Recently, large electric power equipment manufacturers such as Dongfang Electric (600875) and China Yizhong (601106) have successively disclosed large orders for nuclear power equipment. However, under the condition of full orders, existing nuclear power equipment suppliers still cannot meet the requirements of domestic nuclear power construction progress. In the next decade, the installed capacity of China’s nuclear power will expand enormously, and the RMB 500 billion market for nuclear power equipment will initially take shape.
Sichuan Kexin Electromechanical (300092) Co., Ltd. has applied for the qualification licenses for nuclear grades 2 and 3 equipment since 2009, but it has not yet arrived. In the industry's view, several major nuclear power equipment suppliers such as Shanghai Electric (601727), Dongfang Electric and China Yizhong are the most favored equipment suppliers for nuclear power operators. Private enterprises want to enter the nuclear power equipment market with “monopoly†colors, and solving the qualification issue is not easy.
Shenyin Wanguo analyst Li Xiaoguang believes that nuclear power is the first choice for new energy development in the future. According to the calculation of installed nuclear power capacity of 86 million kilowatts by 2020 and current installed capacity of 9.7 million kilowatts, China’s installed capacity will exceed 75 million kilowatts in the next 20 years. It is almost 8 times the current installed capacity.
According to industry sources, since 2010 is a low season for bidding, in order to complete the 2020 plan on time, it is likely that the peak demand of 12 tenders similar to that of 2008 will again occur in 2011, and the high degree of nuclear power construction will continue for at least 20 years.
Zhang Shuai, an analyst with Guojin Securities (600109), believes that within three years from this year, the nuclear power equipment manufacturing industry will enter the peak period of equipment delivery, and orders will gradually be converted into sales revenue. According to the calculation of the delivery of various nuclear power plant equipment, it is expected that the equipment industry revenue will increase by about 100% year-on-year this year.
Shanghai Electric (601727): Nuclear power business will enter the harvest
The company is one of the largest integrated equipment manufacturing groups in China. Its current focus is on the development of new energy businesses. It has made breakthroughs in nuclear power islands and wind power equipment and will continue to benefit from policies that support the development of new energy industries. In the first three quarters of 2010, Shanghai Electric performed a good overall performance. Its operating income increased by 6.6% year-on-year to 45.78 billion yuan, gross profit margin rose by 3.8%, and net profit was 2.37 billion yuan, an increase of 11.6% over the same period of last year.
Shanghai Electric's nuclear power business will enter the harvest period and become the main growth point for Shanghai Electric. As of September 30, 2010, Shanghai Electric's nuclear power business had orders of approximately RMB 37 billion. It is expected that the revenue in 2011 will reach RMB 4 billion, and from 2012 to 2013 will be the peak period of revenue. The gross profit margin will also be greatly increased due to the economies of scale. In addition, Shanghai Electric AP1000 technology is relatively mature, and the market share of the reactor components and control rods is as high as 100%.
Shanghai Electric has successfully developed some key equipment such as large-scale castings and forgings for nuclear power equipment, nuclear primary pumps and evaporator U-tubes, and it is expected to break through the bottleneck of imported nuclear power components and achieve 100% localization. At the same time, the company has mastered AP1000 and EPR two third-generation nuclear power technology nuclear islands and conventional island manufacturing capabilities.
The company's non-public issuance of the A share plan was approved by the China Securities Regulatory Commission. The scale of the proposed fundraising is not more than RMB 3.556 billion, of which no more than RMB 2.656 billion is intended for investment in the project, and the remaining part is intended to be used for supplementing working capital. The funds raised by the company this time will still be mainly invested in nuclear power, wind power, heavy industry and other core industries, further enhancing the company's core competitiveness.
Qunyi Securities analysts believe that Shanghai Electric's future revenue growth is still relatively stable and its growth is clear. It is estimated that the operating income will reach 63.38 billion yuan and 71.62 billion yuan respectively in 2010-2011, and the EPS (earnings per share) will be 0.224 yuan and 0.259 yuan respectively.
Dongfang Electric (600875): Fully enters the third generation of nuclear power
The company and France's hot Mongolian company have established an Oriental Areva nuclear pump company engaged in the production and sale of nuclear power main pumps. Cooperation method Guogemeng is the largest nuclear power equipment supplier in France, a wholly-owned subsidiary of French Famatong Company. It once undertook nuclear power main pump manufacturing in China's Daya Bay and Ling Ao nuclear power units. In addition, the Guangdong Ling Ao Nuclear Power Phase II project has also undertaken two mega-level nuclear power plant conventional islands and nuclear islands in Liaoning Hongyanhe and Fujian Ningde with a total contract value of over 10 billion yuan.
