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Thursday, April 28, 2011

the company began in more investment

Actual controller, inject value 10.7 per share profits of $mineral resources:
Actual controller angang group, will saddle thousand mining and Carla pull two quality assets MBT Sport 2 and company profitability poor steel assets to ensure the replacement, April 25 to 29 secondary cash option (10.46 yuan) were not exercise.
Through calculation, saddle per thousand ores and Carla pull respectively for 7.6 yuanhe value of $10.7 3 yuan.
Assets displacement is tactics, but also a strategy, the company is about to enter vanadium, titanium "harvest" : comb in recent years the company strategy development and assets operation, can be divided into four words: "big vanadium and titanium industry". This not only bottom-up accord to company's own resources technology advantages, is also a top-down state policies of natural selection.
The company do big vanadium titanium superiority, alone the lack of funds. So from the "three-in-one" in 2007, the company began in more investment into the vanadium and titanium industry, also began a series of capital operation. Currently vanadium, titanium business part has entered the Lord, but the harvest harvest is mainly concentrated in waves will rise over the next two years.
The harvest of vanadium and titanium company not only embodies in performance doubled, but also the resource control:
The price rise the titanium product quantity is added to ensure 100% above a compound rate of future earnings. At the same time the company grasp our 95% titaniferous resources, there is no doubt that is the biggest beneficiaries of titanium industry development.
The company has been a leader in vanadium r&d status. At the same time the company controls nearly half the vanadium resources in China, and its holding company also in the monopoly of vanadium supply, 70% more have no will becomembt shoes usa great development of vanadium industry "pilot".
Vanadium and titanium: now reflect a country's strength, the future will directly determine a national strength:
Ti is "future metal", its not only reflect a nation in the airline military etc of high-tech field strength, also fully reflected a country in economic actual field level (through the paint), the future inevitable development.
Vanadium, not only directly determine a country the construction quality, more will be the fourth industrial revolution - new energy revolution's biggest bottleneck offers a solution. This means that the future of the first successful commercialization vanadium battery state, will become the world a new round of long-term economic "leadership eldest brother".
Fairy "vanadium", no extremely "titanium" and "buy" rating, the first target price of 23:
Fairy "vanadium", for the new energy development bottlenecks, and provides the solutions in MBT Fanaka the company's value ability also the big development vanadium and titanium industry in the extreme "titanium" ever.
We expect the company of ore vanadium and titanium industry resources original part 3.5 RMB per share value per share, vanadium and titanium industry for the first target value, and considering the nine yuan profit dish with the second cash option equity registers day nears has finished, selling to "buy" rating, the first target price of 23. (everbright securities)

a listed company 120.6% year-on-year to 820 million yuan

Macao the 2010 annual report released shun cheong. 2010 company business income rose by 62.2% to 12.2 billion yuan, belonging to the net profit of shareholders of a listed company 120.6% year-on-year to 820 million yuan, basic earnings per share, and previous $0.45 consistent performance forecast. It advised every 10 strands of pie now.50 yuan, with undistributed profit per 100,000 strandsMBT Sport 2 of three, at the same time to send every 10 shares increased capital accumulation fund 7 shares.

The company also announced a quarterly in 2011. Current operating income year-on-year growth to 3.6 billion yuan, 37.1% belong the net profit of shareholders of a listed company 2819 yuan to 30.3% year-on-year, basic earnings per share 0.15 yuan, basic accord with our expectations.

Aluminum alloy distribution demand, the company so plan expansion. Because downstream demand more prosperous, company 2010 alloy plates distribution quantity achieved 1.7 million tons, slightly higher than we expected 16,000 tons per year. Strong demand this year still linger, so the company plans in the original planning 2.8 million tons of aluminum alloy plate can output the basis of 1.7 million tons, further expansion. The new expansion plan could totally realize in 2012 (FIG. 1).

Microfinance lucrative. 2010, microcredit business to less than 5% of revenue accounts for 30%, contributed than profit margin, an extremely rich. Due to the April 2011 tseung influential shun cheong microfinance company 10% equity,mbt shoes usa the business will further enhance the profit contribution.

The project is formally LED chips set sail. 8 April 2011, optoelectronic company registration, marks the completed project is formally LED chips set sail. It will be the future and metal tied for the main distribution.

