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Century Securities: XJ Electric assets into the net in the contemporary era entered the country in the long term benefits

    2009 revenues of 1.063 billion yuan in the first half the company rose 11.89% year on year operating profit growth of 81.30% 87,419,300 yuan; net profit of 57.1453 million yuan year on year growth of 34.59%; to achieve 0.15 per basic earnings per share of net assets yield 2.61%.
    August 27 we have XJ Electric field research on the Group's assets into the State network and the company took over the case of conventional business to communicate with the company.

    Control and protection of the business to growth initiatives.booster cables Power and power systems revenue grew 38.72% mainly due to the secondary network equipment tender in the country has made a breakthrough.
    DC operating income decreased 87.15% year on year mainly due to revenue recognition stage caused a greater change year on year.battery clip Electrified railway in the first half increased by 708.07 percent revenue the state has increased mainly due to railway construction investment in urban rail transit construction is rapidly carried out.

    Costs decline in gross margin decline has slowed down significantly.tow rope DC transmission gross margin decline was mainly due to a more competitive bid price lower prices on parts do not have the same rate of decline. We judge the future trend of the gross margin decline. Ping An Trust pre-injected group 2 billion yuan greatly ease the tense situation of the Group's financial company to borrow another replacement is also effective in reducing the financial costs.

    Group assets into high-power power electronics is the future attraction. ratchet tie dowm A converter valve benefit from direct current transmission project construction. Converter valve company is expected to more than 50% market share in 2009 -2020 will enter China's stable development of HVDC contracts of 45-60 billion per year. Current converter valve in hand orders for about 25 billion yuan, control and protection orders in the hands of about 989 million yuan. 2 wind power control system a huge prospect. At present wind power control system is a major customer orders 4,000 million three-and four-wire fan manufacturers. With the deepening of market expansion efforts and the large-scale production and quality with price advantage will gradually replace imported to upgrade to first-line, second-tier fan manufacturers infiltration.

    State Grid White more attention to the company's operational support. We believe that the White XJ Electric Power Research Institute will not be income on short-term significant changes in the long run from the underlying assets through the integration of XJ Electric will be the implementation of the national grid, "strong and smart grid" building a strategic platform . XJ Electric competitiveness of related businesses will be greatly enhanced while facing the broader market.

    Does not consider assets into the 2009-2011 estimated EPS of 0.48 yuan, 0.65 yuan and 0.70 yuan; consider the assets into the 2009-2011 diluted EPS was 0.78 yuan, 0.94 yuan and 1.00 yuan. Taking into account the performance of asset injections caused a significant thickening of the national grid into the future after the company's business and marketing support we give XJ Electric "buy" rating.

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