Dongfang Electric Nuclear Power To Become The Major Profit Growth Point - Nuclear Power, Dongfang

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Oriental Electric 2009 operating income 32.2 billion, up 19%, achieved net profit of 1.572 billion yuan attributable to the parent company, up 793 percent. Has fully from the impact of the earthquake of 2008 to recover. 2010 machine with the company's wind power and nuclear Motor Group capacity and a substantial increase in orders in hand the company is expected to continue to maintain a rapid growth in net profit.

Orders in hand reached 130 billion yuan, wind power, nuclear power, accounting for 36% of orders: orders for 2009, the company added 56.8 billion yuan, the company now in hand orders for up to 130 billion yuan. Orders in hand stroke power accounted for 7%, nuclear power accounted for 29%, accounting for 8% of hydropower, thermal power accounting for 52% Other Products accounting for 4%. New Energy Orders has reached 36%, is expected to wind power and nuclear power in 2010 equipment revenues will reach 37% of revenues.

Conventional thermal power, hydropower income share will drop to 60%: in 2009 new orders for thermal power company 26.3 billion, down 16.7%. Thermal power company orders in hand 67.6 billion in the next three years to meet the company's production needs. Proportion of thermal power company's future orders are still likely to drop, thermal power revenue in 2010 Sell The proportion of income will drop to around 52%. 2009, new orders for 2.9 billion water company, down 49.5%, the next water orders may be further reduced. Hydropower is currently in hand orders 10400000000 yuan. Water revenue in 2010, the proportion of sales revenue will drop to about 8%.

Wind power capacity continues to grow to more than 9.5 billion yuan sales income: in 2009 the company produced 1.5 MW wind power machine 1203 units, 753 units the year recognition of income, sales income of 6.27 billion yuan. 2010, wind power machine will produce about 1,800 units, 1,250 units are expected to confirm income, sales income will be 9.56 billion yuan, fans are expected to remain at 16% gross margin is about. R & D in the fan, the company's 2.5 megawatt wind power prototype has been linked to network commissioning, 3 MW fan is in the development phase.

Substantial growth in nuclear power equipment revenue, gross margin is expected to further increase: in 2009 nuclear power equipment company sales of 21.3 billion yuan, up 117%. The company orders for nuclear power in the hands reached 37.7 billion yuan in 2010 and 2011, the company projected sales of nuclear equipment and 8.3 billion to 4.4 billion. Since nuclear power has not yet formed products and key components imported volume in 2009, nuclear power equipment gross margin was only -0.5%. With the increase of nuclear power products and parts localization rate of increase in production capacity, nuclear power in 2010 and 2011, gross margin will increase to 9% and 15%.

Investment rating: expected the company from 2010 to 2012 earnings per share for the 2.19,2.64 and 3.21 yuan, according to the 2010 price-earnings ratio of 25 times the calculated interval of 55-60 per valuation, to maintain "highly recommended-A" investment grade.

by: gaga

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