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)