無錫市滬安電線電纜有限公司介紹 英文

1CorporatePresentationMarch20102ThispresentationmaycontainstatementsregardingthebusinessofChinaHuAnCableHoldingsLtdanditssubsidiaries(the“Group”)thatareofaforwardlookingnatureandarethereforebasedonmanagement’sassumptionsaboutfuturedevelopments.本項內(nèi)容可能包含有關中國滬安電纜控股有限公司及其子公司（集團）未來戰(zhàn)略和未來發(fā)展管理的設想。Suchforwardlookingstatementsaretypicallyidentifiedbywordssuchas‘believe’,‘estimate’,‘intend’,‘may’,‘expect’,and‘project’andsimilarexpressionsastheyrelatetotheGroup.Forwardlookingstatementsinvolvecertainrisksanduncertaintiesastheyrelatetofutureevents.Actualresultsmayvarymateriallyfromthosetargeted,expectedorprojectedduetovariousfactors.牽涉到集團未來的設想內(nèi)容會以“認為”“估計”“意圖”“可能”“希望”或“計劃”等典型表述加以區(qū)分。因其牽涉到將來的事件，該內(nèi)容將具有一定的風險性及不確定性?？紤]到各種因素實際結(jié)果可能與目標，預想或計劃的內(nèi)容大相徑庭。Potentialrisksanduncertaintiesincludesuchfactorsasgeneraleconomicconditions,foreignexchangefluctuations,interestratecharges,commoditypricefluctuationsandregulatorydevelopments.SuchfactorsthatmayaffecttheGroup’sfuturefinancialresultsaredetailedinourlistingprospectus,listedinthispresentation,orinthemanagementdiscussionandanalysissectionofthecompany’sreportedresultandfilingwiththeSGX.Thereaderand/oraudiolisteneriscautionedtonotundulyrelyontheseforward-lookingstatements.Wedonotundertakeanydutytopublishanyupdateorrevisionofanyforwardlookingstatements.潛在風險和不確定性因素包括例如國際經(jīng)濟環(huán)境，外匯波動，利率，物價波動以及監(jiān)管發(fā)展。這些影響集團未來財務業(yè)績的因素將在我們的計劃書，報告，管理討論中由公司研究部門報告并提交給SGX（新加坡證券交易所）。報告讀者不應過度依賴計劃內(nèi)容。本公司不能保證出版這些計劃的更新或修正內(nèi)容。CautionaryNoteonForward-LookingStatements

免責聲明3Content

目錄InvestmentMerits

投資價值BusinessOverview企業(yè)概貌FinancialOverview財務狀況Prospects遠景PeerComparison同行比較InvestmentMerits

投資價值5InvestmentMerits

投資價值ChinaHuAnprovidesinvestorswithexposuretothegrowingpowerinfrastructureandrenewableenergiessectorinChina中國滬安將公布給投資人中國電力基礎設施的以及新能源部門的發(fā)展情況。China’srapideconomicgrowthandincreasinginfrastructureinvestmentbythegovernmentwillunderpinrobustdemandfortheGroup’scableandwireproducts中國經(jīng)濟的迅猛發(fā)展和中國政府對電力基礎設施的大力投資將會極大的推動對集團電纜電線產(chǎn)品的需求。Extensivesalesanddistributionnetworkwithover4,000customersacross24provincesandcitiesinChina擁有廣泛的銷售網(wǎng)點和銷售網(wǎng)絡，超過4000家客戶橫跨中國24個省市。Penetrationintothehigh-endcablesmarketsegmentwillboosttheGroup’sprofitability進入高端電纜市場將極大的促進集團利益增長LowPEcomparedtoChina-listedpeersandotherSGX-listedS-chips*跟中國同類公司以及SGX其它龍籌股相比更低的PE（市盈率）*CIMB-GKResearchBUSINESSOVERVIEW

企業(yè)概貌7CHINAHUANCABLEisoneoftheTop10CableandWireManufacturersinChina滬安電纜是中國排名前十的電線電纜制造企業(yè)ClientelefocusedonChina’sinfrastructure,construction,transportandenergysectors,includingbellwethercompaniese.g.StateGridCorporationofChina;participationinimportantstateprojects客戶主要集中于基礎設施，工程制造，運輸以及能源部門，包括了類似于中國國家電網(wǎng)公司在內(nèi)的許多行業(yè)內(nèi)龍頭企業(yè)，參與了許多國內(nèi)重要的工程Strongbrandrecognitioninmarket,backedbystrongR&D,reliableproductqualityandpossessionofwiderangeofaccreditations較強的市場品牌認知度，以科研技術為支撐，依靠高品質(zhì)的產(chǎn)品贏得了廣泛的信賴。Basedincable/wirehubofChina,Yixing(JiangsuProvince),easyaccesstolargepoolofrawmaterials依托宜興（中國江蘇）電線電纜中心，較易大量儲備原材料。Introduction

企業(yè)介紹8IntegratedBusinessModel整合產(chǎn)業(yè)鏈Asanintegratedcable/wiremanufacturer,ChinaHuAnisabletoachieveconsistentqualitywithlowermanufacturingcostsandhigheroverallmargins作為一家綜合的電線電纜生產(chǎn)商，中國滬安能夠以更低的成本保持始終如一的質(zhì)量，獲取更大的利潤ProductionandsaleofCopperRods銅材料的生產(chǎn)銷售ShenhuanCopper申環(huán)銅業(yè)Productionandsaleofplasticcablematerials塑料電纜原料生產(chǎn)銷售ShenhuanManufacturing申環(huán)塑業(yè)ProductionandsaleofAluminiumRods鋁材料的生產(chǎn)銷售ShenhuanAluminium申環(huán)鋁業(yè)Productionandsaleofbroadrangeofcablesandwires電線電纜的生產(chǎn)和銷售WuxiHuAn

無錫滬安Researchanddevelopmentofproducts,materials,designandtechnology進行產(chǎn)品，原料，等技術的研發(fā)HuAnResearchCenter

滬安研究中心9OperationsModel

經(jīng)營模式10ProductRange產(chǎn)品范圍

BASIC低端LowtoMid-VoltagePowerCables低壓到中壓電纜

Powergrid,generationplants,factories,largebuildings電網(wǎng)，發(fā)電站，工廠，大樓AerialCables

架空電纜

Insulatedanduninsulated;longdistanceandhigh-voltagepowertransmission絕緣非絕緣;遠距離高壓傳輸PlasticInsulatedWires塑料絕緣線Low-voltagepowerdistributionandelectricaldevices低壓電氣設備ControlCables

