lami chapa shoes: April 2011

Thursday, April 28, 2011

TunYu become shanxi and sprinting towards

In 2007 the company of the first largest shareholder is the world's first new group MBT Kisumu2,introducing new four seed industry company, VHK as strategic investors VHK thus becomes a long flat indirect tech shareholder. VHK global corn seeds market share in the fourth, vegetable seed share the second. 2010 January company with 3600 yuan made shanxi TunYu subsidiary of Beijing TunYu 60% stake announcement, the company wanted from TunYu directly or indirectly by Beijing's controlling shareholder TunYu become shanxi and sprinting towards the corn market. In April 2010 with shanxi Lima company and signed "grantham rehob 16" varieties franchise agreements, meanwhile LiuShi announced before joining pioneer China chief executive RON flat high-tech. We think this a series of movements are showing the company wanted to build seed industry bibcock strategy is very clear, the company will continue to be the first strategic business hybrid rice, corn promoted to the second strategic business, maintain dry chili seed advantage position.
Rice business continues to carry out "eighty-twenty rule".
The company now has many kinds, hybrid rice by high-end products contributed most Maori,mbt shoes uk so the company has been in the adjustment of product structure. From 2007, the company began the gross profit margin of rice business rise gradually is company adjustment of product structure performance. We think the future will continue to make the adjustment of product mix, key popularized varieties also will fall in gross margin higher good varieties, and further improve the company on the comprehensive c.m rice business. At present the company hybrid rice variety is the dominant three-line double season late "gold optimal 207" regeneration. Because of this variety extension period for 10 years, and now the sowing area in market share has reached 10%, so we think this variety has reached promotion at maturity, the future of this variety extension dramatically increase is unlikely. We think the 2008 through the countries of two judges Y yunjingyou 1 will become kilograms these two years of promotion key varieties. 2009 company Y two yunjingyou 1 of 1 million kg seed quantity, because this breed is 2-2.5kg can achieve 650 kilograms field/acre, more general higher about 150 kilos per varieties, so this product for a listing appeared in short supply. We expect this year Y two yunjingyou 1 seed would reach the quantity of 4.5 million kilograms.
Corn varieties will become the new profit growth point.
At the end of April 2010, the company signed a grant of shanxi Lima with buying "rehob 16" business agreement, obtain the variety and retailing. We assume that future "rehob 16" market share to 10%, then can reach 500 million acres, need to kind of quantity for 10 million kilograms. The lowest price in accordance with the contract, 25 yuan/kg calculation for a company to bring 1.25 billion yuan MBT Salama,of revenue. We think "rehob 16" will not only is the beginning of LiuShi sir value marketing, will also be long peace shanxi Lima, if the beginning of grantham cooperation "rehob 16" promotion could obtain satisfactory success, the future is possible to obtain high Lima, grant the other corn seed and retailing.
Profit forecast:
We expect the company 2010 and 2011 and 2012 respectively the revenue 14.17 billion yuan, 17.10 billion and $20.74 billion yuan, belonging to the parent company net for 0.72 billion yuan respectively, 0.99 billion and $1.41 billion yuan, and the corresponding diluted EPS respectively after 0.26 yuan, 0.36 yuanhe 0.51 yuan, first give the company "immediately" rating. (XiangCai securities YuQingQing)

Earnings per share 0.24 yuan

Quarter net profit, 57.9% c.m 42.1 year-on-year. The future market share growth comes from mbt sandals sale small project of ascension, the application of organic wastes and the entrusted operations into production.

Investment points:

The 2011 quarter 6238.8 yuan company business income year-on-year, 1108.7 yuan, profit amount 62.0% MBT Fumba. year-on-year, 947.7 million yuan, profit 52.9 per gross margin, 57.9% year-on-year increase, than last year the corresponding period 42.1 4.7 percentage points. Earnings per share 0.24 yuan.

Quarter income settlement project year-on-year increase, resulting in a sharp increase revenue and cost. Large and medium-sized landfill leachate treatment project accounts for gross margin than high, resulting in year-on-year increase.

Operating income almost entirely from environmental protection engineering business, entrust operating income from into operation last year two events, guangzhou xinfeng BOT project is expected to put into operation in the second half of this year.

Future growth hotspot:

(1) through the standard container equipment production increase small project contracting ability. Companies rely on small cast project expanding collected leachate treatment field, da postpartum new capacity 15,000 tons/day, provide 50-3000 tons/day processing ability range of leachate treatment equipment series products.

(2) by technical reserves coping garbage disposal mode changes brought about by the opportunity. MBT Kisumu2,Company in actively explore the market more organic kitchen waste, technology for dry anaerobic way. Company in landfill leachate treatment lead field has been clean technology, the future is expected to cut relevant industries.

(3) from EPC to EPC + C. Until 2011 quarter, the company has the changzhou, rizhao huangshan two projects, its operation in the 2010 operating income 223 million yuan, the company currently under construction project approximately 10 expected this year, but all put into production. June 2011, the company's largest guangzhou xing feng 1400 tons/day BOT project will put into production, and is expected to more than 1 million contribution income.

It is expected that the company 2011 earnings forecasts: EPS of 2013 - $1.55, 2.21, 30,600. MBT Fumba.Consider solid waste industry during the 1025 high-growth and company leader, give the firm a 2011 40 times PE, corresponding to the 2012 28 times PE. Target price of 62 yuan, "caution increasing". (cathay Pacific prosperous country people safe)

the entrusted operations into production

growth prospects light. . Maintain "recommended" rating

Group resource to develop will continue to increase its advantage the competition status at present, publisher of proved reserves has its own mines every September 22 million tons of iron ore in xinjiang, subordinate subsidiary of steel jas full Sue mining Co., LTD, xinjiang fuyun have library such as iron ore limited liability company manages to own mines and mining iron ore mining capacity has reached 650 tons, and plan 2015 attain 2000 tons. Its subordinate company xinjiang coking coal group has rich coking coal resources, it can produce XiJingMei products, coke nearly 200 million tons. This ensures that the company has the stable raw material sources, currently up to 30%, self-sufficiency self-supporting ore reached more than 50%, future coke put more than 10 billion yuan company plans within the funds for iron ore, coal resources in the acquisition integration, existing mine construction, technical improvement project of subsequent construction, which will further improve the company's raw material self-sufficiency, make its production cost ability to maintain competitive level.

