Main points of investment
With the signing of a strategic cooperation agreement with Changjiang Wisdom, the promotion of the gas turbine market is expected to be accelerated. The company announced that on September 4, 2000, the company signed the Strategic Cooperation Framework Agreement with Changjiang Wisdom distributed Energy Co., Ltd. (hereinafter referred to as "Changjiang Wisdom"). Changjiang Wisdom is a professional platform for distributed energy under China Yangtze River three Gorges Group. The terms of the agreement include: Changjiang Wisdom expects to purchase no less than 30 sets of Fusan shares "gas turbine series products" within 3 years.
According to the company's 2017 report, the company has signed contracts for the sale of two sets of gas turbine products, and revenue is expected to be confirmed in September and November 2017 respectively. We believe that the signing of the agreement marks that the company's gas turbine products have been further verified and gradually recognized by the market, and has taken an important step in the transformation of distributed energy equipment. at the same time, the company's first gas turbine is about to be delivered online. product marketing is expected to accelerate in the future.
Introduce Russian gas turbine technology and expert team to transform distributed energy. In May 2017, the company announced the establishment of Liaoning Fusan Gas Turbine Co., Ltd., in which the company controls 79%. Fusan Gas system introduces advanced manufacturing technology and expert team of Russian industrial gas turbines, and will focus on small and medium-sized gas turbines below 50MW, integrating R & D, production and market.
The company's gas turbine has the advantages of high efficiency, low cost and can adapt to the change of heat load, so it is expected to realize import substitution. The company's gas turbine has the advantages of high efficiency, low cost and adapting to the change of heat load. it can compete with the world-famous gas turbine in the distributed energy field, and is expected to realize import substitution and quickly open the market in a short time. Become an important source of profits for the company.
Dingzeng has been approved, plus intelligent manufacturing and processing to promote transformation and upgrading. The increase is scheduled to raise no more than 340 million yuan and the issue price is 17.19 yuan. it has received approval from the Securities Regulatory Commission on June 2, 2017. the main investment is the intelligent manufacturing and processing of key components of major energy equipment.
Employees own shares to complete the purchase, with an average transaction price of 16.53 yuan. The first phase of the company's employee stock ownership plan was completed on July 7. The size of 7.04 million shares, the total share capital accounted for 3.52%, the average transaction price of about 16.53 yuan per share.
With the rapid growth in performance in the next few years, the gas turbine is expected to make a breakthrough and maintain the "overweight" rating. It is estimated that the company's EPS for 2017-2019 will be 0.28pm 0.51 prime 0.70 yuan, and PE will be 61-34-24 times.
The company introduced Russian gas turbine technology and team, distributed energy core equipment layout, in the future will speed up the transformation and upgrading, maintain the "overweight" rating.
Risk hints: downside risk of thermal power and hydropower demand, lower than expected transformation, and risk of gas turbine industrialization.