Analysis of Dongfang Electric 600875

 Dongfang Electric 600,875 of the total share capital of 817 million shares
shares outstanding 098.7 million shares. Outstanding shares of 170,000,000 shares.
Main Aspect:
a thermal power: China 25%. The big pressure, 2008 sufficient in order, foreign orders are also increasing.
II Hydropower: China accounted for 40%
three nuclear power: China accounted for 80%
Fourth, wind power: domestic 10.5%. rapid growth.'s future champion of wind power.
five, gas power:
one, power generation equipment manufacturers. set of motors, boilers and gas turbine power generation core equipment as one of the three. As the three major power generation equipment manufacturers in China, one of Eastern Electric previous years, continued strong demand for China's electric power obtained under the enabling environment for rapid development, performance for several years maintained a high growth of more than 50% of the company's total production capacity .2006 reach 29 million kilowatts, breaking the world record, it is more advantage Clearly, the current amount of orders in hand of 800 billion yuan, the production of the next three years is guaranteed. While the conventional thermal power and hydropower equipment needs speed leveling off, but the DEC is still a year or so can get orders for 20 million kilowatts.
1, thermal power: the domestic market share of 25%. the power industry to implement energy conservation policies, 60 kilowatts or more supercritical, ultra supercritical units will become the leading power generation equipment, Dongfang Electric main products are of this 60 kilowatts or more large capacity and high parameters, high power, high-tech barriers and high-margin units, energy saving and emission reduction will lead to adjustment of product structure brings new growth. and 100 million kilowatts into the unit. < br> turbine and boiler production tasks to 2010 have been filled, in order to ensure on time delivery, the shares of foreign sub-appropriate increase in the company (accounting for about 10% of contract amount). thermal power to 60 million kilowatts, accounting for 60% of company sales .100 kilowatt unit sales income accounted for 10%. In addition, the end of Dongfang Boiler expected order will more than 30,000,000,000 yuan.
2, water: the domestic market share 40 %. Dongfang Electric Corporation since 2004, power generation equipment production ranked first in the world. Group orders 11 billion yuan in hand, of which 3.5 billion in new orders this year. is expected to be completed this year, listed companies will be 400 million kilowatts of production tasks. turbine per year after 2008 will increase to 500-600 million kilowatts of output. Currently Dongfang Electric and Harbin Power Equipment Group, each of the market share of large hydropower 40%.
3, Nuclear Power: The company has a million-kilowatt nuclear power plant technology, both the production of nuclear island, and production of conventional island, and is the Ling Ao Nuclear Power Plant Phase II equipment manufacturers, large-scale nuclear manufacturing base Dongfang Electric (Guangzhou) Heavy Machinery Co., Ltd. has been put into operation;
According to reports, two under construction in China nuclear power generating units were put in operation this year and next, the total installed capacity of 8.7 million kilowatts of nuclear power, and the development of China in 2020 installed capacity of 40 million kilowatts of nuclear power there is a large gap between the planning, there is a great company in terms of development opportunities.
Group orders in hand reached 100 billion yuan. mainly Hongyanhe 4 100-million kilowatts and 2 sets of 1 million kilowatts of Ningde nuclear power plant orders. Dongfang Electric in China's nuclear power equipment market share of 80% .
nuclear power are too small, had limited impact
, which accounted for 30% of the equipment. Dongfang Electrical Machinery involved in the field include the nuclear island portion of the island part of the cooling pump and conventional generators, which, cooling pump in a 50% stake in joint venture production, the overall size of Oriental Motor for a very limited impact.
nuclear power equipment: the introduction of Alstom and Areva, .
4, wind power: As of November 4, signed orders for a total of 1,800 units. per unit price of about 9.49 million. a total of 17.08 billion yuan .1.5 MW primarily models.
10 18, in the East Steam in Hebei Province, China (Zhangjiakou) region GWe wind turbine equipment, centralized procurement bid opening, after a difficult contract negotiations, the East steam counterparts in the domestic competition in the nine was one stroke in which a total of 232 sets of 35 million KW, the total contract 2.2 billion price of the equipment purchase orders.
11 14, steam and the East China Wind Power Co., Ltd. and the National signed a contract for 99 Typhoon aircraft.
the current 7% gross margin, lower because: 1, higher license fees and initial cost, but the cost is gradually declining, according to estimates, if the company in 2008 to achieve the output of 690MW will pay the license fee more than the number of contract units, fixed investment will also increase with the size and continue to lower .
wind power generating units: the main generator of wind power is 1.5 MW, the introduction of technology from the German Repower Systme.
being 2.5 MW wind turbine research and development, the introduction of the Austrian Windtec technology.
