129823520841250000_664Fu Ruite loading: application around the LNG industry chain downstream extension
2011 jump in revenues. In 2011, low temperature storage and transportation equipment revenues of $ 628 million, 78% per cent of operating revenues, operating income rose by 89.3% to achieve rapid growth. Low-temperature storage and transportation equipment companies can be divided into four main categories: LNG vehicle supply systems, LNG skid-mounted gas station, skid-mounted natural gas liquidInstallation and general low-temperature storage and transportation equipment, skid-mounted natural gas liquefaction unit no contribution revenues last year and the remaining three parts about: HK $ 230 million, $ 200 million and $ 200 million, and prizing the LNG vehicle supply system stations are achieving growth of more than 100%. In 2011, the company produced LNG prizing station about 100, Selling around 78; LNG sales with bottles of 10,800. LNG bottle and prizing for vehicle gas filling stations market competition, company production of lower production costs, and increased customer training link to increase customer satisfaction. At present, the industry has a capacity expansion of competitors and new entrants on the new production capacity makes competition more fierce, the company last year LNG market share in the 50% of the car with a bottle of the above, brand or company car with a bottle in the 2012 continues to maintain a high market share. We estimate that the 2011 national total prizing station about 250 seats, skid-mounted gas station of the company's market share is about 30% or so. Company intends to adjust products structure, surrounding the LNG industry chainTour extension. On one hand, companies increase investment in research and development to enhance liquefaction of skid-mounted equipment used (at present, the company produced 3~4 of liquefaction unit 60% for spare parts, of which 50% is imported. Liquefaction equipment of key equipment for compressor, the adoption of Japan devices) and Engineering Division of the company development in the form of natural gas, coal gas and cokeFurnace exhaust gas liquefaction project general contracting business, enhance the company's competitiveness in the LNG industry; on the other hand, the company actively advance in technology of manufacture of automobile engine oil to gas reserves and working. Short term, the inputs above benefits will have a negative impact for the company, but long term, it will contribute to improving the core competitiveness of the company. Companies aiming to pry-mountedLiquefaction equipment with three, currently in liquefaction plants about 5, 2012 is about contribution revenues of around 120 million (2011 year contribution revenues). 2012 and accounts receivable turnover inventory turnover is expected to improve, two indicators have been incorporated into the management and the staff Department evaluation system. 4 comparable companies in the sector (land, sea and heavy industries, Zhang Huaji shares, Sichuan China, New mechanical and electrical) average as the destination, and linked to the performance appraisal, 2012 operating levels of the company a new level as the probability of the event. LNG plant phase �� project fast and easy expansion projects this year will be cold and tank production, gradually contribute revenue to the company. Where LNG plant phase �� project in 7 ~ August production; expansion of fast and easy cooling and storage tankProject by the end of production, and contributed about 100 million revenue for the company. Currently, skid-mounted gas station's capacity of about 120 units/year, vehicles with a cylinder capacity of about 20,000 units/year, in 2011
Diablo 3 gold, the company's capacity utilization rate is approximately 60%.
Summing up the above
TERA Power Leveling, we believe that the company's capacity is not an issue, end-market demand is the crux of the problem. Hand orderEnsures that the 2012 sales to a certain extent. At the end of 2011, the company in order to (including tax): LNG liquefaction of skid-mounted units (2~2.5 billion), skid-mounted gas station (150 million), LNG gas cylinders of vehicles (more than 100 million), general storage equipment at low temperature (more than 200 million), seawater desalination and heat exchange equipment (more than 100 million), the valve(0.3~0.4 billion). In January-April this year, the company added orders greater than revenues per year, partly to ensure the company revenues in 2012. Profit forecasts and investment advice: we estimate that the company 12-14 EPS $ 1.36, and 1.75, respectively, net profit growth rate respectively
SWTOR Power Leveling, 29.4%And 30.6%. Taking into account the company brand and size advantages of LNG storage and transport equipment, and companies around the LNG industry chain downstream extension, coupled with the implementation of stock option incentive this year, maintaining the company "recommended" rating. Risk: LNG vehicle and LNG prizing station extension speeds not up to expectations, growing price war
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