TBEA Transmission and Transformation and Photovoltaic Integration Giants

In the next two years, the company will successfully transform from a transformer super-giant to an integrated manufacturer of new energy and power transmission equipment. Xinjiang's unique geographical and resource advantages will shape the future coal-power-polysilicon-wafer-component-to-grid inverse. Transmitter - power transmission equipment - EPC contractors and other integrated industrial chain of power equipment, new energy giant. From 2011 to 2013, the company's profit is still expected to maintain a compound growth rate of more than 20%, and accelerate its development from 2011 to 2012. The company has a complete photovoltaic module industry chain, can use coal and electricity to effectively control the cost of polysilicon production and use, which will help increase gross profit margins. Polysilicon shipments are expected to reach 3,000 tons in 2012. After the Tianchi tent trench coal exploration project of the company is completed, the coal mine business will begin to contribute profits to the company. It is expected that the production capacity will reach 10 million tons in 2012. From a long-term perspective, the coal mine business will become one of the company's core profits. We expect 2011-2013 earnings per share to be 0.91 yuan, 1.30, and 1.55 yuan, respectively, giving a "buy" rating.

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