China sniper: the night mobile source instantaneous lighting next hit "bandits" 2011 05 08:45 on June 6
Sources: PLA newspaper name: T | Discount MBT Shoes T306 participation 34th comments print forwarding
Zhang hua
He can move at night under light source instantaneous lighting 168 meters outside, hitting back, hiding in hostage 3cm x 5cm part only show the "bandits"...
"The Chinese delegation group, total score; the army personal division, MBT Kipimo clog zhang hua..." On May 31, 2010, the ninth world Budapest, Hungary, police snipers championship with a forceful olive website tall podium, realized China team in such competitions history breakthrough.
Today, whenever someone asks entries in hebei province, police corps feel DuiFu captain zhang hua three team three revealed: "for China's military is to fight the mission and honor."
As the military instructor, he explores innovation, summarizes the firing training of interest, a progressive, athletics "three-properties" training mode; As the sniper, he combined with years experience made a toothpick hard shellmbt sandals clearance target, target, target and real goals target blade 23 kinds of target type, effectively improved the firing accuracy.
ZhangHuaCeng 11 times to chase gunmen kill barnes&noble.com bandit, assignment. He trained sniper hands, 26, who grow into it ChuTu recipients tekken. (JiMingYu) ZhaoYe freelance reporter
Showing posts with label MBT Kipimo. Show all posts
Showing posts with label MBT Kipimo. Show all posts
Friday, May 6, 2011
the theme of "farmers in the second annual urbanization
Tsinghua expert: since the reform and opening up the government 90% expropriation behavior unconstitutional 2011 05 06:34 on June 6
Source: financial nets author: ZhuYu name T36079 participation: T | print forwarding. The comment 5.4
Tsinghua university CaiJiMing, director of the center for political and economic studies
【 caijing nets "reporter ZhuYu 】" now land system so that the local government have 200% enthusiasm to low-cost collection of farmers' land, high. Government will sell the next ten government land use and transfer rights have taken away."
May 5, the theme of "farmers in the second annual urbanization" independent BBS on urban and rural development, tsinghua university, director of the center for political and economic studies CaiJiMing puts forward, China's current land system must be changed. Land system and blindly quashing food-price food policy so that the local government and farmers have lost the enthusiasm of farmland protection.
He says if the constitution as dynamicDiscount MBT Shoes understanding, government collection of farmers' land basis of city planning, as long as the only listed in the urban planning, the government will use administrative power of rural land is expropriated. But the constitution also provides that the state for public interests needs, can collect farmers' land, and compensation. MBT Kipimo clog So both appear antinomy, countries in the industrialization and urbanization is not out of public interest in land belongs to the illegal.
He thinks, in fact "reform and opening 30 years, imposed on peasants of the land used for public interests, 90% of 10%" but land expropriation and actions violated the constitution.
CaiJiMing pointed out that when industrialization and urbanization mbt sandals clearance in the public interests as the use of land, to collection of farmers means of urban land cannot execute a single state ownership, but should allow realize multiple ownership, including state-owned, collective all and the private sector. And in doing so will not violates the constitution.
"The real right law of private property right are protected, small property is still collective property rights, how can be protected? Villages transformation is possible, but why must to transform it into land state-owned?" He thinks, it is now a small property right, villages are not violate the constitution, the law on land administration, is contradict the next class method and relevant.
Source: financial nets author: ZhuYu name T36079 participation: T | print forwarding. The comment 5.4
Tsinghua university CaiJiMing, director of the center for political and economic studies
【 caijing nets "reporter ZhuYu 】" now land system so that the local government have 200% enthusiasm to low-cost collection of farmers' land, high. Government will sell the next ten government land use and transfer rights have taken away."
May 5, the theme of "farmers in the second annual urbanization" independent BBS on urban and rural development, tsinghua university, director of the center for political and economic studies CaiJiMing puts forward, China's current land system must be changed. Land system and blindly quashing food-price food policy so that the local government and farmers have lost the enthusiasm of farmland protection.
He says if the constitution as dynamicDiscount MBT Shoes understanding, government collection of farmers' land basis of city planning, as long as the only listed in the urban planning, the government will use administrative power of rural land is expropriated. But the constitution also provides that the state for public interests needs, can collect farmers' land, and compensation. MBT Kipimo clog So both appear antinomy, countries in the industrialization and urbanization is not out of public interest in land belongs to the illegal.
He thinks, in fact "reform and opening 30 years, imposed on peasants of the land used for public interests, 90% of 10%" but land expropriation and actions violated the constitution.
CaiJiMing pointed out that when industrialization and urbanization mbt sandals clearance in the public interests as the use of land, to collection of farmers means of urban land cannot execute a single state ownership, but should allow realize multiple ownership, including state-owned, collective all and the private sector. And in doing so will not violates the constitution.
