無錫市滬安電線電纜有限公司介紹 英文

1CorporatePresentationMarch20102ThispresentationmaycontainstatementsregardingthebusinessofChinaHuAnCableHoldingsLtdanditssubsidiaries(the“Group”)thatareofaforwardlookingnatureandarethereforebasedonmanagement’sassumptionsaboutfuturedevelopments.本項(xiàng)內(nèi)容可能包含有關(guān)中國滬安電纜控股有限公司及其子公司（集團(tuán)）未來戰(zhàn)略和未來發(fā)展管理的設(shè)想。Suchforwardlookingstatementsaretypicallyidentifiedbywordssuchas‘believe’,‘estimate’,‘intend’,‘may’,‘expect’,and‘project’andsimilarexpressionsastheyrelatetotheGroup.Forwardlookingstatementsinvolvecertainrisksanduncertaintiesastheyrelatetofutureevents.Actualresultsmayvarymateriallyfromthosetargeted,expectedorprojectedduetovariousfactors.牽涉到集團(tuán)未來的設(shè)想內(nèi)容會以“認(rèn)為”“估計(jì)”“意圖”“可能”“希望”或“計(jì)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(fēng)險(xiǎn)性及不確定性?？紤]到各種因素實(shí)際結(jié)果可能與目標(biāo)，預(yù)想或計(jì)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(fēng)險(xiǎn)和不確定性因素包括例如國際經(jīng)濟(jì)環(huán)境，外匯波動，利率，物價(jià)波動以及監(jiān)管發(fā)展。這些影響集團(tuán)未來財(cái)務(wù)業(yè)績的因素將在我們的計(jì)劃書，報(bào)告，管理討論中由公司研究部門報(bào)告并提交給SGX（新加坡證券交易所）。報(bào)告讀者不應(yīng)過度依賴計(jì)劃內(nèi)容。本公司不能保證出版這些計(jì)劃的更新或修正內(nèi)容。CautionaryNoteonForward-LookingStatements

免責(zé)聲明3Content

目錄InvestmentMerits

投資價(jià)值BusinessOverview企業(yè)概貌FinancialOverview財(cái)務(wù)狀況Prospects

遠(yuǎn)景PeerComparison同行比較InvestmentMerits

投資價(jià)值5InvestmentMerits

投資價(jià)值ChinaHuAnprovidesinvestorswithexposuretothegrowingpowerinfrastructureandrenewableenergiessectorinChina中國滬安將公布給投資人中國電力基礎(chǔ)設(shè)施的以及新能源部門的發(fā)展情況。China’srapideconomicgrowthandincreasinginfrastructureinvestmentbythegovernmentwillunderpinrobustdemandfortheGroup’scableandwireproducts中國經(jīng)濟(jì)的迅猛發(fā)展和中國政府對電力基礎(chǔ)設(shè)施的大力投資將會極大的推動對集團(tuán)電纜電線產(chǎn)品的需求。Extensivesalesanddistributionnetworkwithover4,000customersacross24provincesandcitiesinChina擁有廣泛的銷售網(wǎng)點(diǎn)和銷售網(wǎng)絡(luò)，超過4000家客戶橫跨中國24個(gè)省市。Penetrationintothehigh-endcablesmarketsegmentwillboosttheGroup’sprofitability進(jìn)入高端電纜市場將極大的促進(jìn)集團(tuán)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(chǔ)設(shè)施，工程制造，運(yùn)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(qiáng)的市場品牌認(rèn)知度，以科研技術(shù)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(jìn)行產(chǎn)品，原料，等技術(shù)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(yuǎn)距離高壓傳輸PlasticInsulatedWires塑料絕緣線Low-voltagepowerdistributionandelectricaldevices低壓電氣設(shè)備ControlCables

控制電纜

Low-voltagecontrolsystems低壓控制系統(tǒng)RubberSheathInsulatedCables橡膠護(hù)套絕緣電纜Mining,shipping,movablemachinery礦用，船用，移動，機(jī)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(tuán)正致力于該領(lǐng)域的開發(fā)11ProductionFacilities生產(chǎn)裝備Integratedproductionfacilities完整的生產(chǎn)設(shè)備Companyhasbeenconsistentlyincreasingproductioncapacityyearly公司不斷地?cái)U(kuò)大產(chǎn)能Possessestechnologyforlarge-dimensionorultra-longproducts掌握大規(guī)格和超高壓電纜產(chǎn)品技術(shù)Alsopossessestechnologyforhighlyspecificcustomisation同時(shí)掌握高技術(shù)特殊定制規(guī)格電纜技術(shù)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

