In 2007 the company of the first largest shareholder is the world's first new group MBT Kisumu2,introducing new four seed industry company, VHK as strategic investors VHK thus becomes a long flat indirect tech shareholder. VHK global corn seeds market share in the fourth, vegetable seed share the second. 2010 January company with 3600 yuan made shanxi TunYu subsidiary of Beijing TunYu 60% stake announcement, the company wanted from TunYu directly or indirectly by Beijing's controlling shareholder TunYu become shanxi and sprinting towards the corn market. In April 2010 with shanxi Lima company and signed "grantham rehob 16" varieties franchise agreements, meanwhile LiuShi announced before joining pioneer China chief executive RON flat high-tech. We think this a series of movements are showing the company wanted to build seed industry bibcock strategy is very clear, the company will continue to be the first strategic business hybrid rice, corn promoted to the second strategic business, maintain dry chili seed advantage position.
Rice business continues to carry out "eighty-twenty rule".
The company now has many kinds, hybrid rice by high-end products contributed most Maori,mbt shoes uk so the company has been in the adjustment of product structure. From 2007, the company began the gross profit margin of rice business rise gradually is company adjustment of product structure performance. We think the future will continue to make the adjustment of product mix, key popularized varieties also will fall in gross margin higher good varieties, and further improve the company on the comprehensive c.m rice business. At present the company hybrid rice variety is the dominant three-line double season late "gold optimal 207" regeneration. Because of this variety extension period for 10 years, and now the sowing area in market share has reached 10%, so we think this variety has reached promotion at maturity, the future of this variety extension dramatically increase is unlikely. We think the 2008 through the countries of two judges Y yunjingyou 1 will become kilograms these two years of promotion key varieties. 2009 company Y two yunjingyou 1 of 1 million kg seed quantity, because this breed is 2-2.5kg can achieve 650 kilograms field/acre, more general higher about 150 kilos per varieties, so this product for a listing appeared in short supply. We expect this year Y two yunjingyou 1 seed would reach the quantity of 4.5 million kilograms.
Corn varieties will become the new profit growth point.
At the end of April 2010, the company signed a grant of shanxi Lima with buying "rehob 16" business agreement, obtain the variety and retailing. We assume that future "rehob 16" market share to 10%, then can reach 500 million acres, need to kind of quantity for 10 million kilograms. The lowest price in accordance with the contract, 25 yuan/kg calculation for a company to bring 1.25 billion yuan MBT Salama,of revenue. We think "rehob 16" will not only is the beginning of LiuShi sir value marketing, will also be long peace shanxi Lima, if the beginning of grantham cooperation "rehob 16" promotion could obtain satisfactory success, the future is possible to obtain high Lima, grant the other corn seed and retailing.
Profit forecast:
We expect the company 2010 and 2011 and 2012 respectively the revenue 14.17 billion yuan, 17.10 billion and $20.74 billion yuan, belonging to the parent company net for 0.72 billion yuan respectively, 0.99 billion and $1.41 billion yuan, and the corresponding diluted EPS respectively after 0.26 yuan, 0.36 yuanhe 0.51 yuan, first give the company "immediately" rating. (XiangCai securities YuQingQing)
Showing posts with label MBT Fumba.. Show all posts
Showing posts with label MBT Fumba.. Show all posts
Thursday, April 28, 2011
Earnings per share 0.24 yuan
Quarter net profit, 57.9% c.m 42.1 year-on-year. The future market share growth comes from mbt sandals sale small project of ascension, the application of organic wastes and the entrusted operations into production.
Investment points:
The 2011 quarter 6238.8 yuan company business income year-on-year, 1108.7 yuan, profit amount 62.0% MBT Fumba. year-on-year, 947.7 million yuan, profit 52.9 per gross margin, 57.9% year-on-year increase, than last year the corresponding period 42.1 4.7 percentage points. Earnings per share 0.24 yuan.
Quarter income settlement project year-on-year increase, resulting in a sharp increase revenue and cost. Large and medium-sized landfill leachate treatment project accounts for gross margin than high, resulting in year-on-year increase.
Operating income almost entirely from environmental protection engineering business, entrust operating income from into operation last year two events, guangzhou xinfeng BOT project is expected to put into operation in the second half of this year.
Future growth hotspot:
(1) through the standard container equipment production increase small project contracting ability. Companies rely on small cast project expanding collected leachate treatment field, da postpartum new capacity 15,000 tons/day, provide 50-3000 tons/day processing ability range of leachate treatment equipment series products.
(2) by technical reserves coping garbage disposal mode changes brought about by the opportunity. MBT Kisumu2,Company in actively explore the market more organic kitchen waste, technology for dry anaerobic way. Company in landfill leachate treatment lead field has been clean technology, the future is expected to cut relevant industries.
(3) from EPC to EPC + C. Until 2011 quarter, the company has the changzhou, rizhao huangshan two projects, its operation in the 2010 operating income 223 million yuan, the company currently under construction project approximately 10 expected this year, but all put into production. June 2011, the company's largest guangzhou xing feng 1400 tons/day BOT project will put into production, and is expected to more than 1 million contribution income.
It is expected that the company 2011 earnings forecasts: EPS of 2013 - $1.55, 2.21, 30,600. MBT Fumba.Consider solid waste industry during the 1025 high-growth and company leader, give the firm a 2011 40 times PE, corresponding to the 2012 28 times PE. Target price of 62 yuan, "caution increasing". (cathay Pacific prosperous country people safe)
Investment points:
The 2011 quarter 6238.8 yuan company business income year-on-year, 1108.7 yuan, profit amount 62.0% MBT Fumba. year-on-year, 947.7 million yuan, profit 52.9 per gross margin, 57.9% year-on-year increase, than last year the corresponding period 42.1 4.7 percentage points. Earnings per share 0.24 yuan.
Quarter income settlement project year-on-year increase, resulting in a sharp increase revenue and cost. Large and medium-sized landfill leachate treatment project accounts for gross margin than high, resulting in year-on-year increase.
Operating income almost entirely from environmental protection engineering business, entrust operating income from into operation last year two events, guangzhou xinfeng BOT project is expected to put into operation in the second half of this year.
Future growth hotspot:
(1) through the standard container equipment production increase small project contracting ability. Companies rely on small cast project expanding collected leachate treatment field, da postpartum new capacity 15,000 tons/day, provide 50-3000 tons/day processing ability range of leachate treatment equipment series products.
(2) by technical reserves coping garbage disposal mode changes brought about by the opportunity. MBT Kisumu2,Company in actively explore the market more organic kitchen waste, technology for dry anaerobic way. Company in landfill leachate treatment lead field has been clean technology, the future is expected to cut relevant industries.
(3) from EPC to EPC + C. Until 2011 quarter, the company has the changzhou, rizhao huangshan two projects, its operation in the 2010 operating income 223 million yuan, the company currently under construction project approximately 10 expected this year, but all put into production. June 2011, the company's largest guangzhou xing feng 1400 tons/day BOT project will put into production, and is expected to more than 1 million contribution income.
It is expected that the company 2011 earnings forecasts: EPS of 2013 - $1.55, 2.21, 30,600. MBT Fumba.Consider solid waste industry during the 1025 high-growth and company leader, give the firm a 2011 40 times PE, corresponding to the 2012 28 times PE. Target price of 62 yuan, "caution increasing". (cathay Pacific prosperous country people safe)
the entrusted operations into production
Quarter net profit, 57.9% c.m 42.1 year-on-year. The future market share growth comes from mbt sandals sale small project of ascension, the application of organic wastes and the entrusted operations into production.
Investment points:
The 2011 quarter 6238.8 yuan company business income year-on-year, 1108.7 yuan, profit amount 62.0% MBT Fumba. year-on-year, 947.7 million yuan, profit 52.9 per gross margin, 57.9% year-on-year increase, than last year the corresponding period 42.1 4.7 percentage points. Earnings per share 0.24 yuan.
Quarter income settlement project year-on-year increase, resulting in a sharp increase revenue and cost. Large and medium-sized landfill leachate treatment project accounts for gross margin than high, resulting in year-on-year increase.
Operating income almost entirely from environmental protection engineering business, entrust operating income from into operation last year two events, guangzhou xinfeng BOT project is expected to put into operation in the second half of this year.
Future growth hotspot:
(1) through the standard container equipment production increase small project contracting ability. Companies rely on small cast project expanding collected leachate treatment field, da postpartum new capacity 15,000 tons/day, provide 50-3000 tons/day processing ability range of leachate treatment equipment series products.
(2) by technical reserves coping garbage disposal mode changes brought about by the opportunity. MBT Kisumu2,Company in actively explore the market more organic kitchen waste, technology for dry anaerobic way. Company in landfill leachate treatment lead field has been clean technology, the future is expected to cut relevant industries.
(3) from EPC to EPC + C. Until 2011 quarter, the company has the changzhou, rizhao huangshan two projects, its operation in the 2010 operating income 223 million yuan, the company currently under construction project approximately 10 expected this year, but all put into production. June 2011, the company's largest guangzhou xing feng 1400 tons/day BOT project will put into production, and is expected to more than 1 million contribution income.
