Domestic nuclear power market recovery driven by the high-speed development of nuclear component suppliers
LNG and gas industry and other high-end pipe boom spawned blue ocean. We expect ,14-15 years is expected to build about 27 million tons of LNG receiving capacity, compound growth rate over 50%. Accordingly, estimates the country with the consumption of LNG receiving station pipe ,14-15 years, up to 54,000 tons, with an annual 27,000 tons; 14-15 years of shipyard capacity LNG ship construction about 40, about 10,000 tons require special tubing, annual 05,000 tons. In addition to the industry boom of factors, such high-end pipe had basically dependent on imports, along with a handful of domestic companies and other enterprises to achieve a breakthrough, is expected to rapidly expand import substitution.Core nuclear component suppliers, benefiting from high-speed recovery of the domestic nuclear power market. We expect to add 14 years of domestic nuclear power capacity is expected to reach 6-8GW, an 13-year growth rate of over 200%. Technical barriers in the field of nuclear power, long time certification, currently only company, Baosteel Yinhuan few companies possess nuclear component production
qualification.
Through years of accumulation, in the field of nuclear power layout has been mature and gain market acceptance, the development of open space.
Welded titanium tube condenser company has achieved 12 years of bulk supply, annual sales of about 550 tons, has rapidly achieve import substitution. The company 800U-tube steam generator has achieved volume production, import substitution began to unfold, 690 nickel-base alloy U-shaped tube has also been a successful trial, and soon is expected to achieve volume production.
Sufficient orders in hand, 14-15-year CAGR is expected to exceed 30%. The company overall capacity utilization remained at about 90%, sufficient orders in hand, to maintain the level of 3-4 months. We expect that with the market development and production of oil and gas and nuclear power projects can be released, the company pipe production and sales are expected to grow rapidly. With the gradual upgrade LNG pipe, nickel-based oil well pipes, tubes and other nuclear proportion of high-end products, the company's revenue and earnings growth is expected to achieve significantly higher sales growth, we expect the owner of the net profit attributable to parent company 14-15 years growth is expected to reach 37%, 24%, CAGR is expected to exceed 30%.
Investment advice. Next few years, with the advance of the oil and gas and nuclear power products and other projects, the high growth performance of the company higher certainty. In the short term, the market is expected to speed the recovery of nuclear power to gain market attention, is expected to drive the company's valuation increase. We expect the 14-16-year company earnings per share were 0.96/1.19/1.44 million, corresponding to approximately 19.6/15.8/13.1 times the dynamic PE Initiating coverage with overweight rating.
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