Event
On June 23, we attended shareholders’ meeting of the company and voted on 2008 annual report and additional issue. Meanwhile, senior leaders answered some shareholders’ questions about management and introduced core business development and prospects.
Minutes
Traditional electrical equipment: power generation and power transmission & transformation equipment --- overseas market and Siemens order transference to support future development
Wind turbine --- important investment filed in the future
Nuclear power equipment --- most complete one among the three largest dynamic manufacturers
Heavy industry sector --- to keeping growing rapidly
Electromechanical sector --- to maintain current scale and emphasize adjustment
Other business --- to continuously make adjustment and reinforce core industry
Investment Suggestion
We predict 2009-2011 EPS at Rmb0.19, Rmb0.20 and Rmb0.24 and maintain “Neutral” and “Recommended” ratings for A-share and Hong Kong shares respectively. With obvious industrial value, the company shows promising future.