129764786816875000_98※ Yu hing shares (300,305 shares, market, news, main sale) purchase guide published in the March 22-week four of the checked results online bulletin, online purchasing differences funds thaw is a company specialized in the production of biaxially oriented polyester film manufacturer, is the domestic more than 100 microns in thickness specifications of the largest enterprises in production and sales of pet filmOne. Produced films for special film, optical materials for electrical insulation products, electronic materials with films such as thin film, biaxially oriented polyester film production line of world advanced level, full range of products
diablo 3 gold, high technology content, widely used in electronic, electrical insulation, solar panels
diablo 3 power leveling, fabrics, decorations, and other areas. Currently has a number of national patent of invention, national utilityPatents, as well as high-tech products in Jiangsu Province. Certification of company is the new standard "high-tech enterprise", and always stick to technology innovation routes, with many domestic famous universities in a joint research and development production, learning and research, with a strong technical development sustainable innovation capability.2012-03-15 one of the nation's largest manufacturer of special polyester film. Difference is a company specialized in the production of biaxially oriented polyester film manufacturer, is the only 400 microns thick polyester film manufacturer specifications. Benefiting from the adjustment of product structure, lower demand and other factors, future earningsIt. Companies constantly adjust product structure in recent years, increases in higher value-added, high-end thickness specifications of BOPET film sales ratio; on the other hand special membranes (especially thick film) lower demand growth very quickly. Based on the recent rapid development of the downstream sector, special membranes in China over the coming years to 30% speed over fast-growing market demand. Core competitive advantage, ensureCompany's industry position. Company's innovative business model, product differentiation advantages, core of advanced technology, low cost advantage, and first mover advantage to ensure a company's profitability and bargaining power. These are factors of the company can grow quickly, ensuring the company's leading position in the industry offering tender opening capacity bottlenecks. This raised the tender includes an annual output of 1.50,000 tons of thick BOPET film specifications in the high-end product line of working capital and other business-related project construction period is 1.5 years. This raised casting project reaches the postpartum capacity bottleneck will effectively break the company, helping to expand the scale of production, improve the core competitiveness. Corporate performance and valuation. We are forecasting EPS company 2012-2014 respectively, 1.79, 2., 36/unit, 20-25X valuations, reasonable purchase price is $ 36-44/share.
Recommendations in this purchase. Researchers: Zu Guangping, Zhang Yanming affiliations: Hongyuan securities company limited reasonable value range $ 37.53-$ 2012-03-15/Unit. Solar backplane-based film is expected in the next three years, electrical insulator, and fully-mechanized with steady growth in sales of film, optical base films sales are growing faster than any other product, product prices and gross margins steady drop, expected 2012-2014EPS $ 1.72, 2.01, 2.31, respectively. References East material technology 2011 PE (20On March 13, 12 closing price) level, we believe that the company's 2011 PE more reasonable, reasonable value range for the 37.53-$/unit. Researchers: Ma Jinliang affiliations: sea securities company limited 2012-03-15 expected to 12, 13, 14Years after the release of fully diluted EPS of $ 1.17, 1.58 and $ 2.06, combined with the comparable company valuation industry, consider the comparison to determine if the performance of the company growth, we believe that a reasonable price range between $ 19.89~23.40, corresponding to 2012 ~20 times earnings. Researchers: Liang bin's affiliations: CITIC building investmentSecurities limited liability company 2012-03-14 2012, 2013 and 2014 we forecast company diluted earnings per share $ 1.71, $ 1.98 respectively, and $ 2.44. Given the company in 2011, 27-30xPE, recommends that the inquiry range $ 37.5 per cent. Press 2012 years 25-28xPE, reasonable value for $ 42.8 per cent. Researchers: Liu June, Tan Zhiyong affiliations: EMC Corporation company limited 2012-03-14 fair value $ 41.6~47.1. Expected to 2012-2014 year diluted EPS, respectively$ 1.81, 2.36,, company results for the next 3 years in development, we have given the company of 2012 PE valuation, fair value for $ 41.6~47.1. Researchers: Mao Wei, Zheng Fangbiao affiliations: xingye securities company limited 2012-03-14Types of polyester film is the main business of Yue Hing shares. Yu hing shares mainly engaged in special polyester film development, production, sales, its products include PV backplane-based film, special electrical insulated coating, optical base films and multiple film, 2011 PV backplane-based film company, and special film for electrical insulation, optical base films per cent ratio respectively, 42.8%, 8.6%,Gross margin percentage, 43.4%, 9.7%, respectively. Yu hing shares with strong technical advantages. More attention to product development of the company, adhere to product differentiation route, currently, the company is the only company able to produce the maximum 400 microns thick polyester film enterprises, domestic PV back film production is one of the two companies, is the oneProduction of optical-based film company. Special polyester film industry prospects. Special polyester film as a fine film materials, widely used in electrical insulation, in the lower circuit printed, photographic materials, optical materials, and other areas over the past few years, the compound annual growth rate of domestic demand in 20% above, the current domestic high-end annual imports at more than 200,000 tons of polyester film, notIn the context of import substitution, rapid growth of domestic special polyester film. Raise project analysis. Companies raise funds mainly to the "annual output of 15,000 tons of thick BOPET film in high end", the company has used its own funds to invest in early, 2 quarter 2012 expects the project to production. Company currently has a capacity of 22,000 tons, capacity utilisationClose to the limit, we believe that offering tender commissioned in special polyester film industry will further strengthen the company's position. Optical base films business is the main dynamic 2012 corporate profit growth. In 2012, with the companies offering investment and projects put into operation
tera gold, optical base films the company will conduct a mass production, optical base films business sales and increased revenue boost company performance in 2012Main driving force for long. Earnings forecasts and investment advice. We expect EPS 2011-2013 yuxing shares respectively, at $ 1.8, $ 2.36, 2.83, considering the company's future growth, we believe that given the company in 2012 times the price more reasonable, corresponding fair value for $ 41.35 per cent,Proposed price range $ 37.22 per cent.
Risk: 1) increased market competition risks; 2) raw material price volatility risk; 3) downstream demand fluctuation risks. Researchers: Cao Xiaofei affiliations: gold in haitong securities company limited-line statement: Gold-line reproduced above, does not indicate that confirm the description, for investor use onlyAnd does not constitute investment advice. Investor operations accordingly, at your own risk.
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