It is expected that the company 2011 earnings forecasts: EPS of 2013 - $1.55, 2.21, 30,600. MBT Fumba.Consider solid waste industry during the 1025 high-growth and company leader, give the firm a 2011 40 times PE, corresponding to the 2012 28 times PE. Target price of 62 yuan, "caution increasing". (cathay Pacific prosperous country people safe)
Investment points:
The 2011 quarter 6238.8 yuan company business income year-on-year, 1108.7 yuan, profit amount 62.0% MBT Fumba. year-on-year, 947.7 million yuan, profit 52.9 per gross margin, 57.9% year-on-year increase, than last year the corresponding period 42.1 4.7 percentage points. Earnings per share 0.24 yuan.
Quarter income settlement project year-on-year increase, resulting in a sharp increase revenue and cost. Large and medium-sized landfill leachate treatment project accounts for gross margin than high, resulting in year-on-year increase.
Operating income almost entirely from environmental protection engineering business, entrust operating income from into operation last year two events, guangzhou xinfeng BOT project is expected to put into operation in the second half of this year.
Future growth hotspot:
(1) through the standard container equipment production increase small project contracting ability. Companies rely on small cast project expanding collected leachate treatment field, da postpartum new capacity 15,000 tons/day, provide 50-3000 tons/day processing ability range of leachate treatment equipment series products.
(2) by technical reserves coping garbage disposal mode changes brought about by the opportunity. MBT Kisumu2,Company in actively explore the market more organic kitchen waste, technology for dry anaerobic way. Company in landfill leachate treatment lead field has been clean technology, the future is expected to cut relevant industries.
(3) from EPC to EPC + C. Until 2011 quarter, the company has the changzhou, rizhao huangshan two projects, its operation in the 2010 operating income 223 million yuan, the company currently under construction project approximately 10 expected this year, but all put into production. June 2011, the company's largest guangzhou xing feng 1400 tons/day BOT project will put into production, and is expected to more than 1 million contribution income.
It is expected that the company 2011 earnings forecasts: EPS of 2013 - $1.55, 2.21, 30,600. MBT Fumba.Consider solid waste industry during the 1025 high-growth and company leader, give the firm a 2011 40 times PE, corresponding to the 2012 28 times PE. Target price of 62 yuan, "caution increasing". (cathay Pacific prosperous country people safe)
growth prospects light. . Maintain "recommended" rating
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)
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)
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)
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)
the second half and 10 coating production lines
Investment points
April 26, 2011, the company posted a 2011 a quarterly, quarter revenues of $1.27 billion realize year-on-year, 57.7%, belonging to the parent company shareholders net profit 0.37 billion yuan, an increase MBT Kisumu, of 125.6% $0.29, earnings per share.
Driving performance increase production capacity continued high growth
2011 income 1.27 billion yuan in the first quarter realize year-on-year, 57.7%. Faster earnings growth is mainly display device, both at home and abroad, the price of sustained boom is stable and the rising trend; The second half of 2010 the coating production line 8, 9, ranked higher year-on-year in the first quarter conductive glass output ITO 22% rise.
Due in April 2011 production line, the second half and 10 coating production lines, plus is expected to put into production in four seasons of capacitance measuring touch-screen project, 2011 company performance high-growth certaintyMBT Fumba. is higher.
Cost control is good, improving the expected gross margin
The 2011 quarter, to achieve the company ownership parent company owner net profit 0.37 billion yuan, an increase of 125.6%. Net profit growth on one hand, it is the company of ascending to 42.2% gross margin, a 4 percent; 2010 On the other hand is a stronger ability to cost control, the management fee and sales expenses only 21% year-on-year growth to the left.
Overcome cost upward pressure on expectations for gross margins continued ascension
The 2011 overcome glass substrates, target materials such as the pressure of the rising prices of raw materials, through the appropriate improve product price and strengthen internal cost control, gross margin level to reach 42.2%, beyond market expectations. We believe that with the company than STN products accounted for the ascension, due to its gross margin, plus four than TN high production quarterly may touch the expected future company project, gross margin level and rising power.
Industry can be sustained boom period, maintain performance prediction MBT Salama, and "strongly recommend" rating
Don't consider possible solar thin-film solar business, it is expected that the company 2011-2013 respectively business income 7.83, 11.05 and 15.12 billion yuan, and the net profit for 1.85, 2.85 4.02 billion yuan, earnings per share for $3.20 2.27 and 1.47,. Corresponding current share price (3.0 yuan) for 32, the dynamic PE 21 and 15 times. We prefer continued industry boom state quality company long-term investment value, short-term capacitance touch screen, new energy business drive long-term project drive, maintain "strongly recommend" rating. (peace securities)
April 26, 2011, the company posted a 2011 a quarterly, quarter revenues of $1.27 billion realize year-on-year, 57.7%, belonging to the parent company shareholders net profit 0.37 billion yuan, an increase MBT Kisumu, of 125.6% $0.29, earnings per share.
Driving performance increase production capacity continued high growth
2011 income 1.27 billion yuan in the first quarter realize year-on-year, 57.7%. Faster earnings growth is mainly display device, both at home and abroad, the price of sustained boom is stable and the rising trend; The second half of 2010 the coating production line 8, 9, ranked higher year-on-year in the first quarter conductive glass output ITO 22% rise.
Due in April 2011 production line, the second half and 10 coating production lines, plus is expected to put into production in four seasons of capacitance measuring touch-screen project, 2011 company performance high-growth certaintyMBT Fumba. is higher.
Cost control is good, improving the expected gross margin
The 2011 quarter, to achieve the company ownership parent company owner net profit 0.37 billion yuan, an increase of 125.6%. Net profit growth on one hand, it is the company of ascending to 42.2% gross margin, a 4 percent; 2010 On the other hand is a stronger ability to cost control, the management fee and sales expenses only 21% year-on-year growth to the left.
Overcome cost upward pressure on expectations for gross margins continued ascension
The 2011 overcome glass substrates, target materials such as the pressure of the rising prices of raw materials, through the appropriate improve product price and strengthen internal cost control, gross margin level to reach 42.2%, beyond market expectations. We believe that with the company than STN products accounted for the ascension, due to its gross margin, plus four than TN high production quarterly may touch the expected future company project, gross margin level and rising power.
Industry can be sustained boom period, maintain performance prediction MBT Salama, and "strongly recommend" rating
Don't consider possible solar thin-film solar business, it is expected that the company 2011-2013 respectively business income 7.83, 11.05 and 15.12 billion yuan, and the net profit for 1.85, 2.85 4.02 billion yuan, earnings per share for $3.20 2.27 and 1.47,. Corresponding current share price (3.0 yuan) for 32, the dynamic PE 21 and 15 times. We prefer continued industry boom state quality company long-term investment value, short-term capacitance touch screen, new energy business drive long-term project drive, maintain "strongly recommend" rating. (peace securities)
The company to carry out actively N330
The company actively develop steadily, product reserve, helps the company long-term SUV market stable development. The company to carry out actively N330 SUV products, independent gasoline engines, N351 SUV auto models, V348 upgrades (countries QuanShun emissions standards) and other products and V project reserves. Company in positioning high-end, on the basis of light commercialMBT Shuguli GTX, to moderation SUV market, expanding the company product structure and application field; On the other hand advance emissions standards technology and product reserve, will help the company's long-term stability and development.
The capacity expansion projects and small blue base construction will help the company breakthrough, considerably increase production capacity bottlenecks size. The company designed capacity of 10 million vehicles, 1 quarter standard has reached 1.6 million vehicles in production, production scale has been close to capacity limit. The capacity expansion project is expected to start from mbt sandals sale 2011 years 9 million vehicles contribute N800, N900 capacity; Small blue base investment $21.3 million yuan, design production 200,000 and are expected to maximum extension to 30 million vehicles in the first half, is expected to grow from 2013 came into use. New capacity will help the company breakthrough increases production capacity bottlenecks, scale.
Risk factors: macro economic slowdown in cause light commercial market decline in demand; Yu wins SUV and so on the new product marketing does not reach anticipation; The renminbi weaken the company product international competitiveness, etc.
Earnings forecasts, valuations and investment rating: expected because of risingMBT Fumba prices of raw materials, and products sales price adjustment, leading to the company quarter earnings drop, management pressure bike reflect, comprehensive consideration of the company gradually better management ability, reduce small company 2011/12/13 years EPS to 2.49 by / 2.92/3.42 yuan, the current price 2011/12/13 30.56 yuan, corresponding respectively in PE 12/1019 times. Comprehensive consideration of the automobile industry current valuations levels and the future growth situation, we think the company reasonable valuations for 2011 15-16 times PE, maintain company "buy" rating, target price of $40. (600030) LiChunBo citic securities (XuYingBo)
The capacity expansion projects and small blue base construction will help the company breakthrough, considerably increase production capacity bottlenecks size. The company designed capacity of 10 million vehicles, 1 quarter standard has reached 1.6 million vehicles in production, production scale has been close to capacity limit. The capacity expansion project is expected to start from mbt sandals sale 2011 years 9 million vehicles contribute N800, N900 capacity; Small blue base investment $21.3 million yuan, design production 200,000 and are expected to maximum extension to 30 million vehicles in the first half, is expected to grow from 2013 came into use. New capacity will help the company breakthrough increases production capacity bottlenecks, scale.
Risk factors: macro economic slowdown in cause light commercial market decline in demand; Yu wins SUV and so on the new product marketing does not reach anticipation; The renminbi weaken the company product international competitiveness, etc.
