凯基证券：中国风电设备行业研究报告2009年10月(免费)

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Defensive qualities & overseas expansion are key
􀂄 Wind power sector growing mature, making overseas expansion important
In 2009, the growth of installed wind power capacity in China will be the highest in the
world. Despite strong installation growth in recent years, the ratio of wind farm-to-power
grid connection remains low, while concerns about blind investment have been raised by the
government. With regulations gradually being put into place, we expect China’s wind power
sector will expand steadily going forward, though at a slower rate than before. We
recommend as investment targets companies with defensive characteristics and overseas
expansion plans.
􀂄 Wind turbine suppliers – Cost control & overseas expansion are key
The wind turbine market has become a competitive arena this year and price pressure will
increase in 2010. To maintain long-term competiveness, wind turbine suppliers will have to
maintain cost control and diversify into overseas markets. We like companies with economies
of scale, in-house components production and proprietary technology, particularly Dongfang
Electric (600875.SS, Rmb47.95, OP) and Goldwind (002202.SZ, Rmb26.9, OP).
􀂄 Components suppliers – Supply-demand & overseas expansion are key
To diversify markets and customers and to boost margins, Chinese wind power components
suppliers have had to expand overseas. Most Asian and US wind turbine makers still source
components from outside, which has sustained healthy demand for Chinese-made gearbox
and bearing used in 2.0 megawatt (MW)-plus wind turbine. We like China High Speed
Transmission Equipment (00658.HK, HK$16.38, NR) and Tianma Bearing (002122.SZ,
Rmb26.5, OP) for effective overseas expansion. We also like Rongxin Power (002123.SZ,
Rmb36.65, NR), a close partner of Goldwind, as it is the first company in China to produce
high-voltage inverter used in MW-grade wind turbine.

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不错的资料，楼主辛苦！

楼主辛苦了，感谢............

不错的资料，楼主辛苦了！

谢谢楼主，正需要风电相关的资料

很不错的资料，国外的角度来分析国内风能的资料可以对照国内分析报告来看。

如果大腳叔叔每一份報告都不收錢就功德無量

good, thanks very much!

好东西，正好需要和方面的资料

谢谢分享！
1# bigfoot0518