129771798771812310_43Huitian adhesive Enterprise Co (300
tera power leveling,041): 2011 2012 is expected to return to growth outperform rating huitian adhesive industry net profit fell 17.97%, and earnings per share of $ 0.68. Companies in 2011 for revenue of $ 456 million, an increase of 10.14%; operating profit of 73.1419 million Yuan, under per centSlide 22.67%; 72.0248 million achieve the net profit attributable to the shareholders of listed companies, fell 17.97% to achieve earnings per share of $ 0.68, 2011 quarter to achieve earnings per share of $ 0.02, 91.05% fell, fell to 92.7%. Sales growth in gross profit margin decline. 2011 in macrosEconomic downturn, European debt crisis continues to deepen the view of background, huitian adhesive industry downstream automotive, energy, electronics, engineering machinery industry boom will have varying degrees of decline, adhesives used in areas such as solar energy, LED the company prices are falling, gross margin fell; however, the company in the downstream industry downturn increases market shareProduct sales grew by 16.1%; decline in gross profit margin of the company 5.62%, fee rate increase during 1.1%, net profit margin fell 5.41%. Polyurethane business suffer higher depreciation. In business, revenue growth of organic silica gel 15.57%, polyurethane adhesive revenue dropped 12.05%; gross margins, falling organic silica gel 4.79%, polyurethane glue down 20.19%. Our analysis, company of organo-silicone downstream solar, LED industry boom down, companies reduce prices to grab market share by moderate and decline in gross margin appears certain; polyurethane glue, raise funds and raise funds to the nation's Super polyurethane adhesive project have been put into production, but byPolyurethane adhesive for areas such as Yu Gaotie slump in demand
tera power leveling, insufficient output and new projects as well as depreciation costs, fell by 2010 in gross margin. Company 2011 in cars, electronics, energy, engineering machinery, has experienced growth in sales in the area, particularly corporate income 48% field with plastic car sales growth reached 2774%. We expected 2012-2014 earnings per share of $ 0.88, respectively, 1.06, 1.32
tera gold, relative to the closing price of the company on March 21, 2012, dynamic price-earnings ratio respectively in 2012-2014 times, 17 times, 14 times times we maintain holdings of company investment rating, 6Month target price of $ 22, 2012 times forward earnings. (Hai Tong securities (600,837) Cao Xiaofei)
Others:
No comments:
Post a Comment