控制電纜

Low-voltagecontrolsystems低壓控制系統(tǒng)RubberSheathInsulatedCables橡膠護套絕緣電纜Mining,shipping,movablemachinery礦用，船用，移動，機械SpecialWires&Cables特殊電線電纜Customisedwithspecialcharacteristicsforhighlyspecialisedindustries按客戶要求制造專業(yè)的特殊電纜MID-RANGE中段HIGH-END高端Ultra-HighVoltageCables超高壓電纜TheGroupisdevelopingcapabilitiesinthisarea集團正致力于該領域的開發(fā)11ProductionFacilities生產(chǎn)裝裝備Integratedproductionfacilities完整的的生產(chǎn)產(chǎn)設備備Companyhasbeenconsistentlyincreasingproductioncapacityyearly公司不不斷地地擴大大產(chǎn)能能Possessestechnologyforlarge-dimensionorultra-longproducts掌握大大規(guī)格格和超超高壓壓電纜纜產(chǎn)品品技術術Alsopossessestechnologyforhighlyspecificcustomisation同時掌掌握高高技術術特殊殊定制制規(guī)格格電纜纜技術術12Output產(chǎn)量FY2006FY2007FY2008FY2009Cable電纜16,820km18,310km23,320km45,792kmWire電線39,727km32,124km55,122km52,135kmCopperRods銅--8,224t4,225tAluminiumRods鋁--7,902t5,549tPlasticMaterials塑料--4,314t9,098t13ProjectTrackRecord參與工工程14CustomerBase客戶范范圍Widecustomerbaseofover4,000companiesinpowerinfrastructureandotherindustries在電力力設備備和相相關行行業(yè)擁擁有超超過4000家的客客戶資資源Extensivesalesnetworkacross24provincesandcitiesacrossthePRC,suchasJiangsu,Shanghai,Zhejiang,AnhuiandHubei在全國國包括括江蘇蘇，浙浙江，，安徽徽，湖湖北等等24個省市市擁有有廣泛泛的銷銷售網(wǎng)網(wǎng)絡BetweenFY2006toFY2008,over70%oftotalsalesweregeneratedfromrepeatcustomers2006到2008財年，，70%的銷售售來自自于回回頭客客15Inadditiontotheabove,theGrouphasalsoobtainedvariousqualificationsandaccreditationswhichcertifythatitsproductsareincompliancewithrequisiteindustrystandardsforuseincertainindustries,suchaspowergeneration,powersupply,communications,ship-building,realestate,andcoalmining.Itisalsoaqualifiedsuppliertoseveralmajorcompaniesintheinfrastructuresector.此外，，集團團還獲獲得了了各類類認證證和資資質(zhì)，，產(chǎn)品品符合合各行行業(yè)的的標準準，例例如發(fā)發(fā)電，，供電電，電電訊，，造船船，房房地產(chǎn)產(chǎn)以及及煤礦礦。同同時本本公司司還是是一些些主要要基礎礎設施施部門門的供供應商商。BrandQuality品牌資資質(zhì)16R&DCapabilities研發(fā)能力OurR&Ddepartmentisrecognisedbystateashigh-advancedtechnologyenterprise研究部門被授授予國家高新新技術企業(yè)ConsistentlydevelopedandintroducednewproductstothemarketAbout10newproductsperyearonaveragesince2006一貫以來向市市場引進新產(chǎn)產(chǎn)品自2006年以來每年超超過10項新產(chǎn)品Newlydevelopedproductshavebeensuccessfullycommercialisedinvariousindustrialsectorsalternativepowergeneration,petrochemicals,shipbuilding,aviation,mining,etc新開發(fā)產(chǎn)品成成功的在多個個行業(yè)實現(xiàn)商商業(yè)化新能源發(fā)電，，石油化工，，造船，航空空，礦用等。。WonnumerousawardsforitsR&Dcapabilities11patents+additional12patentapplicationsacceptedforfurtherreview贏得多項科研研獎項11項專利以及12項專利申請已已受理Wellsupportedbygovernment,recognisedunderthe““StateTorch”programmeandtie-upswithhigherlearninginstitutes政府大力支持持，參加國家家火炬計劃與多家科研單單位合作17Leadingintegratedcableandwiremanufacturerwithstrongbrandname(“ShenHuan”)商標品牌（申申環(huán)）在電纜纜電線行業(yè)處處于領軍地位位Establishedcustomerbaseandwidesalesanddistributionnetwork建立了廣泛的的客戶資源和和銷售網(wǎng)絡Over4,000customersacross24provincesandcitiesinChina橫跨全國24個省市超過4000家客戶Extensiveaccreditationsandstrongtrackrecord多個認證資質(zhì)質(zhì)和優(yōu)秀的業(yè)業(yè)績allowstheGrouptosecuresaleswithestablishedcustomersandpenetrateintospecializedsectors保證集團獲得得客戶資源進進入特殊部門門Involvementinvariousmajorprojects,eg.2008BeijingOlympicsGames參與各類主要要工程，例如如2008北京奧運會StrongR&Dandproductdevelopmentcapabilities強大的科研開開發(fā)能力Introducedanaverageof10productsperyear平均每年引進進10種新產(chǎn)品Growingportfolioofpatents專利產(chǎn)品不斷斷增多Experiencedandcommittedmanagementteam經(jīng)驗豐富穩(wěn)定定的管理團隊隊SummaryofKeyStrengths總結(jié)主要優(yōu)勢勢FINANCIALOVERVIEW財務概況19RMBmillionRevenueCAGR年收益增長率率20.3%NetProfitCAGR年凈利潤增長長率42.7%GPM15.5%15.9%15.9%17.6%NPM5.8%5.7%6.7%9.7%Revenue&Profitability銷售及利潤率率GrowthFactors增長因素-Higherproportionofhigher-margin高增長比率products產(chǎn)品-Rawmaterialpricecontrol原材料價格控控制Lowerfinanceexpenses低財政支出Taxincentives捐稅鼓勵20RevenueBreakdown銷售額劃分FY2009RevenuebyProduct*2009財年產(chǎn)品收益益FY2009RevenuebyEndIndustries2009財年高端產(chǎn)業(yè)業(yè)*PriortoFY2008,allrevenuewasderivedfromcableandwireproductsonly2008財年利潤全部部來自于電纜纜電線**Otherindustriesincludecement,electronics,machinery,andfactoriesengagedinahostofproductionactivities其它行業(yè)包括括水泥，電子子，機械等制制造業(yè)。21(RMBmillion)Asat31Dec09Asat31Dec08CurrentAssets流動資產(chǎn)732.99559.23Non-CurrentAssets固定資產(chǎn)161.22145.29TotalAssets總資產(chǎn)894.21704.52CurrentLiabilities流動負債469.75482.07Non-CurrentLiabilities固定負債0.901.93TotalLiabilities總負債470.65(1)484.00TotalEquity全部股本423.56220.53BalanceSheetHighlights資產(chǎn)負債表NetGearing(2)

