Dongxing Securities issued a report that it gave United Photovoltaic (00686) a "recommended" rating for the first time and gave the company a six-month target price of HK $0.63. The company's operating income is expected to be 1.53 billion yuan, 2.31 billion yuan and 3.34 billion yuan respectively from 2016 to 2018. The net profits belonging to shareholders of listed companies are 321 million, 461 million and 635 million yuan respectively. The earnings per share were RMB0.07,0.1,0.14 respectively, and the corresponding PE were 6.2,4.3,3.1 respectively.
Back to China Merchants, get a lot of convenience.
Dongxing Securities said that the company's major shareholder is China Merchants New Energy, which is one of the four major Chinese enterprises in Hong Kong and provides a lot of resources for the company's business development. On the one hand, China Merchants Fund subscribes for convertible bonds of the company, and at the same time, China Merchants endorses the company's credit, allowing the company to obtain lower-cost funds, on the other hand, other China Merchants Group subsidiaries, such as China Merchants Logistics, provide land and roofs for power station construction for United Photovoltaic.
The frontrunner project is efficient and has great potential.
The bank visited and investigated the company's "frontrunner Plan" project in Datong, Shanxi Province on June 21, which was in the process of being connected to the network and has been successfully connected. Datong project as the country's first "photovoltaic leader" project, the bidding process of fierce competition, the company's final successful bid also shows the strength of the company. Datong project has high photoelectric conversion efficiency and superior natural conditions. combining the development of photovoltaic power generation with the treatment of coal mining subsidence area plays an important role in promoting the ecological restoration of coal mining subsidence area and the transformation of energy development mode of resource-based cities. The "frontrunner program" has become a national photovoltaic installation program, and the Energy Administration has recently approved eight new frontrunner technology bases. As the leader of the "frontrunner program", the company is expected to get more new installations in the future.
Layout of European projects to alleviate the problem of subsidies.
The company plans to start buying photovoltaic power stations in Europe. The company has a rich reserve of projects in Europe, which currently exceeds the 1GW, and there is little difference between the income of European power stations and domestic power stations, but photovoltaic subsidies can basically be paid monthly. Compared with the situation where domestic subsidies are in arrears for more than two years, subsidies for European projects are more timely, and the layout of European projects will enhance the company's cash flow.