5, gas-electric :
6, to actively explore the international market: At present, the Dongfang Electric Group, the total overseas orders in the hands of about 30 billion U.S. dollars, 25% of the total amount of orders. main export areas are Southeast Asia,bailey UGG boots, Vietnam, Indonesia and South Asia, India and other markets , Southeast Asia,UGGs, growth in electricity demand more than 5% for each year.
Second, the growth was good and then the Size Fu
statement, the first part of the Company:
1,2004 mm2006 Dongfang Electric Group in production of power generation equipment Continuous live in the world;
2, National Technology Center rating, Dongfang Electric Corporation 2003mm2005 consecutive industry first;
3, works worldwide network of world-class equipment manufacturing capacity, has the initial realization of Zhou Enlai had named
Dongfang Electric and world-class giant competition when the desire;
4, Dongfang Boiler 1000mw boiler largest number of orders in hand, only capable of producing nuclear island 1000mw manufacturer;
5, Dongfang Steam Turbine is the largest turbine manufacturer, the domestic market share of 35%; the nation's largest manufacturer of large gas turbine fuel
enterprises, the largest wind power equipment manufacturing enterprises (10.5% market share), the only
1000mw nuclear steam turbine manufacturers.
6, in the overall listing, a wholly-owned Dongfang Electric Group will hold a number of other assets, these assets will choose
good assets (such as Emei semiconductor factory polysilicon production base) into the listed company has nothing to do with the main business assets
will gradually separated from the company.
second part of the overall market after the company's future prospects:
1, Eleventh Five-Year , we can expect demand for power investment and the rate of more than 10% of the steady growth;
2, the overall market, the Dongfang Electric's installed structure: optimization of coal power, to develop other emerging green energy. But
nuclear short-term the great development is unlikely because the current 80% of China's nuclear power raw materials from Western countries, and 2009 has been a shortage
not be bought by the arrival of the situation. (Size Fu comes from nuclear power and other emerging energy attitude, it seems that he is not a good speculation
who can realistically say that new energy in these two years is not how much revenue will Dongfang Electric
income and profits, but also realistic to say that The list of current foreign income does not exceed 10% of the overall, international
a long way to go)
3, although a few years ago China's electric power through the rapid development has made great progress, but in accordance with the Eleventh Five-Year Plan to
see, by 2010, China's per capita installed capacity of less than U.S. 1 / 7, not to the United States in 2020 1 / 3, so the domestic market has actually
market great room for development.
4, Dongfang Electric Group as a large power plant equipment to the total domestic and foreign competition, complete supply contracts, EPC has a strong ability to
of the company.
5, to further develop South Asia, Southeast Asia, especially India, 1.2 billion people in India, but the installed capacity of only
our 1 / 6. Speaking of which, Size Fu before the meeting time to chat with us blow the calf,UGG shoes, Dongfang Electric says the original
when just entering the Indian market, in the signing ceremony of a project, there was a small youth of India can not help but sing and dance
, probably means that we in India are poor, with no electricity, and now Oriental Electric came, we finally have power to use. Haha, in fact, you as Dongfang Electric deputy Size Fu, bones or off can not boast the kind of Sichuan, love good jokes
rogue open temper, and I like.
6, from western China to benefit economic development, continue to enjoy tax incentives and 15% of water resources in Western huge market open
hair.
then answering a reporter's question:
reporters future dividends and other programs will not.
Size Fu: Dongfang Electric as a whole is listed, must be accountable to investors .2007 bound to be good in 2006 more
.
reporters II : We all know that China's three major power groups to play badly in a foreign country, then there is no corresponding account SASAC
reorganization plan to the three major power groups, such as Dongfang Electric restructuring Harbin Power, so that combination, to improve Chinese enterprises The competition will
power.
Size Fu: Power of Three Group's products, the price does GE, Alston and other companies have a greater advantage. In
abroad, Chinese enterprises are indeed very fierce competition even very difficult to coordinate the Ministry of Commerce.
big restructuring plan, in fact, planned the SASAC in 2001 to integrate the central level, the focus in the coming years will put the number of central enterprises to reduce
to come. This kinds of recombinant Dongfang Electric will bring opportunities. But will the reorganization of Harbin Power, this depends on the attitude of the SASAC
, and I think the market, shareholders are certainly welcomed this attitude.
reporter III: to introduce the company's international market development, as well as the company's future development.
