Sinovel wind power first show incompetent 49 institutions floating loss 1.7 billion

Click to view the latest quotes Lin Mingming Li Yanling January 13, known as the most expensive motherboard new shares of Sinovel (601558.SH) listed in the Shanghai Stock Exchange.　　But the opening is reported at 87 yuan, directly below the price of 90 yuan, closed down to 81.37 yuan, a decrease of 9.59%.　　Sinovel Wind is a A-share board has the highest price of a new stock, in accordance with the issue price of 90 yuan, corresponding to about 48 times times the issuance of P/E multiples, raise funds up to 9.459 billion yuan.　　Before the listing, there are a number of brokerages to give the first day price forecasts, of which the initial venture securities forecast amounted to 135 yuan, the National Gold Securities and other although given a relatively low first day price, but also in the 86-94-yuan range. Sinovel's first show has no doubt made people fall below their glasses.　　Many of the previous subscription agencies are also quilt cover, 49 institutions on the first day of floating loss of 1.7 billion yuan.　　Body Quilt was previously a total of 72 institutions involved in Sinovel wind power network under the inquiry. One of the highest prices for the China Forestry Securities Limited Liability Company's self Investment Account, for 138.68 yuan, the lowest is the industrial and Commercial Bank of ICBC company pension plan for 60 yuan.　　The inquiry of the same company is more than one times. And finally, there are 49 institutions under the network access to the placement, the purchase of 203 million shares, the effective total amount of funds for the purchase of 18.27 billion yuan.　　One CITIC Securities Co., Ltd. to purchase the self-employed account 1086230 shares, is the net purchase the largest number of institutions, in addition to the Pacific insurance under the 7 to take a breath of 7241374 shares.　　Among them, 5 institutions hold more than 5% shares of the institutions, respectively, the state-owned shareholders heavy lifting, followed by the days of central Thailand, Future, the new Tibetan Alliance, new Huaneng 4 institutions. And in the first day of the closing price calculation, the Pacific Insurance 7 risk capital floating deficit of 62.4931 million yuan, Citic Securities floating deficit of 9.3742 million yuan.　　In this calculation, 49 institutions have a total floating loss of 1.752 billion yuan.　　Overpriced?　　Market participants believe that the first day of Sinovel performance is poor, one of the reasons is related to its pricing. At present, Goldwind technology in the two-tier market is 21 times times earnings, significantly lower than sinovel wind power. Citic Securities said, "The value of the goldwind is relatively low, and we take the 2011 18-22 times the value of the valuation interval calculation, corresponding to Sinovel's reasonable price of 65-80 yuan, its 90 yuan is significantly higher."　　In addition, Sinovel on the eve of the listing of the "electric shock" may also make investors more than a layer of psychological shadow. January 5, Sinovel is located in Hebei Shangyi County, a wind power operation site, 3 operators in the wind turbine completed commissioning after the recovery of wire rope, resulting in 3 people died.　　The accident was notified by Hebei Safety and Regulatory Bureau the following day.　　But the market remains bullish on its fundamentals. Sinovel Wind Power Equipment manufacturing leader, for two consecutive years to maintain the domestic market share first, to 25.32%. Global market share rose to third, reaching 9.2%. In addition itsGrowth has been the market's biggest aspect, the performance of two years doubled.　　Compared to goldwind and Oriental power, Sinovel has a leading position in the reserves of high-power fans and the layout of industrial clusters, and its 3Mw models are ahead of other wind power manufacturing enterprises.　　In the current mainstream 1.5MW models, Sinovel wind power technology types are mainly doubly-fed, and Goldwind is a permanent magnet direct drive, Oriental electric is doubly fed and direct drive type. However, the national Gold securities in the report pointed out that "doubly-fed fans in the quality competitiveness of the weaker than the direct drive model." National Gold Securities pointed out that the advantages of direct drive fan is to eliminate the high failure rate of the use of gearbox, so that the failure rate of the unit significantly reduced, thus maintaining cost reduction. And Guo Jin believes that the future trend of the fan will be to use power electronic control to replace the gearbox growth.　　As China's motor supporting industrial chain more perfect, we believe that direct-drive models will exceed the speed of doubly-fed fan. National Gold Securities believes that the current mechanized wind power equipment has a large value, long recovery cycle, poor working conditions and other characteristics, which for the quality of wind power equipment and the stability of the operation of a higher demand. When quality problems occur or will affect the company's performance.