jumps by as much as 137% caused by financial

A, quarter net income rose by 52 percent year-on-year, 32 percent. The 2011 quarter essay realize advocate business wu income shares of guangdong yuan, advocate business wu cost 10.2 billion yuan, up 52 percent and 55% respectively growth; Tory Burch Flip Flops Three cost standing 1.83 billion yuan, an increase of 62%, mainly is the management cost and cost of sales growth and 58 percent respectively, jumps by as much as 137% caused by financial expenses actual declined 54 percent. Company profits for the first quarter realize 4.89 million yuan, an increase of 35%; Ownership net profit for 4.1 billion yuan parent company, year-on-year growth of 32%; Realize EPS to 0.37 yuan, an increase of 32%, basic accord with our previous expectations.
Second, the company January 11-150 yuan price plant gross margins up have fallen. The company 2011 hike on January 1, part of the price, high quality smelting plant plant (1/3 coke plant) by 13.9 yuan/ton rise to 1500 yuan/ton (tax); Poor plant by 1040 yuan/ton rise to 1190 yuan/ton (tax), total company plant without tax average rises in 94 yuan, and the company has since last quarter gross dropped to 42.2% of 44.7%, we may think of the main reason: it is in the national don't let electricity coal prices, the electricity coal prices is not obvious, two is affected by material and wage costs rise, lead to a company's costs have bigger rise. The company management fees appear bigger risen mainly because the company worker pay and mineral compensation by measures to improve the provision.
Third, the 2011 annual plan: the company plan 2011 6.45 billion yuan, realize gross total expenditures 47.8 million yuan, profit total 17 million yuan, total EPS1.55 yuan. The company 2010 11.4 million tons of coal production, including plant 350 million tons of coal, mixing, 397 tons of coal 753 tons, generating sales income 450 million degrees, realize 53.9 billion yuan, the main cost 29.6 million yuan RMB, the net 13.45 billion yuan. It is expected that the company realized in 2011, 1273 tons raw coal rights year-on-year increase yield 12%, if future coal price to rise to 11%, the company achieved sales revenue target is very difficult not quite, according to the business, we can see the first quarter company want to plan is not difficult. The whole existence of EPS super 1.55 possible.
Four, plan 2015 coal output 3,000 tons: company plans to achieve 2015 crude output 3,000 tons, realize gross industrial output 300 billion yuan of above. 3000 tons planning production is currently yield 2.6 times and according to state the relevant requirement of integration of coal mine, guizhou will integrate the existing 1737 colliery, establish into about 200 coal enterprise group, including 1 output 5,000 tons and 2 annual output of 3,000 tons of large coal enterprise group. Essay group currently capacity, 16 million tons, Tory Burch Boots Sale simultaneously has the listing and financing platform shares essay, the relative guizhou second only 10 million tons of shuicheng group (no output listed financing platform) have more chances to become 5000 tons of production, according to the group merger of commitment to avoid competition, if all listed company, five years into the coal output will reach 3,000 to 5,000 tons, the company will have BaoFaShi growth.
Five, the 2011 eps is expected to 1.62 yuan, PE valuations 21 times. From the current industry overall valuations look, the company's PE valuations have obvious on the high side, but the endogenous and exogenous expected future growth advantage, and companies are very prominent in the integration of the guizhou region environment, may bring coal supply bottlenecks, companies may enjoy better future prices growth, simple give PE valuations do not reflect the actual value of the company, maintain company buy rating. Currently shares Tory Burch Flats Salehave close to our initial given target price, we will update on the assessment of the company.
Risk hint: the great western development 15% discount income tax rates may end in 2011, according to 25% to tax on worldwide income. (WuJie) Orient securities institute