Raised 2012 earnings forecasts. We expect the 2011 financial cost increased, and acquisition of dongguan SK earnings thickening, thus maintain basic offset the 2011 EPS prediction 0.62 yuan unchanged; We safe to assume that the company 2012 1.7 MBT Fanaka million tons of aluminum alloy plate yield only realize the plan by 2013 7000 tons, only more fully USES new capacity, accordingly the 2012 EPS from 0.78 yuan rise to $efficiently, and forecast EPS of $95m in 2013. Our profit forecast't include vc project, EMC project, LED projects could profit.

Suggest buying. Through acquisitions and modification plan over the next two years, the company the main growth add motive; LED project makes the company may share LED lighting industry's long-term dividends. We maintain "buy" rating. (huatai securities (601688))

company profitability poor steel

production capacity continued high growth

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)

corresponding EPS to 0.31 yuan

TianShiLi quarter net profit attributable to the parent company owners 22.3 billion, a year-on-year growth 138.79%, corresponding EPS to 0.31 yuan.

Investment points:

1 quarter operating performance relatively good. This year 1-3 months to achieve the company revenue reached MBT Kipimo 1.373 billion, an increase of 38.13%; The net profit attributable to the parent company owners 22.3 billion, 138.79% year-on-year. Sell tianjin business remit deduction about 627 million shares, net profit after-tax net income factors about 45%, sales year-on-year rise, and significant financial expenses drastically reduced; .. The pharmaceutical industry, business growth, are obviously ascension. Pharmaceutical industry, quarter leading varieties in basic-level demand dropping compound danshen authentication driven with the FDA peatlands and is expected to reach a value of about 20% growth in global, 11 end will start FDA3 stage clinical trials. Second-line products, raise serum brain particles, water LinJia and yiqi complex veins is a fast growth of plenty licensing injection, etc, the next three quarters will keep growing rapidly. Pharmaceutical business is expected to more than 40 percent year-on-year growth in gross margins remain stable; .. Flu vaccine may be expected as the second half new contribution income. Treatment mild-to-moderate cerebral infarction of salvia miltiorrhiza polyphenols acid and used for acute st-segment elevation myocardial infarction urokinase recombinant human has won the administration's approval before the new drugs, expected in August 7 - urokinase through GMP acceptance, and the unit mbt sandals sale flu vaccine, which is expected to three new product will soon start selling; the second half Maintain strongly recommend rating. Compound danshen pill that future will continue to benefit from the FDA, raise serum authentication promote brain particles second-line product rapid growth not decreased, product is about to begin harvest, group chemical medicine assets, such as injection may further determines the growth prospects. We expect the company 11-13 years of EPS 1.59 1.32, respectively, compared with $1.95 respectively, 20% and 23% growth 51%, maintain the strongly recommend investment rating.

Risk hint: compound danshen dropping very big, company's overall performance cardinal maintain high growth mbt shoes uk has the certain difficulty. (malign securities)

castle peak paper overall outstanding performance

Grail against smoke the Passover in order to realize the constantly increasing probability

Wednesday 2925.41 points, Shanghai index barrel 13.57 point, drop 0.46% fell, clinch a deal 1165 billion yuan; Shenzhen composition index fell 12358.88 points, barrel, drop 89.6 point 0.72% 824 million yuan, clinch a deal; Small and medium-sized board refers to 6140.7 point, fall 58.37 barrel 0.94%, drop points. 942.54 points, gem refers to barrel 15.75 point, drop 1.64 fell.

Two city were 535 individual stocks rise, circa 1470 only, go up drop down only stocks than for 1:3. The ST class harden four, 14 home individual stocks drop stop stocks. Shanghai index overnight on Wednesday by stimulation of the equities innovation high jump high open, empty the shade in line with grids is on a volume at a slightly magnified day. Plate aspects: cement, building materials, bank and papermaking plate turn red rose. Paper class stocks under the leadership of the castle peak paper overall outstanding performance. Cement stocks due to recent switch power brownouts etc news, formed intense stimulation, the entire sector stocks rise expected all turn red. Real estate, new materials, rare earth permanent magnet in sectors such as list front. Fall It is worth noting, Wednesday B shares index plate, drop sharply once more than 7%. Because B shares index trend influenced by outside dish, considering the fed member of Shanghai international board carry meetings and gradually approaching, interferenceMBT Kipimo B shares is readying the peripheral factors. On Wednesday the fall of catharsis later also hints at the B shares form completely go bad.

