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Aluminum Plate for High Voltage Switch Market Expected to Grow

2015-12-03

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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