凈獲利比率35%114%QuickRatio速動比率120%104%CurrentRatio

流動比率156%116%Totalborrowingsasat31Dec2009approxRMB317million到2009年13月31日總貸款將近近人民幣317百萬（2）Netgearingisdefinedastotalborrowingstoequity,netofcash凈獲利比率是是總借款凈資資PROSPECTS遠景23Electricalpowerindustryaccountsfornearly40%ofPRC’selectricalpowercablesusedinthePRC電力工業(yè)占中中國電纜使用用消費的40%ElectricalpowercablesarewidelyusedinvariousfieldsinthePRCandhavebeendescribedasthe“bloodvessels”or““nervoussystem”ofthenationaleconomy–beingthelargestsupportingindustry電力電纜被廣廣泛使用，被被稱為中國經(jīng)經(jīng)濟的動脈神神經(jīng)，為最大大的支柱產(chǎn)業(yè)業(yè)Productshavetofulfiltechnicalrequirementsandpriceperformanceratiospecificationstosatisfytherisinglivingstandards產(chǎn)品滿足了不不斷提高的技技術和性能要要求Electricpowercablesarewidelyappliedinvariousindustries,suchasenergy,transportation,communication,automotiveandpetrochemical.電力電纜在各各行業(yè)廣泛應應用，如能源源，運輸，通通信，自動化化，石油化工工。The5ProductCategoriesofElectricalPowerCableIndustry5大電纜產(chǎn)品ElectricalPowerCables–KeytoNationalEconomicGrowth電力電纜—國家發(fā)展的關關鍵Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook行業(yè)前景24ThePRC'selectricalpowercableindustryhasgrownatanaverageannualrateofover15%inthepast15years過去15年中國電纜行行業(yè)平均每年年增長15%Theindustryisexpectedtogrowatarateofover10%inthenextfewyears.Itisreportedthattheaverageannualgrowthrateinthepowercablesegmentcanbeashighas15%.未來幾年中預預計增長率為為10%。有報道稱最最高年增長率率可達15%。15%10%Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook行業(yè)前景25KeyGrowthDrivers主要增長動力力ContinuedgrowthofpowerinfrastructureinChina基礎設施投資資的持續(xù)增長長Continuedurbanisation城市化的不斷斷推進Governmentmandateforpowercablestogoundergroundincities政府進行電力力電纜埋地改改造BoostfromRMB4trillionstimulusplan推進4萬億激勵計劃劃Increasingfocusonrenewableenergies推進新能源戰(zhàn)戰(zhàn)略2626ExpandProductRangeAcrossMultipleIndustries產(chǎn)品設計多個個行業(yè)IncreaseProductionOutput增長的產(chǎn)能GrowthStrategy增長長策策略略PenetrateIntohigh-end

cablemarket

進入高端電纜市場2627360Km300Km1newworkshopand2productionlinesforfire-resistancespecialcablesofratedvoltageof110kVand220kV一個新的生產(chǎn)工廠和2條生產(chǎn)額定電壓為110kv和220kv的特殊耐火線生產(chǎn)線1newworkshopand2productionlinesforultra-highvoltagepowercablesofratedvoltageabove500kV一個新的生產(chǎn)工廠和2條生產(chǎn)額定電壓為超過500KV的超高壓電纜生產(chǎn)線1newproductionlineforflexiblespecialcableswithenhancedfire-resistantattribute一條加強型耐火可彎曲電纜生產(chǎn)線1productionlineforfire-resistantpowercableaccessories一條耐火電力電纜配件生產(chǎn)線600Km2,500Km1milsetsFuturePlans未來來計計劃劃Expandproductioncapabilitiesinhigh-endcablemarketStrengthenR&Dcapabilities強力力的的研研發(fā)發(fā)能能力力Continueexpandingcapabilitiestobetteraddressneedsfromhigh-endandspecialisedsectors不斷斷加加強強對對高高端端特特種種電電纜纜的的研研發(fā)發(fā)EstimatedAnnualProductionCapacityExpandbusinessthroughM&AsorJVsinYear2011inYear201228NewProductionFacilities新生生產(chǎn)產(chǎn)裝裝備備Ultra-HighVoltageXLPECables超高高壓壓交交聯(lián)聯(lián)聚聚乙乙烯烯電電纜纜29Full-ScreenTestingHall全屏屏測測試試廳廳NewProductionFacilities新生生產(chǎn)產(chǎn)裝裝備備30HighFire-ResistanceCables高阻阻燃燃電電纜纜200kVandbelowEnvironmentalFire-ResistantCableAccessoriesProductionLine200kv及以以下下環(huán)環(huán)保保耐耐火火線線配配件件生生產(chǎn)產(chǎn)線線MineralInsulatedCable礦用用絕絕緣緣電電纜纜Auto-FilingP