无锡市沪安电线电缆有限公司介绍 英文

1CorporatePresentationMarch20102ThispresentationmaycontainstatementsregardingthebusinessofChinaHuAnCableHoldingsLtdanditssubsidiaries(the“Group”)thatareofaforwardlookingnatureandarethereforebasedonmanagement’sassumptionsaboutfuturedevelopments.本项内容可能包含有关中国沪安电缆控股有限公司及其子公司（集团）未来战略和未来发展管理的设想。Suchforwardlookingstatementsaretypicallyidentifiedbywordssuchas‘believe’,‘estimate’,‘intend’,‘may’,‘expect’,and‘project’andsimilarexpressionsastheyrelatetotheGroup.Forwardlookingstatementsinvolvecertainrisksanduncertaintiesastheyrelatetofutureevents.Actualresultsmayvarymateriallyfromthosetargeted,expectedorprojectedduetovariousfactors.牵涉到集团未来的设想内容会以“认为”“估计”“意图”“可能”“希望”或“计划”等典型表述加以区分。因其牵涉到将来的事件，该内容将具有一定的风险性及不确定性。考虑到各种因素实际结果可能与目标，预想或计划的内容大相径庭。Potentialrisksanduncertaintiesincludesuchfactorsasgeneraleconomicconditions,foreignexchangefluctuations,interestratecharges,commoditypricefluctuationsandregulatorydevelopments.SuchfactorsthatmayaffecttheGroup’sfuturefinancialresultsaredetailedinourlistingprospectus,listedinthispresentation,orinthemanagementdiscussionandanalysissectionofthecompany’sreportedresultandfilingwiththeSGX.Thereaderand/oraudiolisteneriscautionedtonotundulyrelyontheseforward-lookingstatements.Wedonotundertakeanydutytopublishanyupdateorrevisionofanyforwardlookingstatements.潜在风险和不确定性因素包括例如国际经济环境，外汇波动，利率，物价波动以及监管发展。这些影响集团未来财务业绩的因素将在我们的计划书，报告，管理讨论中由公司研究部门报告并提交给SGX（新加坡证券交易所）。报告读者不应过度依赖计划内容。本公司不能保证出版这些计划的更新或修正内容。CautionaryNoteonForward-LookingStatements

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目录InvestmentMerits

投资价值BusinessOverview企业概貌FinancialOverview财务状况Prospects远景PeerComparison同行比较InvestmentMerits

投资价值5InvestmentMerits

投资价值ChinaHuAnprovidesinvestorswithexposuretothegrowingpowerinfrastructureandrenewableenergiessectorinChina中国沪安将公布给投资人中国电力基础设施的以及新能源部门的发展情况。China’srapideconomicgrowthandincreasinginfrastructureinvestmentbythegovernmentwillunderpinrobustdemandfortheGroup’scableandwireproducts中国经济的迅猛发展和中国政府对电力基础设施的大力投资将会极大的推动对集团电缆电线产品的需求。Extensivesalesanddistributionnetworkwithover4,000customersacross24provincesandcitiesinChina拥有广泛的销售网点和销售网络，超过4000家客户横跨中国24个省市。Penetrationintothehigh-endcablesmarketsegmentwillboosttheGroup’sprofitability进入高端电缆市场将极大的促进集团利益增长LowPEcomparedtoChina-listedpeersandotherSGX-listedS-chips*跟中国同类公司以及SGX其它龙筹股相比更低的PE（市盈率）*CIMB-GKResearchBUSINESSOVERVIEW

企业概貌7CHINAHUANCABLEisoneoftheTop10CableandWireManufacturersinChina沪安电缆是中国排名前十的电线电缆制造企业ClientelefocusedonChina’sinfrastructure,construction,transportandenergysectors,includingbellwethercompaniese.g.StateGridCorporationofChina;participationinimportantstateprojects客户主要集中于基础设施，工程制造，运输以及能源部门，包括了类似于中国国家电网公司在内的许多行业内龙头企业，参与了许多国内重要的工程Strongbrandrecognitioninmarket,backedbystrongR&D,reliableproductqualityandpossessionofwiderangeofaccreditations较强的市场品牌认知度，以科研技术为支撑，依靠高品质的产品赢得了广泛的信赖。Basedincable/wirehubofChina,Yixing(JiangsuProvince),easyaccesstolargepoolofrawmaterials依托宜兴（中国江苏）电线电缆中心，较易大量储备原材料。Introduction

