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Aluminum Plate for High Voltage Switch Market Expected to Grow


China's power grid, the power change in investment structure has already begun, will continue to increase investment in the power grid, 09, 10-year grid investment growth rate was 18.4%, 36%.

-500kv Above, 220k line the fastest investment growth, associated with high-voltage switch industry transmission equipment is the focus of our attention, we expect the next two years UHV investment will grow exponentially, 220kv / 110kv line related investment 09, 10, respectively an increase of 15%, 30%.

- High voltage switch industry has been 97 years since the boom of the higher revenue CAGR of 21% from the grid investment income growth and industry relations, we expect 09, 10 years, overall industry revenue growth of about 20%. Sub-products, the 09, 10-year GIS, circuit breakers, grounding switch isolation average annual growth of 20%, 10%, 15%.

- High level as China's three major high-voltage switch base, headquarters profitability serious deviation from the industry average, we believe that the Department improve profitability just a matter of time, according to our conservative forecast, 10-year high level of pre-tax profit margin of 7.05 percent this Part, which Industry 8% are still gaps, there is still room to enhance future performance.

- High level Toshiba 2009 more determined to restore growth, investment in 2010 due to the slower growth 500kv line, we forecast 2010 revenue growth of about 10%.

- Overall, with the explosive growth of UHV products, the high level of profitability rise headquarters, in 2010 the possibility of larger-than-expected performance of the company, we conservatively expect 09, 10 EPS were 0.51 yuan, 0.79 yuan, the latest stock price corresponding to 2009 PE29.5 times, 19 times in 2010.

- High level of stock prices after the first phase adjustment, the current price is more security, consider the high level position in the industry and in 2010 is very likely-than-expected performance, given "recommended" rating, 6-month target price of 20 yuan, corresponding to 2010 25 times PE.

- Risk Warning: The biggest risk comes from the high level to push back the release time of the performance of this Part.

Aluminum plate for high voltage switch has been a competitive market. Chinese domestic suppliers dominate the market while driving conversion cost lower.

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Henan Mingtai Al

Mingtai Aluminum


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