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Changzheng Electric: fan business to become a new growth point

    Investment Highlights.

    ● 2010, the company 2.5 MW wind power machine to start mass production will be the major profit growth point.

    ● Medium Voltage Switchgear products the company will achieve net profit growth to double the original high-load tap-product net profit expected to grow 15%.

    ● 2009-2011 the company expects earnings per share for the 0.29,booster cables 0.69 and 1.38 yuan to give "highly recommended-B" investment rating.

    ● Risk factors: wind turbine orders for future prices may decline; Beihai City,battery clip Jiangsu Sheyang Hepu wind farm and the progress of offshore wind power project uncertain.

    2.5 MW wind turbines start contributing profits.

    Guangxi Yinhe Electric 600,tow rope 112 Long Ai million Disney subsidiary company to develop China's first wind 2.5 MW wind turbine on February 26, 2009 June 23 officially off the assembly line has been successful in the North Sea electric power grid. ratchet tie dowm November 2009 the company announced its first orders for wind power wind Mau Son in Vietnam 80 2.5 MW wind turbines to provide the total contract amount of RMB equivalent to about 18 million. Sub-contract the delivery of the first group of five at least 10 wind turbines will be delivered in June 2010. At the same time the company increased in 2010 to India's efforts to develop wind power market in 2010 is expected to begin exports to India of 2.5 MW wind turbine.

    Huadian New Energy Company is applying Hepu County of Beihai City, Guangxi, West Field wind farm development permission. Disney Galaxy Ai million local production in the North Sea of 2.5 MW wind turbines with Huadian New Energy cooperation is expected to have a larger orders. Also December 30, 2009 the company announced the investment of 2 billion yuan in the establishment of Sheyang County wind turbine production base. Galaxy Ai million Disney production base in Sheyang about to start planning the end of 2011 reached more than 200 fan capacity.

    We expect the company to be delivered in 2010 40 2.5 MW wind turbines will be delivered to 150 in 2011. R & D in low wind speed of 2.3 MW and 375 MW offshore model aircraft fans are expected to produce a prototype in early 2011.

    Medium voltage switchgear products are expected to grow rapidly.

    Beihai Yinhe Switchgear Co., Ltd. mainly produces solid closed circuit breaker, ring counter and solid insulated switchgear and other products. Solid technical barriers to seal the lower circuit breaker closure circuit breaker expects solid sales growth of 10-20% annually. RMU domestic switching devices in recent years, rapid growth of a product. Beihai Yinhe RMU switching current production of about 6000 average price of 27,000 yuan each. RMU expects production in 2010 will achieve doubled.

    Development of the company's solid insulated switchgear market prospect is broad. The price for the 30 million gross margin at 50% of each company's future profitability of switching products, an important growth point.

    Other business performance and stability.

    Guizhou Changzheng Electrical Equipment production company supporting the 35kV-330kV transformer load tap pressure. China's high-load tap-high market concentration of major players for the German MR, Shanghai Hua Ming Group and Guizhou Changzheng Electric. As the technical barriers to higher gross profit margin products to maintain about 50%. Long high-voltage electrical load tap annual sales income of 2 billion yuan net profit of more than 50 million yuan. Meanwhile, the production base of low voltage switchgear products and also produces electrical equipment but from 2009 onwards the company began to phase out low-voltage switchgear and equipment business.

    The company plans private placement of more than 5000 million shares of not less than 4,000 shares. Expected issue price is 9.4 yuan / share the 30 million yuan to raise funds to invest in on-load tap-220kV Project, 54 million yuan investment in oil vacuum-load tap-item 4.5 billion investment in the 2.5 MW direct drive permanent magnetic wind turbine project. At present, the additional program is waiting for the Commission approval.

    Earnings estimates and ratings.

    2010 Long Electric 2.5 MW wind power machine to start mass production will become a major profit growth point. Company the original high-load tap-product net profit expected to grow 15%. Medium voltage switchgear products will achieve double the growth in net profit. We expect earnings per share for the 2009-2011 0.29,0.69 and 1.38 yuan according to 30 times 2010 earnings target price of 19-23 dollars calculated to give a "strong recommendation-B" investment rating.

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