Usually a year in the fourth quarter

Quarter company performance than expected for heat shrinkable film industry in the first quarter of the year, off-season. However, 11 years orders and sales are obviously growth than usual. To achieve the company operating income 1.05 billion yuan, an increase of about 25.08%, belong to the shareholders of a listed company 2442 million yuan, profit 97.38% year-on-year increase. Usually a year in the fourth quarter is the most exuberant demand from 11 years season, and in the first quarter of company business income to see, annulus annulus annulus, operating profit dropped 13% rise 11%. We think this aspect elucidation company in the market competitive to continue to strengthen, on the other hand also shows that the heat shrinkable film industry global economy picking up and consumption benefits in a new round of forecasted upgrade.
The company is a global leader, heat shrinkable film POF POF crosslinking membrane oligopoly zhejiang all of the world's most famous as high quality POF heat shrinkable film makers and domestic outstanding POF heat shrinkable film overall packaging solution providers, is China's first, the world's second-largest POF heat shrinkable film production enterprise, annual production capacity is life-time TFR will be 2.27 million tons. The company's crosslinking POF heat shrinkable film has a strong technical doorsill, only four international enterprise have relevant technology, at present there is no domestic rivals. Compared with the usage of the American crosslinked films to overall POF heat shrinkable film dosage, China 5% of 70% of the dosage of great development space than. Meanwhile, crosslinking POF heat shrinkable film to PE heat shrinkable film and paper packaging strong alternative competitiveness, potential market space is currently the market volume several times.
Focus on its main business, reveal company long-term strategic company funds raised in order to exceed $247 million new 3.4 meters investment POF shrinkable film production line 2, after production will provide 9,000 tonnes of polyolefin heat shrinkable film production capacity, among them, crosslinking heat shrinkable film designed capacity of 7,500 tons each year, high-performance Tory Burch Flip Flops, heat shrinkable film designed capacity of 1500 tons annually. Due to the high performance POF heat shrinkable film demand rapid growth and project long construction period, we think the company showed the company focused on ahead of its layout, creating a global leading position determination. The company after the completion of the project will strengthen in POF heat shrinkable film areas of scale and technology, products type etc many advantages.
Maintain "strongly recommend" investment rating product structure upgrade and existing capacity further mining is the main growth company recently performance. Donations after production company will cast project to global heat shrinkable film bibcock enterprise forward, we think the company has scale, technology and so on many advantages, has a strong market competitiveness, the company long-term high-speed growth can be expected. We expect the company 2011-2013 EPS 1.02 yuan, 123 respectively, gives the company lobbyists and Tory Burch Flip Flops, 1.71 yuan "strongly recommend" investment rating. (first venture r&d center giant kingdom Yin)
Guiyan platinum industry (600459) : performance annulus has soared
Event:
The company posted a quarterly: 2011 quarter achieved sales revenue 8.455 billion yuan, an increase of 122.44%; Attribution of shareholders of a listed company, 1707.24 yuan net use year-on-year rise sharply reduce 232%, annulus. Realize basic earnings per share 0.15 yuan, year-on-year drop 6.5 percent, compared 226% rise sharply.
Conclusion:
First quarter results flat and annulus year-on-year rise sharply 232%. Benefit from marketing deploitation ability enhancement, year-on-year increase sharply in the first quarter earnings growth 122%, annulus, but due to 63% more big business cost growth (year-on-year growth in the first quarter 135%), lead to realize the profit of basic and flat, but rise up 232% period. This year first quarter results basic and the second half of last year aggregate flat.
Secondary resources recycling project examination and approval of the directional seasoned into the final finale. By the end of July 2010, plan to march directional seasoned preplan precious metal

Christian Louboutin Boots, recycling business, used for secondary 5 tons of precious metals secondary resources comprehensive recycling industrialization project construction. This project early march this year has been received the notification of acceptance of the China securities regulatory commission, is now waiting for CSRC for approval. The project is expected to put into production, after the completion of the early 2013 each year is expected to increase a company operating income 8.3 billion yuan, the annual average net profit, according to 5990 yuan diluted later equity 0.36 yuan. We think the company relies on technical advantage, raw material advantages and starter advantage, is expected to become a domestic platinum department in the integration of secondary resources recovery metal leader. .. The company industry layout preliminary form. In 2010, the company product, trade and resource three fields achievements. Products in key development of automobile exhaust catalyst, precious metals military materials, precious metals chemicals, catalysts and solar slurry, realize the precious metals and so on the new income substantially increase.
Joint venture established trade in hunan yongxing guiyan resources companies, using "silver city of China" regional and policy advantage, actively develop the silver recycling, trade and analytical business, realize that year profit. Christian Louboutin Evening Sale, Offered Resources established guiyan () resources company, extension dalongkou chain, the construction company secondary resources industrialization platform, precious additionally-issued at present this project examination and approval has entered the final finale. The 2011 company will continue to revolve around the above three blocks, bigger and stronger.
Maintain buying investment rating. According to 2011 platinum, silver and gold for average 35 / $1,450 17 / price per ounce, 2012 respectively 40 / $1,500/1780 per ounce, forecasting the 2011-13 years after diluted EPS of $1.67 0.70/1.02 / diluted 0.91 / before ($2.17 1.33 / expected future three years), compound growth of above 60%. The company as precious metals processing field, the leading enterprise in the next three years is expected to sustain growth situation; At the same time the company as domestic platinum is the forerunner of the metal secondary resources integration, and research institutes, the future of the reform of successful example is expected to enjoy a national policy further support. Maintain company buying investment rating.
Risk factors: domestic liquidity contraction better than expected; Car sales fell sharply; Precious metals prices dropped sharply. (eastern securities institute Yang b f.effects)