Earnings forecasts, valuations and investment rating: expected because of risingMBT Fumba prices of raw materials, and products sales price adjustment, leading to the company quarter earnings drop, management pressure bike reflect, comprehensive consideration of the company gradually better management ability, reduce small company 2011/12/13 years EPS to 2.49 by / 2.92/3.42 yuan, the current price 2011/12/13 30.56 yuan, corresponding respectively in PE 12/1019 times. Comprehensive consideration of the automobile industry current valuations levels and the future growth situation, we think the company reasonable valuations for 2011 15-16 times PE, maintain company "buy" rating, target price of $40. (600030) LiChunBo citic securities (XuYingBo)
the growth of the industry. Cost pressure company up
Company year-on-year in the first quarter earnings 49%, thanks to soar the propulsion, keep channel integration is far higher than the growth of the industry. Cost pressure company up not down, gross margin respectively year-on-year, annulus 0.08, ascension 0.27 percentage point to 16.24%, we think is mainly benefited from product structure optimization, c.m high roller sales accounted for more than to improve. More surprisingly company battalion tube combined wealth year-on-year, annulus comparing three fee promoted 2.05, MBT Sawa,respectively, 1.97 percentage points; Among them, the management fee respectively year-on-year, annulus 2.43 percentage points 1.16, ascension, stems from the increase of r&d investment; Sales rate year-on-year increase 0.86 percentage points, mainly is affected by transportation cost increase, promotional advertising commitment to influence. The influence of enhanced by fee, the company net profit margins respectively year-on-year, annulus 0.91, 0.83 percentage point decline to 3.53%, cause performance not synchronous revenue growth, lower than we previously expected.
Although the company a quarterly performance below our expectations 9%, but don't change our initial judgment: (1) value of growth over the next two years, washing machine industry (2) with the integration of propulsion and scale channels of municipal priority strategy, promote quickly rate will be significantly higher than industry averages can maintain the growth; (3) company profitability has significantly improved space. We maintain company 2011-13 years $1.45 yuan, foursquare, $1.80 earnings forecasts, future three years up to 30%, compound growth performance of current share price corresponding 2011 18 times, considering the lack of company future years faster earnings growth, giving mbt sandals sale this year 25 times PE, target price of 26 yuan, still have 30 + % space, reiterated that "buy" rating. (haitong securities (600837) ChenZiYi)
Cyts Tours (600138) : scenic area business further profitability improved
Tourism industry contribution of rising 30% 2010 company tourist service industry revenue exceeded more than in the same year the national tourism (31%), the rate of growth of 21.7 revenues; The 2011 1-3 months company tourism industry realize revenue grew 18.6% than the same period last year. This plate 2010 revenue more than 36.56 billion yuan, in 50.08% of total than to scale, 2009 this is only 37.45% proportion. The same tourism services sector, comprehensive Maori space 8.82% slightly ascension, mainly due to the outbound tourismMBT Kisumu, performance within another historic highs, business revenue is 78%, growth from 2009 2011 outbound tourism business income first quarter year-on-year increase 10%, free line outbound business income year-on-year growth 26%. Among them, located in the middle and high-end crowd, provide one-stop service citizens outbound "ever-changing free line" product in selected cities made high market acceptance, the proportion of improved in overseas.
Wuzhen news continuously, income soar more than 70 percent of the travel company wuzhen 51% shareholding in 2010 is good news in April, first repeatedly was rated national aaaaa area; And to the world expo Shanghai borrows propaganda wuzhen; Then huhang high iron in October, including tongxiang stood and open, wuzhen seamless connection of Shanghai, hangzhou tourists arrival time shortened to 1 hours respectively within and 30 minutes. 2010 cumulative tourists wuzhen scenic spot, a 575 million 4-instar larva growth from 2009, achieved sales revenue is 4.88 million yuan, 61 per cent increase on the same period in 2009; Gross margin back up to 84% above, realize net profit 185m yuan, a 2009 104 %, contribution to growth from 0.26 yuan earnings. In the first quarter of 2010, wuzhen tourism continue hot momentum, tourists and business people than the same period in 2010 income grew 25%, 37 percent respectively. At present the company is embarking on wuzhen protection and tourism development, the second phase of the project has invested 140 million yuan, and launched a spin-off of wuzhen tourism landing h-shares work of examination and approval; The move will dredgeMBT Kisumu2, the financing channels, to international fame, began to the further development of wuzhen tourism.
Although the company a quarterly performance below our expectations 9%, but don't change our initial judgment: (1) value of growth over the next two years, washing machine industry (2) with the integration of propulsion and scale channels of municipal priority strategy, promote quickly rate will be significantly higher than industry averages can maintain the growth; (3) company profitability has significantly improved space. We maintain company 2011-13 years $1.45 yuan, foursquare, $1.80 earnings forecasts, future three years up to 30%, compound growth performance of current share price corresponding 2011 18 times, considering the lack of company future years faster earnings growth, giving mbt sandals sale this year 25 times PE, target price of 26 yuan, still have 30 + % space, reiterated that "buy" rating. (haitong securities (600837) ChenZiYi)
Cyts Tours (600138) : scenic area business further profitability improved
Tourism industry contribution of rising 30% 2010 company tourist service industry revenue exceeded more than in the same year the national tourism (31%), the rate of growth of 21.7 revenues; The 2011 1-3 months company tourism industry realize revenue grew 18.6% than the same period last year. This plate 2010 revenue more than 36.56 billion yuan, in 50.08% of total than to scale, 2009 this is only 37.45% proportion. The same tourism services sector, comprehensive Maori space 8.82% slightly ascension, mainly due to the outbound tourismMBT Kisumu, performance within another historic highs, business revenue is 78%, growth from 2009 2011 outbound tourism business income first quarter year-on-year increase 10%, free line outbound business income year-on-year growth 26%. Among them, located in the middle and high-end crowd, provide one-stop service citizens outbound "ever-changing free line" product in selected cities made high market acceptance, the proportion of improved in overseas.
Wuzhen news continuously, income soar more than 70 percent of the travel company wuzhen 51% shareholding in 2010 is good news in April, first repeatedly was rated national aaaaa area; And to the world expo Shanghai borrows propaganda wuzhen; Then huhang high iron in October, including tongxiang stood and open, wuzhen seamless connection of Shanghai, hangzhou tourists arrival time shortened to 1 hours respectively within and 30 minutes. 2010 cumulative tourists wuzhen scenic spot, a 575 million 4-instar larva growth from 2009, achieved sales revenue is 4.88 million yuan, 61 per cent increase on the same period in 2009; Gross margin back up to 84% above, realize net profit 185m yuan, a 2009 104 %, contribution to growth from 0.26 yuan earnings. In the first quarter of 2010, wuzhen tourism continue hot momentum, tourists and business people than the same period in 2010 income grew 25%, 37 percent respectively. At present the company is embarking on wuzhen protection and tourism development, the second phase of the project has invested 140 million yuan, and launched a spin-off of wuzhen tourism landing h-shares work of examination and approval; The move will dredgeMBT Kisumu2, the financing channels, to international fame, began to the further development of wuzhen tourism.
Yeast JiSheng push revenue growth quantity and price
Investment points:
A quarterly performance slightly than expected. The 2011 quarter to achieve the company operating income 6.18 billion yuan, 9391 million yuan, belonging to the parent company net net respectively year-on-year growth 8516 yuan, 20.7% 32.4%, MBT Salama, thickening 54.9% (2010 decided to purchase minority shareholders rights than in the first quarter net profit growth belongs parent company growth), earnings per share 0.28 yuan, slightly above expectations of our 0.23 yuan.
Yeast JiSheng push revenue growth quantity and price. (1) the quantity to add: quarter company continue to increase market development dynamics, yeast series products are sold in domestic and international market, we estimate that quarter increase the total sales of about three million tons, yeast products above 20 percent year-on-year growth in; (2) the price rises: company export, sale in domestic market of yeast products separately in November and December, raise to digest 5% mounting cost pressure (currently rivals also started to raise prices). mbt sandals sale Yeast to increase sales and prices to raise its exports and domestic income are achieved more than 30% growth.
Molasses year-on-year rise 20%, price cost pressures remain. Quarter in the purchasing price molasses 1200-1300 yuan/ton, rose by 20%, and molasses prices continued to rise erosion yeast products. In the first quarter profit level comprehensive c.m 3.4 percentage points year-on-year drop due to the end of last year, 32.2 (but raise prices, c.m annulus picks up 1.3 percentage points). Because the company cost the fifo, second quarter use of molasses cost annulus to continue to ascend, yeast product c.m confined. We think the company may take the following ways: (1) the digestive cost pressure, current southeast Asia import molasses apply to port is the domestic price of molasses, low prices 10% of heavy pollution due to molasses processing industry of molasses, previously countries import restriction is more, but if molasses prices continueMBT Kisumu, to maintain high company can import quotas for certain. (2) if molasses prices continue to rising greatly decreased, gross margin does not exclude the company will continue to increase the opportune time the second half.
Production release earnings growth is expected to continue to push, 11-13 years EPS separately for 1.29/1.56/1.95 yuan, the current share price corresponding 11-13 years PE28/23 / buy rating, maintain 19 times. Chung phase iii 15,000 tons left end of yeast and processing capacity and put into production, which can profit from this year, besides the company will contribute through technical renovation, outsourcing of expanding yeast production scale, way not considering Egyptian base 15,000 tons yeast capacity, the total expected 2011 can achieve 13 million tons of yeast above. New capacity will drive performance in release continued to increase.
