Benefiting from the recovery of wind power, the main industry is expected to resume growth.
The warming trend of the wind power industry is obvious. In the first half of 14 years, the national bidding for new wind power exceeded 11.5GW, an increase of 40% over the same period last year, and the number of new wind power installations for the whole year is expected to exceed 18GW. It is expected that 15 years will be further improved, the company's wind turbine orders have improved, the future will maintain a return to growth.
Terminate the cooperation with Hualei Electronics and remain determined to change the transformation, waiting for the project to land.
The company signed a "letter of intent" with Hualei Electronics on March 10, but later failed to reach an agreement on cooperation matters and failed to sign a formal cooperation agreement. Recently, the company announced that Hualei Electronics terminated the cooperation under this "letter of intent".
We believe that the termination of the cooperation has not changed the transformation determination, and may still be committed to the people to join the army in the future, waiting for the project to land.
Diversified development, expand automobiles, elevators and other fields.
The company adheres to the diversified development strategy and constantly improves its own level. Automotive motor products have been successfully trial-produced and mass-produced for motor enterprises such as CSR, Sichuan Dongfeng and Shanghai Jingjin. In addition to the automotive field, in the field of elevator motors, the company has formed a stable cooperation with international well-known elevator companies, and has occupied 80% of the elevator company since the trial production last year. In the future, the company will make a breakthrough in the automobile industry with the rapid development of the electric vehicle market.
Investment advice: buy-An investment rating, 6-month target price of 20 yuan. We estimate that the company's EPS from 2014 to 2016 will be 0.17,0.30,0.39 yuan respectively, the company's main business will be reversed soon, the transformation determination will not be reduced, and we will wait for the people to join the military project to land; give the Buy-An investment rating, the 6-month target price is 20 yuan.
Risk Tips:
The recovery of wind power is lower than expected and the transformation is not as expected.
