The energy saving and emission reduction work of the “Eleventh Five-Year Plan†was carried out in the rather ridiculous way of “bringing power cuts†in various places.
On November 22, He Bingguang, inspector of the Environmental Protection Department of the National Development and Reform Commission, made clear at the press conference of the State Council Office that in some places, in order to sprint the “Eleventh Five-Year Plan†energy conservation and emission reduction targets, the NDRC will adopt various measures. Measures to avoid and correct this wrong approach.
The task of energy conservation and emission reduction has become the sword of Damocles on the head of the high-hanging local government.
According to the map, the energy conservation and emission reduction tasks during the “Twelfth Five-Year Plan†period may become an investment map for the A-share market. In addition to traditional concepts such as new energy batteries and LEDs that have been widely speculated in the market, there may be more substantial energy-saving and emission-reducing effects in environmental protection equipment, electric power, energy-saving materials, agriculture, forestry, animal husbandry and fishery.
In the current market environment, many concept stocks such as rare earth permanent magnets and lithium batteries have been repeatedly speculated by capital, and the price-earnings ratio has also been pushed up. However, there are still some companies that have substantial performance support and energy saving and emission reduction. "Excavation, but also has real investment value? The reporter conducted an interview and investigation against this.
Spring of environmental protection equipment
According to the "Eleventh Five-Year Plan" of the environmental protection machinery industry, the total output value of the environmental protection machinery industry will reach 100 billion to 120 billion yuan in 2010, including: 35 billion to 43 billion yuan for air pollution control equipment and 37.5 billion for water pollution prevention equipment. 45.5 billion yuan; solid waste treatment and comprehensive utilization of resources 11 billion - 12 billion yuan.
According to the calculation of Bohai Securities, the compound growth rate of the output value of the three major types of equipment will reach 40% in the next five years.
In the field of air pollution prevention and control, the industry leader Longjing Environmental Protection (600388, stock bar) (600388.SH), for example, its main business is dust collectors and desulfurization projects, of which the main business income of dust collectors is 65.06%. The main business income of the desulfurization project was 23.40%.
The dust collector is the most important source of income for Longjing Environmental Protection. According to the calculation of Changjiang Securities (000783, stocks), the annual market capacity of the dust collector is about 20 billion yuan, and Longjing Environmental Protection can generally obtain about 10% market share, and the overall dust collector Can get about 2 billion in income.
This part of the business also has policy support.
During the “Twelfth Five-Year Plan†period, the state will implement new standards for dust removal of 50mg/Nm3 or even 30mg/Nm3 for some areas and new projects. The technical advantages of Longjing Environmental Protection in electrostatic precipitators, electric bag dust collectors and bag filters will be obtained. A wider range of applications.
For desulfurization equipment, Longjing Environmental's main service targets are power plants and steel plants, which can also bring relatively stable income every year. Changjiang Securities predicts that its annual desulfurization business will be around 1.2 billion to 1.3 billion yuan.
However, the capacity of the entire desulfurization market is likely to shrink. Under this background, Longjing Environmental Protection began to explore the field of denitrification equipment and entered overseas.
According to the “National Pollution Prevention and Control Points of 2009-2010†of the Ministry of Environmental Protection, in the Beijing-Tianjin-Hebei, Yangtze River Delta and Pearl River Delta, denitration devices must be installed in new thermal power plants. Before the end of 2015, the existing thermal power units will all complete the denitrification transformation. The market generally expects that there will be policies such as denitrification subsidies in the future.
Longjing Environmental Protection also began to explore the international market.
In July 2010, the company obtained the general contract for the project of the Kalimantan Power Plant project in Indonesia. The project consists of two 60MW thermal power generating units and electric dedusting equipment, with a total contract value of approximately 1.13 billion yuan.
According to the performance forecast of Shenyin Wanguo, Longjing Environmental Protection's earnings per share for 2010-2012 is 1.26 yuan, 1.45 yuan and 1.68 yuan, calculated at 30 times price-earnings ratio, giving a target price of 38 yuan. On November 29, Longjing Environmental closed at 35.63 yuan, down 0.86%.
At present, among the top ten tradable shareholders of Longjing Environmental Protection, except for the controlling shareholder Fujian Dongzheng Investment Co., Ltd. and Longyan State-owned Assets Investment Management Co., Ltd., the rest are all institutional camps.
In addition to the four public funds, the company also includes two QFII France Edmond Rothschild Bank and International Finance - HSBC - JPMORGAN CHASE BANK, NATIONAL ASS0CIATION. In addition, China Life Insurance and Social Security Fund also entered the list of the top ten tradable shareholders of the stock.
In the field of water pollution treatment, through the Bishuiyuan (300070, shares) (300070.SZ) and Wanbangda (300055, shares) (300055.SZ) two P/E ratios of more than 200 times the GEM stocks, you can also see the market fanaticism.
Wanbangda is mainly engaged in industrial sewage treatment. Since 2007, the Taihu Lake water pollution incident, the PetroChina Dalian oil pipeline explosion, and the Zijin Mining pollution incident have emerged in an endless stream. The valuation of such listed companies has also risen by the institution.
