share_log

博林特(002689):入主“一带一路”风电项目 跨国多元化布局再下一城

長江證券 ·  Aug 14, 2015 00:00  · Researches

Key points of the report describe the incident. Bolint issued an announcement to increase capital to China Sunager Energy (Private) Co., Ltd. and increase capital by 100 million yuan in order to obtain 90% of its shares. Incident review lays out wind power projects in Pakistan, and the huge gap between supply and demand brings high returns. According to the “Long-term Plan 2030” issued by the Pakistani government in 2007, the difference between electricity supply and power consumption in Pakistan is 22460 GWh, and the gap is huge. The vision clearly states that the installed capacity of renewable energy (excluding hydropower) is planned to be 800 MW in 2015 and increased to 9700 MW in 2030. Currently, only 6 MW of wind farms have been built in Brazil, and 3 more 50 MW projects are under construction. Sunager Energy is located in the Thatha region of Sindh province, Pakistan. Its main business is to apply for, build and operate a 50MW wind power project from relevant local authorities. The project is one of 14 energy projects in the China-Pakistan Economic Corridor and is located in the most economically developed region of Pakistan. Furthermore, the Palestinian government provided government guarantees and promised to buy all electricity. The acquisition actually undertook the Suneger wind power project and participated in the construction of the Belt and Road. As wind turbines are exported overseas, related supporting facilities and services will follow. Construction of the project will begin within the year. According to local electricity prices and “Long-term Plan” estimates, it is expected to contribute 686 million yuan to 1,034 million yuan in net profit over the next 20 years. Optimistic about the company's medium- to long-term development prospects, the main points are as follows: Steady growth in the main business: The elevator business is full of orders, and the performance is expected to grow by about 20% in the next two years. Furthermore, the real estate business in Africa is expected to provide strong performance support. Layout of intelligent equipment: Orders for the “intelligent grinding robot system” are in good condition, and it is expected that large-scale applications will be carried out in automobile wheels, ships, military industry, etc. in the future; the environmental protection business welcomes policy dividends, and the downstream application space for desulfurization, denitrification, and PM2.5 dust removal technology is broad. Continuous asset injection: The injection of high-quality assets under the Group continues to advance, or may involve fields such as nuclear power inverters, solid waste treatment, and industrial housing. Performance forecast and investment recommendations: Regardless of the impact of real estate, smart electric energy storage, and wind power projects on performance, the net profit for 2015 and 16 is estimated to be about 230 million and 3.1 million yuan, EPS is about 0.24 and 0.32 yuan/share, respectively, and the corresponding PE is 50 and 37 times, respectively, giving a “buy” rating.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment