Minsheng Securities: Electric New Energy 2012 Investment Strategy

Chen Long, an analyst at Minsheng Securities, recently released the 2012 Investment Strategy for Electrical Equipment and New Energy Industry. He believes that in 2012, the electrical equipment industry is still in a trend of differentiation, and structural investment opportunities will continue: 1) Smart substation out of the pilot period , Entering a large-scale roll-out period; 2) Continuously increasing the upgrading and upgrading of rural power grids, driving the continuous improvement of the distribution network's business climate; 3) UHV tendering is expected to accelerate and the degree of prosperity is significantly improved. Give an investment rating of "carefully recommended" to the industry.

According to the report, smart substations are the focus of smart grid construction, and the scale of investment is huge. Investment in distribution networks will continue to grow at a rapid rate. UHV tenders are in full swing and ready to go. According to the beneficiary industry, the key recommendation is: Senyuan Electric (002358, Stocks) (active filter began to heavy volume), Xinlong Electric (002298, stock it) (mainly stable growth, new product volume in), Siyuan Electric (002028, shares it) (when the worst is about to pass), State Power Nanrui ( 600406, share it) (Smart Grid leader, continuous high growth performance), Changgao Group (002452, stock it) (switch and new materials business fly).