11-13 years EPS is expected to 1.29/1.56 / respectively, the current share price $1.95 MBT Fumba. corresponding 11-13 years PE28/23 / buy rating, maintain 19 times. (ZhaoJinHou boyer) ShenYin kingdoms
A quarterly performance slightly than expected. The 2011 quarter to achieve the company operating income 6.18 billion yuan, 9391 million yuan, belonging to the parent company net net respectively year-on-year growth 8516 yuan, 20.7% 32.4%, MBT Salama, thickening 54.9% (2010 decided to purchase minority shareholders rights than in the first quarter net profit growth belongs parent company growth), earnings per share 0.28 yuan, slightly above expectations of our 0.23 yuan.
Yeast JiSheng push revenue growth quantity and price. (1) the quantity to add: quarter company continue to increase market development dynamics, yeast series products are sold in domestic and international market, we estimate that quarter increase the total sales of about three million tons, yeast products above 20 percent year-on-year growth in; (2) the price rises: company export, sale in domestic market of yeast products separately in November and December, raise to digest 5% mounting cost pressure (currently rivals also started to raise prices). mbt sandals sale Yeast to increase sales and prices to raise its exports and domestic income are achieved more than 30% growth.
Molasses year-on-year rise 20%, price cost pressures remain. Quarter in the purchasing price molasses 1200-1300 yuan/ton, rose by 20%, and molasses prices continued to rise erosion yeast products. In the first quarter profit level comprehensive c.m 3.4 percentage points year-on-year drop due to the end of last year, 32.2 (but raise prices, c.m annulus picks up 1.3 percentage points). Because the company cost the fifo, second quarter use of molasses cost annulus to continue to ascend, yeast product c.m confined. We think the company may take the following ways: (1) the digestive cost pressure, current southeast Asia import molasses apply to port is the domestic price of molasses, low prices 10% of heavy pollution due to molasses processing industry of molasses, previously countries import restriction is more, but if molasses prices continueMBT Kisumu, to maintain high company can import quotas for certain. (2) if molasses prices continue to rising greatly decreased, gross margin does not exclude the company will continue to increase the opportune time the second half.
Production release earnings growth is expected to continue to push, 11-13 years EPS separately for 1.29/1.56/1.95 yuan, the current share price corresponding 11-13 years PE28/23 / buy rating, maintain 19 times. Chung phase iii 15,000 tons left end of yeast and processing capacity and put into production, which can profit from this year, besides the company will contribute through technical renovation, outsourcing of expanding yeast production scale, way not considering Egyptian base 15,000 tons yeast capacity, the total expected 2011 can achieve 13 million tons of yeast above. New capacity will drive performance in release continued to increase.
11-13 years EPS is expected to 1.29/1.56 / respectively, the current share price $1.95 MBT Fumba. corresponding 11-13 years PE28/23 / buy rating, maintain 19 times. (ZhaoJinHou boyer) ShenYin kingdoms
Perfect industry chain is the general
Performance on a small increase 12.9% report, the company 2011 1 quarter of operating income 66.95 billion yuan, 29.97% year-on-year growth; Realize relegated to the shareholders of a listed company EPS0.22 net $1.69 billion yuan, mbt sandals sale year-on-year, 310.95% 12.9%, annulus comparing growth. The company growth performance on one hand in a product prices, ton Maori slightly to ascend; On the other hand is mainly comes from actual income tax rates from the current company plunged to 15% to 25%, its reduce part mainly deferred income tax expenses, hence increasing its net profit of about 2,000 million.
Xinjiang regional development and company promising high growth as the xinjiang "leapfrog development", the implementation of the strategy of the fixed asset investment growth in the next few years will be significantly higher thanMBT Tariki, domestic other provinces, during 1025 "total expected" can reach 3.7 trillion yuan, compound growth more than 25 percent, according to our conservative estimate 2015 steel demand can achieve 2746 tons, but insufficient output but in 23 million tons in supply gap still exists, in xinjiang region, the company currently approximately 70% market share in xinjiang, to be in absolute leader, xinjiang takeoff of bayi steel of fast growth means will continue to enjoy low cost, high premium advantage. In addition, eight steel company "1025" period "appoaches" strategy implementation will make its output can improve to 15 million tons, the company is also expected to further expand the scale and extend the industrial chain, become a steel plate of endogenous growth of only a few have one of the stocks.
Perfect industry chain is the general trend currently is the only molten iron and steel plate production capacity without the enterprise, its 600 tons of iron capacity still in eight of the steel group, thus needed molten iron and steel group purchase through eight iron with the group that exist between large scale related party transactions.
The company also promised to future conditions, mature, the company will choose the suitable opportunity to actively take relevant measures to reduce related party transactions. We think the company has injected before both iron process of listed MBT Tenga Mid, companies, including its expected coal washing and rail kuangcaixuan, such as iron, in order to further improve the company's industrial chain.
Xinjiang regional development and company promising high growth as the xinjiang "leapfrog development", the implementation of the strategy of the fixed asset investment growth in the next few years will be significantly higher thanMBT Tariki, domestic other provinces, during 1025 "total expected" can reach 3.7 trillion yuan, compound growth more than 25 percent, according to our conservative estimate 2015 steel demand can achieve 2746 tons, but insufficient output but in 23 million tons in supply gap still exists, in xinjiang region, the company currently approximately 70% market share in xinjiang, to be in absolute leader, xinjiang takeoff of bayi steel of fast growth means will continue to enjoy low cost, high premium advantage. In addition, eight steel company "1025" period "appoaches" strategy implementation will make its output can improve to 15 million tons, the company is also expected to further expand the scale and extend the industrial chain, become a steel plate of endogenous growth of only a few have one of the stocks.
Perfect industry chain is the general trend currently is the only molten iron and steel plate production capacity without the enterprise, its 600 tons of iron capacity still in eight of the steel group, thus needed molten iron and steel group purchase through eight iron with the group that exist between large scale related party transactions.
The company also promised to future conditions, mature, the company will choose the suitable opportunity to actively take relevant measures to reduce related party transactions. We think the company has injected before both iron process of listed MBT Tenga Mid, companies, including its expected coal washing and rail kuangcaixuan, such as iron, in order to further improve the company's industrial chain.
We forecast 2011 to 2012 earnings forecast
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)
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)
he application of organic wastes and the entrusted operations into production
Quarter net profit, 57.9% c.m 42.1 year-on-year. The future market share growth comes from mbt sandals sale small project of ascension, the application of organic wastes and the entrusted operations into production.
Investment points:
The 2011 quarter 6238.8 yuan company business income year-on-year, 1108.7 yuan, profit amount 62.0% MBT Fumba. year-on-year, 947.7 million yuan, profit 52.9 per gross margin, 57.9% year-on-year increase, than last year the corresponding period 42.1 4.7 percentage points. Earnings per share 0.24 yuan.
Quarter income settlement project year-on-year increase, resulting in a sharp increase revenue and cost. Large and medium-sized landfill leachate treatment project accounts for gross margin than high, resulting in year-on-year increase.
Operating income almost entirely from environmental protection engineering business, entrust operating income from into operation last year two events, guangzhou xinfeng BOT project is expected to put into operation in the second half of this year.
Future growth hotspot:
(1) through the standard container equipment production increase small project contracting ability. Companies rely on small cast project expanding collected leachate treatment field, da postpartum new capacity 15,000 tons/day, provide 50-3000 tons/day processing ability range of leachate treatment equipment series products.
(2) by technical reserves coping garbage disposal mode changes brought about by the opportunity. MBT Kisumu2,Company in actively explore the market more organic kitchen waste, technology for dry anaerobic way. Company in landfill leachate treatment lead field has been clean technology, the future is expected to cut relevant industries.
(3) from EPC to EPC + C. Until 2011 quarter, the company has the changzhou, rizhao huangshan two projects, its operation in the 2010 operating income 223 million yuan, the company currently under construction project approximately 10 expected this year, but all put into production. June 2011, the company's largest guangzhou xing feng 1400 tons/day BOT project will put into production, and is expected to more than 1 million contribution income.
It is expected that the company 2011 earnings forecasts: EPS of 2013 - $1.55, 2.21, 30,600. MBT Fumba.Consider solid waste industry during the 1025 high-growth and company leader, give the firm a 2011 40 times PE, corresponding to the 2012 28 times PE. Target price of 62 yuan, "caution increasing". (cathay Pacific prosperous country people safe)
Investment points:
The 2011 quarter 6238.8 yuan company business income year-on-year, 1108.7 yuan, profit amount 62.0% MBT Fumba. year-on-year, 947.7 million yuan, profit 52.9 per gross margin, 57.9% year-on-year increase, than last year the corresponding period 42.1 4.7 percentage points. Earnings per share 0.24 yuan.
Quarter income settlement project year-on-year increase, resulting in a sharp increase revenue and cost. Large and medium-sized landfill leachate treatment project accounts for gross margin than high, resulting in year-on-year increase.
Operating income almost entirely from environmental protection engineering business, entrust operating income from into operation last year two events, guangzhou xinfeng BOT project is expected to put into operation in the second half of this year.
