UPS power supply in the field is the leading enterprise. UPS is the local industry leaders, in 2009 8.6% domestic market share, second only to Eaton, Emerson, Schneider three foreign brands. Currently the company has is the financial, telecommunications, manufacturing and other industries and government, education, defense and other departments mainstream supplier UPS customers. Although the field of international and domestic UPS market growth is not high, at an average of 6 to 8%, but the company's products based on similar performance, competitive price, in foreign markets remain open vast space; the company's export revenue proportion has reached 50%, high-power UPS power demand, capacity expansion will further enhance the proportion of future export. Advantage of relying on existing products, to enter the field of photovoltaic inverters. Relying on more than ten years in the power electronics industry experience, and UPS has the technology to enter the commonality of the PV inverter field. The company already has a 1 ~ 6kw small and the industrialization of inverter capacity, 55 ~ 330kw of large three-phase inverter is also under development. Company products have a national solar energy product certification and European CE certification, the successful bid in the Golden Sun works nominated, has been with Suntech, ZTE (26.43,1.42,5.68%), and other enterprises to achieve the intention of orders, sales during the year can be formed income. PV inverter is currently made only in the 5% global market share and achieve import substitution of the space is very large. Security environment, the company is committed to being integrated power integrator. Company's existing products, including UPS, racks and batteries, and control systems and precision air conditioning are under development, is expected in May next year, production capacity can be formed, when the company will be the gradual transformation of equipment manufacturers for equipment integrated power protection and power quality solutions provider, the company's consolidated gross profit margin level will be much improvement. Expected to be 1 to 2 years after project orders, a sales revenue. UPS raised the tender for the expansion, ultra-raised funds will be used for inverter project. Raised mainly for on-line investment and UPS's expansion project, the existing production capacity of 62,500 units increased by 8 million on the production. The future is likely to raise funds for the super-optimistic about the prospects for PV inverters project. Recommended range of 27.6 ~ 34.5 yuan inquiry. We expect EPS KSTAR 10,11,12 years, respectively 0.73,1.00 and 1.38 yuan. Section Hengsheng with comparable companies (61.25,3.65,6.34%), British Witten (67.85,3.05,4.71%), Hidenobu shares (45.14,3.15,7.50%), Clou Electronics (29.59,1.66,5.94%) Jiuzhou Electric (25.100,2.02,8.75%) compared to 20 to give 2012 a more reasonable 25 times earnings, we recommend that the inquiry interval 27.6 ~ 34.5 million. Risk Warning. Competition risks; production could not successfully raise the risk of release; exchange rate fluctuations.

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