1、SWS Research is a subsidiary of Shenwan Hongyuan 99EastNanjingRoad,+86212329RenewableEnergy|BringingChinatothe30AprilRenewede(HKD YOYe(HKD YOY Market Data: Closing Price ndPriceRevenue (HKD YOY 52week52week High/Low Shares Outstanding Exchange Rate Price Performance EPSDilutedEPSROE Debt/asset Divid

2、end Yield P/E P/BEV/EBITDA Source:Vincent Yu RelatedCONCORD NEW (182:HK)Unclear future Mar Note:DilutedEPSiscalculatedasifalloutstandingconvertiblesecurities,suchasconvertiblepreferredshares,debentures,stockoptionsandwarrants,wereexercised.P/EiscalculatedasclosingpricedividedbyeachyearsUndervalued P

3、E compared to peers. With recent capital inflows frommarket through the ShanghaiStockConnect,renewableenergy stockshavestagedarerating.Longyuan(916:HK), thecountrys windpower leader, isnow trading at 18x 15E PE, while both Huaneng (958:HK) and Suntien (956:HK) are trading at c.15x 15E PE. Given this

4、, we believe Concord, one of the most rapidly develo renewable stocks with a strong asset portfolio yet trading at just 12.9x 15E PE is Renewable Portfolio Standards coming. The National Energy Administration (NEA) published in early April notices on wind power curtailment rates and renewable energy

5、 subsidies, while regional ernments in Inner Mongolia and Hubei Province recently prepared assessments of implementation of theing renewableportfolio standards (RPS), one of the ernments methods of promoting greater purchases of renewable energy power by grids. We see these developments as stronger

6、confirmation that theernmentwillissuefinalapprovaloftheRPSinPotential underlying stock for stock connect. The widely Thecompanydoesnotholdanyequitiesor derivatives of the listed company mentioned in this report (“”),butthen weshallprovidefinancialadvisoryservices subject to the relevant laws and reg

7、ulations. Any affiliates of the company may hold equities of the,whi exceed 1percentofissued shares subject to the relevant laws and regulations. The company may also provide investment banking services to the. The Companyfulfillsitsdutyofdisclosurewithin its sphere of knowledge. The clients may con

8、tactcomplianrelevantdisclosurematerialsorlogcom under disclosure column for further information. The clients shallhaveacomprehensiveunderstanding of the disclosure and der upon the lastpage.smallcaps,favouredbymainlandinvestors,tothefloodofcapitalflowing . We believe Concord New Energy, as a constit

9、uent of the HSSI, will likely be included as a tradable stock for southbound investors and given its small market cap (HK$5.7bn), may be a focus for domestic investors, which may drive the companys valuation to higher levels.EPC business on track. Concord attributes the delays in i gineering, procur

10、ement and contracting (EPC) projects in 2014 to teething problems in its cooperation with client Huadian Fuxin (816:HK) as well as unexpected issues with construction in southern China. However, Concord expects the maturing relationship to allow it to complete its wind EPC contracts in 2015.Upgrade

11、to BUY. We maintain our earnings forecasts in 2015 at HK$461m (+45.4% YoY), 16E as HK$562 (+22% YoY), and 17E as HK$636.4 (+13.7% YoY). Given the likely catalysts from the release of the RPS for wind and solar stocks and inclusion in the ShenzhenHong Kong Stock Connect, we raise ourprice from HK$0.6

12、1to HK$0.79based on 15x 15E PE, 1.11x 15E PB, or 12.3x 16E PE and 1.02x 16E PB. With 23% upside, we upgrade mendationforConcordfromOutperformtoSWS Research is a subsidiary of Shenwan Hongyuan 99EastNanjingRoad,+86212329RenewableEnergy|投資要點(diǎn)BringingChinatothe平普遍上升。龍?jiān)措娏Γ?16：HK）18xPE15E水平。 新能源（958： HK）和