Future growth hotspot:
(1) through the standard container equipment production increase small project contracting ability. Companies rely on small cast project expanding collected leachate treatment field, da postpartum new capacity 15,000 tons/day, provide 50-3000 tons/day processing ability range of leachate treatment equipment series products.
(2) by technical reserves coping garbage disposal mode changes brought about by the opportunity. MBT Kisumu2,Company in actively explore the market more organic kitchen waste, technology for dry anaerobic way. Company in landfill leachate treatment lead field has been clean technology, the future is expected to cut relevant industries.
(3) from EPC to EPC + C. Until 2011 quarter, the company has the changzhou, rizhao huangshan two projects, its operation in the 2010 operating income 223 million yuan, the company currently under construction project approximately 10 expected this year, but all put into production. June 2011, the company's largest guangzhou xing feng 1400 tons/day BOT project will put into production, and is expected to more than 1 million contribution income.
It is expected that the company 2011 earnings forecasts: EPS of 2013 - $1.55, 2.21, 30,600. MBT Fumba.Consider solid waste industry during the 1025 high-growth and company leader, give the firm a 2011 40 times PE, corresponding to the 2012 28 times PE. Target price of 62 yuan, "caution increasing". (cathay Pacific prosperous country people safe)
the company 2011 1 quarter of operating income 66.95
Performance on a small increase 12.9% report, the company 2011 1 quarter of operating income 66.95 billion yuan, 29.97% year-on-year growth; Realize relegated to the shareholders of a listed company EPS0.22 net $1.69 billion yuan, mbt sandals sale year-on-year, 310.95% 12.9%, annulus comparing growth. The company growth performance on one hand in a product prices, ton Maori slightly to ascend; On the other hand is mainly comes from actual income tax rates from the current company plunged to 15% to 25%, its reduce part mainly deferred income tax expenses, hence increasing its net profit of about 2,000 million.
Xinjiang regional development and company promising high growth as the xinjiang "leapfrog development", the implementation of the strategy of the fixed asset investment growth in the next few years will be significantly higher thanMBT Tariki, domestic other provinces, during 1025 "total expected" can reach 3.7 trillion yuan, compound growth more than 25 percent, according to our conservative estimate 2015 steel demand can achieve 2746 tons, but insufficient output but in 23 million tons in supply gap still exists, in xinjiang region, the company currently approximately 70% market share in xinjiang, to be in absolute leader, xinjiang takeoff of bayi steel of fast growth means will continue to enjoy low cost, high premium advantage. In addition, eight steel company "1025" period "appoaches" strategy implementation will make its output can improve to 15 million tons, the company is also expected to further expand the scale and extend the industrial chain, become a steel plate of endogenous growth of only a few have one of the stocks.
Perfect industry chain is the general trend currently is the only molten iron and steel plate production capacity without the enterprise, its 600 tons of iron capacity still in eight of the steel group, thus needed molten iron and steel group purchase through eight iron with the group that exist between large scale related party transactions.
The company also promised to future conditions, mature, the company will choose the suitable opportunity to actively take relevant measures to reduce related party transactions. We think the company has injected before both iron process of listed MBT Tenga Mid, companies, including its expected coal washing and rail kuangcaixuan, such as iron, in order to further improve the company's industrial chain.
Xinjiang regional development and company promising high growth as the xinjiang "leapfrog development", the implementation of the strategy of the fixed asset investment growth in the next few years will be significantly higher thanMBT Tariki, domestic other provinces, during 1025 "total expected" can reach 3.7 trillion yuan, compound growth more than 25 percent, according to our conservative estimate 2015 steel demand can achieve 2746 tons, but insufficient output but in 23 million tons in supply gap still exists, in xinjiang region, the company currently approximately 70% market share in xinjiang, to be in absolute leader, xinjiang takeoff of bayi steel of fast growth means will continue to enjoy low cost, high premium advantage. In addition, eight steel company "1025" period "appoaches" strategy implementation will make its output can improve to 15 million tons, the company is also expected to further expand the scale and extend the industrial chain, become a steel plate of endogenous growth of only a few have one of the stocks.
Perfect industry chain is the general trend currently is the only molten iron and steel plate production capacity without the enterprise, its 600 tons of iron capacity still in eight of the steel group, thus needed molten iron and steel group purchase through eight iron with the group that exist between large scale related party transactions.
The company also promised to future conditions, mature, the company will choose the suitable opportunity to actively take relevant measures to reduce related party transactions. We think the company has injected before both iron process of listed MBT Tenga Mid, companies, including its expected coal washing and rail kuangcaixuan, such as iron, in order to further improve the company's industrial chain.
leading enterprise of agricultural industrialization
The company is China's food industry first among capital market enterprise, is the first state key MBT Fumba.leading enterprise of agricultural industrialization through continued to optimize the industrial structure adjustment, industry development quality and scale get promoted, especially pharmaceuticals, seed industry, products development, advantages of the industry added the company development in the future. 2010 June 18 announcement, shareholders' meeting agreed to wholly owned subsidiaries purple rhombohedrons chang DE city land for housing accept purple rhombohedrons garden center back the land and compensation 265 billion yuan, won government compensation, have a positive impact on the corporate performance. The disk, the shares have done more signs that attention.
DaBeiNong (002385) : high quality rice seed leading concern
December 23, DaBeiNong advertisement announcement with 2.4 billion yuan, super funds raised five mbt shoes uk new investment projects, including a rice seed projects and four pig feed program. According to the new changes and the fundamentals of the company revealed the direction of future planning for new projects, we simply evaluated, and the company reassess future performance and valuation levels.
Investment points:
The company is the largest premix producers and the second-largest rice seed enterprises MBT Kisumu,in 2011, is expected to continue to maintain premix leader, and will become the teach trough feeding, conservation materials, the leading enterprises; feeding piglets Rice seed maintain and strengthen national second; Forage probiotics business ranking second nationwide; 2012 of corn seed business is expected to enter the national first five.
The company product positioning is high-end, high quality and high added value. The next two years will be company scale, and efficiency of the big leap. Teach trough feeding, conservation materials, the material has become pigs premix in feed industry after the second important products series. This new project total increase 35 tons of pig feed capacity, including ordinary only 15 million tons, with teaching material feeding, conservation materials, trough feeding piglets new capacity 200,000 tons, fully embodies the product market popularity, and constantly improve the product structure, the promotion product profitability efforts.
The recently formed hubei China accounted for seed industry technology Co., LTD. Is DaBeiNong its golden another important agricultural China subsidiary company, and comprehensively promote in hubei rice seed business areas lead, promote henan, anhui rice seed business. In addition, China will in future of seed industry of hubei expansion, ShuiDaoZhong when zi chan can promoting gb level quality MBT Kisumu2,rice seed days of optimal China.
Although the DaBeiNong company from our first time to report a very short time, but it happened to some of the events let us have updated the understanding. We raise 10-12 years to the company for 0.8 yuan respectively EPS forecast, 138 yuanhe 1.90 yuan, the company the value of 10 to 12 years 28.35 yuan respectively, the bottom line 46.61 yuan, 63.66 yuan. According to 40 times p/e ratio in November target price valuation, couples yuan, share price fluctuations in than expected possibility. (catic securities LiYongJiang)
DaBeiNong (002385) : high quality rice seed leading concern
December 23, DaBeiNong advertisement announcement with 2.4 billion yuan, super funds raised five mbt shoes uk new investment projects, including a rice seed projects and four pig feed program. According to the new changes and the fundamentals of the company revealed the direction of future planning for new projects, we simply evaluated, and the company reassess future performance and valuation levels.
Investment points:
The company is the largest premix producers and the second-largest rice seed enterprises MBT Kisumu,in 2011, is expected to continue to maintain premix leader, and will become the teach trough feeding, conservation materials, the leading enterprises; feeding piglets Rice seed maintain and strengthen national second; Forage probiotics business ranking second nationwide; 2012 of corn seed business is expected to enter the national first five.
The company product positioning is high-end, high quality and high added value. The next two years will be company scale, and efficiency of the big leap. Teach trough feeding, conservation materials, the material has become pigs premix in feed industry after the second important products series. This new project total increase 35 tons of pig feed capacity, including ordinary only 15 million tons, with teaching material feeding, conservation materials, trough feeding piglets new capacity 200,000 tons, fully embodies the product market popularity, and constantly improve the product structure, the promotion product profitability efforts.
The recently formed hubei China accounted for seed industry technology Co., LTD. Is DaBeiNong its golden another important agricultural China subsidiary company, and comprehensively promote in hubei rice seed business areas lead, promote henan, anhui rice seed business. In addition, China will in future of seed industry of hubei expansion, ShuiDaoZhong when zi chan can promoting gb level quality MBT Kisumu2,rice seed days of optimal China.
Although the DaBeiNong company from our first time to report a very short time, but it happened to some of the events let us have updated the understanding. We raise 10-12 years to the company for 0.8 yuan respectively EPS forecast, 138 yuanhe 1.90 yuan, the company the value of 10 to 12 years 28.35 yuan respectively, the bottom line 46.61 yuan, 63.66 yuan. According to 40 times p/e ratio in November target price valuation, couples yuan, share price fluctuations in than expected possibility. (catic securities LiYongJiang)
Build seed industry leading strategic clear.