At the end of 2010, Dongfang Electric signed three contracts for thermal power project export, wind power project export, and nuclear power, totaling approximately RMB 20.4 billion, accounting for approximately 61% of the company's 2009 operating revenue. In an interview with a China Securities Journal reporter, the company’s top executives said that the performance of these three contracts will affect the company’s performance over the next three years, and the signing of the company’s nuclear power contract indicates that the company has fully mastered the third-generation nuclear power technology and is fully AP1000-oriented. Equipment supply.
Company officials said in this regard, “The 2.4 billion nuclear power supply contract signed this time is not really a big one, but this time it is the first AP1000 conventional island turbo generator unit supply contract, which was mainly used by the company’s products in the past. In the second generation of semi-nuclear power technology, the signing of this contract indicates that the company has begun to fully supply AP1000, including nuclear islands and conventional island equipment.†The nuclear power project will begin delivery in September 2013, March 2015 Complete the delivery beforehand.
Analysts pointed out that the company's conventional nuclear island T&G package complete sets of equipment are highly competitive, with a market share of more than 50% in the second-generation semi-nuclear power projects built in China. The maturity of the third-generation nuclear power technology has opened up a broader scope for the company's nuclear power business. space. According to company sources, the company’s current nuclear power orders have reached 40 billion yuan.
In recent years, Dongfang Electric has been making strategic adjustments to its product structure. In the past, the company’s production and sales of thermal power equipment have occupied an absolute majority. It is understood that in the new orders this year, the proportion of thermal power equipment has dropped to more than 50%, while others are clean energy power generation equipment. In the future development, thermal power equipment will still be the company's main product, but the proportion of clean energy power generation equipment such as nuclear power, wind power, and hydropower will continue to rise.
Analysts said that the company’s rapid increase in the proportion of its nuclear power business will significantly increase its overall profitability. The newly signed contract is mainly due to complete delivery at the beginning of 2011-2015. It is expected that the company's performance will maintain rapid growth from 2011 to 2012.
China Yizhong (601106) Status of Nuclear Power Industry Chain Upgraded
The company's biggest bright spot lies in the explosive growth potential of its nuclear power business segment. It is expected that the peak period of demand for nuclear power equipment will usher in 2011. As one of the most important suppliers of nuclear power equipment in China, China First will benefit from the explosive growth in the demand for nuclear power equipment. At present, China's one-tiered orders have been scheduled for production in 2013 and 2014. It is expected that the proportion of China's primary nuclear power equipment revenue in 2012 is expected to reach more than 20%, and the explosive growth of nuclear power business will drive the company's performance into a new growth track.
Orient Securities analysts believe that nuclear power business is the company’s continuous high growth nuclear power. The company has become the oligarch of large domestic nuclear power equipment. The monopoly of nuclear reaction pressure vessels, regulators, main pump casing castings and forgings, evaporator large forgings and other products has been at ease for the next three years. From 10,000 tons of hydraulic presses to today's nuclear reactor pressure vessels, the company’s competitiveness comes from the rigid demand brought about by the country's strategic development. We expect the company's nuclear power-related business revenue in 2010 is expected to exceed 1.3 billion yuan, the average annual growth rate in the next three years will reach more than 50%, nuclear power business has become the company's continued high growth nuclear power.
Hongyuan Securities (000562) analysts said that in addition to the new equipment market in the nuclear power industry chain, the future market for spare parts is also very large. It is estimated that around 2015, the first domestic equipment manufacturers will put into operation. Evaporator and regulator spare parts need to be replaced every year, and the unit price is higher than that of the equipment. China Yizhong (601106) estimates its market size is 10 billion yuan each year, and Guangnong estimates its annual demand of 16 billion yuan. If the company strengthens cooperation with downstream companies, it will gain a larger share.
The company’s position in the nuclear power industry chain continues to increase. At present, the supply and demand of nuclear power forgings is basically balanced, and China has a high market share. The unique nuclear power forgings manufacturing position in China is the core competitiveness of the company in the nuclear power industry chain. The company is playing its right to speak in the industry chain competition. Since nuclear islands have become over-capacity in the production of main equipment, a heavy thought is to strengthen cooperation with downstream companies, and its development prospects are worth looking forward to. Judging from the market's expectations for nuclear power planning in 2020, the average annual number of units to be launched in the next decade will be 8 to 12 units. It is expected that another nuclear power tendering peak will occur in 2011. It is expected that the company's 2010 and 2011 earnings per share will be 0.17 yuan and 0.32 yuan respectively.
