2007年7月Credit Suisse:中国电力设备行业深度分析

CHINA POWER TRANSMISSION & DISTRIBUTION EQUIPMENT SECTOR

12 July 2007，56 pages

China’s power transmission and distribution (T&D) equipment sector is likely to enjoy an unprecedented growth in the next five years, due to domestic above-GDP-growth demand increase, in our view. We also believe that industry profitability will be improved by upgrades in product mix and softening of raw material costs. Here we suggest focusing on local leaders of primary equipment production with aggressive capacity expansion, which should be the largest beneficiaries in this sector.