In 2007 the company of the first largest shareholder is the world's first new group MBT Kisumu2,introducing new four seed industry company, VHK as strategic investors VHK thus becomes a long flat indirect tech shareholder. VHK global corn seeds market share in the fourth, vegetable seed share the second. 2010 January company with 3600 yuan made shanxi TunYu subsidiary of Beijing TunYu 60% stake announcement, the company wanted from TunYu directly or indirectly by Beijing's controlling shareholder TunYu become shanxi and sprinting towards the corn market. In April 2010 with shanxi Lima company and signed "grantham rehob 16" varieties franchise agreements, meanwhile LiuShi announced before joining pioneer China chief executive RON flat high-tech. We think this a series of movements are showing the company wanted to build seed industry bibcock strategy is very clear, the company will continue to be the first strategic business hybrid rice, corn promoted to the second strategic business, maintain dry chili seed advantage position.
Rice business continues to carry out "eighty-twenty rule".
The company now has many kinds, hybrid rice by high-end products contributed most Maori,mbt shoes uk so the company has been in the adjustment of product structure. From 2007, the company began the gross profit margin of rice business rise gradually is company adjustment of product structure performance. We think the future will continue to make the adjustment of product mix, key popularized varieties also will fall in gross margin higher good varieties, and further improve the company on the comprehensive c.m rice business. At present the company hybrid rice variety is the dominant three-line double season late "gold optimal 207" regeneration. Because of this variety extension period for 10 years, and now the sowing area in market share has reached 10%, so we think this variety has reached promotion at maturity, the future of this variety extension dramatically increase is unlikely. We think the 2008 through the countries of two judges Y yunjingyou 1 will become kilograms these two years of promotion key varieties. 2009 company Y two yunjingyou 1 of 1 million kg seed quantity, because this breed is 2-2.5kg can achieve 650 kilograms field/acre, more general higher about 150 kilos per varieties, so this product for a listing appeared in short supply. We expect this year Y two yunjingyou 1 seed would reach the quantity of 4.5 million kilograms.
Corn varieties will become the new profit growth point.
At the end of April 2010, the company signed a grant of shanxi Lima with buying "rehob 16" business agreement, obtain the variety and retailing. We assume that future "rehob 16" market share to 10%, then can reach 500 million acres, need to kind of quantity for 10 million kilograms. The lowest price in accordance with the contract, 25 yuan/kg calculation for a company to bring 1.25 billion yuan MBT Salama,of revenue. We think "rehob 16" will not only is the beginning of LiuShi sir value marketing, will also be long peace shanxi Lima, if the beginning of grantham cooperation "rehob 16" promotion could obtain satisfactory success, the future is possible to obtain high Lima, grant the other corn seed and retailing.
Profit forecast:
We expect the company 2010 and 2011 and 2012 respectively the revenue 14.17 billion yuan, 17.10 billion and $20.74 billion yuan, belonging to the parent company net for 0.72 billion yuan respectively, 0.99 billion and $1.41 billion yuan, and the corresponding diluted EPS respectively after 0.26 yuan, 0.36 yuanhe 0.51 yuan, first give the company "immediately" rating. (XiangCai securities YuQingQing)
Rice business continues to carry out "eighty-twenty rule".
The company now has many kinds, hybrid rice by high-end products contributed most Maori,mbt shoes uk so the company has been in the adjustment of product structure. From 2007, the company began the gross profit margin of rice business rise gradually is company adjustment of product structure performance. We think the future will continue to make the adjustment of product mix, key popularized varieties also will fall in gross margin higher good varieties, and further improve the company on the comprehensive c.m rice business. At present the company hybrid rice variety is the dominant three-line double season late "gold optimal 207" regeneration. Because of this variety extension period for 10 years, and now the sowing area in market share has reached 10%, so we think this variety has reached promotion at maturity, the future of this variety extension dramatically increase is unlikely. We think the 2008 through the countries of two judges Y yunjingyou 1 will become kilograms these two years of promotion key varieties. 2009 company Y two yunjingyou 1 of 1 million kg seed quantity, because this breed is 2-2.5kg can achieve 650 kilograms field/acre, more general higher about 150 kilos per varieties, so this product for a listing appeared in short supply. We expect this year Y two yunjingyou 1 seed would reach the quantity of 4.5 million kilograms.
Corn varieties will become the new profit growth point.
At the end of April 2010, the company signed a grant of shanxi Lima with buying "rehob 16" business agreement, obtain the variety and retailing. We assume that future "rehob 16" market share to 10%, then can reach 500 million acres, need to kind of quantity for 10 million kilograms. The lowest price in accordance with the contract, 25 yuan/kg calculation for a company to bring 1.25 billion yuan MBT Salama,of revenue. We think "rehob 16" will not only is the beginning of LiuShi sir value marketing, will also be long peace shanxi Lima, if the beginning of grantham cooperation "rehob 16" promotion could obtain satisfactory success, the future is possible to obtain high Lima, grant the other corn seed and retailing.
Profit forecast:
We expect the company 2010 and 2011 and 2012 respectively the revenue 14.17 billion yuan, 17.10 billion and $20.74 billion yuan, belonging to the parent company net for 0.72 billion yuan respectively, 0.99 billion and $1.41 billion yuan, and the corresponding diluted EPS respectively after 0.26 yuan, 0.36 yuanhe 0.51 yuan, first give the company "immediately" rating. (XiangCai securities YuQingQing)
Friday, April 22, 2011
He said Yu prior to the accident resign for nuclear power
Kyodo news, east Yu constant electric chairman wins last month 30 said, blessed island in six units MBT Sawa in the first nuclear power plant, 4 will be scrapped. However, he did not explain how to deal with two other units.
Both water and wins, said Yu prior to the accident resign for nuclear power.
Plans to draw radiation distribution
Bunmei ibuki provinces 22 and atomic energy security committee and atomic energy security security institute published "strengthening environmental monitoring joint plan", decided to draw f island in areas surrounding the first nuclear radiation quantity and radioactive substances distribution, to grasp the whole situation of nuclear leakage accident and the surrounding areas of influence.
Plan to make the distribution of have the following 3 kinds: show currently radioactive material distribution of "radiation dose measurement figure", calculated accident cumulative radiation dose a year after the "accumulative total radiambt shoes sale tion dose calculation chart", and display the surface soil of radioactive material accumulation status "soil concentration diagram".
It is reported, distribution or will cover f island first nuclear power plant 80 kilometers area surrounding fangyuan, but specific scope is yet to be determined.
WenBu science published within this month provinces prepare the first batch "radiation dose measurement MBT Raha,figure" and "accumulative total radiation dose calculation chart" every month, then released twice. And for a long time the cost of "soil concentration measurement WenBu graph", scientific province says will also be available soon.
S attention
By cool rescuers
A nuclear rescuers called f island provide health diagnosis professor of medicine, said many rescuers faced four heavy pressure, including "job hazard", "lost relatives and friends," and I both suffered radiation and considered emitters, these people need psychological treatment as soon as possible.
Japan GuChuanWu Judy university medical professor love 16 to 19 FuDaoXian, has to be blessed in the first nuclear power plant and the second nuclear island of rescue personnel for health diagnosis. He recently in an interview with Japanese media points MBT Sirima, out that many workers telling you have insomnia, in the long run, depression and worked to death risk will rise.
GuChuanWu revealed that some workers to 24 hours part in rescue work, some people still be temporary ban go out. Some staff experienced earthquakes, tsunamis and units, is a hydrogen explosions, some lost family, also cannot confirm family's safety, so the spirit of pressure. Staff diet every day, originally poor condition also can eat a meal or, although it can eat three meals, but basically is the packaged food cans and cooking.
In addition, common staff outside cadres according to "up four days rest two days" MBT Sapatu,system of class 4 days working time, shifts in no way to wash
Both water and wins, said Yu prior to the accident resign for nuclear power.
Plans to draw radiation distribution
Bunmei ibuki provinces 22 and atomic energy security committee and atomic energy security security institute published "strengthening environmental monitoring joint plan", decided to draw f island in areas surrounding the first nuclear radiation quantity and radioactive substances distribution, to grasp the whole situation of nuclear leakage accident and the surrounding areas of influence.
Plan to make the distribution of have the following 3 kinds: show currently radioactive material distribution of "radiation dose measurement figure", calculated accident cumulative radiation dose a year after the "accumulative total radiambt shoes sale tion dose calculation chart", and display the surface soil of radioactive material accumulation status "soil concentration diagram".
It is reported, distribution or will cover f island first nuclear power plant 80 kilometers area surrounding fangyuan, but specific scope is yet to be determined.
WenBu science published within this month provinces prepare the first batch "radiation dose measurement MBT Raha,figure" and "accumulative total radiation dose calculation chart" every month, then released twice. And for a long time the cost of "soil concentration measurement WenBu graph", scientific province says will also be available soon.
S attention
By cool rescuers
A nuclear rescuers called f island provide health diagnosis professor of medicine, said many rescuers faced four heavy pressure, including "job hazard", "lost relatives and friends," and I both suffered radiation and considered emitters, these people need psychological treatment as soon as possible.
Japan GuChuanWu Judy university medical professor love 16 to 19 FuDaoXian, has to be blessed in the first nuclear power plant and the second nuclear island of rescue personnel for health diagnosis. He recently in an interview with Japanese media points MBT Sirima, out that many workers telling you have insomnia, in the long run, depression and worked to death risk will rise.
