In recent years, with the release of China's “12th Five-Year Plan†and “Thirteenth Five-Year Plan†on grid investment plans, Guodian NARI is considered to be the star stock in the concept of smart grid.
In the last three years, the sustainability of the company's net profit growth has not been satisfactory. From 2010 to 2012, the company's net profit attributable to shareholders of listed companies increased by 133.73%, 79.03%, and 25.50% year-on-year, respectively, and the growth rate of net profit continued to drop sharply.
Analysts believe that the reason for the lower-than-expected performance of NARI was that the growth rate of the electric power industry and rail transit industry slowed down in the first half of the year.
However, the company’s main revenue growth rate is still maintaining the status of star stocks. The financial report shows that in 2012 the company's main business revenue increased by 42.00% year-on-year, and the figures for 2010 and 2011 were 53.49% and 29.35%, respectively.
Another highlight of the company is that the ROE has basically remained at around 30% in the past three years, showing a higher profitability. As of April 30, the total market capitalization of Guodian Nanrui has exceeded 28.7 billion yuan, and the total market value ranked 4th among the above 30 listed companies. In 2012, the company's debt ratio was 49.11%.
The electrical equipment industry is greatly affected by macroeconomic and national investment. The company's risk is that if the economy continues to decline in the future, the growth rate of grid investment will slow down and the progress of urban rail transit construction will slow down, and NARI will be greatly affected.
"In 2012, the newly-signed contract for the company's distribution network automation reached 1 billion yuan, and it is expected that the newly signed contract in 2013 will achieve a 50% growth," said Guo Jing Securities analyst Yang Jingmei.
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