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
five individual companies. We believe long-term growth in China’s power capacity
installations is far from mature 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
of fuel mix and grid balance bring new opportunities for an oligopolistic equipment
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
international growth (Shanghai Electric – 2727 HK and Dongfang Electric – 1072 HK)
and are cautious on ones with high exposure to slowing coal and wind markets.