企业介绍8IntegratedBusinessModel整合产业链Asanintegratedcable/wiremanufacturer,ChinaHuAnisabletoachieveconsistentqualitywithlowermanufacturingcostsandhigheroverallmargins作为一家综合的电线电缆生产商，中国沪安能够以更低的成本保持始终如一的质量，获取更大的利润ProductionandsaleofCopperRods铜材料的生产销售ShenhuanCopper申环铜业Productionandsaleofplasticcablematerials塑料电缆原料生产销售ShenhuanManufacturing申环塑业ProductionandsaleofAluminiumRods铝材料的生产销售ShenhuanAluminium申环铝业Productionandsaleofbroadrangeofcablesandwires电线电缆的生产和销售WuxiHuAn

无锡沪安Researchanddevelopmentofproducts,materials,designandtechnology进行产品，原料，等技术的研发HuAnResearchCenter

沪安研究中心9OperationsModel

经营模式10ProductRange产品范围

BASIC低端LowtoMid-VoltagePowerCables低压到中压电缆

Powergrid,generationplants,factories,largebuildings电网，发电站，工厂，大楼AerialCables

架空电缆

Insulatedanduninsulated;longdistanceandhigh-voltagepowertransmission绝缘非绝缘;远距离高压传输PlasticInsulatedWires塑料绝缘线Low-voltagepowerdistributionandelectricaldevices低压电气设备ControlCables

