Weaker than expected economic recovery or frequency high voltage inverter orders fell
Revenue and net income increased 13% and 20% respectively, EPS is 0.
In the first half of the company's revenue and net profit of 3 respectively.
3. 9 billion and 45. 21 million yuan, an increase of 12, respectively.
91% and drop 20.
Decline in net profit is the main factors integrated gross margin fell by 3.
16% to 33.
57%, among them, the general high voltage frequency converter and high performance high voltage inverter gross margin fell 4 respectively.
34 and 6.
The rest of the factors including consortium guodian south from the new energy loss affect the profits and losses of 6. 71 million, wuhan base increasing 2. 61 million, depreciation and amortization of depreciation in 1. 51 million and 1. 17 million, increasing research and development make the management cost increase by 6. 98 million.
High voltage frequency converter orders fell, industry recovery rate lower than expected.
From the point of orders, the company in the first half of the order amount is 3.
3. 3 billion, year-on-year decline in 15.
The high voltage inverter 651, 23.
The amount of 77%, 2.
9. 9 billion, 21.
20%, the high voltage inverter price basically stable;
Low voltage frequency converter in 2812, increased by 309%, the amount is 33. 67 million, increased by 156%, the unit price down more, mainly to develop in the direction of small power, the product structure is more complete.
Which can be concluded that the macroeconomic recovery weaker than expected, including coal, iron and steel industry demand for high voltage frequency converter has slowed, so a significant drop in;
And in the low voltage side, the base of wuhan are below the company plans to level income and market expansion.
The future denotative expansion is a good way to bring growth more.
During the reporting period the company increased spending on research and development achievements include water-cooled frequency converter has formed series, developed in the 380 v and 1140 v high performance low pressure frequency converter, promote the industrialization of the third generation of frequency converter, etc.
Company in high voltage frequency conversion has become the first prize of the domestic market share, in the case of industry situation is not optimistic, denotative expansion will be a better way to bring growth.
And the company has been actively seeking denotative expansion, has been on the investigation of some projects and preliminary discussion cooperation conditions.
Is expected in 2013 EPS is 0.
41 yuan, downgrade to & other;
Overweight & throughout;
Given below the industry is expected, regardless of the possible future acquisitions cases, adjust the 2013/14/15 years of earnings per share forecast to 0.
61 yuan forecast, downgrade to overweight.