Comments on the data of China's electrical equipme

2022-09-21
  • Detail

Abstract: the National Bureau of Statistics recently released the data of the electrical equipment industry in 2009, including the main operating data of 8 sub industries, including boilers and auxiliary equipment, generators and generator sets, steam turbines and auxiliary machines, hydraulic turbines and auxiliary machines, transformers, capacitors and matching equipment, distribution switch control equipment, wires and cables

the National Bureau of Statistics recently released the data of electrical equipment industry in 2009, including the main operation data of 8 sub industries, such as boilers and auxiliary equipment, generators and generator sets, steam turbines and auxiliary machines, hydraulic turbines and auxiliary machines, transformers, capacitors and supporting equipment, distribution switch control equipment, wires and cables

analysis: we are glad to see that the operation status of each sub industry is basically consistent with the judgment we made in the data review of electrical equipment industry in 2009. After comparing with the data of the same period in 2009 and previous years, we divide the operation performance of the sub industry into the following two categories: industrial opportunities - wires and cables, hydraulic turbines and auxiliary machines; Individual stock opportunities - boilers, capacitors, transformers and switches

1. Wires and cables increased year-on-year. The income of wires and cables increased by 2.05%, and changed from negative to positive for the first time in the year, which is in line with our expectations; The total profit increased by 9.95%, with a month on month increase of 3.46 percentage points; The gross profit margin was 11.53%, up 1.3 percentage points year-on-year. In 2009, copper prices experienced a process from low to high. The increase in cable sales revenue in the first half of the year was mainly due to sales volume, and there was also a contribution of price rise in the second half of the year. We believe that under the premise of relatively stable copper prices, wire and cable listed companies may have a good performance this year

2. The water turbine and auxiliary machinery continued to grow at a high rate. The income of hydraulic turbines and auxiliary machines increased by 49.86%, maintaining above 30% for four consecutive years. The gross profit margin was 18.64%, up 1.6 percentage points year-on-year. According to the medium and long term development plan of renewable energy, the annual average installed capacity of hydropower is 10million kW, which can maintain prosperity for a long time. We can pay attention to Zhefu shares (002266) with full orders and guaranteed performance in the next two years

3. In the recovery of the boiler industry, the gross profit margin continued to decline. The income of the boiler industry increased by 26.92%, and the total profit increased by 12.44%; The gross profit margin was 12.94%, a year-on-year decrease of 1.2 percentage points. Since 2007, the boiler industry has gradually experienced restorative growth. At present, the biggest problem is that the profit is relatively thin. Considering the impact of energy conservation and environmental protection policies, we believe that the current investment opportunity of the industry lies in special boilers. It is suggested to pay attention to Huaguang Co., Ltd. (600475), which produces waste incineration boilers and large waste heat boilers

4. Sales of power capacitors improved in the second half of the year. The revenue of power capacitors increased by 10.91%, with a month on month increase of 6.5 percentage points; The total profit increased by 20.65%, with a month on month increase of 13 percentage points; The gross profit margin was 16.63%, up 1.4 percentage points year-on-year. With the launch of the national UHV DC transmission and transformation project and the series compensation project of long-distance transmission lines, the market demand for capacitors is growing rapidly. It is suggested to pay attention to Siyuan electric (002028), which has made breakthroughs in orders in Nanfang electric and Guodian successively

5. The sales of transformers and distribution switch control equipment tend to be flat. The income of transformers and distribution switch control equipment increased by 8.71% and 14.38% respectively. According to the bidding of national power main equipment in 2009, transformers and high-voltage switches have been difficult to maintain the previous high growth rate. It is suggested to pay attention to TBEA (600089), which has sharply increased its market share in transformer bidding, and Siyuan electric (002028), which has rapidly increased its share in switch bidding (the subsidiary Jiangsu Rugao participated in the bidding)

6. The steam turbine successfully won the bid for the national new material production and utilization demonstration platform construction project, and the machinery and auxiliary machinery rebounded for the first time. The revenue of steam turbine and auxiliary machinery increased by 4.24%, the same as the growth rate of the previous year; The total profit increased by 24.39%, compared with -37.19% in the same period last year; The gross profit margin was 18.51%, a year-on-year decrease of 2.9 percentage points. After more than two years of decline, the steam turbine finally ushered in a correction, but we believe that the industry still does not have obvious investment opportunities

industry investment strategy is responsible for providing spare parts services at cost to users all his life;: At present, the valuation of most stocks in the industry is basically reasonable. The performance of the wire and cable sub industry is released this year, and there may be phased investment opportunities. In terms of investment ideas, we believe that manufacturers of Jinan new era assaying Instrument Co., Ltd. are welcome to call us for technical support. Smart electricity and energy conservation and emission reduction are still two important main lines of the industry investment layout in 2010. The former main line should choose the leading and potential leading companies relying on technology in the industry, and the latter main line should choose the performance low-carbon 1 with performance support Maximum experimental force: 2000kN; Concept stocks

Copyright © 2011 JIN SHI