报告名称：NARI Tech Alert(600406)Access China conference highlights 2016
报告类型：点评报告
报告日期：2016-01-13
研究机构：德意志银行
股票名称：国电南瑞
股票代码：600406
页数：1
简介：NARI Tech attended our dbAccess China Conference and we summarize ourkey takeaways below.
2015 new orders: New orders in 2015 (2014: Rmb16.8bn) were flat yoy whilethe total order backlog by end-2015 (end-2014: Rmb10.6bn) is up yoy, whichwill provide more visibility of higher revenue into 2016, according tomanagement. Among the new orders in 2015, management estimates singledigitgrowth in grid dispatch products (upgrade demand) and 40-50% increasein renewable energy generation (more solar EPC contracts), as well as energyconservation & environmental protection products, which should fully offsetthe decline in industrial control (mainly rail transportation) due to the absenceof the Ninghe PPP project (c.Rmb2bn).
2016 outlook: Management is confident that the company will deliver a betteroverall performance in 2016 than in 2015, based on the current order book. Itcontinues to regard distribution automation, renewable power generation andenergy conservation & environmental protection as the three growth drivers.
Distribution automation: Management indicates that 2016 might be a startupyear for the Rmb2tr distribution investment plan (2015-20) set earlier by NEA,while the market is likely to see a more evident investment scale-up from 2017.In addition, the initial distribution investment should be more tilted towardsprimary equipment, followed by secondary automation investment later.
Energy conservation & environmental protection: Distribution system energysaving products for gridco account for a large portion of the business.Management is leveraging its competitive advantage in distributionautomation to further expand its distribution energy saving business. EVcharging equipment sales are also expected to improve in 2016, according tomanagement. Other new products include ship charging equipment.
Parentco asset injection: Management believes that the parentco’s promise toinject three subsidiaries (incl. NR Electric) by Nov-2016 is still intact, yet thedetailed asset restructuring/financing plan remains uncertain.

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