Yangtze Power: The scale of on-site installation of underground power stations continues to expand
event:
The board of directors of the company resolved to adopt the “Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Implement Subsequent Transaction on Material Asset Restructuringâ€, and asked the company's general meeting of shareholders for approval to continue to authorize the board of directors to fully handle underground power station acquisition until the acquisition is completed.
comment:
1. The acquisition of underground power stations is part of the overall listing of Yangtze Power. When Yangtze Power listed on the market in 2009, it once made it clear that China Three Gorges Corporation will sell underground power stations to Yangtze Power, the Yangtze River, before the first batch of power generating units will be put into production. Power promises to buy an underground power station.
The installed capacity of the underground power station is 4.2 million kilowatts (a total of six 600,000 kilowatts of hydroelectric generating units are installed). In addition to underground power stations that can fully utilize the hydropower resources of the Yangtze River flood season, they can also improve the power quality of the Three Gorges Power Station. Improve peaking capacity. In view of the fact that the underground power station is not yet completed, the China Three Gorges Corporation is still responsible for construction management.
2. The underground power station has a low cost, and the company has disclosed that the total investment of the underground power station is 9.1 billion yuan, equivalent to the unit cost of 2,167 yuan/kW, far lower than the main power plant unit of the Three Gorges Power Station. Unit cost.
The underground power station is mainly used to generate water through the flood season. Only when the flow rate during the flood season is higher than the required flow of the main power plant unit, the power generation will be carried out. Therefore, it is expected that the annual use hours will be lower, and our analysis may be around 1000 hours.
3. Acquisition bargaining is not high, slightly thickening earnings per share According to the company’s announcement, the transaction price range of underground power stations is from 11.5 billion yuan to 13 billion yuan, which is lower than the total investment.
We judge that the company will acquire underground power stations through cash plus liabilities, and it will not dilute its share capital. As the underground power station belongs to the peaking unit, the electricity price is expected to be higher than the average on-grid tariff of the Three Gorges Power Station. We initially estimated that by acquiring underground power stations, the company's earnings per share can increase by 0.02-0.03 yuan.
4. Undervalued resource stocks maintain "strongly recommended" rating Yangtze Power has the best hydropower resources in the country and has strong profitability. In accordance with the company's overall listing commitment, the company will also purchase the downstream Cascade Power Station at the Jinsha River, with a clear growth. .
We maintain our investment rating of "strongly recommended" by the company, and forecast that the company's earnings per share for 2011 to 2013 will be 0.53, 0.57, and 0.60 yuan respectively, which corresponds to only 13 times the PE in 2011.
The board of directors of the company resolved to adopt the “Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Implement Subsequent Transaction on Material Asset Restructuringâ€, and asked the company's general meeting of shareholders for approval to continue to authorize the board of directors to fully handle underground power station acquisition until the acquisition is completed.
comment:
1. The acquisition of underground power stations is part of the overall listing of Yangtze Power. When Yangtze Power listed on the market in 2009, it once made it clear that China Three Gorges Corporation will sell underground power stations to Yangtze Power, the Yangtze River, before the first batch of power generating units will be put into production. Power promises to buy an underground power station.
The installed capacity of the underground power station is 4.2 million kilowatts (a total of six 600,000 kilowatts of hydroelectric generating units are installed). In addition to underground power stations that can fully utilize the hydropower resources of the Yangtze River flood season, they can also improve the power quality of the Three Gorges Power Station. Improve peaking capacity. In view of the fact that the underground power station is not yet completed, the China Three Gorges Corporation is still responsible for construction management.
2. The underground power station has a low cost, and the company has disclosed that the total investment of the underground power station is 9.1 billion yuan, equivalent to the unit cost of 2,167 yuan/kW, far lower than the main power plant unit of the Three Gorges Power Station. Unit cost.
The underground power station is mainly used to generate water through the flood season. Only when the flow rate during the flood season is higher than the required flow of the main power plant unit, the power generation will be carried out. Therefore, it is expected that the annual use hours will be lower, and our analysis may be around 1000 hours.
