研报日期：2017-08-11

　　平高电气(600312)　　1H results disappoint; retaining Hold　　Pinggao’s 1H17 results came in below expectation. A 35% net profit dropdespite revenue growth ( 18%) manifests continued margin pressure. Whilethe valuation multiple looks undemanding at 13x FY17E PE, we stay cautiouson Pinggao since its margin is yet to bottom out and UHVAC project outlooklacks visibility. A potential UHV order contraction along with margincontraction would drag earnings CAGR down from 30% in FY15-17 to amediocre 5% in FY17-19, on our forecasts. Hold.　　Still on a margin downward trend; difficult to achieve full-year growth　　In 1H17, total revenue rose 18%, primarily driven by higher UHVAC GISshipment volume (18 vs. 14 in 1H16). However, NP dropped 35% yoy, with aworse-than-expected GPM contraction by 10ppt to 21%. This is mainlysqueezed by falling ASP (by c.10% for both UHV and EHV products) and risingraw materials (primarily aluminum, steel, copper, etc.). We believe the margincontraction trend is yet to reverse, considering: 1) a further raw material pricespike in 1H yet to be reflected on the books, 2) continued pricing pressureamid shrinking tender size, 3) sales mix shifting to low-margin mid-low voltageproducts. We recognize it could be challenging to catch up in 2H and achieve aNP growth this year (consensus/DBe: 16%/12%).　　1H order update: UHV/EHV (-), distribution grid ( )　　For UHVAC projects, there was only one equipment tender opened in 1H,namely Suzhou-Nantong 1000kV UHVAC GIL (Gas-insulated transmission line),from which Pinggao received orders of Rmb861m. This represents a 50%market share, with the rest going to Shandong Electrical Engineering &Equipment Co. In addition, West Beijing – Shijiazhuang 1000kV AC line wasapproved in July. However, since it is only a Rmb3.5bn size expansion project(vs. >Rmb20bn for others), order contribution to Pinggao, if any, would beinsignificant. Mid-low voltage distribution grid equipment order is the silverline, with order intake up >……[德意志银行][点击查看PDF原文] 今日最新研究报告

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