參與工程14CustomerBase客戶范圍Widecustomerbaseofover4,000companiesinpowerinfrastructureandotherindustries在電力設(shè)備和相關(guān)行業(yè)擁有超過4000家的客戶資源Extensivesalesnetworkacross24provincesandcitiesacrossthePRC,suchasJiangsu,Shanghai,Zhejiang,AnhuiandHubei在全國包括江蘇，浙江，安徽，湖北等24個(gè)省市擁有廣泛的銷售網(wǎng)絡(luò)BetweenFY2006toFY2008,over70%oftotalsalesweregeneratedfromrepeatcustomers2006到2008財(cái)年，70%的銷售來自于回頭客15Inadditiontotheabove,theGrouphasalsoobtainedvariousqualificationsandaccreditationswhichcertifythatitsproductsareincompliancewithrequisiteindustrystandardsforuseincertainindustries,suchaspowergeneration,powersupply,communications,ship-building,realestate,andcoalmining.Itisalsoaqualifiedsuppliertoseveralmajorcompaniesintheinfrastructuresector.

此外，集團(tuán)還獲得了各類認(rèn)證和資質(zhì)，產(chǎn)品符合各行業(yè)的標(biāo)準(zhǔn)，例如發(fā)電，供電，電訊，造船，房地產(chǎn)以及煤礦。同時(shí)本公司還是一些主要基礎(chǔ)設(shè)施部門的供應(yīng)商。BrandQuality品牌資質(zhì)16R&DCapabilities研發(fā)能力OurR&Ddepartmentisrecognisedbystateashigh-advancedtechnologyenterprise研究部門被授予國家高新技術(shù)企業(yè)ConsistentlydevelopedandintroducednewproductstothemarketAbout10newproductsperyearonaveragesince2006一貫以來向市場引進(jìn)新產(chǎn)品自2006年以來每年超過10項(xiàng)新產(chǎn)品Newlydevelopedproductshavebeensuccessfullycommercialisedinvariousindustrialsectorsalternativepowergeneration,petrochemicals,shipbuilding,aviation,mining,etc新開發(fā)產(chǎn)品成功的在多個(gè)行業(yè)實(shí)現(xiàn)商業(yè)化新能源發(fā)電，石油化工，造船，航空，礦用等。WonnumerousawardsforitsR&Dcapabilities11patents+additional12patentapplicationsacceptedforfurtherreview贏得多項(xiàng)科研獎項(xiàng)11項(xiàng)專利以及12項(xiàng)專利申請已受理Wellsupportedbygovernment,recognisedunderthe“StateTorch”programmeandtie-upswithhigherlearninginstitutes政府大力支持，參加國家火炬計(jì)劃與多家科研單位合作17Leadingintegratedcableandwiremanufacturerwithstrongbrandname(“Shen

Huan”)

商標(biāo)品牌（申環(huán)）在電纜電線行業(yè)處于領(lǐng)軍地位Establishedcustomerbaseandwidesalesanddistributionnetwork

建立了廣泛的客戶資源和銷售網(wǎng)絡(luò)Over4,000customersacross24provincesandcitiesinChina

橫跨全國24個(gè)省市超過4000家客戶Extensiveaccreditationsandstrongtrackrecord

多個(gè)認(rèn)證資質(zhì)和優(yōu)秀的業(yè)績allowstheGrouptosecuresaleswithestablishedcustomersandpenetrateintospecializedsectors保證集團(tuán)獲得客戶資源進(jìn)入特殊部門Involvementinvariousmajorprojects,eg.2008BeijingOlympicsGames參與各類主要工程，例如2008北京奧運(yùn)會StrongR&Dandproductdevelopmentcapabilities

強(qiáng)大的科研開發(fā)能力Introducedanaverageof10productsperyear

平均每年引進(jìn)10種新產(chǎn)品Growingportfolioofpatents

專利產(chǎn)品不斷增多Experiencedandcommittedmanagementteam

經(jīng)驗(yàn)豐富穩(wěn)定的管理團(tuán)隊(duì)SummaryofKeyStrengths總結(jié)主要優(yōu)勢FINANCIALOVERVIEW

財(cái)務(wù)概況19RMBmillionRevenueCAGR年收益增長率20.3%NetProfitCAGR年凈利潤增長率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GrowthFactors增長因素-Higherproportionofhigher-margin高增長比率products產(chǎn)品-Rawmaterialpricecontrol原材料價(jià)格控制Lowerfinanceexpenses低財(cái)政支出Taxincentives捐稅鼓勵(lì)20RevenueBreakdown

