GS 高盛-中国每日报告 07.19

China-Daily-Insights 07.19 10页

Today’s focus
Yingli Green Energy (YGE): Solid fundamentals, but fairly priced, initiate with Neutral
Suning Appliance Co. (002024.SZ): Guidance raised on 1H2007 earnings
China: Energy: Oil: Key takeaways from recent meetings with IOCs in Beijing
PetroChina (0857.HK): Turkmen gas agreement underpins #2 W-E pipeline; plus for China
Headline news
NPC panel warns economy overheating (China Daily)
China shuts down 156 small thermal power generating units in first half year (Xinhua)
Domestic M&As up sharply in first half (Xinhua)
China's textile and apparel exports expected to grow slower in 2007 (People’s Daily)
Slow march to pension progress (Financial Times)
Yingli Green Energy (YGE): Solid fundamentals, but fairly priced, initiate with Neutral, Cheryl Tang
• Investment view: We initiate coverage on YGE (YGE, US$17.01, Neutral) with a Neutral rating and a 12-month DCF-based TP of US$16. We believe the company's vertical integration and management vision are key differentiators. We view capacity expansion and vertical integration as key earnings drivers. However, following the share