Electric power equipment: out of the downturn
More than one industry fundamentals have evidence or is expected to improve, the whole industry in 2012 is expected to support the performance of the form.
2011 years of industry appear too many accidents and lower than expected, make industry behind the performance in the millennium, more than one industry fundamentals have evidence or is expected to improve, glue gun the whole industry in 2012 is expected to support the performance of the form.
Grid investment is expected to grow by 10% : in 2011 is expected to power grid investment priorities below expectations, and complete the 270 billion yuan, the company mainly focus on priorities tender a device amount is expected to grow by 33%, with the supervisor will release south nets company and local grid investment plan, glue stick we expect 2012 grid investment growth of about 10%.
High pressure a equipment industry are coming out of the downturn
Expect 2012 220 kV-500 kV voltage level power grid construction scale increased slightly flat. Among them, 500 kV construction scale is expected to shrink, 330 kV construction scale is expected to increase, 220 kV construction scale expansion is expected to grow to give priority to, the increase of the number of the line is not much. 110 (66) kV the size of the construction to be seen.
As the price level rise, high pressure a equipment company expected earnings growth. The structure of the power grid construction for domestic companies more favorable, transformer industry revenue growth, switch the scale of the industry group and high electrical, grow ses electrical market share rise, the amount is expected to increase by 40%.
Product prices back up to 2009 levels, the raw material prices back up to 2010 level, consider labor costs rise, we expect 2012 products gross profit margin would pick up to slightly less than 2010 level. High voltage ac lines, the success through the big load experiment, is expected to again in 2012 approved 1-2 lines. The key recommendation flat high electric.
Medium voltage a equipment industry
2011 years a low pressure equipment performance high growth is said or done, on the one hand, the benefit industrial electrical demand growth, the other side benefit from a new rural reconstruction. In 2012 the macro economic conditions of uncertainty, we tend to think that come from industrial electrical demand will slow down, or even fall. And the reform of the rural demand will maintain growth.
In the reform of the rural background, we think the company takeover priorities at this time of amorphous alloy transformer leading companies believe electrical, joint ventures, antai technology amorphous alloy material, will give a large-scale promotion of amorphous alloy transformer. As a leading company confidence electrical, is still SGC, amorphous alloy in variable pressure promotion is expected to benefit most. So we believe electrical key recommendation.
Smart grid investment continued to grow
In 2011, the construction of the distribution network intelligence is enlarged the years, at present are priorities 7 key city of intelligent distribution network bidding. 2012 years of intelligence priorities distribution network construction, not only 31 to make key city, 2010-2011, 23 of the construction of the key cities expand the range, is not within the scope of the regional pilot city will also start construction intelligent distribution network.
2012 years is still smart meters to promote a year, before the progress of the installation if below the planning, smart meter finish "1025" plan time will spin.
2010 is the electric car battery pile large-scale construction of the start of the year, the national grid in 2010, the company plans to build 75 a charging station in the country and 6209 charging pile, according to our previous incomplete statistics, the priorities in 2010 36 charging station are put into operation, the actual amount should be put into operation in more than 40, the remaining station is put into operation without further into 2011.