Submitted by: Himfr Tian

Industrial upgrading in the product most directly reflects the direction of energy saving upgrades to the company’s most important industrial upgrading is reflected in product upgrades, process, function and value chain basically not involved.

The company headquarters, from the traditional industrial refrigeration and air conditioning to the development of new products in recent years, such as water source heat pump, ice cooling, vacuum freeze-drying; in the joint venture, Sanyo Compressor efficiency in pushing scroll compressor, Sanyo the cold chain has developed a new generation of supermarket display cabinets, display cabinets and cold drinks medical products, Sanyo vacuum refrigeration products company to complete the new boiler, gas heat pump development.

It can be seen in the field of industrial refrigeration and air conditioning industry leaders have done against the background of the company products to energy saving, ecology and environmental orientation to upgrade, is direct and effective.


Water source heat pump demand outlook depends on the Government to promote energy conservation efforts from the perspective of environmental protection, water source heat pump is a promising product; particular the use of sea water, water and other water source heat pump system. Company in 2009 to undertake the 3 sets of Star River two water source heat pump system is expected to deliver; Xiaoping Island 1.5 million square meter project is expected to start this year.

In addition to these two projects, other projects have not yet formally signed; expected Dalian government will launch across hundreds of thousands of square meters of water source heat pump project, large-scale promotion in the off-site water source heat pump difficult or very large. Investment income on the joint venture is an important source of company profits of industrial refrigeration and air conditioning industry around, walking on two legs to take the strategy of developing its leading products; joint venture other products.

Apart from a few of these products overlap, the essentially complementary. Use of technology joint venture parties, the company achieved better investment results. More than 20 joint venture from its investment income accounted for 80% of the company’s net profit last year, a substantial loss of Sanyo Air Conditioning 133 million, mainly subsidiaries of Shenyang Sanyo Air Conditioning (mainly doing domestic air conditioning) by a substantial decline in the export of international crisis; expected Sanyo air conditioning will substantially cut its losses this year, it is possible to achieve profitability.

Related financial assets is much room for appreciation of company-related financial assets, including Guotai Junan 3,009.89 million shares, large rubber 234 million, SST 230 million new too (after the share reform). One large rubber as available for sale financial assets (the cost of 2.3077 million yuan), Guotai Junan equity (cost of 30.0989 million yuan) and the new Pacific SST (all mentioned impairment) or long-term equity investment is expected the listing will become available after the resumption of trading for sale financial assets.

Plenty of room for the future revaluation of these assets. Earnings forecasts and valuation of Dalian Sanyo Home Appliances profit last year, still its impairment of extraction of 11.6944 million yuan; May bid was double-D Port Zone North Block, the company “12 5” during the development of large screw compressors, large water heat pump, the product performance laboratory and foundry in preparation for relocation. We expect 2010 to 2012 earnings per share 0.36,0.42 and 0.49 yuan, target price of 11.5 yuan, to “overweight” rating.

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