报告名称：CHINA SINGYES SO(00750.HK)-Strengthening core competitiveness
研究员：邓良生,石钰
报告类型：港股研究*公司报告
报告日期：20110119
行业/子行业：
公司名称及代码：兴业太阳能(00750)
投资建议：买入
【内容摘要】
We visited China Singyes Solar Technology Company recently, there are
takeaways:
Order Increase will make up for falling price The company's order
of BIPV in 2010 is estimated at 10MW. The order of 12MW will carry to
next year so conservative estimated order for 2011 will be 15MW, in our
view and 25MW in 2012. Although the price will fall about 10% in 2011,
income on the whole will increase more than 40%.
High-margin products proportion surges Originally the traditional
products-processed solar panels accounts for majority of sales, but solar
products merely account for about 19%. The company plans to increase the
proportion of solar products which have a gross margin as high as 32% to
about 60-70%, and decrease the proportion of low-margin products to
30-40% so that the whole gross margin will rise 25% approximately.
Core competitiveness strengthened The company's core concept is
providing environment friendly living and working buildings. Its newly
announced solar house contract and success running of smart grid systems in
Dong'ao Island, Zhuhai will bring new orders continuously, manifesting a
strengthening of its research and development competence.
Hunan plant will double its annual capacity When another plant in
Xiangtan, Hunan province commences operation, the company's annual
productivity will double, to meet the continuously increasing demand. At the
same time, the self-sufficiency rate will rise accordingly, indicating a
deduction in cost and improvement in gross profit margin.
Valuation and recommendation Current trading PE is 12.3XPE
2010EPS, 9.0XPE 2011EPS, still attractive. Target price
HK$8.21(12XPE2011EPS).
【摘要结束】
4 评论:
I was wondering if you ever thought of changing the
layout of your website? Its very well written;
I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better.
Youve got an awful lot of text for only having one or two images.
Maybe you could space it out better?
My web page > GFI Norte
I рay a quick visіt eaсh day а
feω webѕіteѕ and infоrmаtion sіtes tο reaԁ posts, excеpt this web site ρгesents feature basеԁ articles.
Here іs my wеb sitе - online payday loans no credit check
my web site > Payday Loans
The product, according to the brand, can be applied throughout the day on dry hair
if one's hair is medium to very coarse. Before you go for them, try products at Keranique for hair care. When one thinks of fungus, they don't generally associate it
with the head or scalp, but the itching, burning scalp,
rash or pimples on the scalp could very well be
caused by a fungus, requiring antifungal shampoo to provide
well needed relief to the symptoms.
Here is my webpage :: hair products
At that time, I was a very ordinary promoter at a small company,
of course, I earned not much money which was
just enough to support myself. Go here to instantly
download Yeast Infection No More Book What
precisely makes Yeast Infection No More Book unique is the degree of focus that
is given to each and every aspect needed to attain permanent escape from candidiasis linked symptoms.
licitations with regards to making ones cachet that is most certainly Talbots at
present. Barak occurs for one Social gathering in one these kinds of gem stones.
Yeast Infection No More Book key formulation component is the 5 step system
plan where not a single thing held back.
Also visit my web site :: Wisdom of Solomon
发表评论