Size Fu: Eastern international high-power electrical products in the market share of more than 50%. this year in Indonesia, India
degree market development has achieved good results. However, due to the requirements of information disclosure system, I can not publicly say here
data, but data at the right time by notice published in the form. Currently the group has 27
billion contract in hand (but then I carefully asked about their vice president, the 2.7 billion U.S. dollars mainly EPC contract, specific to the number of equipment
can share, they can not remember the specific data a). now Dongfang Electric has begun construction of their own after-sales service in India
service centers, research centers and factories will be coming on stream.
the company's future prospects will be very good, believe that we can maintain rapid growth. the one hand, Dongfang Steam Turbine
often non-profit quality is good, on the other hand the case of Dongfang Boiler 06 is indeed bad, but the future development of the East will be a good boiler.
addition, we will develop in the direction to the transmission, the World electrical equipment on a large group, including GE, Alstom, etc.,
are power transmission and power production equipment in a company.
meeting was finished, I asked about several of them main leaders, engage in power transmission equipment, said it is their own research or by merger and acquisition
. They say the study is unlikely to take their own way, should be mainly mergers and acquisitions. Then I asked,
other domestic output Distribution sector Tianwei change, especially change and so has been listed, there might be considerable M & A difficulty, Eastern
M Electric have not thought about the West belong to the SASAC power it? their leaders will be laughing heart laughed, saying that depends on the attitude of the SASAC
hh
there is a small Snapshots, several investors asked Dongfang Electric will introduce strategic investors, Size Fu is very clear
correct to say that there is no consideration. said, maybe look at a few years, mergers and acquisitions who is who, who became a strategic investor who is not a good
say.
Note: The above spot thanks to their own records, it is inevitable and the fact that discrepancy. I assume I said all the words any law
06 of Group production of power generation equipment close to 30 million kilowatts, ranking first in the world for 3 years. projected 2009 water, wind, nuclear power and other clean energy generating equipment accounted for 26% of main income. wind power generating units: the main generator of wind power is 1.5 MW, the introduction of technology from the German Repower Systme. being 2.5 MW wind turbine research and development, the introduction of the Austrian Windtec technology. nuclear power equipment : the introduction of Alstom and Areva, . and we judge until at least 2010 production of power generation equipment in China will maintain double-digit annual growth of more than-expected.
East steam fans will soon become a champion of wind power equipment in China: the market for Goldwind, Huayi Shares of electrical equipment such as wind power compared sought after, we recognize that the current boss of gold status of wind technology and also believe that Huayi Electric's wind power development potential, but we believe that fans are expected to catch up with gold vapor East wind, landed on China's leading wind power equipment throne.
Dongfang Electric's earnings growth will exceed market expectations: we judge the company forecast earnings per share 2008,2009 to 3.43 yuan and 4.28 yuan. The forecast higher than market expectations (3-3.2 per 2008 , 2009, 3.3-3.5 million), we believe that the overall market after the listing of Dongfang Electric's business, and without careful calculation, the next company in overseas business, business and fan-than-expected domestic new orders would increase in the overall listing of the company after the integration of effect will enhance the performance of the company.
China Wind Power Equipment champion
target under the Development and Reform Commission, the national wind power installed capacity in 2010 reached 500 million kilowatts; installed capacity of wind power by 2020 to reach 30 million kilowatts. wind forecast electricity installed capacity by the policy, price, equipment manufacturers and many other factors affect the ability, with great uncertainty.
.
Oriental Steam was introduced in 2004 Repow-er1.5MW the FD70/77 type wind turbine technology, the prototype successful trial in 2005, Dongfang Steam Turbine Fan 2006 sales of 09,000 kilowatts, only 1% of market share, we expect 2007 sales of Eastern steam blower machine can reach 30 million kilowatts, accounting for additional market share in 2007 about 12%.
Although the wind power business Dongfang Steam Turbine late start,UGG boots clearance, the wind began to get involved in science and technology in 1998 fan equipment business, but the upward trend of the East Steam overwhelming Meng, 2007 East 18 Steam wind power revenue billion, the wind is about 30 million, but we will determine the East steam fan of gold within two years beyond the wind, become the champion of wind power equipment, and out of China to become the king of the world's wind power is just around the corner thing. < br> Charles C. Han, general manager of the bridge to investors at the shareholders meeting, said in 2007, the company will accelerate the adjustment of the three, namely, to accelerate market restructuring, further accelerate the development of the domestic market, actively expand foreign markets, reducing the single market dependence; accelerate structural adjustment, this year will accelerate the improvement of the traditional product categories, key technologies accelerate the tidal water, 60HZ design and development of thermal power units and pumped storage, 100 million thermal power independent of the process, to enhance the proportion of high-end products; accelerate the product realization adjust the active coordination and cooperation to seek and use resources to expand the scale of professional support and improve the delivery capacity and market share. in the first half, the company's overseas markets, there have been substantial order growth.