Photovoltaic inverters are the domestic market. Photovoltaic inverters are supporting equipment for high-tech barriers, and the global market is basically monopolized by foreign companies such as SMA and KAKO. Sunlight Power is the only company with export performance in the information we track. In the first half of 2011, the export ratio was only 20%.
The industry surpassed expectations and ushered in the booming market. The benchmark price of photovoltaic power has similar characteristics with the wind power industry, and economical efficiency is the most important factor. As system costs continue to decline, the 10G target for PV during the 12th Five-Year Plan period is also expected to be achieved in advance.
The technical advantages of the "returnees" background. The company is one of the earliest companies engaged in photovoltaic inverter production in China and is one of the few companies with experience in the international market. Although the international share is not high, it still has the reference for competitive interpretation. The company and international companies are basically at the same technical level.
External pressure may be less than we thought. From the point of view of technology, the current relative level of photovoltaic inverters in China is far more than that of 2005. The increase in the proportion of domestic enterprises from 30% in 2005 to 90% in 2010 is enough for us to have full confidence in domestic companies leading the photovoltaic inverter market.
Have the ability to resist domestic price competition. The company's European efficiency (MPPT) is about 1 percentage point higher than the average level of domestic companies, and the corresponding value is around 0.15 yuan.
The proportion of value gradually decreased to strengthen the brand advantage. The proportion of photovoltaic inverters in the system is currently around 7%, which is a significant drop from over 10% in 2008. Therefore, prices may no longer be the core factor, and technical indicators such as reliability and stability will be further strengthened.
The level of gross profit margin is reasonable. From the perspective of technical difficulty and competition, photovoltaic inverters can be comparable to low-voltage inverters, and the current gross profit margin is about 45%.
Give "strongly recommended" rating. It is expected that the earnings per share in 2011, 2012 and 2013 will be 0.99 yuan, 1.53 yuan and 1.98 yuan respectively. The target P/E ratio after deducting interest income in 2012 and 2013 is 30 times and 25 times, respectively, and the corresponding price range is 42.00 yuan to 47.00 yuan. The current stock price is more than 30% upside, giving "strongly recommended" investment rating.
The industry surpassed expectations and ushered in the booming market. The benchmark price of photovoltaic power has similar characteristics with the wind power industry, and economical efficiency is the most important factor. As system costs continue to decline, the 10G target for PV during the 12th Five-Year Plan period is also expected to be achieved in advance.
The technical advantages of the "returnees" background. The company is one of the earliest companies engaged in photovoltaic inverter production in China and is one of the few companies with experience in the international market. Although the international share is not high, it still has the reference for competitive interpretation. The company and international companies are basically at the same technical level.
External pressure may be less than we thought. From the point of view of technology, the current relative level of photovoltaic inverters in China is far more than that of 2005. The increase in the proportion of domestic enterprises from 30% in 2005 to 90% in 2010 is enough for us to have full confidence in domestic companies leading the photovoltaic inverter market.
Have the ability to resist domestic price competition. The company's European efficiency (MPPT) is about 1 percentage point higher than the average level of domestic companies, and the corresponding value is around 0.15 yuan.
The proportion of value gradually decreased to strengthen the brand advantage. The proportion of photovoltaic inverters in the system is currently around 7%, which is a significant drop from over 10% in 2008. Therefore, prices may no longer be the core factor, and technical indicators such as reliability and stability will be further strengthened.
The level of gross profit margin is reasonable. From the perspective of technical difficulty and competition, photovoltaic inverters can be comparable to low-voltage inverters, and the current gross profit margin is about 45%.
Give "strongly recommended" rating. It is expected that the earnings per share in 2011, 2012 and 2013 will be 0.99 yuan, 1.53 yuan and 1.98 yuan respectively. The target P/E ratio after deducting interest income in 2012 and 2013 is 30 times and 25 times, respectively, and the corresponding price range is 42.00 yuan to 47.00 yuan. The current stock price is more than 30% upside, giving "strongly recommended" investment rating.
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