标题：Sungrow Power SupplyEarnings Match Expectations Increasing Demand Fuels Growth
发布日期：2016-02-04 10:48:22
内容： Company Profile Sungrow Power Supply Company Limited develops, produces, sells and providesservices for solar PV inverters, wind power converters and other power supply. TheCompany also provides system solutions to renewable energy industry users. Event Sungrow Power Supply Co., Ltd. released its 2015 earnings express, stating that thenet profit attributable to shareholders stood at CNY 425-482 million, up 50%-70%. Comment Due to construction slowdown of new PV stations nationwide, net profit of the Companyis forecasted to increase by 3-38% YoY to CNY 164-221 million in Q4, in line withmarket expectations. Installed capacity of solar power plants will be added by 22GWannually on average per the target set in 13th Five Year Plan, helping equipmentmanufacturers sustain stable growth. As government announced to cut subsidy for theindustry in 16H2, we expect orders for relevant products to be placed at faster pace. With the spreading of new energy vehicles, auto companies are going to increasepurchase of electrical motors and controllers for their cars. Sungrow Power Supply hasbeen investing in this field for a long time leveraging its technical advantage in electricalindustry and is about to making profits from the business. Electrical power system requires more energy storage components to accept electricityfrom new sources (wind, solar, etc.). And US and Japan already launched subsidypolicy for energy storage enterprises. The Company cooperates with Samsung indeveloping batteries and energy storage systems which will be produced in large scale,fully prepared to embrace the boom. Musk is the leading IoE player on world stage with Solarcity (power generation),Powerwall (energy storage) and Tesla (application) under it. Sungrow Power Supplyreplicates its business layout and joins hands with Alibaba to work on maintenance software for PV stations, rising into the largest IoE group in China. Earnings Forecast and Investment Recommendations: We made EPS forecast forthe Company at CNY 0.72 in 2015, CNY 0.91 in 2016 and CNY 1.13 in 2017, implying24.86x/19.67x/15.84x PE. Reiterate OUTPERFORM. Potential Risks: less new installed capacity, slower-than-expected progress of newbusiness.
发布日期：2016-02-04 10:48:22
内容： Company Profile Sungrow Power Supply Company Limited develops, produces, sells and providesservices for solar PV inverters, wind power converters and other power supply. TheCompany also provides system solutions to renewable energy industry users. Event Sungrow Power Supply Co., Ltd. released its 2015 earnings express, stating that thenet profit attributable to shareholders stood at CNY 425-482 million, up 50%-70%. Comment Due to construction slowdown of new PV stations nationwide, net profit of the Companyis forecasted to increase by 3-38% YoY to CNY 164-221 million in Q4, in line withmarket expectations. Installed capacity of solar power plants will be added by 22GWannually on average per the target set in 13th Five Year Plan, helping equipmentmanufacturers sustain stable growth. As government announced to cut subsidy for theindustry in 16H2, we expect orders for relevant products to be placed at faster pace. With the spreading of new energy vehicles, auto companies are going to increasepurchase of electrical motors and controllers for their cars. Sungrow Power Supply hasbeen investing in this field for a long time leveraging its technical advantage in electricalindustry and is about to making profits from the business. Electrical power system requires more energy storage components to accept electricityfrom new sources (wind, solar, etc.). And US and Japan already launched subsidypolicy for energy storage enterprises. The Company cooperates with Samsung indeveloping batteries and energy storage systems which will be produced in large scale,fully prepared to embrace the boom. Musk is the leading IoE player on world stage with Solarcity (power generation),Powerwall (energy storage) and Tesla (application) under it. Sungrow Power Supplyreplicates its business layout and joins hands with Alibaba to work on maintenance software for PV stations, rising into the largest IoE group in China. Earnings Forecast and Investment Recommendations: We made EPS forecast forthe Company at CNY 0.72 in 2015, CNY 0.91 in 2016 and CNY 1.13 in 2017, implying24.86x/19.67x/15.84x PE. Reiterate OUTPERFORM. Potential Risks: less new installed capacity, slower-than-expected progress of newbusiness.
