Barclays Capital中国电力设备行业最新首次关注（119页）

We initiate coverage of the China Power Equipment sector with a 1-Positive view and on
fiveindividualcompanies. Webelievelong-termgrowthinChina’spowercapacity
installations is far frommature and see upside to State targets (2,140 GW by 2020 vs.
China Electricity Council’s 1,930 GW).In the near term, China’s focus on diversification
offuelmixandgridbalancebringnewopportunitiesforanoligopolisticequipment
market, which we think is not fully reflected in valuation (sector near historical lows at
~8.4x forward P/E).We favour names with heavy exposure to nuclear/natural gas and
internationalgrowth(ShanghaiElectric–2727HKandDongfangElectric–1072HK)
and are cautious on ones with high exposure to slowing coal and wind markets.