瑞士银行：中国风电设备行业研究报告2009年1月

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<p>G rowth outlook remains robust<br/>􀂄 Expect high growth in wind farm capacity in China<br/>After recording an 81% CAGR in 2003-08E, we expect the installed wind farm<br/>capacity in China to maintain its resilient growth momentum. Our annual installation<br/>estimates are 6GW in 2009 and 7GW in 2010 (representing growth rates of 54% and<br/>41%, respectively). We think this growth will be driven by strong government<br/>support through favourable policies and mandatory portfolio standards.<br/>􀂄 Impact from economic slowdown should be limited<br/>We expect larger state-owned power producers to accelerate wind farm capacity<br/>additions to meet the government’s mandatory portfolio target. In addition, the capex<br/>on wind farms is small, relative to the large power producers’ total planned<br/>investment. There could also be upside from recent government measures to<br/>stimulate the economy. We believe this should more than offset a possible slowdown<br/>in capex by smaller private developers.<br/>􀂄 Leading wind power equipment producers should benefit<br/>The rapid growth of China’s wind farm capacity has positive implications,<br/>particularly for leading turbine/component producers with better product quality,<br/>which have sufficient orders on hand to avoid a sales slowdown. Meanwhile, the<br/>product quality of domestic producers is yet to be tested through long-term operation.<br/>􀂄 Vestas remains our top pick (Buy), Nordex (Sell) our least preferred<br/>Our top pick among the wind power turbine makers under UBS coverage is Vestas<br/>Wind Systems (Vestas), which has an 11% market share in China. We prefer Vestas<br/>because of its best-in-class profitability, resilient order intake trend and significant<br/>US exposure, where we expect a strong increase in government support for wind<br/>power. Nordex remains our least preferred stock in this sector due to its structural<br/>size disadvantages.</p><p>China’s wind farm capacity growth still robust 3<br/>— Minimal impact from economic slowdown.............................................................3<br/>— Challenges ahead yet to be resolved ...................................................................4<br/>— Key beneficiaries: leading equipment makers.......................................................4<br/>— Top pick Vestas; least preferred Nordex...............................................................8<br/>Company pages 9<br/>— Vestas Wind Systems ........................................................................................10<br/>— Suzlon Energy....................................................................................................13<br/>— Hansen Transmissions.......................................................................................16<br/>— Nordex AG .........................................................................................................19<br/>Appendix: Non-covered companies 23<br/>— Goldwind Science and Technology ....................................................................24<br/>— China High Speed Transmission ........................................................................27</p><p></p><p> 291552.pdf (388.41 KB, 需要: 500 个论坛币)

2009-2-8 10:12:00 上传

瑞银：中国风电设备行业研究报告2009年1月
需要: 500 个论坛币  [购买]

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关键词：风电设备行业 行业研究报告 研究报告 瑞士银行 行业研究

报告很有价值，但太贵，不适合一般浏览者能不能发一份给我，谢谢，邮箱：yyq3072@sina.com

愤怒，骗人，无多大价值

后来者集体抵制水货

很不错的报告，能否发一份给我elieencao@hotmail.com，多谢！！！

请问楼主是英文的吗?

需要，能不能发一个到maozixifa@yahoo.cn，500币也真买不起啊

太贵了。风电的核心技术大都在老外手里如 Vestas 、Suzlon 、 Hansen、Nordex ；风电设备用个5年以上你就知道差别在哪里了

谢谢楼主。。。。。

too cost!