GuChuanWu revealed that some workers to 24 hours part in rescue work, some people still be temporary ban go out. Some staff experienced earthquakes, tsunamis and units, is a hydrogen explosions, some lost family, also cannot confirm family's safety, so the spirit of pressure. Staff diet every day, originally poor condition also can eat a meal or, although it can eat three meals, but basically is the packaged food cans and cooking.
In addition, common staff outside cadres according to "up four days rest two days" MBT Sapatu,system of class 4 days working time, shifts in no way to wash
In addition, the Japanese ambassador
Japan's chief cabinet secretary, branch wild luckily male 22, announced f island first nuclear power station, 20 kilometers outside exclusionary area around parts of evacuation zone as plan. On the same day, Tokyo electric power company presidents to FuDaoXian water is filial piety XieZui prophetic sato male flat by fulminating against. In addition, the Japanese ambassador DanYuYuYiLang recently red-carpet interview for earthquake relief in China, national sentiment. Japan closer
S nuclear crisis
The government plans to evacuate area set
The Japanese government 21, the f island first formal nuclear fangyuan 20 km evacuation zoneMBT Tariki, level upgrade to alert zone, banned all personnel without permission of the cases in entering the area. Alert zone since 21 goes into effect at midnight, unless the government approvals for people, including alert zone, in all personnel must not enter this restriction areas. The government also publicly, violating exclusionary area rules will be detained by police, or punishment 10 million yen ($1200 dollars) fine.
Chief cabinet secretary, branch wild luckily male 22 FuDaoXian restaurants village, announced that all Gregory tail village, wave jiang parking, sichuan Yu parking and south part of horses city is listed as plan evacuation zone. Plan evacuation zone is located in f island first nuclear power plant of around 20 km barred from the outside, the cumulative exclusionary area in a year radiation levels more than 20 baekho and walter's dangerous. And as exclusionary area, the Japanese government will ban the evacuation zone sowing rice in the plan.
Plan evacuation area more than 10,000 people living, branch wild luckily male hope these people can in late march all evacuated before.
Branch wild luckily cashman said, Japan will strengthen nuclear surrounding areas of the radioactive substances, and issue radiation monitoring amount distribution.
Prime minister visits victims were accused
Japanese prime minister JianZhiRen 21st FuDaoXian one place placement center to mbt shoes sale visiting nuclear accident was evacuated because of the local residents, meantime, often by residents ZhiZeSheng continuously complain, questioning.
"You're just gonna walk?" A man in JianZhiRen towards him behind yell, "we are all were evacuated people, you are so ignore us?"
JianZhiRen turned to the man, apologize, but the results were the installer are more severe criticism.
"You shall bring your GeLiao are here to live, live in here. You know we feel?" A female the installer and asks, "we hope you put that nuclear fix!"
In a news conference later, JianZhiRen admit "from" the masses who lost their homes. JianZhiRen said: "I think I know people feel, so I came here with their dialogue. But I came here after, I feel further deepen, I should have stood in their place, think more 'what they need' this kind of topic."
East electric presidents to aid an apology
Tokyo electric power company presidents water is filial piety 22 is f island first nuclear radiation leaks events, while facing the FuDaoXian prophetic sato male flat, but suffer sato male apology flat fulminating against.
Sato FuDaoXian government office in that day, talks between the two sides met water for 15 minutes. Just f MBT Shuguli GTX,island FuDaoXian people first nuclear power plant to leak to bring "huge trouble", then to sato apologize.
Qingshui commitment, will soon control nuclear power station, let nearby residents leak things back to normal life.
Sato tell water, he would never allow FuDaoXian recovery operations in eastMBT Sirima, electric power plants, "nuclear power plant operation restore impossible". He asked east electric not only the local livelihood affected compensate farmers and fishermen, still need to compensate for manufacturing and tourism practitioners, also urged east electricity to respond to the crisis are providing better nuclear staff pay and working environment.
Water twice tried to interview earlier by the latter to apologize, sato's refusal.
S nuclear crisis
The government plans to evacuate area set
The Japanese government 21, the f island first formal nuclear fangyuan 20 km evacuation zoneMBT Tariki, level upgrade to alert zone, banned all personnel without permission of the cases in entering the area. Alert zone since 21 goes into effect at midnight, unless the government approvals for people, including alert zone, in all personnel must not enter this restriction areas. The government also publicly, violating exclusionary area rules will be detained by police, or punishment 10 million yen ($1200 dollars) fine.
Chief cabinet secretary, branch wild luckily male 22 FuDaoXian restaurants village, announced that all Gregory tail village, wave jiang parking, sichuan Yu parking and south part of horses city is listed as plan evacuation zone. Plan evacuation zone is located in f island first nuclear power plant of around 20 km barred from the outside, the cumulative exclusionary area in a year radiation levels more than 20 baekho and walter's dangerous. And as exclusionary area, the Japanese government will ban the evacuation zone sowing rice in the plan.
Plan evacuation area more than 10,000 people living, branch wild luckily male hope these people can in late march all evacuated before.
Branch wild luckily cashman said, Japan will strengthen nuclear surrounding areas of the radioactive substances, and issue radiation monitoring amount distribution.
Prime minister visits victims were accused
Japanese prime minister JianZhiRen 21st FuDaoXian one place placement center to mbt shoes sale visiting nuclear accident was evacuated because of the local residents, meantime, often by residents ZhiZeSheng continuously complain, questioning.
"You're just gonna walk?" A man in JianZhiRen towards him behind yell, "we are all were evacuated people, you are so ignore us?"
JianZhiRen turned to the man, apologize, but the results were the installer are more severe criticism.
"You shall bring your GeLiao are here to live, live in here. You know we feel?" A female the installer and asks, "we hope you put that nuclear fix!"
In a news conference later, JianZhiRen admit "from" the masses who lost their homes. JianZhiRen said: "I think I know people feel, so I came here with their dialogue. But I came here after, I feel further deepen, I should have stood in their place, think more 'what they need' this kind of topic."
East electric presidents to aid an apology
Tokyo electric power company presidents water is filial piety 22 is f island first nuclear radiation leaks events, while facing the FuDaoXian prophetic sato male flat, but suffer sato male apology flat fulminating against.
Sato FuDaoXian government office in that day, talks between the two sides met water for 15 minutes. Just f MBT Shuguli GTX,island FuDaoXian people first nuclear power plant to leak to bring "huge trouble", then to sato apologize.
Qingshui commitment, will soon control nuclear power station, let nearby residents leak things back to normal life.
Sato tell water, he would never allow FuDaoXian recovery operations in eastMBT Sirima, electric power plants, "nuclear power plant operation restore impossible". He asked east electric not only the local livelihood affected compensate farmers and fishermen, still need to compensate for manufacturing and tourism practitioners, also urged east electricity to respond to the crisis are providing better nuclear staff pay and working environment.
Water twice tried to interview earlier by the latter to apologize, sato's refusal.
shall execute imported foods access system
The municipal public health departments requirement,MBT Panda, each area county for food purchase, storage, processing, operating, disinfection and so on each procedures are needed for inspection. Among them, for imported food, edible agricultural products shall execute imported foods access system, including check hygiene certificate, Chinese labeling certificate, the inspection and quarantine symbol; For the illegal purchase,MBT Sirima, storage, use nitrite, recycling or reuse waste oil and on-site slaughtering and processing live poultry shall eliminate such ACTS will be.
In addition, the city health department will also be investigated and severely globefish fish illegal processing of maotai in food behavior, and illegally added non-food material behavior.
S history highlights
Tsinghua student achievement points at five, etc
Application mathematicians, physicists, astronomers Lin become warped 1933 at tsinghua university transcripts this also exhibited together. At that time, and tsinghua's tally of way is not now "A" and "B", "C" says excellent, good, but is divided into five etc: super, and inferior, under, respectively, by when students with E (known as gold tooth rake), S (silver manual twist), N (three), I whip pledge bar),mbt shoes sale F (handguns) symbol. ( Only few of curved transcript lins several "S", others are "E" is excellent. Learning,
Study abroad ZhiYuanShu qian xuesen before writing ","
History also show ZhaoJiuZhang (famous xuesen, scientists, meteorologists, earth physicist and space physicists), "the United States ZhiYuanShu" GongFeiSheng. A "ZhiYuanShu", wrote, "voluntarily comply with national tsinghua university now and future ordered GongFeiSheng management regulations about the United States, and at national tsing hua university President out against." never claim
The reporter returns discovery "very arrogant" photograph, in 1936, tsinghua MBT Kisumu, science teachers and students of the physics department before a group photo,
In addition, the city health department will also be investigated and severely globefish fish illegal processing of maotai in food behavior, and illegally added non-food material behavior.
