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　　 Changjiang Securities Ma Xianwen

Event description:

Recently, low temperature extreme weather frequently occurs in many places, heating demand and public opinion in the south are heating up. Affected by the continuous deterioration of the climate in the south, the call for the construction of the distributed energy supply system in the south is becoming stronger. The demand for people's livelihood heating and energy conservation and environmental protection is expected to directly lead to a huge development space for smart HVAC.

Event comment:

Extreme weather frequently leads to heating demand and heated public opinion: China Meteorological Administration said that the national average temperature since the beginning of winter in 2012 has been - 4.1 ℃, 1.2 ℃ lower than normal, a new low in seven years. The average temperature in Northeast China and North China is the lowest in the same period in the past 27 years. According to the monitoring results released by the World Meteorological Organization, the global warming trend is still serious, in this context, the climate of extreme high and low temperatures will be more and more. In addition, according to Baidu [Weibo] According to the index data, this year's "heating" public opinion attention peak increased by 65.15% compared with last year, which has gradually become one of the priorities of complementary livelihood demands.

It is not reasonable to copy the central heating mode in the north, and the distributed energy supply system is expected to become the mainstream of heating in the south: unlike the long duration and low temperature in the north, heating in the south is more selective and complementary. DecentralCo generation system refers to an energy collection or storage system that outputs heat (cold) energy independently at the user end or in public places, and relies on the use of renewable energy or energy recycling to achieve the purpose of energy conservation and environmental protection, which is more suitable for the southern energy-saving heating mode.

Accelerate the smart energy-saving HVAC project of the company to enter the harvest period: The smart HVAC project of the company's wholly-owned subsidiary, Hanjue Technology, is to optimize heating and air conditioning, central power system, energy load and transmission and distribution through the use of renewable energy, combined with the company's intelligent technology, so as to achieve the role of energy recycling and improve energy efficiency. At present, the heating and cooling of buildings in China account for about 30% of the total energy consumption of buildings. The development of energy-saving HVAC will effectively reduce the energy consumption of heating and cooling by 40%. Under the background of the interweaving of building energy conservation and heating demand in the south, the smart HVAC market is expected to boom. The company has won the bid of 59037500 yuan in the pilot project of urban heating in Lhasa. The company has planned that the HVAC project will reach its peak in 2013 and become a pillar business in 2014-2015.

Maintain the "recommended" rating: the company is an enterprise with excellent quality, wide business coverage, and strong industrial status. Its bid winning rate, per capita income generation, and gross margin of orders are among the top in the industry. It is easy to grow rapidly under the background of "large industries, small companies", and is expected to further expand in other intelligent industries such as transportation, petrochemical, and other fields in the future, It has provided the company with the driving force of high performance growth. We are optimistic about the industrial demand for intelligent buildings and the company's governance and development capabilities. It is estimated that the company's EPS will be 0.93, 1.44 and 2.08 yuan respectively in 2012-2014, and the corresponding PE will be 30, 19 and 13 times, maintaining the "recommended" rating.

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