Sichuan Kexin Electromechanical (300092) Co., Ltd. has applied for the qualification licenses for nuclear grades 2 and 3 equipment since 2009, but it has not yet arrived. In the industry's view, several major nuclear power equipment suppliers such as Shanghai Electric (601727), Dongfang Electric and China Yizhong are the most favored equipment suppliers for nuclear power operators. Private enterprises want to enter the nuclear power equipment market with “monopoly†colors, and solving the qualification issue is not easy.
Shenyin Wanguo analyst Li Xiaoguang believes that nuclear power is the first choice for new energy development in the future. According to the calculation of installed nuclear power capacity of 86 million kilowatts by 2020 and current installed capacity of 9.7 million kilowatts, China’s installed capacity will exceed 75 million kilowatts in the next 20 years. It is almost 8 times the current installed capacity.
According to industry sources, since 2010 is a low season for bidding, in order to complete the 2020 plan on time, it is likely that the peak demand of 12 tenders similar to that of 2008 will again occur in 2011, and the high degree of nuclear power construction will continue for at least 20 years.
Zhang Shuai, an analyst with Guojin Securities (600109), believes that within three years from this year, the nuclear power equipment manufacturing industry will enter the peak period of equipment delivery, and orders will gradually be converted into sales revenue. According to the calculation of the delivery of various nuclear power plant equipment, it is expected that the equipment industry revenue will increase by about 100% year-on-year this year.
Shanghai Electric (601727): Nuclear power business will enter the harvest
The company is one of the largest integrated equipment manufacturing groups in China. Its current focus is on the development of new energy businesses. It has made breakthroughs in nuclear power islands and wind power equipment and will continue to benefit from policies that support the development of new energy industries. In the first three quarters of 2010, Shanghai Electric performed a good overall performance. Its operating income increased by 6.6% year-on-year to 45.78 billion yuan, gross profit margin rose by 3.8%, and net profit was 2.37 billion yuan, an increase of 11.6% over the same period of last year.
Shanghai Electric's nuclear power business will enter the harvest period and become the main growth point for Shanghai Electric. As of September 30, 2010, Shanghai Electric's nuclear power business had orders of approximately RMB 37 billion. It is expected that the revenue in 2011 will reach RMB 4 billion, and from 2012 to 2013 will be the peak period of revenue. The gross profit margin will also be greatly increased due to the economies of scale. In addition, Shanghai Electric AP1000 technology is relatively mature, and the market share of the reactor components and control rods is as high as 100%.
Shanghai Electric has successfully developed some key equipment such as large-scale castings and forgings for nuclear power equipment, nuclear primary pumps and evaporator U-tubes, and it is expected to break through the bottleneck of imported nuclear power components and achieve 100% localization. At the same time, the company has mastered AP1000 and EPR two third-generation nuclear power technology nuclear islands and conventional island manufacturing capabilities.
The company's non-public issuance of the A share plan was approved by the China Securities Regulatory Commission. The scale of the proposed fundraising is not more than RMB 3.556 billion, of which no more than RMB 2.656 billion is intended for investment in the project, and the remaining part is intended to be used for supplementing working capital. The funds raised by the company this time will still be mainly invested in nuclear power, wind power, heavy industry and other core industries, further enhancing the company's core competitiveness.
Qunyi Securities analysts believe that Shanghai Electric's future revenue growth is still relatively stable and its growth is clear. It is estimated that the operating income will reach 63.38 billion yuan and 71.62 billion yuan respectively in 2010-2011, and the EPS (earnings per share) will be 0.224 yuan and 0.259 yuan respectively.
Dongfang Electric (600875): Fully enters the third generation of nuclear power
The company and France's hot Mongolian company have established an Oriental Areva nuclear pump company engaged in the production and sale of nuclear power main pumps. Cooperation method Guogemeng is the largest nuclear power equipment supplier in France, a wholly-owned subsidiary of French Famatong Company. It once undertook nuclear power main pump manufacturing in China's Daya Bay and Ling Ao nuclear power units. In addition, the Guangdong Ling Ao Nuclear Power Phase II project has also undertaken two mega-level nuclear power plant conventional islands and nuclear islands in Liaoning Hongyanhe and Fujian Ningde with a total contract value of over 10 billion yuan.