S history highlights
Tsinghua student achievement points at five, etc
Application mathematicians, physicists, astronomers Lin become warped 1933 at tsinghua university transcripts this also exhibited together. At that time, and tsinghua's tally of way is not now "A" and "B", "C" says excellent, good, but is divided into five etc: super, and inferior, under, respectively, by when students with E (known as gold tooth rake), S (silver manual twist), N (three), I whip pledge bar),mbt shoes sale F (handguns) symbol. ( Only few of curved transcript lins several "S", others are "E" is excellent. Learning,
Study abroad ZhiYuanShu qian xuesen before writing ","
History also show ZhaoJiuZhang (famous xuesen, scientists, meteorologists, earth physicist and space physicists), "the United States ZhiYuanShu" GongFeiSheng. A "ZhiYuanShu", wrote, "voluntarily comply with national tsinghua university now and future ordered GongFeiSheng management regulations about the United States, and at national tsing hua university President out against." never claim
The reporter returns discovery "very arrogant" photograph, in 1936, tsinghua MBT Kisumu, science teachers and students of the physics department before a group photo,
according to the survey of global happiness only
The Wall Street journal reported on April 22, 2010 Gallup released this week, according to the survey of global happiness only 12% of Chinese think oneself belong Gallup called "good" a life, and with 71 percent think they live "difficult", with 17 percent of people said they live "poor". Meanwhile, Gallup's data shows, only 38 percent of americans said they lived hard, and whole 59% think they have a happy life. Even considering China's soaring house prices and rising food prices, and it is hard to understand China how can have almost three-quarters of people think his life difficult, especially considering all the year round in last year by two digits of the United States, the unemployment rate still calculate most people feel good.
(JingShangChu YangHuiJun) in British embassy
Report from our correspondent (reporter GuoShaoFeng) yesterday, tsinghua big school historiographers and new tsinghua school formal completion. On display in tsinghua university history of tsinghua university gymnasium, among which there are years of history of nearly 200 items are on display for the first time.
Including President hu jintao in tsinghua work, and report before the state council premier zhu rongji during the period of school and students finish together lab reports, etc.
Hu jintao JiaoShiZhan "job achievement" appearance
Exhibition items five-year collect collection, including nearly 1000 picture. Reporter discovery, a tsinghua university in 1965 by July of Beijing and submitted to the ministry of education about our work of political assistants in the report, introduced the function of the political assistant general secretary hu jintao when that enumerates the achievements in tsinghua university.
Work situation report is introduced: "students literary community deputy-heads, political instructor, hu jintao, godspeed political work study party's policies, the populace reflects and he can talk about truth."
The report also revealed that, "hu study result all the fine. He still amateur art activists, MBT Kisumu2,, joining the dancing creation and performance etc."
Zhu rongji experiment research generators
Tsinghua JiaoShiZhan also exhibited SunLao birth and zhu rongji ZhangXiBo, such as the complete experiment report. This "ac motor experiment" course topic is "the report by the parallel generator ac. Another student in tsinghua period Yang card etc.
Yesterday the formal completion "new tsinghua school, history museum, a music hall" by tsinghua university buildings LiDaoZeng academician of tsinghua university hosted design, what is the main road and north-south trunk road intersection land area northeast 26100 hectares, with a construction area of 43250 square meters, composed by three area for new tsinghua school respectively, history museum and concert halls, and other square, garage facilities.
History museum and the new school building by alumni donors
"Tsinghua school" was born in tsinghua built the first building, became a school, also be one of tsinghua landmark. While tsinghua university history museum and the new tsinghua school alumni donated by the construction. "New tsinghua school, history museum, a music hall" underground layer, the earth buildings four layers. At present, the history museum has delivered for use, new tsinghua school, concert hall outside elevation appearance, outdoor project is complete, interior decoration and the installation is expected to complete basic building at the end of the overall completion.
S related news
Wish cross-strait tsinghua common cultivate Nobel Prize winner
Hsinchu, tsinghua university, vice President of tsinghua Beijing YeMingQuan rate regiment in centennial celebration
"The tsinghua cooperation can play one plus one greater than 2 effect, believe in cross-strait tsinghua efforts, that the near future may jointly cultivate the next Nobel Prize winner." Hsinchu, tsinghua university, vice President of YeMingQuan said yesterday.
On both sides of the same roots of tsinghua university celebrated centennial celebration this year.MBT Kisumu, YeMingQuan hsinchu tsinghua university led in 21, teacher-student delegation arrived in Beijing tsinghua university; night Beijing tsinghua university's vice-chancellor ChengJianPing notch in 22 of the delegation also arrived in hsinchu tsinghua celebration activities.
Dressed in purple, "with 100 anniversary" design white T-shirt, YeMingQuan fiddle.
"The tsinghua are happy mood to meet do." centennial celebration YeMingQuan said, this visit in 33 delegation from 18 is "dance dance club" corporate students, they will be in 24 late Beijing tsinghua school's birthday party youthful street dance performances. mbt shoes sale "On both sides of the tsinghua university are a family, programs are all out".
According to xinhua
Catering units will match hygiene supervisors is safety
Report from our correspondent (reporter Ru) in Beijing temperature international film festival, tsinghua centennial celebration and "51" activities, yesterday, said Beijing health supervision in which major reception hotel, food enterprises and other units stationed hygiene supervision and the hotels, restaurants and other related units for a total of 200 index inspections.
Yesterday, which Beijing health supervision to check after international hotel kitchen. According to relevant controller introduces, in view of the Beijing international film festival, tsinghua centennial celebration and "51" food safety issues, Beijing health department has made the plan, 30 full-time sanitation supervisor will be on duty, Beijing hotel, Beijing international hotel, peace hotelMBT Kisumu, the national grand theatre and tsinghua centennial celebration involves eight reception hotel, two to send the food companies and tsinghua university campuses 20 catering service unit on health supervision and security work.
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(JingShangChu YangHuiJun) in British embassy
Report from our correspondent (reporter GuoShaoFeng) yesterday, tsinghua big school historiographers and new tsinghua school formal completion. On display in tsinghua university history of tsinghua university gymnasium, among which there are years of history of nearly 200 items are on display for the first time.
Including President hu jintao in tsinghua work, and report before the state council premier zhu rongji during the period of school and students finish together lab reports, etc.
Hu jintao JiaoShiZhan "job achievement" appearance
Exhibition items five-year collect collection, including nearly 1000 picture. Reporter discovery, a tsinghua university in 1965 by July of Beijing and submitted to the ministry of education about our work of political assistants in the report, introduced the function of the political assistant general secretary hu jintao when that enumerates the achievements in tsinghua university.
Work situation report is introduced: "students literary community deputy-heads, political instructor, hu jintao, godspeed political work study party's policies, the populace reflects and he can talk about truth."
The report also revealed that, "hu study result all the fine. He still amateur art activists, MBT Kisumu2,, joining the dancing creation and performance etc."
Zhu rongji experiment research generators
Tsinghua JiaoShiZhan also exhibited SunLao birth and zhu rongji ZhangXiBo, such as the complete experiment report. This "ac motor experiment" course topic is "the report by the parallel generator ac. Another student in tsinghua period Yang card etc.
Yesterday the formal completion "new tsinghua school, history museum, a music hall" by tsinghua university buildings LiDaoZeng academician of tsinghua university hosted design, what is the main road and north-south trunk road intersection land area northeast 26100 hectares, with a construction area of 43250 square meters, composed by three area for new tsinghua school respectively, history museum and concert halls, and other square, garage facilities.
History museum and the new school building by alumni donors
"Tsinghua school" was born in tsinghua built the first building, became a school, also be one of tsinghua landmark. While tsinghua university history museum and the new tsinghua school alumni donated by the construction. "New tsinghua school, history museum, a music hall" underground layer, the earth buildings four layers. At present, the history museum has delivered for use, new tsinghua school, concert hall outside elevation appearance, outdoor project is complete, interior decoration and the installation is expected to complete basic building at the end of the overall completion.
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Wish cross-strait tsinghua common cultivate Nobel Prize winner
Hsinchu, tsinghua university, vice President of tsinghua Beijing YeMingQuan rate regiment in centennial celebration
"The tsinghua cooperation can play one plus one greater than 2 effect, believe in cross-strait tsinghua efforts, that the near future may jointly cultivate the next Nobel Prize winner." Hsinchu, tsinghua university, vice President of YeMingQuan said yesterday.
On both sides of the same roots of tsinghua university celebrated centennial celebration this year.MBT Kisumu, YeMingQuan hsinchu tsinghua university led in 21, teacher-student delegation arrived in Beijing tsinghua university; night Beijing tsinghua university's vice-chancellor ChengJianPing notch in 22 of the delegation also arrived in hsinchu tsinghua celebration activities.
Dressed in purple, "with 100 anniversary" design white T-shirt, YeMingQuan fiddle.
"The tsinghua are happy mood to meet do." centennial celebration YeMingQuan said, this visit in 33 delegation from 18 is "dance dance club" corporate students, they will be in 24 late Beijing tsinghua school's birthday party youthful street dance performances. mbt shoes sale "On both sides of the tsinghua university are a family, programs are all out".
According to xinhua
Catering units will match hygiene supervisors is safety
Report from our correspondent (reporter Ru) in Beijing temperature international film festival, tsinghua centennial celebration and "51" activities, yesterday, said Beijing health supervision in which major reception hotel, food enterprises and other units stationed hygiene supervision and the hotels, restaurants and other related units for a total of 200 index inspections.
Yesterday, which Beijing health supervision to check after international hotel kitchen. According to relevant controller introduces, in view of the Beijing international film festival, tsinghua centennial celebration and "51" food safety issues, Beijing health department has made the plan, 30 full-time sanitation supervisor will be on duty, Beijing hotel, Beijing international hotel, peace hotelMBT Kisumu, the national grand theatre and tsinghua centennial celebration involves eight reception hotel, two to send the food companies and tsinghua university campuses 20 catering service unit on health supervision and security work.
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