Nuclear energy stocks:
One, Dongfang Electric (600875):
Domestic power generation equipment leader Dongfang Electric 2010 half-yearly report came out yesterday, the company's first half of the total operating income of 16.911 billion yuan, to create a net profit of 1.002 billion yuan, compared with the same period a year ago, an increase of 50.16%. From the composition of revenue point of view, thermal power business is still the company's overall revenue of the "main force", the contribution of revenue (10.302 billion) accounted for more than 60% of the overall proportion. At the same time, the positive impact of nuclear power business on the company's revenue is also increasingly reflected.
Dongfang Electric operating income increased by 8.93% year-on-year, mainly due to thermal power and nuclear power products sales revenue increased year-on-year, of which thermal power increased by 307 million yuan year-on-year, while the nuclear power increased by 922 million yuan over the same period a year ago to reach 1.461 billion yuan, an increase of up to 171%. Not only that, due to nuclear power and wind power gross profit margin over the same period last year grew faster, and nuclear power sales revenue increased significantly, under this pull, Dongfang Electric first half of the integrated operating profit margin also increased by 2.56 percentage points. According to the company, in the first half of the new 21.25 billion orders, nuclear power accounted for 16.3% of them.
In fact, looking up the recent brokerage research report is not difficult to find, the relevant institutions are optimistic about the company's nuclear power business development prospects. Guohai Securities latest research report pointed out that the nuclear power business will be the second half of the performance of Dongfang Electric growth point, the company's current nuclear power orders in hand 40 billion, is expected to achieve sales of 5 billion this year, 2011 is expected to reach 10 billion. According to the National Energy Board recently introduced 5 trillion new energy planning, the new 5 trillion yuan for nuclear power, wind power, smart grid, clean energy and new energy inputs, which has wind power and nuclear power business in terms of Dongfang Electric is undoubtedly a greater beneficiary. In addition, due to the nuclear power business to earnings growth contribution to the rapid rise earlier than expected, Gao Hua Securities also in June this year, upgraded the investment rating of Dongfang Electric.
In this context, the fund as the representative of institutional investors in the second quarter of the Dongfang Electric is mostly to take the position or hold the stock does not move the operating strategy. Semi-annual report shows that, in addition to the major shareholders and Hong Kong Central Clearing and Settlement, the company's remaining eight outstanding shareholders are still all occupied by institutions. Compared with the first quarter, the Bank of Communications Schroder increased its holdings of the most active, as of the end of June its **** there are three funds stationed, two of which have a significant increase in the behavior; and agribank hui li small-cap fund with 4 million shares of the shareholding in the second quarter of the new recent "kill"; in addition, the third largest liquidity owners of huaxia advantage of the growth (love base, net value, information) fund holdings also did not have a shareholding in the company's shareholdings. (Love base, net value, information) fund holdings have not been reduced. Due to the institution to increase the position is obvious, the top ten Oriental Electric circulation shareholders "threshold" also by the quarter of 3.7 million shares to 4 million shares.
Second, China's first heavy (601106):
With Dongfang Electric is similar, China's first heavy nuclear power business is also seen as the future development of the highlights. Although the company's operating income in the first half of this year fell 27% year-on-year, but its nuclear energy equipment business revenue has bucked the trend of year-on-year surge of 17 times, reaching 318 million yuan.
It is understood that China's first heavy is the earliest time to manufacture nuclear pressure vessels, the largest number of domestic, but also the most orders in hand, the company occupies about 80% of the market share of the domestic nuclear reactor pressure vessel. Nuclear forgings market, the company's share of about 80% -90%, forging the world's first 5.75-meter diameter million kilowatts of nuclear power evaporator cone, and the first in the country to undertake the world's first third-generation nuclear power plant AP1000 nuclear island a full set of forgings manufacturing tasks.
Despite the listing of China's first heavy party in February this year, but from its quarterly and semi-annual reports disclosed the shareholders, funds, brokerage firms and other institutional investors in the company listed on the stock market had a large build-up, not only that, the first through the under-the-net placing and access to a large number of China's first heavy shareholding of "Ping An system" of insurers, Founder Securities, etc. in the holdings After the release of the ban also did not sell a share, it is inferred that the purpose of its investment in China's first heavy should not lie in short-term profits but value investment.
BOC International has pointed out that the company's second-generation plus nuclear forgings to achieve mass production, third-generation AP1000 nuclear power forgings development has been a success, assumed the national large-scale advanced pressurized water reactors major special projects to complete the stage task, is expected to 2010 and 2011 will be the explosive growth of nuclear energy equipment business stage, nuclear power equipment in 2010, the proportion of revenues will be close to 18%, the nuclear power equipment. In 2010, the revenue share of nuclear power equipment will be nearly 18%, and in 2011, the revenue share of nuclear power equipment will reach 30%. It is expected that nuclear power equipment and large castings and forgings will become the main engine of the company's future earnings growth.
Three, Jiangsu Shentong (002438):
As a monopoly supplier of nuclear power ball valves, butterfly valves, nuclear power valves for two consecutive years, the capacity of the valve running at full capacity, the company almost monopolized the domestic nuclear power ball valves, butterfly valves market. And at the beginning of this month, the company has been identified by the CGNPC Engineering Company for Guangdong Yangjiang nuclear power plant unit 3-6 and Guangxi Fangchenggang nuclear power plant unit 1, 2 LOT190F nuclear island butterfly valve project of the winning unit, the winning amount of 126 million yuan. Founder Securities has published a research report pointed out that, with the rapid development of the nuclear power industry and the company's business structure optimization adjustment, Jiangsu Shentong nuclear power business revenue has increased from 4.99% in 2007 to 26.89% in 2009. It is expected that the company's 2010-2012 nuclear power business income were 147 million yuan, 250 million yuan and 357 million yuan, compound growth rate of 68.27%, while the revenue share will also be 26.89% in 2009 to 2012 to rapidly increase to 60.66%. Comprehensive consideration of the nuclear power industry's broad market prospects, the certainty of high-speed development and the company's future performance with the release of the capacity of the investment project potential for rapid growth, the company's performance has the potential to further exceed expectations.
Jiangsu Shentong unique positioning in the field of nuclear power also attracted the attention of institutions. The company's half-yearly report shows that although it was listed on June 23, but including Huaxia Industry Selection Fund, Western Securities, Oriental Securities and other five institutions in just six trading days thereafter, respectively, purchased 300,000 to 720,000 shares of the company, the degree of pursuit can be seen.
Four, Hailu Heavy Industry (002255):
The main industry in the first half of the new orders: (1) coking and iron and steel industry waste heat boiler order decline is more obvious, while the non-ferrous industry increased. (2) nuclear power equipment is still high margin processing business. (3) Pressure vessels are less, is expected to be more in the second half of the year.
Focus on new business expansion: with the Jiangsu Lufeng joint venture established Suzhou Hailu environmental energy engineering company, to carry out waste heat utilization engineering design, contracting and installation of business, joint venture between the two sides, respectively, manufacturing, market advantages. Currently there is a steel sintering desulfurization orders from Yonggang, worth more than 100 million yuan. Domestic in 2009 to start the steel sintering desulfurization market, the company entered at this time or favorable timing.
V, Fangda carbon (600516):
The company focuses on the development of carbon new materials. The company's carbon industry to keep pressure, "keep" is to ensure that special graphite as the representative of the rapid development of new carbon materials. The company's special graphite business through the acquisition and self-built two modes to promote industrial development. The company built 4000 tons of special graphite project can produce nuclear power graphite will be put into production in September; the acquisition of Chengdu Carbon to develop the isostatic graphite business in the expansion period, now has 4000 tons of isostatic graphite production capacity, special graphite production capacity of 12,000 tons. "The traditional carbon business represented by graphite electrodes will maintain stable production capacity and adjust the traditional product structure.
Needle coke prices are expected to fall, electrode profitability rebound. The company is the world's largest graphite electrode producer, with graphite electrode production capacity of 200,000 tons, the company's future direction of electrode development in favor of the "ultra-high large (ultra-high-power large-size graphite electrode)" route. The company has the only 4000-ton hydraulic press in China, and its large-size graphite electrodes have been exported to the United States. However, due to the monopolization of needle coke technology, which is an important raw material for high power and ultra-high power graphite electrodes, the cost of electrode remains high. With the domestic Jinzhou Petrochemical, Shanxi Hongte and Sinosteel Thermal Energy Institute in the needle coke production technology breakthroughs as well as new projects started production, foreign monopoly on the product is expected to be broken, the price will have a certain decline. Ultra-high power and high power electrode costs down, profitability is expected to rebound.
Six, China Steel Ji-Can (000928):
1. The company's main business is graphite electrode. Graphite electrodes are mainly used in electric furnace steelmaking (for special steel varieties, not for crude steel, accounting for less than 10% of the cost of steelmaking). The company believes that although our country is mainly used in crude steel, but the future market space of special steel has also been saturated, graphite electrode market capacity of the subsequent space is not much, the company will pay more attention to the adjustment of the product structure, increase the proportion of ultra-high-power graphite electrodes, at present the proportion of ordinary, high-power, ultra-high-power has been adjusted to 2: 4:4, the company plans to further expand to 0.5: 4: 5.5 in the future.
2. Civilian carbon fiber business is one of the company's main future attractions 1) the company's wholly-owned subsidiary Shenzhou carbon fiber limited liability company produces military carbon fiber, is the only one of the National Defense Science and Industry Commission to develop procurement enterprises, used in China's Shenzhou spacecraft series and other military defense products. But the annual amount of only 10 tons of carbon fiber (specifications for 1K-2K high-end products), the current selling price has been raised to a kilogram of 3300 yuan, gross profit margin of about 35%.
Seven, ha air conditioning (600202):
Company announced on January 22, 07 May company and Tenglong Aromatic Hydrocarbons Co., Ltd. signed a 9,800,000 yuan petrochemical air-cooling contract, the original delivery time for 08 January. The original delivery date was January 2008, but the project was suspended due to the delay in the construction of the project, so the contract for the supply of the project has been suspended. Now the company and Tenglong Aromatic Hydrocarbon Co., Ltd. formally resumed the above agreement, the delivery time for June 30, 2010, the contract amount remains unchanged at 98 million yuan.
Tenglong Aromatics 800,000 tons of PX project has been in the stage of delayed construction due to the problem of the site. 2009 early Development and Reform Commission formally approved, agreed to Xiamen Tenglong Aromatics project relocated to Zhangzhou Gulei Peninsula. At present, the company's petrochemical air cooler resumed delivery, which is expected.
As a result of more than two years, the current steel, aluminum and other raw material prices compared with May 07, down 9%, 15%. Under the condition that the contract amount remains unchanged, the gross profit margin of this petrochemical air-cooling will show a small increase compared with the middle of 2008, which is expected to be about 28%.
09 economic crisis makes the domestic ethylene, refining and other industries to reduce new capacity, petrochemical air-cooled also appeared in a period of low tide. But with the introduction of petrochemical industry revitalization planning rules, petrochemical air-cooled will also grow steadily. As most of the new production capacity of petrochemical revitalization plan will be put into production in 2010 and 2011, the petrochemical air-cooling industry is bullish in the long run. It is expected that the company's petrochemical air-cooled year-on-year growth of 10% to 15% in 2010.
VIII, Vol nuclear material (002130):
1, the company's main business for the centrifugal ductile iron pipe and ancillary fittings, iron and steel smelting and calendering, casting products, etc. The company is the world's leading casting pipe, steel smelting and calendering, casting products. The company is the world's leading cast pipe, ductile iron pipe production, technology, products in the world's leading level, the domestic market share is high, the products are sold in many countries and regions.
2, the main business is outstanding, the company's two main industries for the steel and ductile casting pipe, formed for the casting pipe as the main industry, with an annual output of up to 3 million tons of iron and steel integrated processing production enterprises, to achieve the world's "casting pipe three strong" goal.