Maintain "strongly recommend" investment rating we expect, the company 2011-2012 EPS respectively at least 1.44 yuan, 104 and corresponding PE respectively 10.3 times only 14.4 times and has the obvious valuations advantage. In view of the company's strong position in xinjiang region and its endogenous growth, resource, to have the certain indemnificatory strong expected asset injection, we maintain the its "strongly recommend" investment rating. (first venture r&d center ZhangWenFeng)

WeiFu high-tech (000581) : short-term performance 51job medium-term outlook light

Performance description: 2010 quarter, to achieve the company revenue 16.18 billion yuan, an increase of 36 percent; Relegated to the net profit of shareholders of a listed company 2.91 billion yuan, an increase of $0.51 155%, earnings per share.

Main continue "share ascending + structure optimization" trend. 1 quarter, compared with heavy CARDS and other major downstream growth, the company revenue performance is good, profitability at a higher level. One part 8.34 billion yuan revenue year-on-year, 34%, c.m 17.5%, 5.1 percentage points year-on-year ascension; 26.76% gross consolidated financial statements, up ascension caliber 3.55 percentage points, slightly below the 2010 annual level (27.78%). We think that the company's main competitive market share overall still in the ascendant trend, also benefited from consumption level and their supporting ability the enhancement, high value-added products (hq P type pump, electric control VE pump, JinNing WeiFu DS common rail pump) than increasing of, be helpful for smooth heavy CARDS to downstream cyclical fluctuations achievement influence.

Investment income up double. One quarter of investment income 1.1 billion yuan, an increase of 113%; 1 quarter a low base, compared YuBo growth came mainly from the steam wood. 2010 investment income structure, Bosch steam bavin, vanda electronic 60%, 29% respectively contributed, considering the domestic passenger cars, heavy card to recede, and the boom of two large share company's short-term earnings MBT Salama, are expected to bring certain pressure throughout the year, investment income regression steady growth.

Period fee down dramatically. During the quarter, year-on-year drop 11.93% fee of a percentage point, approximately 407 sales rate, management fee, financial rate were down previous, 0.93, 0.31 percentage points. With scale ascensionmbt sandals sale and management improvement, the company in recent years, our during the unrelenting slide helped fee judge the future and a certain redevelopment space.

Short-term secured, medium-term performance of light. The company after the upgrade, main business get clear optimization, and investment income form double drive, performance more security, 1 quarter than expected to cut market for its performance by slowing profit concern about the effect of downstream; In the medium term, after completion, with additional equity and products throughout the cooperation further deepening, the greatest degree of four cake and share countries will fully make with independent intellectual property rights of the engine intake systems, fuel systems and post-treatment system three blocks, improve industrial chain and core products increased enormously in domestic unit, the position MBT Sirima, of domain of core components, growth prospects light. . Maintain "recommended" rating. We forecast 2011 to 2012 earnings forecast the respectively 15X), plus 2.67 yuan ($353 12X); ( Considering the companies in the industry chain, medium-term prospects of high-end clear, combining the current plate valuation levels, we give the company the 2011 20 times PE (diluted in front) and corresponding years 53 yuan price target, maintain the "recommended" rating. (Great Wall securities institute RanFei)

subordinate subsidiary of steel

The company plans to invest $470

According to the announcement, double reserves the directional seasoned the project total investment about Tory Burch Flip Flops, 69.58 billion yuan, skimpy share company will self-raised solve. Among them, 18 million yuan fitting for acquisitions 112.46 tons of gold reserves containing about the new set of exploration; 5 billion yuan fitting for acquisitions 23.21 tons of gold about contain mineral exploration right; the temple zhuang reserves 21.5 billion yuan to buy 158.45 tons of gold about contain reserves of dongfeng exploration; 6 billion yuan fitting for acquisitions return 69.24% equity, return the zhuang xiezhuang company has outdoor and underground two CaiKuangOu, gold metal reserves about 20 tons, 2010 2.48 million yuan of total profit. The company plans to invest $470 million endowment laizhou firms to build three mountain island gold 8,000 tons/day extension project. According to our estimate completed after the acquisition, the mineral reserves will reach about 700 tons, the mineral reserves near double.

Enlarge production scale profitability will greatly improve the exploration of raising funds to purchase a new set of mineral exploration right or temple are located in the company holds mineral exploration right zhuang new made gold mining and temple of gold mining xiezhuang permission mining areas surrounding the exploration right obtained will help the company extensions expand new made gold mines, temple permission of the mining areas xiezhuang gold mine, mining and use existing intensive processing capacity, reduce production cost and enhance profitability. By implementing three mountain island 8,000 mt/day gold for an expansion project, May 3 hill island of gold ore mining for centralized each Tory Burch Sandals Sale, ascending, centralized transportation, concentration of gold mineral resources, which is beneficial to the company for unified planning and rational utilization, form scale operation, reduce the mining cost. This project is completed, as companies acquisition of postpartum ability to ascend, the follow-up of the production procedure production capacity will is released in full, the gold product yield and the business performance will also get increased greatly.

We continued good for gold main factors were 1) geopolitical, Europe debt crisis, nuclear leakage problems are pushing gold hedge request. 2) caused by the European central bank $disadvantaged. 3) food, crude oil, basic metals commodity prices continue to rise, causing inflation pressures are increasing. Gold recent prices even finished last week to a new high, 1508.57 dollars/ounces of historic highs. We think that gold prices still has upside.

Valuations and investment advice: we assume that the 2011 $1,450 gold average per ounce,Tory Burch Flats Sale, mineral gold production for 22 tons. Forecasting the 11-13 years respectively for earnings per share of xiaogan / 1.65/1.72 yuan. We value the company's long-term investment potential, maintain company buy rating.

Risk factors: gold price increase came in below expectations, and the renminbi. Tory burch outlet (Yang b f.effects Orient securities institute)

total year-on-year growth 32.24%

Orchid kechuang released yesterday, quarter a quarterly revenues company realized 17.43 Tory Burch Sandals Sale, million yuan, an increase of 41.12%; Realize the profit 4.84 million yuan, total year-on-year growth 32.24%; Realize attributable to the parent company and the net profit 3.38 billion yuan, an increase of 19.56%; Quarter to achieve the company basic earnings per share 0.59 yuan, after deducting realignments and losses the basic earnings per share for 0.60 yuan; The weighted average net assets yield, 5.03% 0.22% year-on-year reduction for.
Quarter rose by 35%, neutral anthracite assumptions year-round, with average prices afterTory burch outlet deducting all costs by 25% to add about 0.5 yuan EPS. Partial integration has commenced, small ore transformation coal ore + integration driven yuxi double production company in five years. Americo big ning equity problems still no progress, neutral assumption in 2011 EPS about 0.46 yuan contribution.
It is expected that the company 2011-2013 3.21 2.68 yuan respectively, EPS 3.88 yuan, Tory Burch Sandals Sale, and in November for 14.77 times with the PE valuations of obvious advantages, the company is set to double nearly five annual production company long-term growth, believing, short-term attraction lies in America, maintain production ning's big "recommended" rating. (Yangtze river securities)

Realize attribution parent company net profit 226 million yuan

GuanCheng jpmorgan chase released yesterday, according to a quarterly 2011 realize Tory burch outlet 19.09 billion yuan revenues, year-on-year growth of 35.1%; Realize profits 3.13 billion yuan, an increase of 56.3; Realize attribution parent company net profit 226 million yuan, an increase of 57.55%, earnings per share 0.31 yuan.
The company first quarter results or slightly exceeded market expectations, net profit rose by more than operating income growth mainly because of increased three percent current margin, which is mainly due to the current real estate accounted for half of the gross income more than 45%, settlement result of.
The company plan future will enter the relatively high margins (with brilliance Tory Burch Pumps Sale,BMW automobile field already to sign the contract), wind power and high iron three fields, the automobile field around 7%, gross margin in high iron this piece wind around 15%, current suzhou plant has in expanding wind power projects.
According to the company's project progress, 2011 settlement with the sun is focused on nanjing project area C star. We combined equity incentive plan, the expected future three years the company style steering is dovish manage, expected 2011-2012 earnings per share, respectively, maintain the 1.34 1.03 "recommended" rating. (Yangtze river securities)
Salomon Smith barney costumes (002269) : into a stage of stable development
In the national income level in the backdrop, leisure clothing retail market scale will continue to expand. The company is the leading enterprise of domestic leisure clothing, as brand clothing retail enterprises are faced with good opportunities for development, the company brand operation, supply chain management, informationization construction, all is the industry leader in keeping the company has been under the steady development of the brand, the company constantly develop new brand, expand profit growth point, develop new online sales channel.
We expect 2011-2013 advocate business wu income 104, 141, respectively 184.66 billion yuan Tory Burch Sandals Sale, respectively, the corresponding EPS 1.59, $2.19, 1.07, current market price for 3.25 yuan respectively, corresponding PE recent times, 30, 20.4. We give the firm a "recommended" investment rating. (Yangtze river securities LiuYuanRui)

reasonably lock factors such as copper cost is probable cause

A quarterly slightly below market expectations. In the first quarter of this year,Tory burch outlet to achieve the company operating income 37.3 million yuan, total profit of 6.5 percent year-on-year reduce 4.42 billion yuan, up reduce 9.7%, net income reached 3.93 billion yuan, up by 7.7%, attributable to reduce net of shareholders of a listed company, up reduce 377 million yuan, quarter EPS to 8% 0.186 yuan. In the first quarter of this year, is change especially nearly 10 years first negative growth, income that is larger, a quarterly first quarter pressure operation conditions slightly below market expectations.
Gross margin are year-on-year rise, with annulus exceeded the market expectations. In the first quarter of this year, the company's overall gross margin for 23.8%, higher than last year's fourth quarter of last year and 22.9% 19.93%. In transformer bid price drop, silicon and fierce copper prices are rising of the environment, the company mainly thanks to rising gross margin, product structure change, we think transformer exports increased, user engineering JieSuanLiang increase, wire cable transformer incomes reduced, Tory Burch Sandals, polycrystalline silicon income increase, reasonably lock factors such as copper cost is probable cause.
Management fee rises is significant. In the first quarter of this year, the company's sales rate for 5.1%, management fee, and for 6.5 percent from the same period last year, and 4.6 percent respectively 5.1% year-on-year rise 1.9% visible management fee, management fee rise significantly. 2.43 million in the first quarter of this year, management fee for 1.81 million last year, up growth, the management fee 33.8% year-on-year also appears obvious growth.
1025 speed up to new energy and new material transformation. The company has the transformer business 180 million kva capacity, during the 11th five-year plan hit to create the world's largest transformer enterprise, and realize power transmission and transformation equipment out of the country, toward the world vision, change especially overseas total package business walks in colleague's front row. 1025 period, the company will accelerate new energy and new materials direction of development. Polysilicon production quantities of realize large-scale this year, and at the same time, can be in expanded capacity in the two years of a performance contribution points. Change especially polysilicon with coal and natural resource advantage. The company of photovoltaic cells in business plan bigger and stronger, and coal mining businessTory Burch Heels Sale, also in advancing in.
Maintain, target price to buy rating RMB 22. We cut the company's earnings, 2011-2013 year respectively the EPS 0.89, 1.06, 121 yuan, reference comparable company valuations, and considering the change especially leader and growth rate, gives 2011 25 times PE, corresponding target price of RMB 22, maintain company buy rating. (ZouHui Oriental securities institute)

Among them, 18 million yuan fitting

According to the announcement, double reserves the directional seasoned the project total investment about 69.58 billion yuan, skimpy share company will self-raised solve. Among them, 18 million yuan fitting for acquisitions 112.46 tons of gold reserves containing about the new set of exploration; 5 billion yuan fitting for acquisitions 23.21 tons of gold about contain mineral exploration right; the temple zhuang reserves 21.5 billion yuan to buy 158.45 tons of gold about contain reserves of dongfeng exploration; 6 billion yuan fitting for acquisitions return 69.24% equity, return the zhuang xiezhuang company has outdoor and underground two CaiKuangOu, gold metal reserves about 20 tons, 2010 2.48 million yuan of total profit. The company plans to invest $470 million endowment laizhou firms to build three mountain island gold 8,000 Christian Louboutin Boots Sale,tons/day extension project. According to our estimate completed after the acquisition, the mineral reserves will reach about 700 tons, the mineral reserves near double.

Enlarge production scale profitability will greatly improve the exploration of raising funds to purchase a new set of mineral exploration right or temple are located in the company holds mineral exploration right zhuang new made gold mining and temple of gold mining xiezhuang permission mining areas surrounding the exploration right obtained will help the company extensions expand new made gold mines, temple permission of the mining areas xiezhuang gold mine, mining and use existing intensive processing capacity, reduce production cost and enhance profitability. By implementing three mountain island 8,000 mt/day gold for an expansion project, May 3 hill island of gold ore mining for centralized each ascending, centralized transportation, concentration of gold mineral resources, which is beneficial to the company for Christian Louboutin Evening Sale,unified planning and rational utilization, form scale operation, reduce the mining cost. This project is completed, as companies acquisition of postpartum ability to ascend, the follow-up of the production procedure production capacity will is released in full, the gold product yield and the business performance will also get increased greatly.

We continued good for gold main factors were 1) geopolitical, Europe debt crisis, nuclear leakage problems are pushing gold hedge request. 2) caused by the European central bank $disadvantaged. 3) food, crude oil, basic metals commodity prices continue to rise, causing inflation pressures are increasing. Gold recent prices even finished last week to a new high, 1508.57 dollars/ounces of historic highs. We think that gold prices still has upside.

Valuations and investment advice: we assume that the 2011 $1,450 gold average per ounce, mineral gold production for 22 tons. Forecasting the 11-13 years respectively for earnings per share of xiaogan / 1.65/1.72 yuan. We value the company's Tory Burch Sandals, long-term investment potential, maintain company buy rating.

Risk factors: gold price increase came in below expectations, and the renminbi. (Yang b f.effects Orient securities institute)

Company not only embodies in performanc

the second half and 10 coating production lines

Investment points

April 26, 2011, the company posted a 2011 a quarterly, quarter revenues of $1.27 billion realize year-on-year, 57.7%, belonging to the parent company shareholders net profit 0.37 billion yuan, an increase MBT Kisumu, 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, plus is expected to put into production in four seasons of capacitance measuring touch-screen project, 2011 company performance high-growth certaintyMBT Fumba. 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 MBT Salama, and "strongly recommend" 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)

The company to carry out actively N330

The company actively develop steadily, product reserve, helps the company long-term SUV market stable development. The company to carry out actively N330 SUV products, independent gasoline engines, N351 SUV auto models, V348 upgrades (countries QuanShun emissions standards) and other products and V project reserves. Company in positioning high-end, on the basis of light commercialMBT Shuguli GTX, to moderation SUV market, expanding the company product structure and application field; On the other hand advance emissions standards technology and product reserve, will help the company's long-term stability and development.
The capacity expansion projects and small blue base construction will help the company breakthrough, considerably increase production capacity bottlenecks size. The company designed capacity of 10 million vehicles, 1 quarter standard has reached 1.6 million vehicles in production, production scale has been close to capacity limit. The capacity expansion project is expected to start from mbt sandals sale 2011 years 9 million vehicles contribute N800, N900 capacity; Small blue base investment $21.3 million yuan, design production 200,000 and are expected to maximum extension to 30 million vehicles in the first half, is expected to grow from 2013 came into use. New capacity will help the company breakthrough increases production capacity bottlenecks, scale.
Risk factors: macro economic slowdown in cause light commercial market decline in demand; Yu wins SUV and so on the new product marketing does not reach anticipation; The renminbi weaken the company product international competitiveness, etc.
Earnings forecasts, valuations and investment rating: expected because of risingMBT Fumba prices of raw materials, and products sales price adjustment, leading to the company quarter earnings drop, management pressure bike reflect, comprehensive consideration of the company gradually better management ability, reduce small company 2011/12/13 years EPS to 2.49 by / 2.92/3.42 yuan, the current price 2011/12/13 30.56 yuan, corresponding respectively in PE 12/1019 times. Comprehensive consideration of the automobile industry current valuations levels and the future growth situation, we think the company reasonable valuations for 2011 15-16 times PE, maintain company "buy" rating, target price of $40. (600030) LiChunBo citic securities (XuYingBo)

the growth of the industry. Cost pressure company up

Company year-on-year in the first quarter earnings 49%, thanks to soar the propulsion, keep channel integration is far higher than the growth of the industry. Cost pressure company up not down, gross margin respectively year-on-year, annulus 0.08, ascension 0.27 percentage point to 16.24%, we think is mainly benefited from product structure optimization, c.m high roller sales accounted for more than to improve. More surprisingly company battalion tube combined wealth year-on-year, annulus comparing three fee promoted 2.05, MBT Sawa,respectively, 1.97 percentage points; Among them, the management fee respectively year-on-year, annulus 2.43 percentage points 1.16, ascension, stems from the increase of r&d investment; Sales rate year-on-year increase 0.86 percentage points, mainly is affected by transportation cost increase, promotional advertising commitment to influence. The influence of enhanced by fee, the company net profit margins respectively year-on-year, annulus 0.91, 0.83 percentage point decline to 3.53%, cause performance not synchronous revenue growth, lower than we previously expected.

Although the company a quarterly performance below our expectations 9%, but don't change our initial judgment: (1) value of growth over the next two years, washing machine industry (2) with the integration of propulsion and scale channels of municipal priority strategy, promote quickly rate will be significantly higher than industry averages can maintain the growth; (3) company profitability has significantly improved space. We maintain company 2011-13 years $1.45 yuan, foursquare, $1.80 earnings forecasts, future three years up to 30%, compound growth performance of current share price corresponding 2011 18 times, considering the lack of company future years faster earnings growth, giving mbt sandals sale this year 25 times PE, target price of 26 yuan, still have 30 + % space, reiterated that "buy" rating. (haitong securities (600837) ChenZiYi)

Cyts Tours (600138) : scenic area business further profitability improved

Tourism industry contribution of rising 30% 2010 company tourist service industry revenue exceeded more than in the same year the national tourism (31%), the rate of growth of 21.7 revenues; The 2011 1-3 months company tourism industry realize revenue grew 18.6% than the same period last year. This plate 2010 revenue more than 36.56 billion yuan, in 50.08% of total than to scale, 2009 this is only 37.45% proportion. The same tourism services sector, comprehensive Maori space 8.82% slightly ascension, mainly due to the outbound tourismMBT Kisumu, performance within another historic highs, business revenue is 78%, growth from 2009 2011 outbound tourism business income first quarter year-on-year increase 10%, free line outbound business income year-on-year growth 26%. Among them, located in the middle and high-end crowd, provide one-stop service citizens outbound "ever-changing free line" product in selected cities made high market acceptance, the proportion of improved in overseas.

Wuzhen news continuously, income soar more than 70 percent of the travel company wuzhen 51% shareholding in 2010 is good news in April, first repeatedly was rated national aaaaa area; And to the world expo Shanghai borrows propaganda wuzhen; Then huhang high iron in October, including tongxiang stood and open, wuzhen seamless connection of Shanghai, hangzhou tourists arrival time shortened to 1 hours respectively within and 30 minutes. 2010 cumulative tourists wuzhen scenic spot, a 575 million 4-instar larva growth from 2009, achieved sales revenue is 4.88 million yuan, 61 per cent increase on the same period in 2009; Gross margin back up to 84% above, realize net profit 185m yuan, a 2009 104 %, contribution to growth from 0.26 yuan earnings. In the first quarter of 2010, wuzhen tourism continue hot momentum, tourists and business people than the same period in 2010 income grew 25%, 37 percent respectively. At present the company is embarking on wuzhen protection and tourism development, the second phase of the project has invested 140 million yuan, and launched a spin-off of wuzhen tourism landing h-shares work of examination and approval; The move will dredgeMBT Kisumu2, the financing channels, to international fame, began to the further development of wuzhen tourism.

Yeast JiSheng push revenue growth quantity and price

Investment points:
A quarterly performance slightly than expected. The 2011 quarter to achieve the company operating income 6.18 billion yuan, 9391 million yuan, belonging to the parent company net net respectively year-on-year growth 8516 yuan, 20.7% 32.4%, MBT Salama, thickening 54.9% (2010 decided to purchase minority shareholders rights than in the first quarter net profit growth belongs parent company growth), earnings per share 0.28 yuan, slightly above expectations of our 0.23 yuan.
Yeast JiSheng push revenue growth quantity and price. (1) the quantity to add: quarter company continue to increase market development dynamics, yeast series products are sold in domestic and international market, we estimate that quarter increase the total sales of about three million tons, yeast products above 20 percent year-on-year growth in; (2) the price rises: company export, sale in domestic market of yeast products separately in November and December, raise to digest 5% mounting cost pressure (currently rivals also started to raise prices). mbt sandals sale Yeast to increase sales and prices to raise its exports and domestic income are achieved more than 30% growth.
Molasses year-on-year rise 20%, price cost pressures remain. Quarter in the purchasing price molasses 1200-1300 yuan/ton, rose by 20%, and molasses prices continued to rise erosion yeast products. In the first quarter profit level comprehensive c.m 3.4 percentage points year-on-year drop due to the end of last year, 32.2 (but raise prices, c.m annulus picks up 1.3 percentage points). Because the company cost the fifo, second quarter use of molasses cost annulus to continue to ascend, yeast product c.m confined. We think the company may take the following ways: (1) the digestive cost pressure, current southeast Asia import molasses apply to port is the domestic price of molasses, low prices 10% of heavy pollution due to molasses processing industry of molasses, previously countries import restriction is more, but if molasses prices continueMBT Kisumu, to maintain high company can import quotas for certain. (2) if molasses prices continue to rising greatly decreased, gross margin does not exclude the company will continue to increase the opportune time the second half.
Production release earnings growth is expected to continue to push, 11-13 years EPS separately for 1.29/1.56/1.95 yuan, the current share price corresponding 11-13 years PE28/23 / buy rating, maintain 19 times. Chung phase iii 15,000 tons left end of yeast and processing capacity and put into production, which can profit from this year, besides the company will contribute through technical renovation, outsourcing of expanding yeast production scale, way not considering Egyptian base 15,000 tons yeast capacity, the total expected 2011 can achieve 13 million tons of yeast above. New capacity will drive performance in release continued to increase.
11-13 years EPS is expected to 1.29/1.56 / respectively, the current share price $1.95 MBT Fumba. corresponding 11-13 years PE28/23 / buy rating, maintain 19 times. (ZhaoJinHou boyer) ShenYin kingdoms

long-term _A" investment rating

The company posted a quarterly: 2011 16.17 billion yuan company business revenue year-on-year, 36.16%; Relegated to the shareholders of a listed company 2.90 billion yuan, the net profit 154.96% year-on-year increase; Basic earnings per share 0.51 yuan. Beyond the market expectations.
Company profits have increased investment. Investment income realize 1.10 Tory Burch Flip Flops, billion yuan, a year-on-year growth 112.63%. Share company vanda electronic contribution to the sharp increase profits relative stability, mostly from Bosch steam wood contributions sharp increase profits. Quarter sales in domestic heavy card industry can 29 million vehicles, accumulative total year-on-year growth of 8.7 percent, industry sales growth slowdown. Expected Bosch steam wood market share to ascend, so that the company growth far outclass heavy card industry growth. We expect the common rail market share will still has increased, Bosch steam wood is expected to net profit 16 billion yuan (22.41% YOY).
Gross margin, 3.55 percentage points year-on-year rise during drop approximately 407 percentage points. Significant Part WeiFu steam PW2000 and wood P type injector sales are expected to maintain steady growth, WeiFu steam wood for Bosch DS supporting common rail pump, the headquarters and proportion is expected to improve WeiFu steam wood performance turned for the better promotion company tory burch online c.m level. Mainly because during the decline rate, reduce the link to strengthen sales management to reduce cost of sales.
Bosch steam high pressure common rail + WeiFu wood four castor SCR meet countries emission standards, will further enhance competitiveness. 2012 countries was formally implemented standards may be four emissions, SCR + common rail will become mainstream technology, now four countries related to companies mature technology, formed in the industry technical barriers. Countries that after carrying out, the company four standard competition will be less wood, Bosch steam high pressure common rail assorted heavy card from the current shares rose to nearly 65% about 35%; WeiFu eed upcoming realized industrialization, SCR products will greatly thickening company performance.
Commercial vehicle emission standard upgrade the biggest beneficiaries of. At present the key investment projects WeiFu tech centers associated with IV WAPS r&d, diesel common rail system components ramp-up, SCR products, air intake system, etc. The company will give priority to benefit from IV after carrying out air intake system, fuel injection systems and exhaust gas aftertreatment market growth.
Maintain "short-term _ strongly recommend, long-term _A" investment rating. Tory Burch Sandals Sale, Expected 11-13 years respectively $2.79 company EPS 3.87 yuan, 4.98 yuan, and corresponding still-racy 15, 11 and 8 times. Considering the main company business development direction are around emission standards, directional seasoned will upgrade the company further in automobile energy conservation and emission reduction horizons, and help the company strengthen international competition ability, future long-term performance stable company. Give the firm a "short-term _ strongly recommend, long-term _A" investment rating. Risk hint: IV standard executive delay; Heavy card industry growth severe downturn. (countries securities)

won the FDA granted the SPA charter

Investment points:
The company 2011 quarter realize operating income reached 1.373 billion yuan, tory burch online an increase of 38.13%; The total cost of business for 9.55 billion yuan, an increase of 38.64%; 22.3 million yuan net year-on-year, 138.79%; Earnings per share for 0.31 yuan, if deduct sell equity factors, first quarter earnings per share of the $s, basic accord with our expectations.
Expected compound danshen pill reach sales of 1.3 billion yuan of above. The company main product compound danshen dropping American FDA clinical second round results than expected, won the FDA granted the SPA charter, the company developing all kinds of marketing activities play a very active role, especially compound danshen in hospital channel sales dropping by break bottlenecks.
We expect the 2011 compound danshen pill that sales will reach 15 Tory Burch Sandals, million yuan, growth breaks to above 10%. With the gradually release and basic requirements of the academic marketing effect, compound danshen appeared dropping further growth is expected to regain.
Second-line varieties will maintain the fast growth momentum, biological pharmaceutical hotspot. Recently the company two new drugs the injectable danshen polyphenols acid and recombinant human urokinase original approved to companies is of great significance. First, danshen polyphenols acid approved rich company product lines, FenZhenJi propitious to promote the academic marketing, tasly another breed yiqi complex veins sales is expected to accelerate growth; And recombinant human original as domestic less urokinase biological products I approved of the new drugs, means in biological pharmacy domain has zha dew dawn. The company and the cooperation will also TRANSGENE SA, future both parties will breakthrough around 5-6 varieties of cooperation. We think, in policy, strongly support the biopharmaceuticals business is expected to vigorous development, thus become a company new profit growth point.
Earnings forecasts. We raised the company 2011 earnings forecasts to 1.25 Tory Burch Flip Flops, yuan, 2012-2013 1.42 and 1.76 yuan profit forecast unchanged, at present stock respectively corresponding valuation levels 32 times, 28 times 23 times, in line with pharmaceutical stocks lower in valuations. As compound danshen FDA clinical phase iii trials dropping the gradually develop, we think the company valuations are still rise further motivation, so we still maintain its "strongly recommend" investment rating, suggest investors will TianShiLi as long-term investment targets. (WangZhiHong) datong securities

upshifting structure significantly higher

Sales revenue growth promoting upshifting structure significantly higher sales growth. Big ZhongKe industry sales status in the first quarter, sales year-on-year growth still good, because productivity nervous 18.2%, the company has sales coach 8078 year-on-year 15.2% cars, below industry growth; But period the company product marketing structure, including price move significantly higher 3896 car sales for the coach to sales ratio, compared with last year's 42.2% up 3.5 percentage points in the first quarter, driving the business income is growing at 25.1%, significantly higher sales growth.
By strengthening the management is realized under the background of the profit level rise in the cost of ascension. Period of the company's products, gross margin for comprehensive 17.2 year-on-year decline 0.2 percentage points; Significant 9.9 percent, during the year-ago period, 0.8 percent year-on-year increase overall profitability. Company in raw material prices high, local labor costs soared through the background, strengthen internal management, and actively adjust product sales structure, realized the profit level rising, again reflects our excellent management ability. We think, because at present the capacity is relatively nervous, in the downstream Christian Louboutin Evening Sale, demand remains robust background, the company will further strengthen management, adjust sales structure and realizing the rapid growth of annual profit level.
The company will continue to benefit from the big new ZhongKe industry boom cycle. The 2011 up high iron and inter-city passenger dedicated line into operation started mass, short-term inside high fares will drive the price sensitive part of highway passenger travel passengers to choose again, be helpful for highway passenger industry driven boom, and then pull the ascension of degree of highway passenger transport demand. Long-term look, high-speed railway and inter-city passenger special line continuous traffic will drive the whole society travel efficiency considerably increase, the whole society will be improved, and travel frequency for highway passenger brought tory burch online a lot of ZhongDuanTu consult demand; Manufacturing moved west and urban manufacturing "bring back city into park" new commute rising demand; Cities for solving the problem of traffic congestion and accelerating urban transit system is expected to promote the construction of bus rapid release of product requirement. Based on the above analysis, we think that began in the fourth quarter of 2009 the new round of the large and medium-sized buses industry boom cycle will still has continued in the next three years. The company new capacity will be put into production in 2012, capacity problem solving will ensure the future the company fully benefit from big ZhongKe industry's new boom cycle.
Investment rating. We maintain the big ZhongKe industry YuTong passenger ratings, valued as industry leading, will depend on product obvious competitive advantage, excellent management ability, continuous benefit from big ZhongKe industry'sTory Burch Sandals, new boom cycle. We maintain 2011 and 2012 225 yuan, 2.76 yuan, maintain company earnings forecasts, target price to buy rating 33.75 yuan.
Risk hints. 1) macro economic boom degree, passenger market demand fell sharply downturn; 2)
The capacity expansion progress below expectations. (QinXuWen) Orient securities institute

Perfect industry chain is the general

Performance on a small increase 12.9% report, the company 2011 1 quarter of operating income 66.95 billion yuan, 29.97% year-on-year growth; Realize relegated to the shareholders of a listed company EPS0.22 net $1.69 billion yuan, mbt sandals sale year-on-year, 310.95% 12.9%, annulus comparing growth. The company growth performance on one hand in a product prices, ton Maori slightly to ascend; On the other hand is mainly comes from actual income tax rates from the current company plunged to 15% to 25%, its reduce part mainly deferred income tax expenses, hence increasing its net profit of about 2,000 million.

Xinjiang regional development and company promising high growth as the xinjiang "leapfrog development", the implementation of the strategy of the fixed asset investment growth in the next few years will be significantly higher thanMBT Tariki, domestic other provinces, during 1025 "total expected" can reach 3.7 trillion yuan, compound growth more than 25 percent, according to our conservative estimate 2015 steel demand can achieve 2746 tons, but insufficient output but in 23 million tons in supply gap still exists, in xinjiang region, the company currently approximately 70% market share in xinjiang, to be in absolute leader, xinjiang takeoff of bayi steel of fast growth means will continue to enjoy low cost, high premium advantage. In addition, eight steel company "1025" period "appoaches" strategy implementation will make its output can improve to 15 million tons, the company is also expected to further expand the scale and extend the industrial chain, become a steel plate of endogenous growth of only a few have one of the stocks.

Perfect industry chain is the general trend currently is the only molten iron and steel plate production capacity without the enterprise, its 600 tons of iron capacity still in eight of the steel group, thus needed molten iron and steel group purchase through eight iron with the group that exist between large scale related party transactions.

The company also promised to future conditions, mature, the company will choose the suitable opportunity to actively take relevant measures to reduce related party transactions. We think the company has injected before both iron process of listed MBT Tenga Mid, companies, including its expected coal washing and rail kuangcaixuan, such as iron, in order to further improve the company's industrial chain.

We forecast 2011 to 2012 earnings forecast

he application of organic wastes and the entrusted operations into production

the company 2011 1 quarter of operating income 66.95

leading enterprise of agricultural industrialization

The company is China's food industry first among capital market enterprise, is the first state key MBT Fumba.leading enterprise of agricultural industrialization through continued to optimize the industrial structure adjustment, industry development quality and scale get promoted, especially pharmaceuticals, seed industry, products development, advantages of the industry added the company development in the future. 2010 June 18 announcement, shareholders' meeting agreed to wholly owned subsidiaries purple rhombohedrons chang DE city land for housing accept purple rhombohedrons garden center back the land and compensation 265 billion yuan, won government compensation, have a positive impact on the corporate performance. The disk, the shares have done more signs that attention.
DaBeiNong (002385) : high quality rice seed leading concern
December 23, DaBeiNong advertisement announcement with 2.4 billion yuan, super funds raised five mbt shoes uk new investment projects, including a rice seed projects and four pig feed program. According to the new changes and the fundamentals of the company revealed the direction of future planning for new projects, we simply evaluated, and the company reassess future performance and valuation levels.
Investment points:
The company is the largest premix producers and the second-largest rice seed enterprises MBT Kisumu,in 2011, is expected to continue to maintain premix leader, and will become the teach trough feeding, conservation materials, the leading enterprises; feeding piglets Rice seed maintain and strengthen national second; Forage probiotics business ranking second nationwide; 2012 of corn seed business is expected to enter the national first five.
The company product positioning is high-end, high quality and high added value. The next two years will be company scale, and efficiency of the big leap. Teach trough feeding, conservation materials, the material has become pigs premix in feed industry after the second important products series. This new project total increase 35 tons of pig feed capacity, including ordinary only 15 million tons, with teaching material feeding, conservation materials, trough feeding piglets new capacity 200,000 tons, fully embodies the product market popularity, and constantly improve the product structure, the promotion product profitability efforts.
The recently formed hubei China accounted for seed industry technology Co., LTD. Is DaBeiNong its golden another important agricultural China subsidiary company, and comprehensively promote in hubei rice seed business areas lead, promote henan, anhui rice seed business. In addition, China will in future of seed industry of hubei expansion, ShuiDaoZhong when zi chan can promoting gb level quality MBT Kisumu2,rice seed days of optimal China.
Although the DaBeiNong company from our first time to report a very short time, but it happened to some of the events let us have updated the understanding. We raise 10-12 years to the company for 0.8 yuan respectively EPS forecast, 138 yuanhe 1.90 yuan, the company the value of 10 to 12 years 28.35 yuan respectively, the bottom line 46.61 yuan, 63.66 yuan. According to 40 times p/e ratio in November target price valuation, couples yuan, share price fluctuations in than expected possibility. (catic securities LiYongJiang)

Build seed industry leading strategic clear.

Actual controller angang group

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 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 become 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 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 (601788) research institute HuHao)
Shanghai pharmaceutical (601607) : under a rapid growth is about to usher stock listings
1 - march medicine commercial growth faster. The 2011 1 - march, pharmaceutical industry achieved sales revenue 21.75 billion yuan, an increase of 10.2%, gross margin, pharmaceutical business for 46.6% 91.6 billion yuan achieved sales revenue, year-on-year growth of 6.7%, gross margins 36.7% for commercial business growth faster denotative expansion, mainly thanks to the second half of last year the company consolidated financial statements including guangzhou zhongshan medical, a number of medical commercial enterprises. Citic medicine after the merger MBT Ema , of pharmaceutical commercial business gross margin level is expected to rise.
Pure pin proportion reduces impact during gross margin, good cost control. The company 2011 1-3 months for 15.8%, comprehensive c.m 3.57 percentage points lower than a commercial business and industry, pharmaceutical business gross margin in different degree down which commercial c.m down the main reason is the new merged into the business of relatively small, pure pin down overall pure pin proportion. 1-3 months for 4.12%, management fee, at least 1.44 percentage points lower than a 6.36%, sales rate for a percentage point, 1.63 year-on-year drop during good cost control.
Citic medicine and antibiotics will be and table processing. The company has on April 2 completed 100% all the procedures of citic medicine takeover, its operating conditions will be included in the second quarter consolidated financial statements, moreover MBT Kipimo clog antibiotics business scope of buy-out issue was underway, is expected to complete in the second quarter.
And China's postal cooperation and achieve complement each other. Recently the company and China post group signed a comprehensive strategic cooperative frame agreement, intended to build national new medicine logistics distribution network, with the aid of national network covering China post, irrigation, can significantly enhance drug trans-regional allocations and distribution capacity.
Investment advice: the company is entering the final phase of the H shares of China, is about to become the first whole industry chain, and covered medicine industry in medicine are leading A + H large pharmaceutical industry group. We expect the company 2011-2013 earnings per share for following yuan, 121 yuan, xiaogan yuan. The company fully benefit from future ascension of our country medicine industry concentration,MBT Kipimo , and big course expected this year stocks listed drive company valuations ascension, we give the 2011 30 times p/e ratio, corresponding target price of $28.8, maintain company buy rating. (LiShuHua) Orient securities institute

