Investment points
April 26, 2011, the company posted a 2011 a quarterly, quarter revenues of $1.27 billion realizeMBT Sport 2 year-on-year, 57.7%, belonging to the parent company shareholders net profit 0.37 billion yuan, an increase of 125.6% $0.29, earnings per share.
Driving performance increase production capacity continued high growth
2011 income 1.27 billion yuan in the first quarter realize year-on-year, 57.7%. Faster earnings growth is mainly display device, both at home and abroad, the price of sustained boom is stable and the rising trend; The second half of 2010 the coating production line 8, 9, ranked higher year-on-year in the first quarter conductive glass output ITO 22% rise.
Due in April 2011 production line, the second half and 10 coating production lines, mbt shoes usa plus is expected to put into production in four seasons of capacitance measuring touch-screen project, 2011 company performance high-growth certainty is higher.
Cost control is good, improving the expected gross margin
The 2011 quarter, to achieve the company ownership parent company owner net profit 0.37 billion yuan, an increase of 125.6%. Net profit growth on one hand, it is the company of ascending to 42.2% gross margin, a 4 percent; 2010 On the other hand is a stronger ability to cost control, the management fee and sales expenses only 21% year-on-year growth to the left.
Overcome cost upward pressure on expectations for gross margins continued ascension
The 2011 overcome glass substrates, target materials such as the pressure of the rising prices of raw materials, through the appropriate improve product price and strengthen internal cost control, gross margin level to reach 42.2%, beyond market expectations. We believe that with the company than STN products accounted for the ascension, due to its gross margin, plus four than TN high production quarterly may touch the expected future company project, gross margin level and rising power.
Industry can be sustained boom period, maintain performance prediction and "strongly recommend" MBT Fanaka rating
Don't consider possible solar thin-film solar business, it is expected that the company 2011-2013 respectively business income 7.83, 11.05 and 15.12 billion yuan, and the net profit for 1.85, 2.85 4.02 billion yuan, earnings per share for $3.20 2.27 and 1.47,. Corresponding current share price (3.0 yuan) for 32, the dynamic PE 21 and 15 times. We prefer continued industry boom state quality company long-term investment value, short-term capacitance touch screen, new energy business drive long-term project drive, maintain "strongly recommend" rating. (peace securities)
April 26, 2011, the company posted a 2011 a quarterly, quarter revenues of $1.27 billion realizeMBT Sport 2 year-on-year, 57.7%, belonging to the parent company shareholders net profit 0.37 billion yuan, an increase of 125.6% $0.29, earnings per share.
Driving performance increase production capacity continued high growth
2011 income 1.27 billion yuan in the first quarter realize year-on-year, 57.7%. Faster earnings growth is mainly display device, both at home and abroad, the price of sustained boom is stable and the rising trend; The second half of 2010 the coating production line 8, 9, ranked higher year-on-year in the first quarter conductive glass output ITO 22% rise.
Due in April 2011 production line, the second half and 10 coating production lines, mbt shoes usa plus is expected to put into production in four seasons of capacitance measuring touch-screen project, 2011 company performance high-growth certainty is higher.
Cost control is good, improving the expected gross margin
The 2011 quarter, to achieve the company ownership parent company owner net profit 0.37 billion yuan, an increase of 125.6%. Net profit growth on one hand, it is the company of ascending to 42.2% gross margin, a 4 percent; 2010 On the other hand is a stronger ability to cost control, the management fee and sales expenses only 21% year-on-year growth to the left.
Overcome cost upward pressure on expectations for gross margins continued ascension
The 2011 overcome glass substrates, target materials such as the pressure of the rising prices of raw materials, through the appropriate improve product price and strengthen internal cost control, gross margin level to reach 42.2%, beyond market expectations. We believe that with the company than STN products accounted for the ascension, due to its gross margin, plus four than TN high production quarterly may touch the expected future company project, gross margin level and rising power.
Industry can be sustained boom period, maintain performance prediction and "strongly recommend" MBT Fanaka rating
Don't consider possible solar thin-film solar business, it is expected that the company 2011-2013 respectively business income 7.83, 11.05 and 15.12 billion yuan, and the net profit for 1.85, 2.85 4.02 billion yuan, earnings per share for $3.20 2.27 and 1.47,. Corresponding current share price (3.0 yuan) for 32, the dynamic PE 21 and 15 times. We prefer continued industry boom state quality company long-term investment value, short-term capacitance touch screen, new energy business drive long-term project drive, maintain "strongly recommend" rating. (peace securities)
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