subordinate subsidiary of steel

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)