Electric equipment industry electric vehicle related industrial chain volume can be expected-e2140

Electrical equipment industry: electric vehicle related industry chain volume can be Haitong Securities September 8th release of the electrical equipment industry research report, the report is as follows: Investment points: a device: the rapid growth of the distribution sector. 2016 in the first half, a stable overall performance of the equipment, revenue grew by 8.30%, net profit attributable to parent company grew by 9.98%. Distribution plate performance of rapid growth, distribution revenue grew by 70.33%, net profit up by 95.13%. From the industry perspective, the high growth stems from (1) in the same period in 2015, affected by the national network audit, the grid investment is less, the underlying performance of listed companies is relatively low. The rapid growth of network business major companies within the sector, the amorphous Ge letter electric variable revenue grew by 50%; Beijing CREE distribution revenue grew by 39%. (2) multi industry acquisitions, and table driven high growth performance. Two equipment: smart grid, energy saving and environmental protection. 2016 in the first half, the rapid growth of the performance of the two equipment, revenue grew by 32.20%, net profit attributable to parent company grew by 30.83%. Smart grid sector revenue grew by 30.71%, net profit up by 109.82%. Energy saving and environmental protection plate revenue grew by 42.05%, net profit increased by more than 33.32%, mainly due to the acquisition and other reasons for the table. Single quarter trend: a significant rebound in distribution performance, low-voltage electrical, power generation equipment performance under pressure. Distribution sector revenue, net profit growth rebounded significantly. 2015Q1 to 2016Q2, net profit growth from -27.47% to 57.44%. The results are mainly due to the first half of 2015, the impact of the national network audit, the grid investment is less, the underlying performance of listed companies is relatively low. The second half of 2015, the rapid increase in the amount of public bidding, the majority of orders in the first three quarters of this year, the company’s rapid rise in performance. In addition, the acquisition of multiple distribution sector, but also contributed to the growth of the plate performance. Power generation equipment, low-voltage electrical sector performance pressure, downstream demand slowed down as the main reason. 2016Q3 performance forecast: distribution performance continues to grow rapidly, electric motor outbreak can be controlled. The third quarter of 2016, the net profit of the parent company of the year forecast growth rate of over 40% over the same period, the distribution of 7, motor and parts of the 5, the company’s high growth in the three quarter from the (1) the impact of the power grid investment rhythm. The first half of 2015, the net effect of the audit, the grid investment is less, the rapid rise in the second half of net amount of bidding, the majority of orders in the first three quarters of this year of delivery; (2) electric vehicle motor control, motor, electric car founder ocean motor drive and control the acquisition of high-quality assets, and promote the performance of high growth. Recent policy to further promote the outbreak of the outbreak of shipments. Concerned about electric vehicles, carbon trading and other related targets. Throughout the 2016 semi annual report of power equipment, the overall increase in performance. We believe that the need for investment opportunities in the high growth clear sub sector. Recommendations concern – electric vehicle powertrain, electricity reform, distribution, industry 4, the core of carbon trading targets. Risk warning. Grid investment is lower than expected risk, industry competition intensifies the risk of gross margin decline.相关的主题文章: