Beidahuang (600598): the company is currently China's largest and highest level of modernization of agricultural enterprises listed on the National Agricultural Industrialization Key Leading Enterprises, basically formed to the production of agricultural products, deep and intensive processing of agricultural products as the main production of fertilizers and other agricultural means of production as a supplement to the large-scale agricultural business pattern.
Lupin Hi-Tech (000998): relying on the father of hybrid rice, academician Yuan Longping and other outstanding agricultural scientists, technical support for the development of China's largest rice seed producers, the main business is to hybrid rice, vegetables, mainly high-tech crop seeds, seedling cultivation, promotion and sales, the level of research in the world's most forefront, and a firm grasp of the core technology. The company's awareness of brand building and brand protection has been continuously strengthened. The exposure rate of the brand in online media and news media is increasing, and the brand image of Lupin Hi-Tech as "Green, Healthy and Dedicated" is y rooted in people's hearts. Super hybrid rice has been written into the "Eleventh Five-Year Plan", the first and second phase of the goal has been realized in 2000 and 2004, and the third phase of the super hybrid rice with mu yield of 900 kilograms has been launched and is being developed. With the gradual implementation of national policies to vigorously develop the agricultural economy, hybrid rice will further expand the popularization of the area, and hybrid rice has been introduced in the United States and other more than 20 countries, hybrid rice international expansion of space is very great.
Fengle seed industry (000713): the company is China's leading seed industry, high-tech products to capture the market, core competitiveness. Through diversified investment to effectively avoid the risk of seasonal fluctuations in the seed industry, to protect the company's steady growth.
Photovoltaic
Tianwei Baochang, a leading solar energy industry: the only photovoltaic company with a complete industrial chain structure, the output value of the photovoltaic industry in 2006 will exceed 1 billion yuan, the end of April 2006 to start the third phase of the construction of the Tianwei Yingli project, with a total investment of 3 billion yuan, is expected to be completed in 2008, after the commissioning of the Tianwei Yingli's annual output of silicon wafers, cells and modules will reach 500 megawatts, annual sales revenue is expected to reach 500 megawatts, is expected to annual sales revenue of 16 billion yuan, profits of 3.5 billion yuan; in 2006 the project has formed 100 megawatts of solar cell production capacity (each megawatt requires 17 tons of polycrystalline silicon); also holds the largest raw material base of solar-grade polycrystalline silicon Xinguang Silicon Industry 35.66% stake.
TBEA (600089)
Transformer business, new energy, new materials business is TBEA's three major driving forces of profitable growth, the first half of the results show that its net profit increased by 118.79% year-on-year, mainly because of the company's products market demand remains strong, orders increased significantly, cost control is strong. In view of the company's indisputable leading position in the industry, and the company's stock price into a reasonable area, we maintain the company's "recommended" investment rating.
Transmission business is the company's main business, in 2007, the business revenue accounted for 87.33% of the company's total revenue, with the development of new energy and new materials business, the proportion will decline year by year, but its pillar position is unshakeable, especially in the field of ultra-high voltage company has made significant progress, the development of the world's first 1000 kV ultra-high voltage shunt reactor and the world's first ± 800 kV dry flat wave reactor. 800 kV dry flat wave reactor. With the accelerated development of China's extra-high voltage power grid construction, TBEA has made great progress in the field of high-voltage power transmission to compete with large foreign enterprises. From the 2008 State Grid transformer bidding situation, the company's share of the market in high-end products continues to increase, more than 500KV transformer market share has risen to 30%, from the company's orders on hand, high-voltage transformers accounted for more than 50%. In addition, from the point of view of profitability, the company's transformer products have a higher level of gross profit margin, over the years to maintain more than 20%, in the macro-environment of rising raw material prices, the company through the integration of the industrial chain, the conversion of the product structure, and other ways to effectively avoid the risk of guaranteeing the level of corporate profitability.
The company actively entered the photovoltaic power generation and other new energy fields, and continue to improve the photovoltaic industry chain, the company invested 300 million yuan in Xinjiang to build 1,500 tons / year polysilicon materials project, to solve the new energy company's raw material supply problems. The company plans to realize 3,000 tons of polysilicon production capacity in 2009, and 600 tons and 200MW wafer module production capacity in 2011. After the release of production capacity, the company will have a complete industrial chain from polysilicon - silicon wafers - cells - battery components, and effectively avoid the investment risks associated with price fluctuations of polysilicon.
Top Solar: a comprehensive solar cell manufacturing technology, conducive to market segmentation and to cope with risk
Silicon crystalline solar cells are the mainstay of the world photovoltaic solar energy market, including monocrystalline silicon solar cells, polycrystalline silicon solar cells and amorphous silicon solar cells. Due to the different manufacturing equipment and processes, there are very few companies globally where a single company can produce all three types of solar cells at the same time. So far, "Top Solar" is the only domestic enterprise that can simultaneously mass produce three kinds of solar cells, and the comprehensive solar cell manufacturing technology enables the enterprise to conveniently carry out market segmentation and cope with market risks.
Second, the solar cell production equipment independent research and development, significantly reducing production costs
China's solar cell production line are almost all imported from abroad, complete sets of equipment and production technology, expensive, "Tuorigi Xinneng" independent research and development, manufacturing solar cell production equipment, the current use of the production equipment The degree of self-manufacturing up to 70% or more, compared with similar enterprises, "Tuorig Xinneng" fixed asset investment scale is greatly reduced, low-cost expansion capacity and expansion cycle is greatly shortened.
Third, amorphous silicon solar cell manufacturing leading domestic, among the international first-class ranks
"Tuori-xineng" is the largest domestic production scale, the most technologically advanced amorphous silicon solar cell manufacturers, amorphous silicon solar cell production, exports for four consecutive years ranked first in the country. 2006, "Tuori-xineng" is the largest amorphous silicon solar cell manufacturers, amorphous silicon solar cell production, exports for four consecutive years ranked first in the country. "Rising Sun" successfully completed the Ministry of Science and Technology, "Tenth Five-Year Plan" in the only thin film battery project - "high-efficiency and low-cost amorphous silicon solar cell manufacturing process and industrialization technology Solar cell manufacturing process and industrialization technology", for the first time in China to use self-developed equipment to produce amorphous silicon battery stability efficiency of more than 5%; the company developed the "whole amorphous silicon photovoltaic cell curtain wall" won the United Nations Industrial Development Organization 2006 annual global renewable energy sector The company has won the "Blue Sky Award", which is one of the ten leading technologies with the most investment value in the field of renewable energy in 2006 by the United Nations Industrial Development Organization, and has undertaken the special project of the National Development and Reform Commission for the industrialization of new energy and new technology in 2006 - "25MW Photovoltaic Cell High-technology Industrialization Demonstration Project. ".
In the international market, the company's products have been sold in North America, Europe, Africa, Oceania, Asia, 51 countries and regions, into the Wallmart as the representative of Europe and the United States more than a dozen multinational retail chain supermarkets, and the establishment of eight foreign agencies. TOPRAYSOLAR brand in the international arena has a high degree of visibility, among the thin-film batteries in the global TOP10 ranks.
Fourth, the complete industrial chain, conducive to cost, quality control
In addition to the production of monocrystalline silicon, polycrystalline silicon, amorphous silicon solar cells, the company also produces a variety of specifications of solar modules and a wealth of solar applications. "Tuorig New Energy" has solar cell chip deep processing, mold making, plastic injection molding, packaging design, product assembly and technology research and development capabilities, the formation of a relatively complete industrial chain, so that the company can quickly and effectively to face the market, reduce costs, quality control.
V. Consumer products and engineering applications account for half of the world
The company produces monocrystalline silicon, polycrystalline silicon, amorphous silicon solar cell chips, solar cell windows and photovoltaic cell curtain wall, solar cell modules and power supply systems, flat-plate solar water heaters, wind-scenery complementary wind turbines and other products.
Six, capacity will be released soon, overseas orders stable growth
Top Sun (Leshan) Industrial Park construction for the development of crystalline silicon battery business to make important planning. The company announced that it will be in 2013 before the end of August, to invest 3 billion yuan to build the new energy (Leshan) photovoltaic industrial park, and is expected to complete the investment of 400 million yuan in 2008, 2009 mid-year completion of the investment of 750 million yuan. Polysilicon and amorphous silicon two types of products from the characteristics and uses difficult to form a mutual substitution relationship, the company relies on Leshan crystalline silicon resources to invest in the construction of solar cell industrial base, will effectively resolve the company's business is relatively centralized risk, and at the same time will continue to increase the company's profitability.
Crystalline silicon and amorphous silicon two industrial base embryonic establishment. From the point of view of the polysilicon project in Leshan, the company's intention to build two major production bases is obvious, that is, the establishment of a crystalline silicon cell-based production base in Leshan, and the establishment of amorphous silicon production bases in Shenzhen. The completion of the two production bases will form a better complementary relationship between the company's business.
The establishment of Shenzhen Top Solar Engineering Company, for the future development of planning. BIPV is the development of solar photovoltaic industry is an important application field, the establishment of the company's solar energy engineering company, the future development trend of the technology to make an important reserve, but also in the Top Solar (Shenzhen) Industrial Park PV demonstration project to play an important role in perfecting their own level of engineering.
Shenzhen industrial base and Leshan industrial base of a phase will be put into production in the first quarter of next year, by then, the company's production capacity will be focused on the release of crystalline silicon solar cell production capacity from 5MW to 20MW, amorphous silicon thin film battery production capacity from 10MW to 35MW, significantly increasing the company's operating income.
As the domestic has not yet introduced specific solar cell industry support policies and implementation details, solar power in the country is still in the demonstration stage, mostly for government projects, the market capacity is limited. The company's products are mainly oriented to overseas markets, 60-70% of sales revenue in Europe and the United States and other developed countries, about 30% of sales revenue from Africa, the country is mainly engaged in the installation project, the proportion is limited. The company's overseas orders continue to grow, has entered the world's 51 countries and regions, TOPRAYSOLAR has become an internationally recognized brand in the field of solar cells.
VII, facing the adjustment of industrial policy, energy price fluctuations, exchange rate changes risk
Solar energy industry is still in its infancy in the global arena, at present, solar power generation relative to the traditional thermal power generation construction costs are high, mainly relying on government subsidies and support, the adjustment of industrial policy in various countries on the development of solar energy industry is crucial;
As a traditional fossil energy substitutes, the national crude oil is the most important source of energy for the solar industry.
As a substitute for traditional fossil energy, the fluctuation of national crude oil prices will also have a significant impact on the development of solar energy industry, with the international crude oil prices from about 140 U.S. dollars / barrel of the high level of the current 60 U.S. dollars / barrel of the following, the solar energy industry is also facing a phased slowdown in the development of the situation;
The company's products are mainly oriented to overseas markets, it is inevitable that will bear the risk of fluctuations in the exchange rate to avoid unnecessary losses, the company has never signed a contract with the customer for a long time. In order to avoid unnecessary losses, the company has never signed long orders with customers, and the products are in line with the market, effectively resolving the risk of exchange rate fluctuations.
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