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雷达卡
【出版时间及名称】：20100223电力设备
【作者】：德意志银行
【文件格式】：pdf
【页数】：63
【目录或简介】：Table of ContentsInvestment outlook ........................................................................... 3
Risk/reward attractive again......................................................................................................3
Buy Shanghai Electric and Dongfang Electric ...........................................................................5
Valuation ..................................................................................................................................5
Risks ........................................................................................................................................6
Thermal outlook brightens ............................................................... 9
Accelerated NDRC thermal project approval since 4Q09 .........................................................9
Export market growth on track ...............................................................................................11
A leap in technology ...............................................................................................................12
We raise 2010 power demand growth to 12% from 9% .......................................................13
We raise our 2010-11 thermal output assumptions................................................................13
Nuclear power is a long-term driver.............................................. 14
Nuclear momentum remains strong in 2010-11......................................................................14
World’s leading nuclear manufacturing capacity by 2013.......................................................15
Service and maintenance market untapped............................................................................16
Power sector investment in 2009................................................... 17
Rmb756m equally split between generation and T&D............................................................17
Wind capacity doubled in 2009; the largest nuclear project pipeline in the world ..................17
Peers comparison in charts ............................................................ 19
Appendix A: NPP equipment market overview ............................ 23
Nuclear equipment cost breakdown.......................................................................................23
Key nuclear island equipment .................................................................................................24
Key conventional island equipment.........................................................................................29
Shanghai Electric............................................................................. 32
Dongfang Electric ............................................................................ 42
Harbin Power Equipment................................................................ 52
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