"The real right law of private property right are protected, small property is still collective property rights, how can be protected? Villages transformation is possible, but why must to transform it into land state-owned?" He thinks, it is now a small property right, villages are not violate the constitution, the law on land administration, is contradict the next class method and relevant.
the space around earth space-time existing measuring distortion effect
Phoenix nets technology - May 6, news, according to foreign media reports, recently the U.S. space agency, NASA gravity satellite B (GP - B) plan confirmed Einstein relativity, two key predicted the spacetime surrounding earth because gravity and distortions.
The trial begins in 2004, using four MEDALS high precision gyroscope to measure the spacetime surrounding earth distortions and other parameters.
This graph shows gravitational exploration satellites - no. 2 is the space around earth space-time existing measuring distortion effect
GP - B, pointing to a single star, IM Pegasi, and in the polar orbit circling the earth with unprecedented precision measurement, the spacetime surrounding earth torsion. If gravity of spacetime without causing reverse, then in orbit, GP - B the gyroscope will always pointing in the same direction. But according to Einstein's theory, the earth gravity will make the spacetime surrounding earth happened, so in fact, twist to a gyroscope detect in its rotation direction very small change, and this is the result of earth's gravitational influence.
This is gravity satellite - 2 gyroscope use super perfect sphere
This experiment in Physical Review details will also posted on the website of the Letters journals.
"Imagine the earth immersed honey, local ball rotates, the honey will also with around, and produce vortex, too." spacetime Francis. Rick Francis Everitt Everest "), GP (chief scientist - B project, Stanford university professor, "explains that the GP - B confirmed Einstein theory of relativity of the universe of two important prophecy, the astrophysical research has far-reaching influence. Similarly, the project of technology innovation is also behind the earth and space research and precious treasure."
Graph shows the height of around black Discount MBT Shoes holes distort of time and space
GB - P project is NASA history one of the oldest project operation, since MBT Kipimo clog 1963, this project since autumn early preparation began. Subsequent decades technology breakthrough development, make people can control the environment of the influence of disturbance spacecraft, such as air resistance, magnetic field and thermal changes, etc. The gyroscope and celestial trackers adopted the greatest precise design and production process.
The test of GB - P use can make the GPS technology independent landing aircraft, other related technology has been applied in other studies for NASA, such as the cosmic background detection task, this measure can confirm thatmbt sandals clearance the big bang theory foundation, and make NASA physicist John djoser (John Mather. Horse) won the Nobel Prize.
GP - B in December 2010 completed data acquisition and operation of the job and retirement. NASA astrophysicist and senior scientist bill. DanJi said program, "the future of Einstein's general theory of relativity further confirmation of than the GP, needs to adopt a more precise - B measuring equipment." (compilation / 77
The trial begins in 2004, using four MEDALS high precision gyroscope to measure the spacetime surrounding earth distortions and other parameters.
This graph shows gravitational exploration satellites - no. 2 is the space around earth space-time existing measuring distortion effect
GP - B, pointing to a single star, IM Pegasi, and in the polar orbit circling the earth with unprecedented precision measurement, the spacetime surrounding earth torsion. If gravity of spacetime without causing reverse, then in orbit, GP - B the gyroscope will always pointing in the same direction. But according to Einstein's theory, the earth gravity will make the spacetime surrounding earth happened, so in fact, twist to a gyroscope detect in its rotation direction very small change, and this is the result of earth's gravitational influence.
This is gravity satellite - 2 gyroscope use super perfect sphere
This experiment in Physical Review details will also posted on the website of the Letters journals.
"Imagine the earth immersed honey, local ball rotates, the honey will also with around, and produce vortex, too." spacetime Francis. Rick Francis Everitt Everest "), GP (chief scientist - B project, Stanford university professor, "explains that the GP - B confirmed Einstein theory of relativity of the universe of two important prophecy, the astrophysical research has far-reaching influence. Similarly, the project of technology innovation is also behind the earth and space research and precious treasure."
Graph shows the height of around black Discount MBT Shoes holes distort of time and space
GB - P project is NASA history one of the oldest project operation, since MBT Kipimo clog 1963, this project since autumn early preparation began. Subsequent decades technology breakthrough development, make people can control the environment of the influence of disturbance spacecraft, such as air resistance, magnetic field and thermal changes, etc. The gyroscope and celestial trackers adopted the greatest precise design and production process.
The test of GB - P use can make the GPS technology independent landing aircraft, other related technology has been applied in other studies for NASA, such as the cosmic background detection task, this measure can confirm thatmbt sandals clearance the big bang theory foundation, and make NASA physicist John djoser (John Mather. Horse) won the Nobel Prize.