控制电缆

Low-voltagecontrolsystems低压控制系统RubberSheathInsulatedCables橡胶护套绝缘电缆Mining,shipping,movablemachinery矿用，船用，移动，机械SpecialWires&Cables特殊电线电缆Customisedwithspecialcharacteristicsforhighlyspecialisedindustries按客户要求制造专业的特殊电缆MID-RANGE中段HIGH-END高端Ultra-HighVoltageCables超高压电缆TheGroupisdevelopingcapabilitiesinthisarea集团正致力于该领域的开发11ProductionFacilities生产装装备Integratedproductionfacilities完整的的生产产设备备Companyhasbeenconsistentlyincreasingproductioncapacityyearly公司不不断地地扩大大产能能Possessestechnologyforlarge-dimensionorultra-longproducts掌握大大规格格和超超高压压电缆缆产品品技术术Alsopossessestechnologyforhighlyspecificcustomisation同时掌掌握高高技术术特殊殊定制制规格格电缆缆技术术12Output产量FY2006FY2007FY2008FY2009Cable电缆16,820km18,310km23,320km45,792kmWire电线39,727km32,124km55,122km52,135kmCopperRods铜--8,224t4,225tAluminiumRods铝--7,902t5,549tPlasticMaterials塑料--4,314t9,098t13ProjectTrackRecord参与工工程14CustomerBase客户范范围Widecustomerbaseofover4,000companiesinpowerinfrastructureandotherindustries在电力力设备备和相相关行行业拥拥有超超过4000家的客客户资资源Extensivesalesnetworkacross24provincesandcitiesacrossthePRC,suchasJiangsu,Shanghai,Zhejiang,AnhuiandHubei在全国国包括括江苏苏，浙浙江，，安徽徽，湖湖北等等24个省市市拥有有广泛泛的销销售网网络BetweenFY2006toFY2008,over70%oftotalsalesweregeneratedfromrepeatcustomers2006到2008财年，，70%的销售售来自自于回回头客客15Inadditiontotheabove,theGrouphasalsoobtainedvariousqualificationsandaccreditationswhichcertifythatitsproductsareincompliancewithrequisiteindustrystandardsforuseincertainindustries,suchaspowergeneration,powersupply,communications,ship-building,realestate,andcoalmining.Itisalsoaqualifiedsuppliertoseveralmajorcompaniesintheinfrastructuresector.此外，，集团团还获获得了了各类类认证证和资资质，，产品品符合合各行行业的的标准准，例例如发发电，，供电电，电电讯，，造船船，房房地产产以及及煤矿矿。同同时本本公司司还是是一些些主要要基础础设施施部门门的供供应商商。BrandQuality品牌资资质16R&DCapabilities研发能力OurR&Ddepartmentisrecognisedbystateashigh-advancedtechnologyenterprise研究部门被授授予国家高新新技术企业ConsistentlydevelopedandintroducednewproductstothemarketAbout10newproductsperyearonaveragesince2006一贯以来向市市场引进新产产品自2006年以来每年超超过10项新产品Newlydevelopedproductshavebeensuccessfullycommercialisedinvariousindustrialsectorsalternativepowergeneration,petrochemicals,shipbuilding,aviation,mining,etc新开发产品成成功的在多个个行业实现商商业化新能源发电，，石油化工，，造船，航空空，矿用等。。WonnumerousawardsforitsR&Dcapabilities11patents+additional12patentapplicationsacceptedforfurtherreview赢得多项科研研奖项11项专利以及12项专利申请已已受理Wellsupportedbygovernment,recognisedunderthe““StateTorch”programmeandtie-upswithhigherlearninginstitutes政府大力支持持，参加国家家火炬计划与多家科研单单位合作17Leadingintegratedcableandwiremanufacturerwithstrongbrandname(“ShenHuan”)商标品牌（申申环）在电缆缆电线行业处处于领军地位位Establishedcustomerbaseandwidesalesanddistributionnetwork建立了广泛的的客户资源和和销售网络Over4,000customersacross24provincesandcitiesinChina横跨全国24个省市超过4000家客户Extensiveaccreditationsandstrongtrackrecord多个认证资质质和优秀的业业绩allowstheGrouptosecuresaleswithestablishedcustomersandpenetrateintospecializedsectors保证集团获得得客户资源进进入特殊部门门Involvementinvariousmajorprojects,eg.2008BeijingOlympicsGames参与各类主要要工程，例如如2008北京奥运会StrongR&Dandproductdevelopmentcapabilities强大的科研开开发能力Introducedanaverageof10productsperyear平均每年引进进10种新产品Growingportfolioofpatents专利产品不断断增多Experiencedandcommittedmanagementteam经验丰富稳定定的管理团队队SummaryofKeyStrengths总结主要优势势FINANCIALOVERVIEW财务概况19RMBmillionRevenueCAGR年收益增长率率20.3%NetProfitCAGR年净利润增长长率42.7%GPM15.5%15.9%15.9%17.6%NPM5.8%5.7%6.7%9.7%Revenue&Profitability销售及利润率率GrowthFactors增长因素-Higherproportionofhigher-margin高增长比率products产品-Rawmaterialpricecontrol原材料价格控控制Lowerfinanceexpenses低财政支出Taxincentives捐税鼓励20RevenueBreakdown销售额划分FY2009RevenuebyProduct*2009财年产品收益益FY2009RevenuebyEndIndustries2009财年高端产业业*PriortoFY2008,allrevenuewasderivedfromcableandwireproductsonly2008财年利润全部部来自于电缆缆电线**Otherindustriesincludecement,electronics,machinery,andfactoriesengagedinahostofproductionactivities其它行业包括括水泥，电子子，机械等制制造业。21(RMBmillion)Asat31Dec09Asat31Dec08CurrentAssets流动资产732.99559.23Non-CurrentAssets固定资产161.22145.29TotalAssets总资产894.21704.52CurrentLiabilities流动负债469.75482.07Non-CurrentLiabilities固定负债0.901.93TotalLiabilities总负债470.65(1)484.00TotalEquity全部股本423.56220.53BalanceSheetHighlights资产负债表NetGearing(2)

