Investment suggestion: we predict that the diluted EPS of the company from 2012 to 2014 is 0.11,0.23 and 0.35 yuan respectively, and the corresponding PE is 61.1,30.5 and 19.8 times respectively. The company makes full use of the technical advantages accumulated in vacuum interrupter products to successfully develop high-temperature vacuum collector tubes and enter new energy sources. We give the company a "recommended" investment rating for the first time.
Main points:
Set up a subsidiary to enter new energy: the company announced that it would set up Baoguang New Energy, a subsidiary with a registered capital of 20 million yuan, a cash contribution of 15 million yuan, and a 75% equity stake in the newly established subsidiary. The core technical backbone and main management personnel of the R & D team contributed 5 million yuan in cash and owned 25% of the newly established subsidiary. After the establishment of the company, the value of net capital confirmed by both parties will be used as the basis for consideration. The newly established subsidiary will acquire the existing assets for the production of solar collector tubes and the related assets of the original electronic glass factory. The subsidiary will mainly engage in the research, development, production and operation of high-temperature solar vacuum collector tubes, and exclusively supply glass modules for glass vacuum interrupters to the company.
There are technical similarities between vacuum collector and vacuum interrupter: in terms of process, the process of vacuum collector is similar to that of vacuum interrupter, which is the main product of the company. there is a lot of overlap (parts manufacturing process, chemical cleaning process, glass shell sealing process, bellows manufacturing process, argon arc welding process, exhaust technology, vacuum technology, etc.) And the vacuum of the vacuum collector tube is relatively low (compared with the vacuum interrupter), the vacuum requirement is only 10-2 Pa (vacuum interrupter 10-5). Baoguang is the largest manufacturer with an annual output of 500000 vacuum interrupters in the world, with the world's leading vacuum acquisition and vacuum maintenance technology.
The new product has great market potential: high temperature vacuum collector tube is mainly used for concentrating photothermal power generation (CSP). Photothermal power generation has not been developed on a large scale, but it has been tested for a long time and began to enter large-scale commercial applications. At present, a number of photothermal power stations have been built or are under construction in the United States, Spain, Germany, France, the United Arab Emirates, India and other countries. By the end of 2010, the total installed capacity of photothermal power stations connected to the grid is 1.1 million kilowatts, and the total installed capacity of projects under construction is about 12 million kilowatts. According to the 12th five-year Plan for Solar Power Development of the China Energy Administration, the photothermal power plant will reach the construction scale of 1GW by 2015. At present, the cost of photothermal power generation is still higher than that of photovoltaic power generation, but the production process of photothermal power generation consumes less energy, less pollution, mature heat storage technology and low cost, uniform and controllable power output curve and good power quality. it can bear the basic power load in conjunction with conventional power plants and has little impact on the power grid, so it is a grid-friendly power supply.
Risk factors: policy risks of photothermal power generation promotion.
