Sunshine Power: Inverters PV power plant EPC exports and become a new growth point

PV power plant EPC become a new growth point, optimistic about its sustainability ; this year 's new PV power plant system integration business in the first half revenue 266 million yuan , 600 million yuan annual target to become the new company's revenue and profit growth point ;

    We believe that companies with substantial cash in hand , cash sine wave inverter business good manufacturing capabilities, as well as management and Gansu, Anhui and other places of good government relations, participation in domestic photovoltaic power plant development business of private enterprises has certain advantages, recently the company and Anhui , Xinjiang and other places of power plant development agreement signed also to some extent to the new business continuity is ensured.

    Inverter business to maintain rapid growth , gross margins continue to stabilize the export breakthrough ;

    Company after deducting EPC business revenue growth of 26 %, including photovoltaic inverter revenue growth of 24% , taking into account the product price fell by nearly 30% , so the actual inverter sales remained relatively rapid growth in the fierce domestic market competition , the company's market share remained good ; half gross margin of 30.1% inverter with flat second half of 2012 , continued to show signs of stabilization stabilized ; we believe that , although the market remains competitive , but with the domestic PV Power market matures, the core competitiveness of inverter products from the price factor will gradually transition to product quality , product gross margin is expected to remain stable or even picked up ;

    Notably , the company in the first half of overseas sales revenue reached 77.32 million yuan , an increase of 230% , mainly photovoltaic inverter exports ; We believe that with the growth of domestic capacity , the company as the first brand in China Inverter , product quality and stability is expected to gradually gain recognition overseas customers , the future is expected to gradually increase the proportion of export sales ;

    Earnings adjustment

    We are the company 's latest earnings forecast for the 2013 ~ 2015E EPS respectively , 0.53,0.74,0.96 yuan ( which in 2013/14 compared with the previous forecasts by 8% and 5% ) , the next two years net profit CAGR 34 % .

    Investment advice

    Company as the first PV inverter market share of the enterprise, is the sector to benefit Chinese government launched the PV domestic policy-oriented subject of one of the most straightforward ; Companies leading position stable, steady rise of profitability , new business and overseas markets the breakthrough, optimistic about the company 's continuing growth , maintaining a "buy " rating.