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

免责声明3Content

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生产装备Integratedproductionfacilities完整的生产设备Companyhasbeenconsistentlyincreasingproductioncapacityyearly公司不断地扩大产能Possessestechnologyforlarge-dimensionorultra-longproducts掌握大规格和超高压电缆产品技术Alsopossessestechnologyforhighlyspecificcustomisation同时掌握高技术特殊定制规格电缆技术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

参与工程14CustomerBase客户范围Widecustomerbaseofover4,000companiesinpowerinfrastructureandotherindustries在电力设备和相关行业拥有超过4000家的客户资源Extensivesalesnetworkacross24provincesandcitiesacrossthePRC,suchasJiangsu,Shanghai,Zhejiang,AnhuiandHubei在全国包括江苏，浙江，安徽，湖北等24个省市拥有广泛的销售网络BetweenFY2006toFY2008,over70%oftotalsalesweregeneratedfromrepeatcustomers2006到2008财年，70%的销售来自于回头客15Inadditiontotheabove,theGrouphasalsoobtainedvariousqualificationsandaccreditationswhichcertifythatitsproductsareincompliancewithrequisiteindustrystandardsforuseincertainindustries,suchaspowergeneration,powersupply,communications,ship-building,realestate,andcoalmining.Itisalsoaqualifiedsuppliertoseveralmajorcompaniesintheinfrastructuresector.

此外，集团还获得了各类认证和资质，产品符合各行业的标准，例如发电，供电，电讯，造船，房地产以及煤矿。同时本公司还是一些主要基础设施部门的供应商。BrandQuality品牌资质16R&DCapabilities研发能力OurR&Ddepartmentisrecognisedbystateashigh-advancedtechnologyenterprise研究部门被授予国家高新技术企业ConsistentlydevelopedandintroducednewproductstothemarketAbout10newproductsperyearonaveragesince2006一贯以来向市场引进新产品自2006年以来每年超过10项新产品Newlydevelopedproductshavebeensuccessfullycommercialisedinvariousindustrialsectorsalternativepowergeneration,petrochemicals,shipbuilding,aviation,mining,etc新开发产品成功的在多个行业实现商业化新能源发电，石油化工，造船，航空，矿用等。WonnumerousawardsforitsR&Dcapabilities11patents+additional12patentapplicationsacceptedforfurtherreview赢得多项科研奖项11项专利以及12项专利申请已受理Wellsupportedbygovernment,recognisedunderthe“StateTorch”programmeandtie-upswithhigherlearninginstitutes政府大力支持，参加国家火炬计划与多家科研单位合作17Leadingintegratedcableandwiremanufacturerwithstrongbrandname(“Shen

Huan”)

商标品牌（申环）在电缆电线行业处于领军地位Establishedcustomerbaseandwidesalesanddistributionnetwork

建立了广泛的客户资源和销售网络Over4,000customersacross24provincesandcitiesinChina

横跨全国24个省市超过4000家客户Extensiveaccreditationsandstrongtrackrecord

多个认证资质和优秀的业绩allowstheGrouptosecuresaleswithestablishedcustomersandpenetrateintospecializedsectors保证集团获得客户资源进入特殊部门Involvementinvariousmajorprojects,eg.2008BeijingOlympicsGames参与各类主要工程，例如2008北京奥运会StrongR&Dandproductdevelopmentcapabilities

强大的科研开发能力Introducedanaverageof10productsperyear

平均每年引进10种新产品Growingportfolioofpatents

专利产品不断增多Experiencedandcommittedmanagementteam

经验丰富稳定的管理团队SummaryofKeyStrengths总结主要优势FINANCIALOVERVIEW

财务概况19RMBmillionRevenueCAGR年收益增长率20.3%NetProfitCAGR年净利润增长率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GrowthFactors增长因素-Higherproportionofhigher-margin高增长比率products产品-Rawmaterialpricecontrol原材料价格控制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

FY2009RevenuebyEndIndustries2009财年高端产业*PriortoFY2008,allrevenuewasderivedfromcableandwireproductsonly2008财年利润全部来自于电缆电线**Otherindustriesincludecement,electronics,machinery,andfactoriesengagedinahostofproductionactivities其它行业包括水泥，电子，机械等制造业。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日总贷款将近人民币317百万（2）Netgearingisdefinedastotalborrowingstoequity,netofcash净获利比率是总借款净资PROSPECTS

远景23Electricalpowerindustryaccountsfornearly40%ofPRC’selectricalpowercablesusedinthePRC电力工业占中国电缆使用消费的40%ElectricalpowercablesarewidelyusedinvariousfieldsinthePRCandhavebeendescribedasthe“bloodvessels”or“nervoussystem”ofthenationaleconomy–beingthelargestsupportingindustry电力电缆被广泛使用，被称为中国经济的动脉神经，为最大的支柱产业Productshavetofulfiltechnicalrequirementsandpriceperformanceratiospecificationstosatisfytherisinglivingstandards产品满足了不断提高的技术和性能要求Electricpowercablesarewidelyappliedinvariousindustries,suchasenergy,transportation,communication,automotiveandpetrochemical.电力电缆在各行业广泛应用，如能源，运输，通信，自动化，石油化工。The5ProductCategoriesofElectricalPowerCableIndustry5大电缆产品ElectricalPowerCables–KeytoNationalEconomicGrowth电力电缆—国家发展的关键Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook

行业前景24ThePRC'selectricalpowercableindustryhasgrownatanaverageannualrateofover15%inthepast15years过去15年中国电缆行业平均每年增长15%Theindustryisexpectedtogrowatarateofover10%inthenextfewyears.Itisreportedthattheaverageannualgrowthrateinthepowercablesegmentcanbeashighas15%.未来几年中预计增长率为10%。有报道称最高年增长率可达15%。15%10%Source:Informationextractedfromanindustryreportentitled“ElectricalPowerCableIndustry/China”preparedbyConvergingKnowledgeIndustryOutlook

行业前景25KeyGrowthDrivers

主要增长动力ContinuedgrowthofpowerinfrastructureinChina基础设施投资的持续增长Continuedurbanisation城市化的不断推进Governmentmandateforpowercablestogoundergroundincities政府进行电力电缆埋地改造BoostfromRMB4trillionstimulusplan推进4万亿激励计划Increasingfocusonrenewableenergies推进新能源战略2626ExpandProductRangeAcrossMultipleIndustries

产品设计多个行业IncreaseProductionOutput增长的产能GrowthStrategy

增长策略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

未来计划Expandproductioncapabilitiesinhigh-endcablemarketStrengthenR&Dcapabilities

强力的研发能力Continueexpandingcapabilitiestobetteraddressneedsfromhigh-endandspecialisedsectors不断加强对高端特种电缆的研发EstimatedAnnualProductionCapacityExpandbusinessthroughM&AsorJVsinYear2011inYear201228NewProductionFacilities

新生产装备

Ultra-HighVoltageXLPECables超高压交联聚乙烯电缆29Full-ScreenTestingHall全屏测试厅NewProductionFaciliti