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