净获利比率35%114%QuickRatio速动比率120%104%CurrentRatio

流动比率156%116%Totalborrowingsasat31Dec2009approxRMB317million到2009年13月31日总贷款将近近人民币317百万（2）Netgearingisdefinedastotalborrowingstoequity,netofcash净获利比率是是总借款净资资PROSPECTS远景23Electricalpowerindustryaccountsfornearly40%ofPRC’selectricalpowercablesusedinthePRC电力工业占中中国电缆使用用消费的40%ElectricalpowercablesarewidelyusedinvariousfieldsinthePRCandhavebeendescribedasthe“bloodvessels”or““nervoussystem”ofthenationaleconomy–beingthelargestsupportingindustry电力电缆被广广泛使用，被被称为中国经经济的动脉神神经，为最大大的支柱产业业Productshavetofulfiltechnicalrequirementsandpriceperformanceratiospecificationstosatisfytherisinglivingstandards产品满足了不不断提高的技技术和性能要要求Electricpowercablesarewidelyappliedinvariousindustries,suchasenergy,transportation,communication,automotiveandpetrochemical.电力电缆在各各行业广泛应应用，如能源源，运输，通通信，自动化化，石油化工工。The5ProductCategoriesofElectricalPowerCableIndustry5大电缆产品ElectricalPowerCables–KeytoNationalEconomicGrowth电力电缆—国家发展的关关键Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook行业前景24ThePRC'selectricalpowercableindustryhasgrownatanaverageannualrateofover15%inthepast15years过去15年中国电缆行行业平均每年年增长15%Theindustryisexpectedtogrowatarateofover10%inthenextfewyears.Itisreportedthattheaverageannualgrowthrateinthepowercablesegmentcanbeashighas15%.未来几年中预预计增长率为为10%。有报道称最最高年增长率率可达15%。15%10%Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook行业前景25KeyGrowthDrivers主要增长动力力ContinuedgrowthofpowerinfrastructureinChina基础设施投资资的持续增长长Continuedurbanisation城市化的不断断推进Governmentmandateforpowercablestogoundergroundincities政府进行电力力电缆埋地改改造BoostfromRMB4trillionstimulusplan推进4万亿激励计划划Increasingfocusonrenewableenergies推进新能源战战略2626ExpandProductRangeAcrossMultipleIndustries产品设计多个个行业IncreaseProductionOutput增长的产能GrowthStrategy增长长策策略略PenetrateIntohigh-end

cablemarket

进入高端电缆市场2627360Km300Km1newworkshopand2productionlinesforfire-resistancespecialcablesofratedvoltageof110kVand220kV一个新的生产工厂和2条生产额定电压为110kv和220kv的特殊耐火线生产线1newworkshopand2productionlinesforultra-highvoltagepowercablesofratedvoltageabove500kV一个新的生产工厂和2条生产额定电压为超过500KV的超高压电缆生产线1newproductionlineforflexiblespecialcableswithenhancedfire-resistantattribute一条加强型耐火可弯曲电缆生产线1productionlineforfire-resistantpowercableaccessories一条耐火电力电缆配件生产线600Km2,500Km1milsetsFuturePlans未来来计计划划Expandproductioncapabilitiesinhigh-endcablemarketStrengthenR&Dcapabilities强力力的的研研发发能能力力Continueexpandingcapabilitiestobetteraddressneedsfromhigh-endandspecialisedsectors不断断加加强强对对高高端端特特种种电电缆缆的的研研发发EstimatedAnnualProductionCapacityExpandbusinessthroughM&AsorJVsinYear2011inYear201228NewProductionFacilities新生生产产装装备备Ultra-HighVoltageXLPECables超高高压压交交联联聚聚乙乙烯烯电电缆缆29Full-ScreenTestingHall全屏屏测测试试厅厅NewProductionFacilities新生生产产装装备备30HighFire-ResistanceCables高阻阻燃燃电电缆缆200kVandbelowEnvironmentalFire-ResistantCableAccessoriesProductionLine200kv及以以下下环环保保耐耐火火线线配配件件生生产产线线MineralInsulatedCable矿用用绝绝缘缘电电缆缆Auto-FilingP