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)