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*ST天威(600550):公告盈利申请摘帽 增持印度工厂股权布局一带一路

申萬宏源研究 ·  Mar 11, 2015 16:00  · Researches

The annual report is profitable, and UHV orders are encouraging. In 2014, the company achieved revenue of 3.895 billion yuan, net profit attributable to listed companies of 67.7 million yuan, and earnings per share of 0.05 yuan. The profit from the annual report is expected to be removed relatively soon. The company announced that it received a total of 2.14 billion yuan in UHV orders in 2014, accounting for 55% of revenue in 2014, which will lay the foundation for profit improvement in 2015-16. Furthermore, we expect the company to receive about 2.5 billion yuan of new UHV orders in 2015, benefiting from the continued progress of UHV construction, and future performance improvements can be expected. The “Belt and Road” layout has been accelerated, and Indian factory shares have been increased to 90%, vigorously expanding the Indian market. The company announced that Baobian Shares - Atlanta Transformer India Co., Ltd.'s shareholding ratio will increase from 51% to 90%, and the total plant investment amount will reach 2.95 billion rupees, for a total of 295 million yuan. We believe that India's power construction demand is huge. As the second company to set up a factory in India after TBEA, it is expected that India will be used as a starting point to open up broad space in the electricity demand market in the “Belt and Road” countries in the future. The approval of the new nuclear power plant is expected to bring about incremental orders for nuclear power transformers, and performance elasticity has been evident since 2016. We reaffirm that the company, as the main supplier of domestic self-branded nuclear power transformers, will fully benefit from the restarting of construction of domestic nuclear power plants. Considering that Hongyanhe Phase II units 5 and 6 have already been approved, it is expected that 4 more units will be approved during the year. The acquisition of nuclear power orders will further enhance the predictability of 2016 performance. Asset injections are still to be expected. Armament Group promises to resolve competition in the industry within 2 years. It is expected that Yunnan Transformers, Special Transformers, and Minmetals Tianwei will take the opportunity to inject into listed companies to further improve the layout of the company's power transmission and transformation platforms. Maintain profit forecasts and buy ratings. The EPS for 15-16 is expected to be 0.26 and 0.40 yuan. We reaffirm that the company targets UHV, nuclear power, and the “Belt and Road” core configuration, and that the trend of improving orders is already quite obvious. Future UHV, nuclear power, and overseas order acquisition are expected to form a continuous catalyst for stock prices. Furthermore, the company emphasizes that 2015 will focus on cost reduction and efficiency, and there are expectations for significant business improvement, so we recommend active attention!

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