Changes to our target prices and earnings estimates 2
Wind farms: Key changes to our forecast assumptions 3
Wind turbine makers: Key changes to our forecast assumptions 4
Wind farms: 2013E utilization and carbon income may offer upside 7
Equipment makers: Potential turnaround in 2012, but low visibility 11
Overseas ambition could take much effort to fulfill 15
Valuation: Focus on sustainable earnings trend 16
Company summary financials 20
Appendix 1: China power capacity forecast, 2007-2015E 24
Appendix 2: Basic tenets of the Kyoto protocol 25
Appendix 3: Top 10 Chinese wind farms and wind turbine makers 26