MIIT issued " PV manufacturing industry norms conditions ."
"National Energy Board , the National Development Bank regarding the development of distributed PV financial support experimental work notice " has been issued to the provinces and the Xinjiang Production and Construction Corps Development and Reform Commission , Bureau of Energy and CDB discussion of each line , waiting for documents publicly available .
2 Our analysis and judgment :
( A ) Following the tariff policy, financial support policies are forthcoming.
Two documents are the State Council issued the " State Council on promoting the healthy development of photovoltaic industry a number of opinions " Other industries complements the business environment file. " Industry standard conditions " to improve industry access threshold , is conducive to the healthy and sustainable development. "Notice" improve the financial support in terms of policy : "Implementation " maintain pressure " credit policy to support with independent intellectual property rights , advanced technology, the development potential of large enterprises and Make on the market , there are orders , cost-effective , reputable PV manufacturers to provide credit support. wait "notice " the official release.
( Two ) supporting policies becoming available, the domestic power plant investment outbreaks.
National Development and Reform Commission issued "on the use of price leverage to promote the healthy development of the PV industry notice" , "National Development and Reform Commission on the adjustment of additional renewable energy tariff tariff standards and environmental matters related to notice ." National Grid issued " on the good services of distributed photovoltaic power grid views of the work ." China Southern Power Grid issued "on further support for solar and other new energy sources ( 1198.97,23.770,2.02 % ) the development of guidance ." Electricity , sources of funding , and network and other supporting policies becoming available, the domestic power plant investment is about to erupt .
( Three ) Corporation power plant EPC revenue and profits double harvest.
With a series of supporting policies, the business model of continuous improvement and low cost of installation or to procure new PV capacity in the domestic growth rate has been higher than in Europe and America .
We expect that in 2014 China 's new PV capacity in the 10-15GW, compared with this year's 6-7GW increased significantly. Company power inverter
with industry needs and the outbreak of EPC business , we raise our 2014-2015 earnings forecast ( see Table profit split ) .
3 . Investment advice:
Raised profit forecasts after the next two years , we have 2013-2015 earnings forecast of 0.50 yuan, 0.90 yuan and 1.15 yuan, to maintain the company's "recommended" rating.
4 Risk Warning :PV inverter
prices fell unexpectedly ; difficult to maintain the company's market share above 30% , a subsidiary not improve profitability , cost control, reduced ability to farm business depletion of cash .
- 2013/10/11(金) 09:46:58|