Hidenobu Shares: the growth in new areas offsets the decline in traditional areas

Hidenobu Shares: the growth in new areas offsets the decline in traditional areas




Event:



Hidenobu shares on the 11th issued a public notice, the company in 2009 operating income of 922 million yuan to achieve net profit of 185 million, compared with the year 2008 were up 58.28 percent, 42.38 percent; the company in 2009 EPS was 0.87 yuan, up 35.94 percent, the company intends to to all shareholders Zhuanzeng 5 shares for every 10 shares.



Investment Highlights:



SVC to stay ahead, new areas of growth offset decline in traditional areas: The company sold a breakthrough in the field of power at the same time begun to enter the grid reactive power compensation, another new field - Series Compensation business (FSC), 2009, the company SVC and the FSC signed in the grid Orders increased by 348.84 percent, is expected to continue to maintain rapid growth. Company's energy-saving variable frequency products by the state policy to promote the rapid growth of orders, in which HVC up 132.96%, MABZ an increase of 22.33%, VFS an increase of 157.67%. The company based on high-frequency products with high margins. Cogeneration as well as the SVC up new areas of growth in investment in traditional application areas slowdown, we expect revenue growth in 2010 will remain 45%.



Residual heat and pressure energy-efficient power generation system brings business to the company a new growth points: the company in 2008 acquired the power of the letter is being built, into the residual heat and pressure energy-efficient power generation systems business. Residual heat and pressure energy-efficient power generation business with a short payback period for customers to significantly reduce the cost advantages, in 2009 the signing of orders for 533 million yuan to achieve revenues of 124 million, in 2009 residual heat and pressure energy-efficient power generation gross margin was 28.30%. In the countries to further improve the iron and steel, petrochemical and other industries to promote energy-saving emission reduction requirements under the policy for the company's products provide new market opportunities.



R & D investment stability and growth potential to bring new products: The company in 2009 sales revenue into R & D fund accounted for 9.72%. Company's high proportion of R & D investment year after year, the consolidation of an industry technology leader. At present wind power inverter R & D has passed Goldwind 1.5MW wind power converter test platform detection, about to enter the hanging net debugging stage, the company's new products include photovoltaic inverter, fault current limiter, extra-high current solid state switches, Active Power Filter, subway energy storage systems, will further expand the company's downstream industries, to reduce the negative impact of the economic cycle.



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