3, the company over the years and continue to carry out the development of new products, with centrifugal casting process trial production of bimetallic composite pipe and high alloy steel pipe to achieve milestones, the company invested in centrifugal casting of steel pipe technology and equipment development project has basically have the conditions for the production has now entered the development of small batch production and multi-species.
Nine, wind high science (000967):
Fan, enameled wire business double-wheel drive company. The company's predecessor for the Shangyu fan factory, the company's fan business is currently to rail transportation and nuclear power and other areas of heavy-duty fan transformation; the company's enameled wire business for the share reform injected, the controlling subsidiary of Foshan City, Weiqi electrical materials limited the business of the operating body.
Metro, nuclear power fan high-growth coming, enameled wire industry shows signs of warming. Fan the traditional fan industry as a whole shows decadence, but the subway ventilation and air equipment to share the rail transportation construction feast, while the development of nuclear power also greatly boost the demand for nuclear HVAC equipment, in addition, the company is located in the enameled wire industry also began to show signs of warming.
Three years of grinding a sword, the company's fan business into the harvest period. After three years of product structure adjustment and the impact of the industry recession in 2009, the company in rail transportation and nuclear power fan business will enter a virtuous cycle stage, and began to make up for the initiative to give up the industrial and civil engineering fan business brought about by the loss of income.
The company's enameled wire business ascetic walk, limited growth. The company in the enameled wire business scale and position has been the first in southern China, but due to the low gross profit characteristics of the enameled wire business, profit contribution is limited, the recovery of the downstream industry in 2010 to a certain extent can be boosted by the performance of the business, but do not hope that the future of the high-speed growth of the level of profits will remain stable, we believe that the company's enameled wire business will be ascetic walking.
The controlling shareholder's capital operation way to give the strong column of external growth is expected. Throughout the Yingfeng Group in the capital market, a series of operations, its efforts to create a cross-industry diversified investment holding group, and the wind as the Yingfeng Group in the A stock market, the only operating platform, the group's many businesses will likely be through the wind and enter the capital market, thus entering the path of epitaxial expansion.
Ten, nuclear science and technology (000777):
The company's nuclear power valves sales revenue year-on-year growth. With more and more domestic nuclear power projects have begun construction, the company's nuclear power valve orders a substantial increase. During the reporting period, the company's nuclear power valves to achieve sales revenue of 64,854,800 yuan, an increase of 219% year-on-year, nuclear power valves accounted for the proportion of the main revenue from the same period last year, 7% to 25%; due to the first half of the delivery of the order is mostly from the sporadic maintenance market, the company's nuclear and chemical valves sales revenue of only 1,220,000 yuan, a year-on-year decline of 97%, but the project required nuclear and chemical valves large orders will be concentrated Delivery in the second half of the year, it is expected that the annual nuclear chemical valves will maintain a 15% growth rate. We expect that with the production of future investment projects, nuclear valves in the main share is expected to increase to about 50%.
Petrochemical valves declined year-on-year, and waterway valves maintained growth. During the reporting period, by the downstream petrochemical industry continued to be adversely affected by the downturn, the company's petrochemical power valves to achieve sales revenue of 154 million yuan, a year-on-year decline of 20.5%. The company increased the development of the water market, to undertake some of the large-scale water pipeline network construction project orders, the company's waterway valve sales revenue of 41.7455 million yuan, an increase of 49% year-on-year, the company's proportion of waterway valve revenue from 10% to 16%.
The profitability of the main business greatly improved. During the reporting period, the company's main gross profit margin was 26.49%, up 3.07 percentage points compared with the same period last year. Mainly due to the further optimization of the company's product structure, the proportion of higher gross margin nuclear power valves gradually increased, while the traditional petrochemical power valve business company focus on the development of higher value-added high-temperature, high-pressure special valves market, the relative batch size, but the unit price of low conventional valves order quantity has declined. We believe that in the future, with the gradual increase in the proportion of nuclear power valves, the company's main gross margin will also significantly improve.