The hottest UHV overseas business trend is good, a

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UHV overseas business trend is good, performance is flexible, and China XD is the enterprise with the strongest comprehensive strength in the field of transmission and transformation primary equipment. As the first of the top 100 electric companies in China, the company's competitiveness is mainly reflected in the complete range of product voltage levels, the richest variety of products, complete set manufacturing and EPC service capabilities, and advanced R & D and testing equipment. The main assets and income sources of the company are transformer and switch business. Many products of the company take the lead in the centralized bidding of national power transmission and transformation high-voltage primary equipment

the company's demand for conventional products is stable, and the price has bottomed out, but the profit is still weak. Electricity investment grew steadily and the ability to cope with trade protectionism was enhanced. The investment structure was tilted to both ends, so the demand for conventional products increased steadily and slightly. After years of industrial price war reshuffle, the company's gross profit margin has established a rebound trend from the bottom in the second half of 2012, and also recovered slightly in 2013. However, due to various factors such as system and region, the profitability of the company's conventional products is still relatively weak 11 deformation resolution is 0.001mm. UHV products are the main profit source of the company, and the trend has been positive in recent two years. UHV products have the characteristics of domestic oligopoly, and the profit is better than that of conventional products. The company's profit in 2013 basically came from the contribution of UHV products. Due to the large UHV stock orders on hand, the company's high profit growth in 2014 was basically locked. The approved commencement of UHV projects in is noteworthy. It is expected that the implementation of the "2 AC and 2 DC" approved commencement this year is a high probability event

cooperate with Ge to develop overseas markets. It is expected that substantial orders will be obtained after the product certification. Overseas power transmission and distribution equipment bidding often takes the form of complete set of primary and secondary equipment bidding. The cooperation between XD and Ge is conducive to quickly making up for the company's shortcomings in secondary equipment and obtaining its overseas market project resources. In the first twoorthree years, the cooperation between China and the West needs collision and running in. At the same time, it also needs a large number of product certification to enter overseas. It is expected that in the next two years, as long as the tensile test performance of the safety belt meets the following technical requirements, it will be able to make substantial progress

profit forecast and investment suggestions: it is predicted that the company will achieve annual revenue growth of 13%, 12.5% and 12% respectively, and realize net profits attributable to the parent company of 304 million, 501 million and 593 million, with corresponding EPS of 0.07, 0.11 and 0.14 yuan respectively, and corresponding PE of 65, 40 and 33 times respectively. Although PE is relatively high, its market value of less than 20billion yuan is relatively cheap from the perspective of PS and Pb. Its current price is about 15% lower than GE's stock price, with a margin of safety. The company's performance in recent years has great upward flexibility, which is worthy of attention. It is rated as "prudent recommendation"

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