According to the forecast of Changjiang Securities, Wanbangda's EPS for 2010-2012 is 1.56/2.24/2.75 yuan respectively. Even if the company gives 65-68 times PE in 2010, the corresponding stock price is only 101.4-106.0 yuan/share, and on November 29, Wanbangda closed at 131.50 yuan, corresponding to a dynamic P/E ratio of 273 times.
Bishuiyuan has a price-to-earnings ratio of 94.52 times on the head. The company's earnings per share of 0.48 yuan in the third quarter of this year can still support the stock price of 132 yuan.
Power equipment is a "scalpel"
For energy conservation and emission reduction, some of the power equipment is more like a scalpel, through technical transformation, to achieve energy-saving goals. Generally classified, this field mainly includes waste heat utilization, waste incinerators, waste heat boilers, gas turbines and other sub-sectors.
Waste heat utilization refers to the unutilized heat in industrial production, mainly concentrated in steel, nonferrous metals, building materials, chemicals, waste incineration and other industries.
The waste heat equipment collects waste heat from industrial production for power generation, steam production, refrigeration, etc., to achieve energy saving, cost reduction and cost reduction.
In the field of waste heat boiler power generation, listed companies including Hailu Heavy Industry (002255, stock bar) (002255.SZ), Chuanrun shares (002272, shares it) (002272.SZ), Huaguang shares (600475, shares it) (600475.SH ), Rongxin shares (002123, shares it) (002123.SZ), etc.; in the space cooling field, including Yantai ice wheel (000811, stock bar) (000811.SZ), Shuangliang energy saving (600481, stock bar) (600481.SH) In the field of building heating, including the shield environment (002011, shares it) (002011.SZ), Tongfang shares (600100, shares it) (600100.SH).
According to the calculation of Shenyin Wanguo, the market capacity of waste heat boilers will reach 68 billion yuan in the next five years.
However, in the steel industry, the most important use of waste heat boilers, the market space may not be large.
Huatai United Securities said in its report that during the “Eleventh Five-Year Plan†period, China's key large-scale steel mills have made a lot of improvements in converter waste heat power generation, and have basically completed the transformation of the converter. “Compared with iron and steel enterprises in developed countries, the key energy consumption standards of China's key enterprises are lower than those of developed countries except for sintering and converters.â€
In the field of sintering and converters, the utilization ratio of sintering waste heat in China is only 4%, and there are still many gaps from the goal of reaching 30% in 2015. The utilization rate of China's steel converters is even lower, only 1%.
Hailu Heavy Industry is the leader of waste heat power generation, and the remaining thermal power boilers are mainly used in steel, coking and non-ferrous industries. The main products represented are oxygen converter waste heat boiler, dry quenching waste heat boiler and non-ferrous smelting waste heat boiler. The market share of the three main products of the company is the first in China.
On the other hand, undertaking engineering contractors is also seen as the development direction of such companies.
At present, Hailu Heavy Industry Co., Ltd. and Jiangsu Lianfeng Industrial jointly established Suzhou Hailu Environmental Energy Engineering Co., Ltd. to carry out waste heat utilization engineering design and contracting and installation general contracting business.
Nanjing Securities said in its report that the total package value is about 200 million yuan calculated by the CDQ environmental protection system. In the past, the dry quenching waste heat boiler alone produced less than 20 million yuan. “The development of this area of ​​the company is worth looking forward to.â€
In addition, Hailu Heavy Industry also has the concept of nuclear power. The company mainly produces nuclear reactor internals basket cylinders, nuclear island components such as pressure vessels (ampere boxes, boron injection boxes), heat exchangers and other nuclear power equipment and components.
However, at present, this part of the main business income accounts for a small proportion. The semi-annual report of Hailu Heavy Industry shows that the main business income of its nuclear power products is only 589.74 million yuan, but the gross profit margin of products is as high as 74.40%.
The top ten tradable shareholders of Hailu Heavy Industry are also full of institutions. Among them, Taixin’s first strategy (290002, Fund Bar) holds 1,502,100 shares of the company, accounting for 4.98% of its circulation.
In the field of refrigeration, Shuangliang Energy has been repeatedly speculated by the market due to seawater desalination. The relatively low valuation Yantai ice wheel has layout in many fields such as waste heat cooling, nuclear power and subway air conditioning.
The main business income of Yantai Ice Wheel comes from refrigeration equipment. It is the largest self-made screw refrigeration compressor, piston compressor and industrial refrigeration equipment manufacturer in China, and is listed as domestically in the domestic market of Da Leng Co., Ltd. (000530.SZ). Two leading industrial and commercial refrigeration.
The company's traditional strengths in the field of refrigeration and refrigeration equipment, the company can produce screw compressors, to provide customers with cold storage engineering solutions, industrial refrigeration solutions.
According to China's cold chain development plan, the goal is to increase the capacity of cold storage by 10 million tons on the basis of the current 8.8 million tons.
On the other hand, Yantai Ice Wheel has a large number of participating companies in the field of energy conservation and environmental protection, and investment income has contributed most of the company's profits.
