20160925-中金财富-南都电源-300068.SZ-商业化储能项目投运，重估价值刻不容缓
[Table_MainInfo] / 2016 09 25 300068 [Table_Title] [Table_Summary] 8 30 2015 8 1.5MW 12MWh 1 2015 47204 kWh 85 2020 2020 30GW 100MW 2 17 5 57 4000 0.5 3 [Table_Author] S0960516030001 0755-82026835 zhoumingchina-invs.cn S0960115090015 010-63222902 yuweiminchina-invs.cn S0960116050010 0755-82026921 rongzhinengchina-invs.cn [Table_Target] 6 12 27.60 30.6 21.72 [Table_BaseInfo] 784 581 170 126 6.34 137.94 [Table_QuotePic] [Table_Report] - 2016-08-22 - 2016-08-21 - 2016-08-09 -20 0 20 40 60 80 100 120 15-09 15-10 15-10 15-10 15-10 15-10 15-10 15-10 15-11 15-11 15-11 15-11 15-11 15-11 15-11 15-12 15-12 15-12 15-12 15-12 15-12 15-12 15-12 16-01 16-01 16-01 16-01 16-01 16-01 16-02 16-02 16-02 16-02 16-02 16-02 16-03 16-03 16-03 16-03 16-03 16-03 16-03 16-04 16-04 16-04 16-04 16-04 16-04 16-04 16-05 16-05 16-05 16-05 16-05 16-05 16-05 16-06 16-06 16-06 16-06 16-06 16-06 16-07 16-07 16-07 16-07 16-07 16-07 16-07 16-08 16-08 16-08 16-08 16-08 16-08 16-08 16-08 16-09 16-09 16-09 16-09 南都电源 电源设备 沪深300 深 公 司 点评 2/16 40 2016 240 30.6 [Table_Profit] 2015 2016E 2017E 2018E 5153 6743 9781 12641 36 31 45 29 203 332 505 791 93 64 52 57 15.1 14.2 14.1 15.7 ROE 6.7 5.7 8.0 11.1 0.26 0.43 0.65 1.01 P/E 83.33 50.95 33.57 21.42 P/B 5.57 2.92 2.69 2.39 EV/EBITDA 55 36 27 18 公 司 点评 3/16 17 5 57 a 35 80 1800 b c 3G 4G 2015 45.09 31.24 3.45 18.45 1 2015 2 2015 3 公 司 点评 4/16 2015 23.23 60 40 IDC 2015 2020 500 60 6 35 21 4 公 司 点评 5/16 1 2016 1.42 323.27 2016 3 3 2010 2014 600MWh 1.2GWh 2016 6 17.8 2.3GWh 1.7GWh 2017 3.5GWh 1.6GWh 1.9GWh 2014 8 2015 37.9 2020 200 500 2015 37.9 2020 5 5 5 5 5 公 司 点评 6/16 2 IDC 12.06 2.46 4G 2016 7.51 456.30 IDC IDC IDC 30 IDC 1.38 4G IDC 6 IDC IDC 3 2015 6 3.16 51 2014 8 37.9 200 0 50 100 150 200 250 2014A 2015A 2020E 产销量（万辆） 5 5 372.2 492.4 660.3 919.8 1241.73 41.80 32.30 34.10 39.20 35 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 0 200 400 600 800 1000 1200 1400 2014 2015 2016E 2017E 2018E 公 司 点评 7/16 21 16 5 6 2014 1080 56 30 80 - - 7 2015 2016 1.2 2.3 6120 11730 2016 13.89 4868.23 41.5 2016 2.3 4 A 2016 50 1 3.5GWh 4.5GWh 4.5GWh 136.2881 142.84 136.19 119.43 119.64 119.41 61.01 431.6 473.20 464.57 447.51 422.13 385.82 197.10 31.6 30.2 29.3 26.7 28.3 30.9 31.0 24.0 26.0 28.0 30.0 32.0 0 100 200 300 400 500 2010 2011 2012 2013 2014 2015 2016H1 公 司 点评 8/16 2017 3.5GWh 1.9GWh 1.6GWh 10GWh 2016 5GWh 5GWh 18 21 A 2016 40 2 A PE 2016 000049 46 002733 45 AGM 300014 51.7 47.6 WIND 1.
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