At the end of 2010, Dongfang Electric signed three contracts for thermal power project export, wind power project export, and nuclear power, totaling approximately RMB 20.4 billion, accounting for approximately 61% of the company's 2009 operating revenue. In an interview with a China Securities Journal reporter, the company’s top executives said that the performance of these three contracts will affect the company’s performance over the next three years, and the signing of the company’s nuclear power contract indicates that the company has fully mastered the third-generation nuclear power technology and is fully AP1000-oriented. Equipment supply.
Company officials said in this regard, “The 2.4 billion nuclear power supply contract signed this time is not really a big one, but this time it is the first AP1000 conventional island turbo generator unit supply contract, which was mainly used by the company’s products in the past. In the second generation of semi-nuclear power technology, the signing of this contract indicates that the company has begun to fully supply AP1000, including nuclear islands and conventional island equipment.†The nuclear power project will begin delivery in September 2013, March 2015 Complete the delivery beforehand.
Analysts pointed out that the company's conventional nuclear island T&G package complete sets of equipment are highly competitive, with a market share of more than 50% in the second-generation semi-nuclear power projects built in China. The maturity of the third-generation nuclear power technology has opened up a broader scope for the company's nuclear power business. space. According to company sources, the company’s current nuclear power orders have reached 40 billion yuan.
In recent years, Dongfang Electric has been making strategic adjustments to its product structure. In the past, the company’s production and sales of thermal power equipment have occupied an absolute majority. It is understood that in the new orders this year, the proportion of thermal power equipment has dropped to more than 50%, while others are clean energy power generation equipment. In the future development, thermal power equipment will still be the company's main product, but the proportion of clean energy power generation equipment such as nuclear power, wind power, and hydropower will continue to rise.
Analysts said that the company’s rapid increase in the proportion of its nuclear power business will significantly increase its overall profitability. The newly signed contract is mainly due to complete delivery at the beginning of 2011-2015. It is expected that the company's performance will maintain rapid growth from 2011 to 2012.
China Yizhong (601106) Status of Nuclear Power Industry Chain Upgraded
The company's biggest bright spot lies in the explosive growth potential of its nuclear power business segment. It is expected that the peak period of demand for nuclear power equipment will usher in 2011. As one of the most important suppliers of nuclear power equipment in China, China First will benefit from the explosive growth in the demand for nuclear power equipment. At present, China's one-tiered orders have been scheduled for production in 2013 and 2014. It is expected that the proportion of China's primary nuclear power equipment revenue in 2012 is expected to reach more than 20%, and the explosive growth of nuclear power business will drive the company's performance into a new growth track.
Orient Securities analysts believe that nuclear power business is the company’s continuous high growth nuclear power. The company has become the oligarch of large domestic nuclear power equipment. The monopoly of nuclear reaction pressure vessels, regulators, main pump casing castings and forgings, evaporator large forgings and other products has been at ease for the next three years. From 10,000 tons of hydraulic presses to today's nuclear reactor pressure vessels, the company’s competitiveness comes from the rigid demand brought about by the country's strategic development. We expect the company's nuclear power-related business revenue in 2010 is expected to exceed 1.3 billion yuan, the average annual growth rate in the next three years will reach more than 50%, nuclear power business has become the company's continued high growth nuclear power.
Hongyuan Securities (000562) analysts said that in addition to the new equipment market in the nuclear power industry chain, the future market for spare parts is also very large. It is estimated that around 2015, the first domestic equipment manufacturers will put into operation. Evaporator and regulator spare parts need to be replaced every year, and the unit price is higher than that of the equipment. China Yizhong (601106) estimates its market size is 10 billion yuan each year, and Guangnong estimates its annual demand of 16 billion yuan. If the company strengthens cooperation with downstream companies, it will gain a larger share.
The company’s position in the nuclear power industry chain continues to increase. At present, the supply and demand of nuclear power forgings is basically balanced, and China has a high market share. The unique nuclear power forgings manufacturing position in China is the core competitiveness of the company in the nuclear power industry chain. The company is playing its right to speak in the industry chain competition. Since nuclear islands have become over-capacity in the production of main equipment, a heavy thought is to strengthen cooperation with downstream companies, and its development prospects are worth looking forward to. Judging from the market's expectations for nuclear power planning in 2020, the average annual number of units to be launched in the next decade will be 8 to 12 units. It is expected that another nuclear power tendering peak will occur in 2011. It is expected that the company's 2010 and 2011 earnings per share will be 0.17 yuan and 0.32 yuan respectively.