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【东北证券】易事特:光伏系统集成持续高增长,并网电站贡献利润

東北證券 ·  Oct 27, 2016 00:00  · Researches

In the first three quarters of 2016, the company achieved revenue of 3.762 billion yuan, a year-on-year increase of 49.48%; realized net profit of 271 million yuan, a year-on-year increase of 44.49%; and achieved basic earnings per share of 0.53 yuan/share. High-end power supply equipment grew steadily and entered the field of electricity sales: The company's UPS sales remained stable. During the reporting period, the company worked hard to expand the market share of high-end power equipment and won the bid for the Qinghai-Tibet Railway Company's Gura section capacity expansion and transformation project. Furthermore, Yishite Electric Power System Technology Co., Ltd., a wholly-owned subsidiary of the company, has been officially included in the catalogue of electricity sales companies and is eligible to participate in the electricity market in Guangdong, so the electricity sales business is worth looking forward to. Data center development momentum is booming: The rapid development of the Internet has brought strong demand for data centers, and domestic data center construction will maintain rapid development in the next few years. During the reporting period, the board of directors agreed that the company would increase the capital of Shanghai Guofu Guangqi Cloud Computing Technology Co., Ltd. with its own capital of 300 million yuan and obtain 17.85% of the shares. At the same time, the company signed the “Qirui Data Center Cooperation Agreement” to invest in the construction of a data center project. The estimated contract amount is about 260 million yuan. The company's IDC data business is developing vigorously. PV system integration exploded, and performance grew rapidly: During the reporting period, the company raised a fixed increase of 1,926 billion yuan in net capital for 10 photovoltaic power generation projects totaling 173 MW and supplementary working capital. In the first three quarters, the company's photovoltaic system integration achieved revenue of 2,862 billion yuan. Recently, the company signed a 26MW decentralized photovoltaic power plant for poverty alleviation and won the bid for the Linqu County PV Poverty Alleviation Power Generation BOT Project. The photovoltaic system integration business is expected to continue to grow rapidly. As the photovoltaic power plants invested and built by the company were put into operation one after another, new energy revenue exploded, achieving revenue of 52.94 million yuan. Sales of charging equipment are expected to pick up: in the first half of the year, sales of charging equipment fell short of expectations due to the industry environment and new energy vehicle policies. In the second half of the year, the company's charging pile production orders rebounded, and charging equipment sales are expected to resume high growth. Profit forecast: The company's EPS for 2016-2018 is expected to be 0.66, 0.83, and 1.01 yuan respectively, giving the company an increase in holdings rating. Risk warning: charging pile construction falls short of expectations, photovoltaic business falls short of expectations

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