160 million shares of restricted shares lifted China's electricity and electricity trading momentum

On January 28, when the ban on restricted stocks came, China's electricity in the West (601179). SH) Even received two big Yang line for lifting the momentum. January 27, China's west of the early plate to 7.39 yuan low open then all the way up, opening only one hours or so will be the huge amount of the bill to the trading board. The whole day to 8.22 yuan, back to stand at the price of 7.90 yuan.　　Earlier, China's electricity in the market for most of the year, the company's two-tier stock prices are running under the issue price. It is worth mentioning that China's power on the day of the strong trading and 160 million shares of restricted shares the next day to lift the restrictions on the right back and forth.　　China's west-west January 26 issued a notice that the lifting of the shares from the company, Huarong company, the National Social Security Fund Council, respectively, holding 95.71 million shares, 57.43 million shares and 6.86 million shares. China's electricity-for-electricity prospectus shows that the initial investment cost of Xinda and Huarong companies is only 1.37 yuan/share.　　At the outset, Xinda company and Huarong company respectively contributed 136.6814 million yuan and 82.0088 million yuan subscribed to 100 million shares and 60 million shares.　　As of 27th, the company and the company's current shareholding market value of 786.7362 million yuan and 472.0746 million yuan respectively, its investment return as high as 4.76 times times. The lifting of the momentum "China's electricity market in the past year, the two-tier markets have not been hype, and the company's share price in part time under the issue of the issue." Therefore, the company's share price appears to be different, do not exclude the main funds by the lifting of the possibility of speculation.　　"A brokerage analyst points out. Great wisdom capital flow indicates that China's electricity on the day of the capital inflow amount of 929.8191 million yuan, outflow amount of 169.5798 million yuan, the net inflow of funds to 760.2393 million yuan. Among them, the main fund net inflow 474.9433 million yuan.　　In the previous session, China's electricity from the west to 24.6932 million yuan net inflow. This reporter noted that, in spite of China's power in the head of electricity distribution leading enterprises Halo, but the company's two-tier market share price has not reproduced the "king" style. Since listing last January, only last April, November to December and this year's January in the price of the price.　　At the lowest level, the company's share price had bottomed out to 5.99 yuan last May. "The company's two-tier market is difficult, mainly as a large stock, its stock price elasticity is very small, and the future growth has been basically determined."　　said the securities analyst. Earlier, China's more than the first day of the IPO will fall below the IPO price. China's first west-west show on the day to 8.02 Yuan opened, an instant rushed to 8.19 yuan. Only 7 minutes later, as the index fell, China's west-west began a "break trip". Eventually China's electricity was closed to 7.79 yuan, down 1.39% from its IPO price.　　China's electricity in the West has also become the second time in nearly 3.5 since the first day of the IPO break in the new shares and large stocks. However, since the end of last year, the company's two-tier market shares began to strengthen markedly. Statistics show that, as of January 26, the company's ownSince the beginning of the year has fallen by 7.34%, stronger than the same industry companies on average 11.51% decline. Echoing this, China's electricity from the end of last year has launched a series of positive news. November 24, 2010, China's electricity to the West issued a notice, the company's subsidiary of the Electric Power system to Beijing Hao Pu Huaqing Electrical Technology Co., Ltd. to accelerate the pace of expansion in the field of power. The power system in the West is intended to acquire a 60% per cent stake in Beijing, with cash of 14.5 million yuan, and after the acquisition, the company holds a 60% per cent stake in Beijing.　　After completion of the acquisition, the power system in the west to 4.8 million yuan in cash to the Beijing Pouhau to increase capital. Shortly thereafter, on December 16, the company issued a major contract signing announcement.　　December 14, 2010, the company and China Southern Power grid Company signed Glutinous crossing-Guangdong 800kV UHV Direct current transmission and xiluodu-Guangdong 500kV with tower double DC transmission two countries autonomous demonstration project equipment supply contract, the contract amount amounted to about 2.8 billion yuan. After two days of December 18, China's power West and Jinan Transformer Group Co., Ltd. signed the agreement to increase capital and expand shares, the relief will be issued to China's power to 125 million shares, China's electricity to 500 million yuan in cash subscription, after the completion of the relief of the total share capital into 230 million shares, China's power in the Become a controlling shareholder of the company's shares. The capital increase will complete the regional layout of China's electric power transformers plate in Huabei region, and improve the company's product portfolio in the field of transformers.　　At the end of 2009, the total assets amounted to 1.049 billion yuan, the shareholder's equity was 337 million yuan, the operating income was 621 million yuan, the total profit was 60.59 million yuan. Performance fading up to now, China's power-west switch plate and transformer plate are the main source of income for the company.　　However, the overall performance has faded over the past year as the company has been on the market for a slowdown in investment growth in the State grid.　　Brokers analysts believe that, as the national network of the winning bid is the lower price of the bid, therefore, transformer prices continue to decline, and thus affect the gross margin. such as the first half of 2010 transformer plate gross Profit margin of 25.98%, the year-on-year decrease of 2.55%. However, until the third quarter of last year, the company's operating income decline and gross margin decline rate is more than expected. The company's third quarterly report in 2010, the reporting period, the company realized operating income of 2.359 billion yuan, the ownership of the listed company's net profit of 98.72 million yuan, the year-on-year decline of 24.38% and 68.79%,eps for 0.02 yuan, the first three-quarter EPS is 0.15 yuan.　　The overall gross margin in the third quarter was only 23.72%, down 4.67% from a year earlier. "The main reason for the decline in corporate income and gross margin is that the third quarter began in the second half of last year to the first half of the order, the price war in the past year began to be reflected in the company's gross profit margin, and the power grid investment in the second half of the company's income is also likely to fall. "Hongyuan Securities Research Institute analyst ZhaoSaid Xi. [Page] Zhaoxi bluntly see the company's recent performance. "The company's fourth-quarter results were also grim, with traditional business gross margin improvements to be expected in the second half of the year." "In accordance with the company's order execution cycle, the fourth quarter will still be the company's performance trough, the improvement of gross margin should wait until the price of equipment after the recovery of six months."　　And the income of UHV equipment will be reflected in the second half of this year. China Securities analyst Chen Jian predicts that the slowdown in grid investment will not resume growth until the second half of 2011. 2010 1-July, China's power grid capital construction investment of 145 billion yuan, down 8.4% year-on-year. 1-August, the power grid infrastructure investment was 169.3 billion yuan, down 10.75% year-on-year.　　On the other hand, 2010 1-July, China added 220,000 volts and above the capacity of the transformer equipment for 120.311 million kVA, down 1.18%; 1-August, add 220,000 volts and above the capacity of power transformer equipment 125.991 million KVA, down 4.49%. "Due to the slowdown in grid investment and fierce competition, the company's gross margin and income growth are facing greater pressure." Even in the first half of 2011, grid investment will pick up, but it will take about half a year to make a profit, which would have a negative impact on the company's performance. "Zhaoxi said. "However, benefiting from the overall construction of the smart grid, the company's performance is expected to improve significantly in the second half of 2011." ”