13、新天綠色能源（956：HK）估值水平在 15 年 15x PE 左右，而協(xié)合新能源（182：HK）15E12.9xPE。作為快速發(fā)展的優(yōu)質(zhì)可再生能源公司之一， 認(rèn)為協(xié)合股價(jià)被低估?？稍偕茉词锕??？稍偕茉?5 年出臺(tái)可期，利好新能行業(yè)。年 4 月第二周，國(guó)家能源局連發(fā)兩個(gè)特急文件，關(guān)注風(fēng)電的“棄風(fēng)限電”問(wèn)題以及摸底可再生能源補(bǔ)貼缺口。雖然國(guó)家版的可再生能源電力制尚未出爐，但近內(nèi)、省已臺(tái)其制相件。潛在 通標(biāo)的。據(jù)策略研究， 通將利好 57 億港幣，包含在恒生小盤股指數(shù)中。 預(yù)計(jì)協(xié)合新能源會(huì)成為 通標(biāo)的，HK）合作的磨合加上南方地形的復(fù)雜因素。據(jù)調(diào)研，雙方今年合作順利，EPC 項(xiàng)上調(diào)至買入 。

14、維持2015年為4.61億港幣（同比上升），16 年利潤(rùn)為 5.62 億港幣（同比上升 22），17 年利潤(rùn)為 6.36 億港幣（13.7）?；?制和 通催化劑，及可比公司估值水平，0.611515xPE, 即 0.7915E1.11x或 16E 12.3x PE 和 16E 1.02x PB。股價(jià)有 23的上升空間，eCostofGross 000Distribution 34Administrative Finance Profit before etaxMinority 01111ProfitfortheNTtoEquitySource: SWS ConsolidatedCashFlo

15、w000000000000000Source：SWS ConsolidatedBalance本通過(guò) 僅提供自然人monitorInner(monitorInner)使用Source: SWS KeyFinancialRatiospershareEarningsperDilutedearningsperOperatingCFperDividend per NetassetsperKey Operating GrossprofitEBITDA EBIT GrowthrateofGrowthrateofDebt-to-asset TurnoverrateofnetTurnoverrateoftota

16、lEffective tax rate Dividend yield Valuation Ratios Source: SWS 本通過(guò) 僅提供自然人monitorInner(monitorInner)使用Information Theviews expressedinthisreportaccurayreflect alviews ofthe yst. The yst declaresthat neitherhe/she norhis/herserves as anofficer of nor has any financial interests in relationto the list

17、ed corporationreviewed by the yst. None of the listed corporations reviewed or any third party has provided or agreed to provide any compensation or other benefits in connection with this report to any of theyst,the Companyorthe groupcompany(ies). Agroupcompany(ies)oftheCompanyconfirmthat they,wheth

18、erindividuallyor as agroup(i)are not involvedin any market making activitiesfor any of the listed corporationreviewed; or (ii) do nothaveany individual employed by or associated with any group company(ies) of theCompany servingas anofficer of any of the listed corporationreviewed; or (iii) do not ha

19、ve any financial interest in relationto the listed corporation reviewed or (iv) do not, presently or within the last 12 months, have any investment banking relationship with the listed corporation Undertakings of the I(We)am(are)conferredtheProfessional QualityofSecuritiesInvestmentConsultingIndustr

20、ybytheSecuritiesAssociationofChinaandhave registered astheSecuritiesyst.Iherebyissuethisreportindependentlyandobjectivelywithduediligence, professionalandprudentresearethodsandonly legitimate informationis used inthis report. I am also responsible for the content andopinions of this report. I have n

21、ever been, am not, andwill not be compensated directly or indirectly in any form for the specificmendations or opinions herein.DisclosurewithrespecttotheThecompanyisasubsidiaryofShenwanHongyuanSecurities. Thecompanyisa qualifiedsecuritiesinvestmentconsultinginstituteapprovedbyChina Securities Regula

22、tory Commission with the code number ZX0065.Releasing securities research reports is the basic form of the securities investment consultingservices. The company may yze the values or market trendsofsecuritiesandrelated productsorotherrelevantaffectingfactors,provideinvestment ysisadviceonsecuritiesv

23、aluation/investmentrating, etc. by issuing securities research reports solely to its clients.The Company fulfills its duty of disclosure within its sphere of knowledge. The clients may contact complianfortherelevant disclosure materials or log intofortheysts qualifications，the arrangement of the qui

