State Grid in 2011the actual completion of power grid investment301900000000 yuan, grow 14% compared to the same period, the overseas network planning and the market is generally expected in early. In early 2011plans to invest 292500000000, actual exceeded9400000000; during the UHV progress slowly, reaching about 300000000000investment dimensions slightly exceed market prior to determine the expected, with current power grid construction construction / demolition / rising labor costs have a certain relationship, not fully reflect the remarkable growth of investment in equipment. Considering the power grid investment budget expenditure order, and enterprises to achieve income has nearly half time delays, is expected in 2011investment growth will reflect to the relevant enterprises in 2012 the first half of the rebound in the performance of.
The national grid in 2011 operating income and profit are achieved two digit growth, good profitability and plenty of cash flow to support the formation of power grid investment. In2011the actual completion of3092500000000 kwh electricity sales, an increase of 13.7%; to achieve operating income of 1676000000000, an increase of 11.6%; realize a total profit of 53300000000, an increase of 18.4%, the central enterprises profitability sort come out in front, operate steadily. At the same time, China in 2012 to achieve operating income of 1942500000000, an increase of 15.6%; to realize profit 62000000000, year-on-year growth of 16.3%; to achieve sales of electricity3370000000000 kwh, an increase of 9%.
In 2012 the national grid plan completed investment in fixed assets336200000000, wherein power grid investment increased 7800000000to 309700000000, the actual ultra anticipated possibility. Since2011the actual power investment has high of 301900000000form a higher reference base, according to the plan 2012country investment year-on-year growth of only 2.58%, but we think that the2012power equipment sector investment opportunities need not too pessimistic, in 2012a total of 4UHV AC DC line will start the bidding, and rural power distribution network and intelligent power grid investment compared to the same period in 2011still have bigger growth2012, so the actual power grid investment expectations will be the probability of events, the actual growth of 10% above is entirely possible.
Investment will focus on the2012 grid UHV and agricultural distribution construction, solve" two weak" problem. China will concentrate on the advancing UHV preparatory work, ensure 4UHV AC project and3of UHVDC project won state approval and start. China Agricultural Distribution investment is expected to reach nearly100 billion. Intelligent network overall investment growth is expected in about 20%, mainly for the intelligent substation, intelligent dispatching, distribution automation, intelligent electricity meter installed in 201237000000in 2011 compared to the actual planning, installation of nearly 52000000only the more obvious decline, the power of information acquisition part formed the bad factors of listed companies.