銷售額劃分FY2009RevenuebyProduct*2009財(cái)年產(chǎn)品收益

FY2009RevenuebyEndIndustries2009財(cái)年高端產(chǎn)業(yè)*PriortoFY2008,allrevenuewasderivedfromcableandwireproductsonly2008財(cái)年利潤全部來自于電纜電線**Otherindustriesincludecement,electronics,machinery,andfactoriesengagedinahostofproductionactivities其它行業(yè)包括水泥，電子，機(jī)械等制造業(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(fù)債469.75482.07Non-CurrentLiabilities固定負(fù)債0.901.93TotalLiabilities總負(fù)債470.65(1)484.00TotalEquity全部股本423.56220.53BalanceSheetHighlights

資產(chǎn)負(fù)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日總貸款將近人民幣317百萬（2）Netgearingisdefinedastotalborrowingstoequity,netofcash凈獲利比率是總借款凈資PROSPECTS

遠(yuǎn)景23Electricalpowerindustryaccountsfornearly40%ofPRC’selectricalpowercablesusedinthePRC電力工業(yè)占中國電纜使用消費(fèi)的40%ElectricalpowercablesarewidelyusedinvariousfieldsinthePRCandhavebeendescribedasthe“bloodvessels”or“nervoussystem”ofthenationaleconomy–beingthelargestsupportingindustry電力電纜被廣泛使用，被稱為中國經(jīng)濟(jì)的動脈神經(jīng)，為最大的支柱產(chǎn)業(yè)Productshavetofulfiltechnicalrequirementsandpriceperformanceratiospecificationstosatisfytherisinglivingstandards產(chǎn)品滿足了不斷提高的技術(shù)和性能要求Electricpowercablesarewidelyappliedinvariousindustries,suchasenergy,transportation,communication,automotiveandpetrochemical.電力電纜在各行業(yè)廣泛應(yīng)用，如能源，運(yùn)輸，通信，自動化，石油化工。The5ProductCategoriesofElectricalPowerCableIndustry5大電纜產(chǎn)品ElectricalPowerCables–KeytoNationalEconomicGrowth電力電纜—國家發(fā)展的關(guān)鍵Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook

行業(yè)前景24ThePRC'selectricalpowercableindustryhasgrownatanaverageannualrateofover15%inthepast15years過去15年中國電纜行業(yè)平均每年增長15%Theindustryisexpectedtogrowatarateofover10%inthenextfewyears.Itisreportedthattheaverageannualgrowthrateinthepowercablesegmentcanbeashighas15%.未來幾年中預(yù)計(jì)增長率為10%。有報(bào)道稱最高年增長率可達(dá)15%。15%10%Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook

行業(yè)前景25KeyGrowthDrivers

主要增長動力ContinuedgrowthofpowerinfrastructureinChina基礎(chǔ)設(shè)施投資的持續(xù)增長Continuedurbanisation城市化的不斷推進(jìn)Governmentmandateforpowercablestogoundergroundincities政府進(jìn)行電力電纜埋地改造BoostfromRMB4trillionstimulusplan推進(jìn)4萬億激勵(lì)計(jì)劃Increasingfocusonrenewableenergies推進(jìn)新能源戰(zhàn)略2626ExpandProductRangeAcrossMultipleIndustries

產(chǎn)品設(shè)計(jì)多個(gè)行業(yè)IncreaseProductionOutput增長的產(chǎn)能GrowthStrategy

增長策略PenetrateIntohigh-end

cablemarket

進(jìn)入高端電纜市場2627360Km300Km1newworkshopand2productionlinesforfire-resistancespecialcablesofratedvoltageof110kVand220kV一個(gè)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(gè)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(qiáng)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

未來計(jì)劃Expandproductioncapabilitiesinhigh-endcablemarketStrengthenR&Dcapabilities

強(qiáng)力的研發(fā)能力Continueexpandingcapabilitiestobetteraddressneedsfromhigh-endandspecialisedsectors不斷加強(qiáng)對高端特種電纜的研發(fā)EstimatedAnnualProductionCapacityExpandbusinessthroughM&AsorJVsinYear2011inYear201228NewProductionFacilities

新生產(chǎn)裝備

Ultra-HighVoltageXLPECables超高壓交聯(lián)聚乙烯電纜29Full-ScreenTestingHall全屏測試廳NewProductionFaciliti