Among them, the company participates in 45% of Yantai Modern Ice Wheel Heavy Industry, mainly engaged in fluidized bed boilers and waste heat boilers; 45% of Yantai Dunham Bush Industries specializes in central air conditioning, and its products are used in nuclear power, high-speed rail and urban rail. The company successfully won the bid for the centrifuge of the China Guangdong Nuclear Power Plant project. A total of 24 Dunham Bush centrifuges were used in the project, with a total contract value of more than 35 million yuan.
In addition, Yantai Fuyuan's 40% Yantai Liaoyuan air-conditioning equipment is mainly engaged in large-scale lithium bromide machines. Oriental Securities forecasts that “in the industrial process energy recovery and the development of contract energy management industry, the average annual growth rate is expected to reach in the next three years. More than 25%."
Yantai Ice Wheel is also the fourth largest shareholder of Yantai Wanhua (600309, shares) (600309.SH), holding Yantai Wanhua 24,740,500 shares.
In addition to the first two major shareholders, the top ten tradable shareholders of Yantai Ice Wheel are all occupied by institutions. Only HSBC Jinxin has three products in the top ten, including HSBC Jinxin Dynamic Strategy (540003, Fund), HSBC Jinxin Small and Medium Plate and HSBC Jinxin Longteng (540002, fund bar).
Worry about CDM Gold Mine
CDM (Clean Development Mechanism) transactions have also begun to bring substantial results to A-share listed companies.
This mechanism is derived from the Kyoto Protocol, according to which, from 2008 to 2012, developed countries need to reduce greenhouse gas emissions by 5.2% from 1990 levels, if they help developing countries successfully reduce greenhouse gas emissions. , you can get the same amount of greenhouse gas emission rights.
The successful reduction of greenhouse gas emissions in China can be sold to developed countries as a valuable commodity in accordance with the CDM mechanism.
At present, listed companies participating in CDM transactions in the A-share market include San Aifu (600636, shares) (600636.SH), Juhua (600160, shares) (600160.SH), Liuhua (600423, shares) (600423.SH) and so on.
Among them, San Aifu's CDM project is an agreement signed with the World Bank, which stipulates that the World Bank will purchase the company's carbon dioxide emission reductions by 6 euros/ton before 2013, and the agreement will be valid until 2013.
But there are many uncertainties in this part of the income.
Take Juhua as an example. In the first half of this year, the company confirmed CDM revenue of 36.8 million yuan, while the agency's budget for its CDM revenue was about 190 million yuan. The gap between the two is largely due to the stricter review of CDM emission reductions by the United Nations and the longer cycle, resulting in delays in revenue recognition.
On the other hand, with the end of the "Kyoto Protocol", after 2012, where is the CDM transaction, it is still questionable.
Another gradual approach is carbon capture and storage.
Carbon Capture and Storage (CCS) refers to a technology that collects carbon dioxide from sources such as large power plants, steel plants, and chemical plants, and stores them in various ways to avoid their release into the atmosphere. CCS technology includes carbon dioxide capture, transportation and storage, which can reduce carbon emissions per unit of electricity generation by 85%-90%.
At present, China Huaneng Group has carried out carbon capture and storage projects in the Gaobeidian Thermal Power Plant in the eastern suburbs of Beijing and the Shidongkou Second Thermal Power Plant in Shanghai.
In addition, Shenhua Group and China Power Investment Corporation are also involved in this field.
“Once the carbon capture and storage has been substantially promoted, this will be a positive for forestry listed companies,†said a PE industry investment director in Shanghai. Once a “carbon exchange transaction†takes place (developed countries that have produced a large amount of greenhouse gases because of the development of industry, when they cannot reduce greenhouse gas emissions through technological innovation, they can invest in developing countries to increase forest emissions to increase carbon sinks to offset carbon emissions. This is the so-called "carbon exchange transaction"), and listed companies with forests will also gain new opportunities.
Dim your LED-based luminaries with our dimmable LED drivers. We have Dimmable Led Driver to function with a number of different dimmers including 0-10v, Triac, PWM and more. Power your LED Luminaries with our LED Drivers. Our LED Drivers are designed for applications such as: LED home Lighting, LED Decorative Lighting, Theatre/Stage Lighting, traffic signals, and so much more. If your LED cluster or string configurations that already include a constant driver as part of the assembly, shop our Constant Voltage LED Power Supplies .0-10v Dimmer Switch Touch Panel 2. Dali Dimmable Led Driver 3. Led Dimming Driver
- Dimmable LED driver: dimmable with TRIAC and trailing edge ELV-based dimmers
- UL8750 recognized,FCC, ClassP
- AC input: 100-277VAC (230VAC nominal version available)
- Operating temperature: -30~+90°C case temperature
- Compact plastic enclosure for integrating into most light fixtures and standard electrical junction boxes
- Mounting clips featuring installer selectable mounting locations
- 5 year warranty
Dimmable Led Driver
Dimmer Switch Touch Panel,Dali Dimmable Led Driver,Led Dimming Driver
ShenZhen Fahold Electronic Limited , http://www.fahold.com