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Data:2009-12-12 2:34
Institutional research inventory report
GD Power (600,795): stagflation stocks stock advantages
Of all types of stagflation in the current unit, the power industry shares of stagflation is very obvious, according to industry research organizations, power shares of stagflation because the economy is the degree of Quotes by coal electricity linkage, as well as new capacity in 2006 reached peak production period of the impact of the trend was flat. However, the industry's flat does not mean that all power enterprises are insipid trend, because all power not the same as the competitiveness of enterprises. In the current electricity sector, in institutions are the most promising is the GD Power, because the company has taken the lead to include wind power, green electricity, including a new energy industry development, the power to the integrated energy business transformation. Combination of stock reform of factors, the Unit currently Quotes in the power unit in the industry has shown advantages of competitiveness, according to agency reports the valuation of the unit there are still more than 15% of the valuation space.
Stock
(Code)
Rating agencies
Rating Date
Stock
EPS (RMB)
Valuation
(Yuan)
2005
2006
2007
Golden State Securities
2006/04/13
Bid
0.41
0.456
0.53
6.76 ~ 7.59
Bank of China International
2006/04/10
Better than the general trend
0.41
0.41
0.46
7.45
China International Capital Corporation
2006/04/10
Recommended care
0.41
0.44
0.48
----
The valuation of the company's performance and price mean (yuan)
0.41
0.435
0.49
7.31
Corresponds to the dynamics of the current stock price-earnings ratio (times)
15.27
14.38
12.78
Risk Warning
Late results influenced by the coal linkage in the latter years of the performance comparison of flat growth.
Pre-review:
The last issue focused on research Yatai Group, the poor performance of the secondary market, but the future of the good growth stock are still a cause for concern is still optimistic and various research institutions.
Current points:
Country Gold Securities --
The company's greatest advantage lies in the rapid growth of installed capacity, relying on the outer edge-type growth in gross margins offset the negative impact of the decline. 05-08 years of equity growth rate of 13.5% in installed capacity, higher than the average level of focus on thermal power company. However, in 2005 and in 2006 the company installed a lower growth rate, the next one began to peak in 2007.
The coal market has been praised as well as good ability to control a high proportion of hydro-pit advantage of increasing stability in coal prices may even decline in the moment is no longer a clear advantage; company profit contribution of power plants as Shizuishan Power Plant, Xuanwei Power Plant, 2 Datong Power Plant, Beilun Power Plant, Waigaoqiao Phase II, as well as the Dadu River Development Corporation.
Bank of China --
Benefit from the new production plant contribution (Datong 1,2 period, Ho, Shizuishan and the Waigaoqiao 2), in 2005 the total generating capacity of thermal power plants increased by 29% to 39.4 billion kwh. Equity accounted for 19% of the hydropower installed capacity of power generation capacity increased by 6% year on year to 7.4 billion kwh.
Installed capacity is expected to this year's growth will slow to 11%, while in 2007 a further increase to 16%. Test
Taking into account the central government for clean energy promotion, GD Power In addition to thermal power plant in addition to plans to develop "new energy" project. Puyang in Henan Province plans to build straw 2x12 MW Thermal Power Project (to be put into operation in 2007 three quarters), and a wind power project in Inner Mongolia to invest 33% of the equity interest (installed capacity of 101 megawatts, will be operational by the end of 2006 ), these new energy projects will enjoy government subsidies, and help to further diversify GD Power generation assets, thereby reducing the cost of coal, changes in the company's performance.
China International Capital Corporation --
Company's share reform program may refer to Huaneng level (10:3 Major Holders), stocks are likely to change before the stock consolidation, large shareholders and two shareholders equity in accordance with their respective shares of the proportion of participants changed. Share reform, the company reduced to about 10 times earnings, the basic flat with other industry peers.
Depth report on the authority of restricted reference materials from the "Securities Link"
