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Runbang marine jack-up wind power installation platform delivery
     Recently, Runbang, a wholly-owned subsidiary of Runbang Co., Ltd., independently developed and designed and built the first domestic self-elevating wind power installation platform for offshore waters, and successfully delivered the design to the second generation offshore wind power installation platform. It has also entered the verification and final stage. At the previous exhibition, the company's second-generation platform has attracted the interest of many Chinese and foreign customers and industry customers.
      The offshore wind power market started rapidly this year: On August 22, the National Energy Administration organized the National Offshore Wind Power Promotion Conference and announced the 2014-2016 construction plan, involving a total of 10 GW of installed capacity for 44 projects. This is another measure taken by the National Energy Administration to review the situation and push the offshore wind power on the right track as soon as the offshore wind power benchmark price is introduced. According to relevant plans, China's offshore wind power installed capacity should reach 5GW in 2015 and 30GW in 2020.
      Runbang products have been recognized by mainstream customers: offshore wind power installation platform is a special equipment for offshore wind power construction, which is the prerequisite for large-scale construction. In May 2013, the company's first offshore wind power installation platform successfully carried out the first offshore wind power installation and maintenance operation in China using the self-elevating platform, which was well received by customers and the industry. In November 2013, the platform carried out the CGN-Rudong offshore wind power test pile project and successfully completed the offshore piling operation, which fully verified the reliable and stable operation. In June 2014, the company announced that Huadian Heavy Industry became the ultimate customer of the platform, with a cost of approximately 376 million yuan.
      Benefit from the start of offshore wind power construction: According to the plan, the domestic average construction of 5GW of offshore wind power every year, assuming that the offshore wind power installation platform can hold 70 sets of wind turbines per year, and a single installed machine of 3.5MW, a total of more than 20 platforms are required, according to 3 The price of 100 million yuan is calculated, and the market capacity is about 6 billion yuan. At present, the enterprises that have started the offshore wind power installation platform developed and constructed in China are mainly Runbang Ocean and Zhenhua Heavy Industry, and the two companies will benefit from being the first mover.
      Earnings Forecast and Investment Proposal: We expect the company to achieve operating income of 2,494, 3,268 and 4,184 million in 2014-2016, respectively, with EPS of 0.342, 0.554 and 0.780 yuan respectively. The company has distinctive characteristics, excellent management, and actively develops new industries such as offshore equipment. In combination with performance and valuation, we continue to give the company a “buy†investment rating.
      Risk warning: If the raw material price rises sharply, the risk of the company's profit rate will fall; the risk of macroeconomic environment fluctuations affecting the demand of ships, port machinery and offshore vessels.