The frequency equipment industry has grown rapidly , and there is ample room for import and substitution in the low- and medium-voltage areas : The frequency converter can be used to regulate the motor speed , and it has significant energy-saving and emission-reduction effects. The growth rate of the company's medium and low-voltage market is about 18% . However, the market share of domestic companies is less than 30%. Among them , the company only accounts for less than 3%, and the import substitution space is very large.
British Witten's main competitive advantage is reflected in the technical, cost and sales: As the company is a handful of domestic mastered the vector control and four-quadrant operation technology of domestic enterprises, product prices cheaper than foreign products 40-50%, hence, have very strong import substitution capacity; in addition, the number of authorized dealers in more than 146 companies, and in the provinces has a service area, with a strong sales ability and in a timely manner to provide better after sales service.
The company has sufficient reserve items , vector high-voltage frequency converters, wind power converters, servo systems, automotive drive controllers, etc. all have broad space for development : In recent years, the high-voltage frequency converter industry has grown at a rate of about 40% , and by 2012 , the market capacity will be approx. Reach 15 billion yuan. Vector control high-voltage inverter design and production difficult, there were only very few companies can produce. The company is currently cutting into the field of high-voltage inverters and prototypes can be produced in the second half of the year.
At present, the market conditions of domestic servo systems are very similar to those of the inverter industry more than a decade ago . It is expected that the market capacity of the servo market in China will reach more than 6.7 billion yuan in 2012 . The company's goal is to make the servo drive system total solution provider, the company expects sales this year servo products reach more than 10 million yuan.
The rapid development of the wind power industry has driven the market demand for wind power converters . It is estimated that the annual market capacity of wind power converters in China will be around 40 to 5 billion yuan. At present , the localization rate of wind power converters is less than 5%, and the import substitution space is extremely broad. At present, the company has set up a special research and development team to tackle the wind power converter research . It is expected that prototypes will be made by the end of this year.
With the development of the electric vehicle industry , the market size of the drive control system will continue to increase. The company has advanced vector control technology and will have the ability to enter the field of drive control for electric vehicles in the future. The company is currently setting up a special team to follow up the study.
It is estimated that the EPS in 2010 and 2011 will be 1.87 and 2.88 yuan respectively.
Through financial analysis , the company's profitability, debt repayment ability and operating ability are in a better level in the industry.
It is expected that the EPS for the 10-12 years will be 1.87 , 2.88 , and 4.10 yuan , respectively , and given the rapid growth of the company's business , the " recommended " rating will be given.