129784668118491250_132Shares of the Quartet: performance live up to benefit from intelligent substation construction good
Executive Summary: in 2011, the company completed the order contract amount of $ 2.198 billion, an increase of 24.88%; operating income $ 1.687 billion, an increase of 25.14%; vested in the shareholders of listed companies achieve net profits of 217 million dollars, an increase of 41.18%, earnings per share of $ 0.53. If you consider equity incentive costs 16$ 770
tera gold,000
tera power leveling, actual net profit growth of about 50%. Earnings growth in line with forecasts. Gross margin improvement: net profit growing faster than revenue growth of financial costs dramatically reduced after the reasons listed last year on the one hand, and on the gross profit margin increased major revenue and gross margin of substation automation system for relay protection of by 1.63%.New business made good progress and breakthroughs: TBEA formed four special transformers intelligent components achieved good sales performance of the company; acquisition of transformer services enrich product line; and ABB company engaged in DC will bring investment income to the company; wind products product scale effectively and hydroelectric power development quickly; intelligent distribution breakthroughs; rail transit with 4 linesPower monitoring and control system. Benefit from intelligent power grid construction: the company's traditional business of relay protection in promoting the benefits of intelligent substation and substation automation significantly
tera power leveling, State grid Corporation "Twelve-Five" will be 61 million intelligent substation during construction and renovation, from last year's bid has been a substantial percentage of data intelligent substation upgrade, companies in last year's State network in Central biddingRank the second place. Looking forward to power e-business: the power electronics business mainly focused on energy, micro-grid access, wind power, photovoltaic; recent acquisitions of three companies are also engaged in the power electronics business, mainly for poly silicon furnace, heater power rate of single crystal silicon, Sapphire, we look forward to the power electronics business of the company soon entered a period of harvest. Profit forecasts and investment ratingBefore the acquisition of three companies, we expect companies 2012-2013 to consider $ 0.76 EPS respectively, 1.02; after the acquisition of three companies, we are forecasting EPS company 2012-2014 $ 0.9, 1.2, 1.5, respectively, maintaining "buy-a-" investment rating. Risk prompt progress of the smart grid is not up to expectations, macro-Economic impact of the three company's performance is not up to expectations.
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