The National Development and Reform Commission, the Ministry of Housing and Urban-Rural Development, the Ministry of Communications, and the National Energy Administration recently issued the "Notice on Accelerating the Integration of Parking Lots and Charging Infrastructures" to encourage and guide the powerful parking lot management enterprises and charging service enterprises to carry out parking charging integration projects. Construction and operation, orderly construct urban fast charging station and expressway service area to build intercity fast charging station, simplify the approval process of parking charging integration project, and build infrastructure such as charging piles synchronized with parking lot without separate construction planning permission Certificate and construction permit.
According to the State Council's "Energy Conservation and New Energy Vehicle Industry Development Plan (2012 2020)", by 2020, the production capacity of pure electric vehicles and plug-in hybrid vehicles will reach 2 million, and the cumulative production and sales volume will exceed 5 million. The configuration of charging facilities and vehicles is generally 1:3 for buses and 1:5 for passenger cars. It is assumed that all charging poles are arranged according to the standard of passenger cars of 5:1. The market size in 2020 can reach 100 billion yuan.
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Shanghai Electric Power: a multinational company with international competitiveness
The Central Economic Work Conference emphasized that it is necessary to deepen the state-owned enterprise reform, power supply and other areas to take substantive steps and continue to implement the Belt and Road Initiative: The Central Economic Work Conference held in December 2016 summarized the 2016 economic work and clarified the guiding ideology of economic work. , deployed the 2017 economic work. The meeting stressed the need to deepen the state-owned enterprise reform, and in accordance with the requirements of improving governance, strengthening incentives, highlighting the main business, and improving efficiency, the substantive reforms in the areas of power, oil, natural gas, railway, civil aviation, telecommunications, and military industries have taken substantial steps. The meeting pointed out that to continue to implement the three major strategies of the "Belt and Road" construction, we must focus on promoting opening up, promote the construction of the "Belt and Road", and play a good policy, development, and commercial financial role.
The State-owned Assets Supervision and Administration Commission conveyed the spirit of the meeting and demanded the cultivation of a group of internationally competitive multinational corporations: Unswervingly revitalizing the real economy is one of the four requirements of the SASAC to convey the spirit of the Central Economic Work Conference. Central enterprises must adhere to innovation-driven development, vigorously develop high-end equipment manufacturing, actively cultivate strategic emerging industries, and accelerate the formation of new kinetic energy development. Utilizing the international and domestic markets and resources, we strive to occupy a more favorable position in the international division of labor and cultivate a group of internationally competitive multinational corporations.
The Group's ten reform pilots in 2016 were undertaken by two. The asset securitization rate of the 13th Five-Year Plan was raised from 28% to 75%. In 2016, the country continued to lead the "Guidelines of the Central Committee of the Communist Party of China and the State Council on Deepening the Reform of State-Owned Enterprises". Advanced, including (1) implementation of the board of directors, (2) market-based selection of business managers, (3) implementation of professional managers, (4) corporate salary distribution differential reform, (5) state-owned capital investment, operating companies, (6) Mergers and acquisitions of central enterprises (7) Mixed ownership reform in some important areas, (8) employee ownership of mixed ownership enterprises, (9) information disclosure of state-owned enterprises, (10) divestment of corporate social functions, and resolution of historical issues, etc. Ten pilot reforms, in which the State Power Investment Group, the controlling shareholder of the company, undertook two pilot projects for mergers and acquisitions of central enterprises and information disclosure of state-owned enterprises.
The Group was merged and reorganized by China Power Investment Corporation and National Nuclear Power in July 2015. It is the only comprehensive energy enterprise in the country that has both nuclear power, thermal power and new energy assets. After the reorganization, the Group has new kinetic energy such as nuclear power, new energy, technological innovation resources and international development. The total installed capacity of the 13th Five-Year Plan is 170 million kilowatts, the proportion of clean energy is 50%, and the level of asset securitization is raised from 28% to 75%. about.
Investment suggestion: The acquisition of Pakistan KE company and group assets marks a major breakthrough in the four-way transformation of “internationalization, integration, cleanliness and platformizationâ€.
