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« Analysis of 2011 development trend of power generation equipment industry 2011, China's wire and cable industry overcapacity farewell »

National Grid shares heavily to upgrade rural power network 12 benefit

    The country has opened in Beijing Rural Power Grid Corporation conference in 2011 defined the "five-second" speed up the development of rural power, rural power system and mechanism innovation, corporate social responsibility, booster cables improve the level of the Career four priorities, the deployment of the 2011 on key tasks.

    Do panic! The main force is still diving? Stuck with the stock is likely to have saved! March the stock market changes are likely to occur? Tug of war hidden behind the movement of funds! "Eleventh Five-Year" period,battery clip the State Grid Corporation of vigorous implementation of the rural power system "Three new" rural power development strategy, focus on promoting the rural power grid construction and transformation of "Power for All" project,tow rope construction of new rural electrification, rural power companies standardized management of the quality of rural power project and upgrade project, total investment in capital 307 500 000 000 Rural Reconstruction yuan, 1.341 million 508.9 million to solve the electricity problem, and built 407 new rural electrification, rural electrification of 4991, electrification of 90,053 villages, rural power level of standardization and significantly improve the quality, good performance of the service the "three rural" social responsibility. In 2010,ratchet tie dowm the company accelerate the rural "low voltage" comprehensive management services to the "three rural" and popular project, and actively start a new round of upgrading rural power projects, greatly strengthening the safety management of rural power, depth first class with the rural power industry standards and standardization, and strengthening the rural power ranks, in-depth study of major issues of rural power development and success. September 20, 2010, Tibet "Power" was completed, marking the company for the realization of household electricity to all.

    "Twelve Five-Year" period, the State Grid Corporation of rural power work to the scientific development concept as a guide and accelerate the "two changes" to strengthen the "four modernizations" management and team building and promoting the "three sets Big Five" management, vigorously implement the " Three new "rural power development strategy, play the national grid in capital, technology and management advantages, and promote integrated development of urban and rural power grid, innovative rural power management system, rural power companies to strengthen management, improve the quality of rural power supply capacity and enhance the rural power management and service level, to build "a three excellent" Hyundai and make greater contributions to a new socialist countryside. Rural focus on doing the accelerated development of innovative institutional mechanisms to enhance corporate social responsibility and the level of the four professional teams work. This year will focus on: strengthening agricultural electricity safety; push forward the upgrading of rural power projects; strengthening standardized management; major issues of rural power and work well with the rural power system; speed up the rationalization of rural power management relations; to perform services " Agriculture "duties;-depth study of rural power management mode; strengthening rural power ranks.

    National Grid commended the work of the Ministry of rural power of advanced, first-class county power enterprises, the new rural electrification counties supply enterprises, technology advanced county power enterprises, power supply by standard benchmark, the 2010 "Rural Power Star", Agriculture Electrical talents.

    Clou Electronics: A significant benefit from the smart power grids.

    Performance of the company in line with expectations, revenue growth slowed in recent years: the full year 2009 operating income of 43,473.77 million, up 10.19% over the previous year; net profit of 78,591,700 yuan, up 41.41% over last year. See revenue growth from previous years, the company has experienced rapid growth in income ,2008-2009 slowdown was mainly due to the company's traditional business revenue growth is slowing, or even negative growth. The electronic energy meter rapid growth the past two years there, which is driving revenue growth in the core power.

    Smart meters, significantly benefit from the first phase of smart grid construction, sustained high growth can be expected. Smart meters from 2007 the company entered the high-speed growth ,2008-2009, more than 80% growth for two consecutive years, has become the company's largest business. Smart meters unified bidding has begun, the company bidding in the first increase in market share to 9%, smart meters as a transformation of our intelligence network entry point, will continue to maintain high growth. National Grid plans to invest 800 billion the next three years under the 27 provinces for the company's electricity network information collection system construction, which used about 400 billion meters, of which 270 billion yuan the carrier table.

    Leading power management system, significantly benefit from the first phase of smart grid construction, high-growth can be expected again. Clou Electronics in the areas of power management systems industry market share ranks second only to long Javert wins Group, in recent years, the growth stagnation. With the smart grid construction planning with the cart, network information management and facing a replacement, there will be a peak in the investment company as the industry leader in the business will re-enter the high growth channel.

    High frequency of growth can not be ignored: In 2009 the company obtained contracts 50,040,000 conversion products, an increase of 561.45%, representing the company in 2009 to obtain the proportion of about 8% of the contract, the contract more than the electrically operated power supply business, is expected to become the company's first Four business. By the scale and expand market impact the profitability of the business has not reflected the rapid increase with the size expected to increase profitability to the industry average. Countries for unit GDP energy consumption by 2020 compared to 2005 40% -50% decline in the target, the domestic application of high voltage motors up to 30% energy-saving high-voltage inverter, the inverter market in China is now in a period of rapid growth. Expected 2009-2012 annual market growth rate will remain at 40%, and the company as a new entrant low base, growth in the next few years may be much higher than the industry average.

    Order target company's performance once again reflects the rapid growth of information into the heart: 09 years of the contract the company 639 million yuan, an increase of 22.33%, to ensure that company performance in 2010 continued to grow. 2010 The company's goal is to increase sales contracts by 10 billion yuan, up 56%, the growth rate but also to a new level, reflecting the company's future performance and re-enter the high growth channel confidence.

    Investment advice: We expect the company earnings per share for 2010-2011 were 0.44 yuan, 0.83 yuan, respectively, corresponding to the current price earnings ratio of 48 times and 25 times, now look at the company's relatively high valuation levels, but 2010-2015 smart grid construction in the peak period, while the smart meters and the electricity company as the leading management system will significantly benefit from the first phase of smart grid construction, company performance is expected once again for 5 years of high growth, thus giving the company "overweight" investment rating. )

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