West Power: Focus on UHV and Overseas Business

China West's 2013 performance, net profit increased by 174% to 320 million yuan, revenue increased by 5% to 13.2 billion yuan, recording EPS 0.06 yuan, of which revenue fell by 10% to 4 billion yuan in the fourth quarter, net profit fell 50 % to 130 million yuan, basically in line with expectations.

The dividend rate is higher. The company announced a dividend of RMB 0.8 per 10 shares in 2013, totaling a cash dividend of RMB 410 million, accounting for 127% of the net profit attributable to shareholders of the listed company.

The business plan for 2014 is stable: The company plans to complete operating income of 14.5 billion yuan this year, a year-on-year increase of 10%. As of the end of 2013, the amount of orders in hand was 14.355 billion yuan.

development trend

UHV business provides performance guarantees. In 2013, UTV delivered about 3.5 billion U.S. dollars in delivery, and the amount of orders in hand at the end of the year exceeded RMB 5 billion, and it is highly probable that the delivery will be completed this year. At the same time, this year it is expected to approve the â€œsecond to second straightâ€ UHV lines, each of which will contribute 0.15 billion to 2 billion yuan in ordering, with a lead-time of one and a half years and a net profit margin of about 10%.

Overseas business provides upward space. The cooperation between West Power and GE has now been fully carried out. The sales team is in the process of consolidation. This year, West Electric's new overseas orders are expected to reach 200 million U.S. dollars. There is still much room for growth in 2015, and overseas orders have higher gross margins than domestic ones. Performance flexibility.

Profitability gradually improved. In 2013, the net profit rate increased from 0.9% in 2012 to 2.4%. Although it is still lower than the level of comparable companies in the industry, it is already in a rising channel. In the future, with the advancement of lean management, UHV, and overseas business, the net profit margin will increase. It will gradually increase back to the 2010 level, and the net profit rate for 2014/15 is forecast to be 3.6% and 4.8% respectively.

Earnings forecast adjustment

We slightly downgrade the 2014 revenue forecast by 7% to RMB 14.6 billion, increase gross profit margin forecast by 1.6 percentage points to 23%, increase net profit forecast by 11% to RMB 530 million, corresponding to EPS 0.10 yuan, and give a 2015 EPS forecast of RMB 0.15.

Valuation and recommendations

Currently, the stock price corresponds to 2014 and 2015 P/E ratios of 36 and 24, respectively, and the P/B ratio is 1.0 and 1.0 times, giving a target price of 4.0 yuan.

Power Meter Socket

Power Meter is a monitoring and testing instrument which determines the power consumption of a connected appliance and the cost of the electricity consumed.
Built-in 3.6V rechargeable Batteries ( . The purpose of the batteries is to store the total electricity and memory setting
Resetting
If an abnormal display appears or the buttons produce no response, the instrument must be reset. To do this,
press the RESET button.
Display Mode
Entire LCD can be displayed for about 1 minute and then it automatically gets into Model. To transfer from
one mode to the other, press the FUNCTION button.
Mode 1: Time/Watt/Cost Display Display duration(how long) this device connect to power source.LCD on first line shows 0:00 with first two figures mean minutes(2 figures will occur while occur at 10 min) and the rest shows seconds. After 60mins, it displays 0:00 again with first two numbers meas hour(2 figures will occur at 10hours)and the rest shows minutes. The rest can be done in the same manner which means after 24 hours, it will re-caculate. LCD on second line displays current power which ranges in 0.0W ã€œ 9999W. LCD on third line displays the current electricity costs which ranges in O.Ocost ã€œ 9999cost. It will keep on O.OOcost before setting rate without other figures.
Mode 2: Time/Cumulative electrical quantity Display Display duration(how long) this device connect to power source.
LCD on first line shows 0:00 with first two figures mean minutes(2 figures will occur while occur at 10 min) and the rest shows seconds. After 60mins, it displays 0:00 again with first two numbers meas hour(2 figures will occur at 10hours)and the rest shows minutes. The rest can be done in the same manner which
means after 24 hours, it will re-caculate. LCD on second line displays current cumulative electrical quantity which ranges in 0.000KWH ã€œ 9999KWH without other figures. LCD on third line displays"DAY"- "1 'Will be showed on numerical part(the other three figures will be showed at carry) which means it has cumulated electrical quantity for 24hours(one day). The rest can be done in the same manner untill the maximal cumulative time of 9999 days.
Mode 3: TimeA^bltage/Frequency Display LCD on first line displays the same as Mode 1 dones. LCD on second line displays current voltage supply (v) which ranges in 0.0V ã€œ 9999V .LCD on third line displays current frequency (HZ) which ranges in 0.0HZ ã€œ 9999Hz without other figures.
Mode 4: Time/Current/Power Factor Display LCD on first line displays the same as Mode 1 dones.LCD on second line displays load current which ranges in 0.0000A ã€œ 9999A. LCD on third line displays current power factor which ranges in 0.00PF ã€œ LOOPF without other figures.
Mode 5:Time/Minimum Power Display LCD on first line displays the same as Mode 1 dones. LCD on
second line displays the minimum power which ranges in 0.0W ã€œ 9999W. LCD on third line displays character of "Lo" without other figures.
Mode 6: Time/Maximal Power Display LCD on first line displays the same as Mode 1 dones. LCD on second line displays the maximal power which ranges in 0.0W ã€œ 9999W. LCD on third line displays character of "Hi" without other figures.
Mode 7: Time/Price Display LCD on first line displays the same as Mode 1 dones. LCD on third line displays the cost which ranges in O.OOCOST/KWH ã€œ 99.99COST/KWH without other figures.
Overload Display: When the power socket connects the load over 3680W, LCD on second line displays the''OVERLOAD[ with booming noise to warn the users, (selectable choice)
Supplemental informations:
1: Except [OVERLOAD[ interface, LCD on first line display time in repitition within 24hours.
2: LCD on first line, second line or third line described in this intruction take section according to two black lines on LCD screen. Here it added for clarified purpose.
3. Mode 7 will directly occur while press down button "cost".
4. [UP"&"Down" are in no function under un-setting mode.
Setting Mode
1. Electricity price setting
After keeping COST button pressed lasting more than 3 seconds(LCD on third line display system defaults price, eg O.OOCOST/KWH ),the rendered content begins moving up and down which means that the device
has entered the setting mode. After that, press FUNCTION for swithing , then press "UP"and "DOWN" button again to set value which ranges in OO.OOCOST/KWH ã€œ 99.99COST/KWH. After setting all above, press COST to return to Mode7 or it will automatically return to Mode7 without any pressing after setting with data storage.

Power meter socket, Energy meter socket, Energy meter cost socket, Power meter cost socket, Energy power meter socket

NINGBO COWELL ELECTRONICS & TECHNOLOGY CO., LTD , https://www.cowellsocket.com