After deducting the financial expenses, KE's overseas cash purchases have doubled their performance, giving a sufficient margin of safety within 10 times. The additional share acquisition group Jiangsu company increased its profit by 300 million yuan. The group is still involved in the issuance of 60% of the shares, optimistic about the company's long-term development. The Belt and Road Into the Harvest Period, the Group's accelerated mixed reform is worth looking forward to. Without considering the acquisition and the issuance of dilutions, it is expected that the company will realize earnings per share of 0.77, 0.93 and 1.15 yuan respectively from 2016 to 2018, corresponding to the closing of 12.65 on December 16. The price, PE is 17X, 14X, 11X.
Xu Ji Electric: Signing 1 billion big orders, the performance accelerated
On December 15th, the company's controlling shareholder Xu Ji Group Co., Ltd. and Jiangsu Zhengyi Electric Co., Ltd. signed the third phase of the 220KM standard rail double-track electrified railway (Sha Lao Railway) in Laos, Laos, Democratic Republic of China. Mechanical and electrical segment distribution system general contracting mechanical and electrical equipment subcontract, the contract amount is 1.015 billion yuan.
In November this year, the total electricity consumption of the whole society was 507.2 billion kWh, a year-on-year increase of 7.0%. From January to November, the total electricity consumption of the whole society was 537.47 billion kWh, a year-on-year increase of 5.0%. The turning point of the industry's prosperity has already appeared, and the investment in power grid will rise sharply. In the first 10 months, the completion of power infrastructure investment increased by 28.47%, with a record high, and the company's performance turning point has already appeared.
The contract value of this order was 1.015 billion yuan, accounting for 13.81% of the total revenue in 15 years. In addition, the previous bids for the smart meter and collector of the State Grid Corporation were about 300 million yuan, accounting for 33.78% of the revenue of the 15-year meter. The high-value order was placed. It will be a strong support for future performance.
Since August 15th, UHV DC transmission business has won orders of about 4.7 billion. In the first half of the year, only 3.06 billion revenues were confirmed. In 16 years, it is expected to recognize 1 billion revenues. In 17 years, it is expected to confirm 2.5 billion. UHV business will be confirmed. Embrace explosive growth.
State Grid's participation in the incremental network of distribution network is conducive to the company's entry into the incremental distribution network or equipment supply, and the company's market share is expected to further increase. Overseas transmission and distribution projects, distribution network equipment financing leases, power grid energy-saving equipment, intelligent micro-networks, etc. are also new profit growth points for the company.
The EPS for 2016, 17 and 18 is expected to be 0.85, 1.11 and 1.30 yuan, PE is 20 times, 16 times and 13 times, and the target price is 23 yuan.
Zhongheng Electric: HVDC technology was approved by the Ministry of Industry and Information Technology, waiting for the performance of the national standard
Zhongheng Electric announced that the company's "240V/336V DC power supply technology for communication" was included in the "Green Data Center Advanced Applicable Technology Catalogue (First Batch)" issued by the Ministry of Industry and Information Technology.
High-voltage DC power supply equipment is expected to increase in volume after the introduction of the national standard in 17 years. High-voltage direct current (HVDC) power supplies are characterized by high efficiency and high energy efficiency, which can reduce the cost of electricity in data center operations compared to UPS. Since the HVDC national standard has not yet been introduced, the current HVDC market size is still small compared to UPS. Zhongheng Electric's current HVDC product revenue is only about 100 million yuan. The technical catalogue selected by the Ministry of Industry and Information Technology indicates that the company's products have obtained technical recognition and are in the leading position in the industry. If the HVDC national standard is officially launched in the first half of next year, the company's communication power supply sector is expected to gain performance.
The 17-year performance elasticity of charging equipment has increased. Affected by the new energy auto industry, the growth rate of new energy vehicle production and sales in 2016 was less than expected, which in turn had a negative impact on the investment in charging facilities. The third batch of tenders for the State Grid during the year was significantly lower than expected, and most of the bidding shares are expected to be postponed until next year. The company is one of the largest scalar enterprises in the charging piles of enterprises outside the State Grid. The good cooperation with the State Grid provides guarantee for the growth of the company's charging equipment. It is expected that the performance will accelerate next year.
Earnings forecast and valuation: In view of the uncertainties in the HVDC national standard, the previous earnings per share forecast for the company's 2016/2017 RMB 0.35/0.49 remains unchanged, maintaining the recommended rating and the target price of RMB 30.65, corresponding to 2017. Year 64xP/E.
Risk: The energy Internet cloud platform was slower than expected; the bidding for the national grid charging pile was lower than expected; the HVDC national standard was postponed.
Shenzhen Innovative Cloud Computer Co., Ltd. , https://www.xcycomputer.com