24、et period and the affiliates Introduction of Share Investment Rating Security Investment Rating：Whenmeasuringthedifferencebetweenthemarkupofthesecurityandthatofthemarketsbenarkwithinsix monthsafterthereleaseofthisreport, we define the terms as follows:TradingBUY:Sharepriceperformanceisexpectedto gen

25、eratemorethan20%upsideovera6monthperiod. BUY: Share price performance is expected to generate more than 20% upside over a 12month period.Outperform: Share price performance is expected to generate between 1020% upside over a 12month Hold:Sharepriceperformanceisexpectedtogeneratebetween10%downsideto1

26、0%upsideovera12monthperiod. Underperform: Share price performance is expected to generate between1020% downside over a 12month period. SELL: Share price performance is expected to generate more than 20% downside over a 12month period. When measuring the difference between the markup of the industry

27、index and that of the markets benarkwithinsixmonthsafterthereleaseofthe report, we define the terms as follows:Overweight：Industry performs better than that of the whole Equalweight： Industryperformsaboutthesameasthatofthewholemarket；Underweight： Industry performs worse than that of the whole market

28、.Wewouldliketoremindyouthatdifferentsecurityresearchinstitutionsadopt differentratingterminologiesandratingstandards.Weadopttherelative rating method tomendtherelativeweightingsofinvestment.Theclientsdecisionstobuyorsellsecuritiesshallbebasedontheir actual situation, suchastheir portfolio structures

29、 andother necessary factors. The clientsshall readthroughthewhole report so as to obtain thecomplete opinionsand information and shall not rely solely ontheinvestmentratings to reach aconclusion. The Company employsitsown industry classification system. The industry classification is available at ou

30、r salesnel if you are interested.HSCEI is the ark employed in this Thisreportis tobeusedsolelybytheclientsofSWSResearch.(subsidiaryofShenwanHongyuanSecurities, hereinafterreferredto as“Company”).TheCompanywillnotdeemanyasitsclientnotwithstandinghisreceiptofthisThisreportisbasedonpublicinformation, h

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33、Thematerials,opinionsandestimatescontainedhereinonlyreflectthejudgmentoftheCompanyonthedaythisreportisreleased. Theprices, values and investmentreturnsof the securities or investment instrumentsreferredto herein may fluctuate. Atdifferent periods, theCompany may release reports which are inconsisten

34、t with the materials, opinions and estimates contained herein.Save and except as otherwise stipulated in this report, the contactor upon thepageofthereportonlyactsastheliaisonwhoshallnotprovideany consultingservices.The clients shall consider the Companys possible of interests whiay affect the objec

35、tivity of this report, and shall not base their investment decisions solely on this report. The clients should make investment decisions independently andsolely at your ownrisk. Please be reminded that inany event, thecompanywill notsharegainsorlossesofany securitiesinvestmentwiththeclients. Whether

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37、ticularinvestment objectives, financial situationsor needs ofindividualclients. TheCompanystrongly suggests the clients to consider themselveswhether theopinionsor suggestions herein are suitable for the clients particular situations; and to consult an independent investment consultant if necessary.

38、Under no circumstances shall the information contained herein or the opinions expressed herein forms an investmentmendation to anyone. Under nocircumstancesshalltheCompanybeheldresponsibleforanylosscausedbytheuseofanycontentshereinbyanyone.Pleasebeparticularlycautiousto the risks and exposures of th

39、e market via investment.本通過(guò) 僅提供自然人monitorInner(monitorInner)使用Independentinvestmentconsultantshouldbeconsultedbeforeanyinvestment decisionis renderedbasedonthisreportoratanyrequestofexplanation for this report where the receiver of this report is not a client of the Company.The Company possesses all

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41、o part of this report shall be copied, photocopied, replicated or redistributed to any otherinanyformby anymeans,orbeusedinanyotherwayswhichwillinfringe uponthecopyrightsoftheCompany.Allthetrademarks,service marksandmarksusedherein aretrademarks,servicemarksor marksoftheCompany, andnoone shallhave the rightto use thematanycircumstanceswithoutthe priorconsentof the This report may be translated into different languages. The Company does not warrant that the translations a