Among them: air passenger agent competition more fully

Mass tourism + mobile Internet = online travel industry high-speed development. Our business development space is large, online is at high speed development; Products include air tickets hotel holiday, products, price competition tends to homogeneity primarily, industry barriers lower. Among them: air passenger agent competition more fully; Hotel development space big; and the agency Vacation productMBT Ema , standardization, short-term difficult to do difficult.
Online travel industry diversification, competition white cosmetic trend. Competitors include traditional agents, traditional resources operators, new marketing mode, e-commerce sites. Online travel industry is the core competitive power of user/downstream channel, competitors are the target users.
High-end business customers, hotel agency business is the development direction of the company. Industry will face new marketing mode on traditional marketing challenge, ticket agency industry gradually atrophic; Should grab the high-end business customers, USES the existing ticket agent channels continue rapid development hotel agency business.
Goal - travel industry alibaba. The company existing agency channel is B2B core competitiveness, foreign land expansion have capital advantage; High-end businessmen, earnings growth is B2C group clients; The downstream channel is the biggest advantage that buys platform; AC, the third-party payment platform, thrusting e-commerce development.
Should dialectically perceive the company. The company is facing a single, regional business are too centralized problem; Ticket agent industry shrinking phenomenon is facts; The effectiveness of unknown foreign expansion. However, as agents of role, companies can use existing ticket agent channels quickly opened hotel agency business; B2B flat as the role, the company has Taiwanese downstream agents its biggest core competitiveness, AC system will boost the business development.
Profit forecast and investment advice. 11, 12EPS respectively are expected to 0.85, 1.2 yuan, current share price corresponding 2011 PE for 27 times, well below the industry average of 36 times, less than 45 times ctrip.com. Bullish on industry development and corporate performance elasticity, immediately. Note: short-term lacks catalyst events. (cathay XuJuanJuan) prosperous country people safe institute
Gemale group (600383) : stretch and dye-in-the-wood
Event description and comment on: gemale group report released today in the first quarter in 2011, quarter to achieve the company operating income 21.44 billion yuan, 70.31% year-on-year drop; Realize profits 2.4 billion yuan, 86.21% year-on-year drop; MBT Kipimo clog Realize 1.62 billion yuan net belongs parent company, 86.08% year-on-year drop, earnings per share 0.04 yuan.
The current expenses rise faster, financial relatively steady current performance the year-on-year decline in the first quarter, and the reason is because more less complete consign, 2011 completion time for the more projects in the fourth quarter of this year. It is expected that the company will still be lower than the medium-term performance level compared to the same period last year. Gross margin, company's current period in approximately 36%, gross settlement with the same period last year, the basic equal in annual settlement is expected gross margin by around 40%. In cost, relative to current contract for the current period, the company sales management fee and cost of sales rise faster. In comparison with China vanke and poly we can clearly see, gemale in sales and management or has the disparity, also in another side proof high-end projects relative sales difficulty ascension. The company in the first quarter to land market, not with a final financial relatively stable. Mobile money as much as 14 billion, with a maturity short-term borrowing for 92 billion total debt, the company financial pressure is relatively minor.
The company quarter sales in the first quarter, receive zhang quadrature cumulative increase 26.8 million square meters, signing area, the cumulative 44.6 percent year-on-year growth in 37.2 billion yuan, sum signed earliest year-on-year. The comparison of the leading enterprises, the company quarter sales calculate can say, the main reason is the quadrature in quarter, making relatively few push shipments first quarter sales account for only the target tenth. On the other hand is the company sales average sales price is high, pressure does exist. In the final for 223 million receive zhang, this is divided into companies in order to lock EPS about 0.84 yuan.
The company commercially available resources are rich, within the existing advanced project commercially available in 2011 pressure area approximately 500 square meters, can sell for the amount of 600 million, the company years 400 million sales targets without change. The 2011 is the year towards gemale, it is expected that the company high-end 11 years days character in the series and other high-end products to more than 10%. We believe that the current market conditions, these high-end projects sales is there is greater pressure. In the second city, 11 years expected in shenyang, xian, wuhan, tianjin etc will increase sales share. Expanding in land in southwest expected this year, with Yangtze river delta second-tier cities will continue to expand.
Profit forecast and valuations: company for 11 years commercially available more, but because MBT Chapa ,supply under current market adjustment, currently has gradually entered the opening phase of high-end projects achieving sales is our focus of concern. At the same time the company is also four enterprise, elastic higher enterprise, it is expected that the company 11 to 12 years EPS respectively, maintain "0.81, 1.04 recommend" rating. (Yangtze river securities (000783) research institute SuXueJing)

slightly below the price year-on-year increase

Daye steel (000708) : performance can be period. Excellent forgings earnings
Event: the company announced: 2011 quarter daye steel achieve revenue 22.6 billion yuan, Tory Burch Sandals, an increase of 25%, achieve 1.8 billion yuan, profits, realize the year-on-year increase in net 13.5% 160 million yuan, earnings per share 0.355 yuan, an increase of 11%.
Conclusion.. Corporate earnings basic meet our had expected, a substantial beyond the industry average: company quarter year-on-year increase price annulus, steel, cost increase by 4%, 16 percent, slightly below the price year-on-year increase profits annulus, steel 11%, 5% to 550 yuan/ton.
We prefer daye steel in high-end steel especially forgings areas of extension strategy: 1) first, high quality steel demand remained strong, at present the company forging production already cannot satisfy the existing order contract; 2)Tory Burch Flip Flops company in high quality special ouzhi forging areas of production and design aspects, strong technical force and experience accumulation, has the good market access basis and broader marketing network; 3) citic Pacific efficient management will be beyond rivals the important guarantee. After DaXiao 28220000yuan, forgings completely over 0.5 yuan shall contribute their EPS.
The future will significantly benefit from higher iron rapid development: daye steel is the largest railway use carburizing bearing steel suppliers (about 65 percent), nearly three years railway bearings, mainly for the company income accounts for 17% of 21%, profits than the other part spring steel also used in the railway industry in the domestic steel companies, business income and railway, daye correlation highest.. We remain positive on the strong performance of future earnings deals with strong orders, product structure, continuously improve and citic Pacific's efficient management, we think the company than expected driver will continue. From the order look, is expected to remain strong 2011:1) expected production will remain in the domestic machinery higher level, railway high-growth continue; 2) global manufacturing boom obvious picks up, steel exports will be improved obviously.
3) the domestic steel (especially in high-end) new capacity is less than of carbon-steel,Christian Louboutin Evening Sale,supply pressure products. Investment strategies:
Because forging production, we raised earlier than expected, 2012 EPS to 2011 effect yuan, vale yuan ($1.46 belonged 1.86 yuan), and price target 25 yuan. Current valuations have advantage, reiterated that recommendation: expected future three years compound growth of 22 percent. Comprehensive daye steel unique the profit pattern of steel industry stability, advanced manufacturing attribute, future good growth and efficient management competitive advantage, reference currently steel industry valuation levels, we think that the reasonable daye P/E valuation should be in 20 times above. Now buy rating maintain company stock. (Yang b f.effects XuWei Orient securities institute);