Siyuan Electric (002028) coverage report for the first time: the main business has comprehensively promoted the continuous growth of orders in hand

Siyuan Electric (002028) coverage report for the first time: the main business has comprehensively promoted the continuous growth of orders in hand

Introduction to this report: Siyuan Electric is exploring both on- and off-grid markets. Orders have continued to grow and performance has grown rapidly. It adheres to research and development orientation and actively develops new businesses.

The 都市夜网 first coverage was given a “cautious overweight” rating.

Investment Highlights: Cover for the first time and give a “cautious overweight” rating.

It is expected that EPS for 2019-2021 will be 0.

73, 0.

87, 0.

99 yuan, a compound annual growth rate of 16% in 2019-2021, with reference to indicators such as Guodian Nanrui, Xu Ji Electric, and Pinggao Electric in the power equipment industry category. 18 times PE in 2019 is reasonable and a target price of 13 is given.

14 yuan.

The domestic and overseas markets have developed smoothly, and orders have maintained rapid growth.

The company is one of the few manufacturers in the industry that can cover the manufacturing and solutions of primary equipment, secondary equipment, and power electronic devices in the power system. After acquiring the Toshiba brand transformer production line, the company’s reputation in the overseas market is obviousPromotion.

Focusing on the power transmission and distribution industry for a long time, it has obvious advantages in the areas of customer resources, technical level, management and cost. In addition to actively increasing the share of centralized bidding of the State Grid and China Southern Power Grid, it continues to develop new energy generation, rail transit, metallurgy, petrochemical and other industries.
At the same time, vigorously explore overseas markets, the effect is even more significant.

The performance is the rapid increase in orders, with 74 new orders in 2018.

800 million, ten years +20.

5%; new orders in the first half of 2019 were 410,000 yuan, an annual increase of 42%.

Actively develop new business directions such as smart substations and emergency power supply, and adhere to research and development guidance.

While the traditional main business keeps growing, the new business industry has achieved good results. In the substation intelligent operation and maintenance, mobile substation solutions and leasing, new products have achieved market breakthroughs. The application of super capacitors in passenger cars has alsoProgress has been made.

Technical guidance for research and development funding.

The company already has more mature primary equipment, secondary equipment and other product manufacturing and solution capabilities, and has many industry-leading core technologies.

The 北京夜网 company always pays attention to the continuous accumulation and introduction of product technology, and the product continues to lead.

The company’s ability to continuously launch new products is R & D capability, and it is proactive to develop new areas such as flexible DC, photovoltaic technology, new energy, and energy storage.


New orders continued to grow.

risk warning.

Risks of overseas EPC projects include exchange rate changes, local policies, etc.