报告名称：更正:CHINA SINGYES SO(00750.HK)-Strengthening core competitiveness
研究员：石钰,邓良生
报告类型：港股研究*公司报告
报告日期：20110120
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】
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