Contents
China wind sector update 3
China’s 2020F wind capacity target could reach 150GW 3
Supply easing except for main bearings and gearboxes 3
Grid capacity and technology could be mid-term constraints 3
Suzlon China: Chinese players continue to dominate 4
Gamesa China: 80% of WTG makers to exit China market by 2012 4
CHST: positive 1H09 results expected; dominance in China maintained 5
Prefer critical component producers (eg, CHST) in the value chain 5
China solar sector update 7
China’s new 2020 solar PV capacity target could reach 20GW 7
Chinese central government to pace growth carefully 8
Chinese polysilicon producers ramping up production in FY09F 8
ENN Solar — thin film faces harsh competition 9
Renesola — turns to vertically integrated model; focus on cost down 9
Solarfun — demand recovery in sight; resume expansion in 2H09 10
China nuclear sector update 12
China’s new 2020 nuclear capacity target could reach 86GW 12
New target implies RMB481bn investment by 2020F for equipment 13
An increase in the localisation rate is positive for domestic
equipment producers 13
CGNPC – IPO targeted in 2010 13
Hollysys – benefits from its ties with CGNPC 14
Limited investment targets; upcoming IPO could be interesting to look at
in 2010F 14