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【国海证券】ST梅雁(600868)点评:逐步摆脱债务压力_快速发展尚需时日

[Guohai Securities] ST Mei Yan (600868) review: Gradually getting rid of debt pressure _ rapid development will take time

國海證券 ·  Feb 5, 2009 00:00  · Researches

The company is a listed hydropower energy company whose main business is hydropower generation. It is the largest private listed hydropower company in Guangdong Province. The company has successively invested in the construction of nine hydropower plants in two regions, including Meizhou in Guangdong and Liuzhou in Guangxi. The total installed capacity of the power plants reached 542,000 kilowatts. The installed capacity of the Honghua Hydropower Station invested and built by Guangxi Liuzhou Honghua Hydropower Company, a subsidiary of the company, reached 231,000 kilowatts. However, in June 2008, the company transferred 96.47% of Honghua Hydropower Company's shares to CGN Energy Development Company (a subsidiary of CGN Group) at a price of 1.23 billion yuan. After the transfer, the company's installed hydropower capacity was 311,000 kilowatts.

In addition to the hydropower business, the company also has businesses such as copper foil business, construction and installation business, TFT display business, and urban water supply. Among them, the copper foil business is large, achieving sales revenue of 123 million yuan and net profit of 1052.1 million yuan in 2007. The construction and installation business was strategically withdrawn from the business, generating revenue of 136 million yuan in 2007, but competition in the local construction market in Meizhou will become more and more intense, and the company will gradually withdraw from this industry according to the actual situation. Since 2002, the company has successively invested 198 million yuan in the TFT display business, and has yet to develop a clear competitive advantage. The company was also involved in urban water supply, but it was not profitable during the construction period.

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