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Tongyu Main Product:glue gun ,glue stick Technic sustaining:Hangzhou Chuangyi

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China instrument gas: electrical equipment business is growing rapidly fan order enough

Electric power equipment business growth and become the company's "cash cow" : the company in the first half of 2007 overcome the raw material such as copper, stainless steel prices rising costs of pressure, electrical equipment business has maintained a rapid growth. According to our company in q1 2007, the understanding of the main business data and electric equipment, fan industry of 2 quarter industry statistical data analysis, expect the company holding complete sets of equipment and electric power equipment company 1-2007 in May sales revenue will exceed 160 million yuan, an increase of more than 40%. HuaYi technology company sales income is 2007 years 1-5 months will be more than 130 million yuan, an increase of more than 100%. According to the company the downstream customer for more than the power, power company, and in the end of the previous year signed most future annual electrical equipment product order, so the second half a year to electrical equipment business growth often good in the first half of the year. We had expected 2007 annual company set of equipment and electric power equipment sales income 3.5-400 million yuan,glue gun HuaYi technology sales revenue exceeds 200 million yuan, total electrical equipment sales income after business can be expected to more than 600 million yuan, up 100%. According to the current state of operation, power equipment sales income is expected to business for 7-800 million yuan, and the power equipment business has become the company's cash cows. In the first half of 2007 wind power equipment company has not yet been contribution business profits, all profits from the electric equipment business, expected in the first half of 2007 the company earnings per share of 0.20 yuan. According to our electric power equipment industry of the "eleventh five-year plan" compound annual growth rate of more than 20% forecast, the future of the main attack high voltage switch products and distribution network automation products will be more share industry growth, the electric power equipment business this year in the future will keep the rate of growth of more than 30%.

Finishing workshop transformation completed, and the annual fan 300 or more. The company had no special production fan site, in HuaYi technology finishing workshop inaugurated a area for production, because the soft foundation, and the height limit workshop, not a large-scale batch production, so the company implement technology modification, from the beginning of the year transformation, now has basic completion. The finishing workshop after modification,glue stick at present is put into use, production fan, annual production of 300-400 is 780 KW of fans. We visit the foundations of the workshop see when the settlement treatment, can withstand large tonnage products to load, heightening the roof 1 m, bought two sets of rail crane, lifting tonnage of 10 tons and 32 tons. Workshop ground placed 12 sets installed base, 4 sets the cover, the 3 sets the yaw system components, the rest of the motor, gear box, etc. Parts of recently will the arrival of the goods. The company for the fully closed the workshop, the company's current machine assembly progress can reach two a day the speed of the two sets of assembly. The company can produce fan are expected this year 30-70 pieces (unit price: RMB 2.9 million/Taiwan not including tax price), sales income of 0.87-203 million yuan, according to 15% of net interest rate that can contribute net profit of 1740-40.6 million yuan, or $0.23 to $0.10 a share.

Fan parts supply system is guaranteed. The company currently fan manufacture the main problem facing is spare parts supply problems. In order to ensure timely arrival of the key parts, the company took part parts purchasing fan full advance payment method; In addition, the company relies on to WuYunDong led by professor core technology experts in the wind power industry within years of contacts strive for as far as possible more fan spare parts supply. At present the company of the fan blade, gear box, motor products are basic determined the corresponding production factory, 780 KW fan blades of the HuiTeng and Shanghai institute of catic glass fiber reinforced plastic products, 1.5 MW fan blade may adopt even all the products removed, gear box adopts chongqing company and hangzhou xiaoshan company products, motor and motor has the product. The company in order to ensure the stability of the supply system components, is actively cultivate their spare parts supply system, including to provide financial and human parts enterprise support.

In the two years fan order very full, the multi-megawatt wind turbines 08 can batch production, we expect the company in the two years of order will be very full, foreign, shandong, jiangsu, and many of the wind power plant to customers here to stay, and ordered the company to negotiate fan affairs; The company's current management personnel out almost all the wind power plant parts suppliers and study. In 2008, the company is expected to order will reach 350 or more, the market for the company had plenty of concerns about whether the fan order it can completely eliminate.

The development of the company the multi-megawatt wind turbines are being nervous, is expected to end will output a prototype, batch production next year. We expect that in 2007 the company can produce the multi-megawatt wind turbines 50 Taiwan, unit price is 8.3 million yuan/Taiwan (not including tax price), sales income may amount to 415 million yuan, the net interest rate calculated according to 20%, contribution earnings per share is 0.48 yuan.

Project key investment projects by fan. Companies by project mainly used in electric power equipment and wind power business, plan by 20 million strands, the financing 600 million yuan, of which 390 million yuan for the multi-megawatt wind turbines technical development and industrialization, is four project investment most; glue stickIn addition 780 KW fan industrialization equipment technical renovation programs of the investment of 160 million yuan RMB, the fan business project financing accounted for more than 85% of the total, visible business has become a fan in the development of the company of focus. Shares in 31-price is expected to 35 yuan/strands, may in the end of this year it would. Shares of the four projects in parts have filed start so can be effective at the end of the year.

The profit forecast and investment advice. According to our profit forecast, the company 2007-2009 earnings per share for $0.71, 1.69 yuan and 3.18 yuan, including fan for 24.65% of products contribution, 56.19%, 64.42%. According to haitong valuation model, the company's target price of 80.51 yuan, now 100.57% undervalued, therefore continue to remain "buy" rating.

Main uncertain factors. The multi-megawatt wind turbines development progress, fan of key parts supply, additional equity offer, the project schedule.

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