 42% largest proportion of three of the world over the past 'Jindongnan - Jingmen' situation, consistent with our expectations. In addition, Chinese West winning 9 interval, is expected to northeast electric [2.89-0.69% shares research report] for about 10 interval.
In reactors and transformers, power China good performance. China power transformer and reactor respectively won the bid for 11 units and 14 units, the market share was 44% and 56%, better performance. Another 14 sets of transformer and 11 reactors were shares Tianwei [12.350.57% Research Report] and TBEA [8.42-1.17% Stock Research Report] obtained is expected to share is slightly higher than that of China XD.
In addition, according to the normal level of gross margin is expected, combined electrical price of 100 million yuan / interval, corresponding to about 30% of the gross margin. The transformer and reactor compared with 'Jindongnan - Jingmen' project will be increased, the price was 40 million / 20 million and Taiwan / Taiwan, corresponding to a gross margin of about 25%. Relatively speaking, bus equipment as auxiliary equipment, the unit value is low, is expected to price 10 million / sets, little overall impact.
2, high level of electrical positive impact
From the elastic range, the high level of electrical as the first unit of UHV AC, the performance of the largest in the successful bid. Preliminary estimates, according to 30% of the gross margin and 15% net interest rate assumptions, the contribution to EPS is about 0.25 yuan, is expected to confirm in 2012 and 2013, respectively.
China West because of the successful performance is good, but also have a positive impact. Preliminary estimates, the bid amount of about 1 billion 700 million, corresponding to a net profit of about 250 million yuan, the corresponding EPS of 0.05 yuan, equivalent to 33% of the annual EPS in 2010.
3, look forward to the special high pressure process to speed up
In accordance with the national grid plan, the 2012 national grid will focus on promoting the work of special high pressure, to ensure that 4 UHV AC project and 3 UHV DC projects approved by the state and started.
Among them, '- Anhui Shanghai' project has been carried out as scheduled, 'West Inner Mongolia - Changsha', 'Ximeng - Nanjing' and 'Ya' - Wannan 'and the other three AC line is also expected to enter the 2012 approval stage.
According to our estimates, also three exchange project, combination of electrical interval total equivalent to four 'Huainan - Shanghai' line, high level to be electric will fully benefit, China XD due to complete product structure benefit greatly.
High level of electrical bid subject for Shanghai Municipal Electric Power Company of 1000kVGIS combination electric appliance at an interval of 7, 1100kvgis bus equipment 2 sets; Anhui Province Electric Power Company of 1000kVGIS combination electric appliance at an interval of 7, 1100kvgis bus 2 sets of equipment dynamic without compensation.
Involving China XD electric products including 1000kVGIS switchgear interval of 9, 1100kvgis bus equipment 2 sets, 1000kV transformer 11 units and 1000 kV reactor 14.
comment：
1, the results generally in line with expectations
In accordance with the construction plan, the core equipment combination electric appliance, transformer and reactor size of the tender were 33 intervals, 25 units and 25 units. In the combination of electrical appliances, high level of electrical share rose, in line with expectations. The high level of electrical 14 interval, corresponding to the 42% largest proportion of three of the world over the past 'Jindongnan - Jingmen' situation, consistent with our expectations. In addition, Chinese West winning 9 interval, is expected to northeast electric [2.89-0.69% shares research report] for about 10 interval.
In reactors and transformers, power China good performance. China power transformer and reactor respectively won the bid for 11 units and 14 units, the market share was 44% and 56%, better performance. Another 14 sets of transformer and 11 reactors were shares Tianwei [12.350.57% Research Report] and TBEA [8.42-1.17% Stock Research Report] obtained is expected to share is slightly higher than that of China XD.
In addition, according to the normal level of gross margin is expected, combined electrical price of 100 million yuan / interval, corresponding to about 30% of the gross margin. The transformer and reactor compared with 'Jindongnan - Jingmen' project will be increased, the price was 40 million / 20 million and Taiwan / Taiwan, corresponding to a gross margin of about 25%. Relatively speaking, bus equipment as auxiliary equipment, the unit value is low, is expected to price 10 million / sets, little overall impact.
2, high level of electrical positive impact
From the elastic range, the high level of electrical as the first unit of UHV AC, the performance of the largest in the successful bid. Preliminary estimates, according to 30% of the gross margin and 15% net interest rate assumptions, the contribution to EPS is about 0.25 yuan, is expected to confirm in 2012 and 2013, respectively.
China West because of the successful performance is good, but also have a positive impact. Preliminary estimates, the bid amount of about 1 billion 700 million, corresponding to a net profit of about 250 million yuan, the corresponding EPS of 0.05 yuan, equivalent to 33% of the annual EPS in 2010.
3, look forward to the special high pressure process to speed up
In accordance with the national grid plan, the 2012 national grid will focus on promoting the work of special high pressure, to ensure that 4 UHV AC project and 3 UHV DC projects approved by the state and started.
Among them, '- Anhui Shanghai' project has been carried out as scheduled, 'West Inner Mongolia - Changsha', 'Ximeng - Nanjing' and 'Ya' - Wannan 'and the other three AC line is also expected to enter the 2012 approval stage.
According to our estimates, also three exchange project, combination of electrical interval total equivalent to four 'Huainan - Shanghai' line, high level to be electric will fully benefit, China XD due to complete product structure benefit greatly.
| Datetime：2016.03.29 From： Views：