The charge has been continuously since last Friday in root Yin line 4, leaving two jump vacancy mouth, kill cheapen strength is very fierce. Section first quarter results expected by market share than the relentless abandoned, "market" become is full quarterly DeLeiZhen traps. Add in the strong shares fell, market popularity for received great blow. Although the various signals disk showed extremely mbt sandals sale healthy, but we think grail in advance the probability of the smoke is great.

Look from the support level below, the Shanghai index gathered triple strong support, respectively is 2661 - the 3067 2910) was used points bits (29), half year line (date line, 89 and 144 289), short term (may not easily below. Another shenzhen composite since January 0.382 points up the wave fall on 12 points a line, currently distance this support also very close. From the time analysis, 28, of Shanghai 3067 point is since the first 8, shenzhen composite 1315 point the first 21 trading day since, belong to the small levels low. Combining the adjustment in place, mbt shoes uk spatio-temporal index will increase short line against smoke resonate the probability.

But from the weekly level observation, the market is still in the process of risk, is expected to release the reverse smoke just adjust way a relay. Thursday market will provide theoretical part, but big short opportunity risk has not been rescinded. So proposal short term investors buy light storehouse, meet low midline investors still need to wait more determined opportunities.

The company has to yantai live and the adjustment

Cimc group (000039) : results meet expectations of shida is expected to offshore
First quarter results substantially increase: 2011 quarter to achieve the company operating income 170.56 billion yuan, an increase of 119.39%, realize relegated to the net profit of shareholders of a listed company 13.58 billion yuan, basic earnings per share 0.51 yuan, an increase of 283.28%; And the company had released consistent performance forecast.
Comments: the main performance of the business sector 1 quarterly increase significantly. By 10 years second half of the year because of continued economic recovery, global container shipping customer to cope with season downstream arrival, avoid happened last lack box situation reporting period preparation, ahead of container markets continue to maintain order in the doldrums, full price highs. Dry crates for 49.80 accumulated sales in the first quarter million TEU, year-on-year 310.02%; Freezer 4.38 million TEU for total sales year-on-year growth, 166.33%; Special box 1.71 million TEU, total sales 110.20% year-on-year. Benefit from investment in infrastructure to pull and the recovery of overseas market demand, the company achieved sales revenue road transport vehicles 41.06 billion yuan, an increase of 26 per cent. Driven by international chemical market recovers, company energy MBT Kipimo chemical liquid food business quarter also realization income increase exponentially. The company 10 years quarter dry crates began to resume production, also resulted in lower base year one reason year-on-year to soar.
Future attraction: a, container business booming market continue. 2, 3 quarter is the traditional season container sales, but since some customers have the reservation in advance in the second quarter of dry, is expected to fall slightly bins demand will appear. The company has cut the active measures in advance, box price gain effectively support, product Maori is guaranteed. The whole year is expected to container demand will remain 30% growth. The company has in shenzhen ping mountain building a new generation of container line, the future will toward new environmental protection, high efficiency, and to keep the company forward in leading the leading status. Second, the sea to work right business. Last year mbt sandals sale by the company is in no experience in the production of the cases also began to build six offshore, plus partial product design, eventually lead to modify repeatedly year-round offshore business losses. The company has to yantai live and the adjustment: MaiBoLiang management status and the chairman and CEO concurrently CEO, group vice President in the company President, part-time status and reflects the company for offshore business are highly valued. April has just completed the second order delivered Brazil deepwater drilling platform, semi-submersible type of shida sharply this year; probability Three, upgrade management strategy previews effect. Company business from pre-crisis three industrial sector development to now nine industry sectors, company in view of the present diversification trend, to improve the efficiency of management, from last year began organization restructuring upgrading strategies. Running effect is good, the enterprise's management efficiency is the healthy development of the long-term fundamental mbt shoes uk way for the company, upgrade management will provide a long-term health rapid development in the most important support.
Profit forecast: we expect company 2011-2013 EPS respectively is 1.75, 2.55 yuan, corresponding 2.16, p of closing quotation price yesterday were 13.7/11.1/9.4 times, maintain strongly recommend rating.
Risk hint: 1) global trade atrophy, container needs a sharp decline recedes, box price; 2) offshore business orders fell. (Great Wall securities)