发帖
雷达卡
【出版时间及名称】：2010年2月中国风电行业研究报告
【作者】：元大京华
【文件格式】：PDF
【页数】：152
【目录或简介】：
Table of contents
Investment recommendation................................................................................... 4
Industry overview.................................................................................................... 9
Grid connectivity to be improved in China ...................................................... 20
Wind turbine component composition ............................................................ 22
China wind turbine manufacturers.................................................................. 27
Wind turbine characteristic analysis ................................................................ 31
Direct-drive technology: the next trend.......................................................... 34
Offshore wind farms in China ......................................................................... 40
China wind power project IRR ......................................................................... 43
Clean Development Mechanism in China ........................................................ 45
China Energine (1185 HK); BUY ........................................................................... 48
Investment thesis............................................................................................ 49
Valuation ........................................................................................................ 54
Earnings outlook............................................................................................. 56
Company overview.......................................................................................... 61
Market analysis............................................................................................... 62
Company strategy........................................................................................... 66
Risks to our investment thesis ........................................................................ 67
Company structure ......................................................................................... 68
China Windpower Group (182 HK); BUY................................................................ 71
Investment thesis............................................................................................ 72
Valuation ........................................................................................................ 77
Earnings outlook............................................................................................. 81
Cash flow and balance sheet........................................................................... 84
Company overview.......................................................................................... 86
Risks to investment recommendation ............................................................. 92
CHST (658 HK); BUY ............................................................................................ 94
Investment thesis............................................................................................ 95
Valuation ...................................................................................................... 100
Earnings outlook........................................................................................... 102
Cash flow and balance sheet......................................................................... 106
Investment considerations ............................................................................ 108
Company overview........................................................................................ 110
Company structure ....................................................................................... 112
Market analysis............................................................................................. 114
Risks to investment recommendation ........................................................... 117
Longyuan (916 HK); HOLD................................................................................. 120
Investment thesis.......................................................................................... 121
Valuation ...................................................................................................... 124
Earnings outlook........................................................................................... 127
Cash flow and balance sheet......................................................................... 129
Company overview........................................................................................ 131
Company structure ....................................................................................... 134
Market analysis............................................................................................. 136
Risks to our investment recommendation..................................................... 141
CPNE (735 HK); BUY .......................................................................................... 143
Valuation ...................................................................................................... 144
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