3. Acquisition bargaining is not high, slightly thickening earnings per share According to the company’s announcement, the transaction price range of underground power stations is from 11.5 billion yuan to 13 billion yuan, which is lower than the total investment.
We judge that the company will acquire underground power stations through cash plus liabilities, and it will not dilute its share capital. As the underground power station belongs to the peaking unit, the electricity price is expected to be higher than the average on-grid tariff of the Three Gorges Power Station. We initially estimated that by acquiring underground power stations, the company's earnings per share can increase by 0.02-0.03 yuan.
4. Undervalued resource stocks maintain "strongly recommended" rating Yangtze Power has the best hydropower resources in the country and has strong profitability. In accordance with the company's overall listing commitment, the company will also purchase the downstream Cascade Power Station at the Jinsha River, with a clear growth. .
We maintain our investment rating of "strongly recommended" by the company, and forecast that the company's earnings per share for 2011 to 2013 will be 0.53, 0.57, and 0.60 yuan respectively, which corresponds to only 13 times the PE in 2011.
Industrial power supplies are power products specially designed and produced for a certain industrial production industry. For industrial power supplies, absolute balance of electronics characteristics is not the main focus. Different industrial applications focus on different specific electronics index, some focus on the stability of the power supply output voltage or current, but the ripple is not the key judging criteria; some industrial applications have customized requirements for power supplies, such as adding time control, adding pulse functions, adding multiple outputs, etc. At the same time, it is necessary to consider the cost requirements of large-scale purchases of industrial applications, so for industrial power supplies, Application adaptability, Long-term operating Reliability and Reasonable cost control are the main points of attention for industrial power supplies.
1. Capacitor testing industry: The main products are capacitor leakage current ripple test power supplies used for capacitor life and quality testing. It is an industrial power supply product mainly adopted by capacitor manufacturers` for products quality control or capacitor use manufacturers` for sourcing capacitor inspections with current endurance life test, according to the variety of output voltage and frequency required for different capacitance tests, the DC output voltage of this power supply is up to 3000V, the AC voltage output is up to 400V, the AC current is up to 400A, and the output frequency can be 50Hz-100KHz according to customer requirements.
2. Capacitor aging industry: The main products are our first-generation high-power DC power supply products, based on the development of IGBT-based hard-switching technology, with high output accuracy, low ripple, high efficiency, fast response speed and good cost advantages, the power supplies are featured with constant voltage, constant current working mode automatic switching function, overvoltage protection circuit, overheat protection circuit, short circuit protection function. For the convenience of industry users, this power supply can also add customized functions, such as: automatic shutdown for load discharge function, overvoltage, overcurrent protection value preset and view function and pulse aging function, etc., to adapt to the use of sophisticated capacitors of capacitor manufacturers.
3. Surface treatment industry: The DC rectifier based on the high frequency switching technology of IGBT switching devices is a product developed by our company for industrial applications such as electroplating, electrolysis, water treatment, and hard oxidation. There is no mandatory requirement for output ripple in this industry application. So, this industrial power products do not put too much LC circuit processing to the input and output ends. It has high requirements for output current stability and long-term operation capability, mostly low-voltage and high-current output, up to 2000KW, with ultra-high DC output of 50000A.
To overcomes the harsh application environment and long-term operating conditions. The industrial power supplies basically adopt water cooling, and the internal components of the power supplies are treated with three preventions, which can realize the effective heat dissipation and effective protection of internal devices of the power supply.
The above-mentioned industrial power products can accept customized production requirements without minimum order quantity restrictions.
Industrial DC Power Supplies, DC Industrial Power Supplies, Industrial Test Power Supplies, Industrial AC DC Power Supplies, AC DC Industrial Power Supplies
Yangzhou IdealTek Electronics Co., Ltd. , https://www.idealtekpower.com