Brokerage: Not too much room to fall

The Great Wall Securities analyst Zhang Lin said, the Yangtze River Power distribution completed, the dilution of equity only about 16%, and the performance of 30% or so thick.　　In addition, the target assets unaudited net book value of about 83.8 billion yuan, preliminary evaluation of about 107.5 billion, the premium rate is only 28%, more reasonable. Zhang Lin that, as the Three Gorges unit is put into production, the Three Gorges power generation equipment utilization hours (the average) will decline from 5288 to 4,033 hours, but still higher than the national water and electricity about 3,621 hours of average level.　　After the overall listing company Roe, margin level will be better in 2008, but more than 2006, 2007 slightly diluted, in the Jinsha River four power plant before the production, is expected to stabilize to 12%, 60% in 2010 respectively.　　Some analysts said that water and electricity as a clean renewable energy has a better access to the Internet, in 2008, the Three Gorges Electric energy in the region for the first time oversupply, the company still achieved full sales of electricity, so optimistic about the future development of the company. Zhang Lin that in terms of electricity price, the current Three Gorges electricity price is far lower than the average price of electricity in the provinces and cities, with the bidding and other electric power system reform and the Three Gorges grid pricing mechanism of the gradual implementation of the company's market competitive advantage will be more obvious.　　The profitability of the power generation assets of the Three Gorges project will be further improved.　　For the Yangtze River Power after the trend, Guotai researcher Wang Wei that the current valuation of the Yangtze River is relatively low relative to the market and power Plate, the price of suspension is still attractive. There are also investors tend to use the Shanghai 50ETF discount rate to calculate the reasonable price of the Yangtze River Power recovery. Shanghai 50etf5 Month 15th closing price of 2.014 yuan, and its real net worth of 2.024 yuan, discount of 0.01 yuan, discount rate of 5.7%. According to the Shanghai 50ETF Quarterly report, the Yangtze River electricity accounted for 50 of the net worth of 3.08%, that is, 0.0623 yuan, Shanghai 50ETF discount of 0.01 yuan can be regarded as the Yangtze River Power discount, the discount rate is 16%.　　That is to say, the Yangtze River Electric power Duplicate the maximum fall may be 16%. However, these people said that the calculation method can only be used as a reference, because the Yangtze River power plan better than expected, the trend of its re-licensing should be more optimistic.