Dongfang Electric (600875) covers for the first time-nuclear power restarts, wind power revitalizes fuel cell, harvest period is approaching

Dongfang Electric (600875) covers for the first time-nuclear power restarts, wind power revitalizes fuel cell, harvest period is approaching

The nuclear power project has been approved for more than three years and has received “small roads”: On March 18th, the Ministry of Ecology and Environment announced the replacement of the environmental impact report of Unit 1 and Unit 1 of the Fujian Zhangzhou Nuclear Power Plant and the Taipingling Nuclear Power Plant.The “small road” is about to restart, and at the same time it is considered that the nuclear power under construction is maintained at a low level of 11 units. We expect nuclear power to accelerate its approval.

The company is the core supplier of Hualong Unit 1 main equipment. The company has 30 billion nuclear power orders on hand and will benefit from nuclear power restart in the future.

The wind power industry is recovering, and the company is developing offshore wind power: The 13th Five-Year Plan for offshore wind power construction has a target size of 10.5 million kilowatts, ensuring the conversion and integration of 5 million kilowatts.Expected to turn a profit.

2019 is a big year for wind power. Huaneng International increased its wind power capital expenditure from 7 billion in 18 to 24 billion in 1919. The company’s wind power business once ranked among the top three in the country. The wind power revitalization plan has received strong support from the group company.The new budget has received multiple orders, and it is expected that the future will be used to achieve revitalization.

After the implementation of the “Rainbow Plan”, the major increase in performance was achieved: the Rainbow Plan was transferred, and the original non-listed assets of the group company were merged into the listed company. Among them, the core assets of Oriental Finance Company and Guohe Company contributed 3 in 18H1.

Net profit of US $ 6.5 billion will effectively support the company’s performance in the future.

Fuel cells will be harvested: the company began fuel cell research and development in 2011, gradually applied for 135 patents, and adopted independent fuel cell technology to obtain commercial demonstration runs of 50 hydrogen fuel cell buses in Sichuan Province. Currently it has run a total of 350,000Kilometers.

The hydrogen fuel cell buses developed by the company are under negotiation in Hainan Province and will be promoted and demonstrated in the future.

Profit forecast and investment recommendations: We expect the company’s operating income for 2018-2020 to be 331, respectively.



10,000 yuan, the net profit attributable to the mother 北京男士会所 was 11.



50,000 yuan, corresponding to 2018-2020 EPS is 0.



70 yuan / share, PE is 26.



7 times.

Covered for the first time, giving the company an “overweight” rating.

Risk factors: 1.

Nuclear power approval and start-up were worse than expected; 2.

Wind power recovery is less than expected; 3.

On-hand order delivery was less than expected.