Jiuzhou Electric: sound development of the leading high voltage inverter

Jiuzhou Electric: sound development of the leading high voltage inverter




Event Comments:

China's high-voltage power inverter industry in the EMC (Energy Management Contract) to support policy-driven than-expected growth is expected to achieve, one of the company is expected to benefit as the industry leader, while both the wind power converter and high frequency DC power supply and other business growth, more certainty the future performance of fast-growing, super raise funds or create more space for epitaxial growth, the first concern for "prudent recommended" rating.

Investment Highlights:

Expects high voltage inverter, DC power, wind power converters and other business drivers 09 to 12 years of earnings, net profit compound growth rate of 36%, respectively, 42%, corresponding to the current stock price-earnings ratio from 2010 to 2012 were 50x/36x / 25x.

Company texture:

Multi-point distribution, product structure, leading echelon clear of electrical equipment. And high-frequency inverter in high voltage DC power supply are at the forefront of the field of market share, and wind power converters, DC power and nuclear power inverter PV R & D on both the layout.

Technology leadership, manufacturing and testing equipment, have obvious advantages. Is the world's leading automation company Rockwell in the sole contract manufacturer of high-voltage inverter. Is the power electronics equipment domestic product of one of the best-equipped.

Momentum:

High-voltage inverter business to achieve 09 to 12 years 35% compound growth rate. Industry demand is expected to raise investment company IPO project into production in 2011, conservative expects sales in 2012 rose to 600 units converter, up 109% over 2009, achieving 09 to 12 years, about 35% of the combined revenue growth.

Wind power converter build the second fast growth. Wind power converter with high voltage inverter is technically the beginning of the existence of many common, high-voltage inverter is generally superior enterprises to expand new business areas, the company developed wind power converter product has been sent to the customer trials are expected by 2010 10 units sold (single set of about 80 million), 140 units sold by 2012 (currently 200 orders for the intention to complete the next three years a conservative estimate), is the second-growth.

DC power supplies to maintain stable growth trend. Urban power grids and mass transit and other infrastructure projects will lead to high-frequency DC power supply products steady growth in market demand; company and Siemens technical cooperation, access to its two low-pressure switch products to manufacture and sell power, DC power supply market share expected to be enhanced; rail construction project in Harbin, the company has significant advantages, it is expected to receive orders growth; comprehensive view, the company is expected to DC power supplies 09 to 12 years, 22% maintained stable growth.

Stock catalyst:

High voltage inverter orders, production is expected to release over; company actively involved in EMC business model; wind power converter to promote smooth; Super raise funds to bring ultra-efficient use of expected growth.

Shenzhen Maorun Electric Co. LTD. is a manufacturer and designer of DC to AC power inverters. Maorun Electric features power supply products with compact size, light weight and high efficiency.

Maorun Electric dedicates to provide our customers with high quality power supply products. We export both BESTEK-branded and OEM products. Contact sale38@bestekltd.com now for more product information!