GP - B in December 2010 completed data acquisition and operation of the job and retirement. NASA astrophysicist and senior scientist bill. DanJi said program, "the future of Einstein's general theory of relativity further confirmation of than the GP, needs to adopt a more precise - B measuring equipment." (compilation / 77
Thursday, April 28, 2011
Actual controller angang group
Actual controller, inject value 10.7 per share profits of $mineral resources:
Actual controller angang group, will saddle thousand mining and Carla pull two quality assets and company profitability poor steel assets to ensure the replacement, April 25 to 29 secondary cash option (10.46 yuan) were not exercise.
Through calculation, saddle per thousand ores and Carla pull respectively for 7.6 yuanhe value of $10.7 3 yuan.
Assets displacement is tactics, but also a strategy, the company is about to enter vanadium, titanium "harvest" : comb in recent years the company strategy development and assets operation, can be divided into four words: "big vanadium and titanium industry". This not only bottom-up accord to company's own resources technology advantages, is also a top-down state policies of natural selection.
The company do big vanadium titanium superiority, alone the lack of funds. So from the "three-in-one" in 2007, the company began in more investment into the vanadium and titanium industry, also began a series of capital operation. Currently vanadium, titanium business part has entered the Lord, but the harvest harvest is mainly concentrated in waves will rise over the next two years.
The harvest of vanadium and titanium company not only embodies in performance doubled, but also the resource control:
The price rise the titanium product quantity is added to ensure 100% above a compound rate of future earnings. At the same time the company grasp our 95% titaniferous resources, there is no doubt that is the biggest beneficiaries of titanium industry development.
The company has been a leader in vanadium r&d status. At the same time the company controls nearly half the vanadium resources in China, and its holding company also in the monopoly of vanadium supply, 70% more have no will become great development of vanadium industry "pilot".
Vanadium and titanium: now reflect a country's strength, the future will directly determine a national strength:
Ti is "future metal", its not only reflect a nation in the airline military etc of high-tech field strength, also fully reflected a country in economic actual field level (through the paint), the future inevitable development.
Vanadium, not only directly determine a country the construction quality, more will be the fourth industrial revolution - new energy revolution's biggest bottleneck offers a solution. This means that the future of the first successful commercialization vanadium battery state, will become the world a new round of long-term economic "leadership eldest brother".
Fairy "vanadium", no extremely "titanium" and "buy" rating, the first target price of 23:
Fairy "vanadium", for the new energy development bottlenecks, and provides the solutions in the company's value ability also the big development vanadium and titanium industry in the extreme "titanium" ever.
We expect the company of ore vanadium and titanium industry resources original part 3.5 RMB per share value per share, vanadium and titanium industry for the first target value, and considering the nine yuan profit dish with the second cash option equity registers day nears has finished, selling to "buy" rating, the first target price of 23. (everbright securities (601788) research institute HuHao)
Shanghai pharmaceutical (601607) : under a rapid growth is about to usher stock listings
1 - march medicine commercial growth faster. The 2011 1 - march, pharmaceutical industry achieved sales revenue 21.75 billion yuan, an increase of 10.2%, gross margin, pharmaceutical business for 46.6% 91.6 billion yuan achieved sales revenue, year-on-year growth of 6.7%, gross margins 36.7% for commercial business growth faster denotative expansion, mainly thanks to the second half of last year the company consolidated financial statements including guangzhou zhongshan medical, a number of medical commercial enterprises. Citic medicine after the merger MBT Ema , of pharmaceutical commercial business gross margin level is expected to rise.
Pure pin proportion reduces impact during gross margin, good cost control. The company 2011 1-3 months for 15.8%, comprehensive c.m 3.57 percentage points lower than a commercial business and industry, pharmaceutical business gross margin in different degree down which commercial c.m down the main reason is the new merged into the business of relatively small, pure pin down overall pure pin proportion. 1-3 months for 4.12%, management fee, at least 1.44 percentage points lower than a 6.36%, sales rate for a percentage point, 1.63 year-on-year drop during good cost control.
Citic medicine and antibiotics will be and table processing. The company has on April 2 completed 100% all the procedures of citic medicine takeover, its operating conditions will be included in the second quarter consolidated financial statements, moreover MBT Kipimo clog antibiotics business scope of buy-out issue was underway, is expected to complete in the second quarter.
And China's postal cooperation and achieve complement each other. Recently the company and China post group signed a comprehensive strategic cooperative frame agreement, intended to build national new medicine logistics distribution network, with the aid of national network covering China post, irrigation, can significantly enhance drug trans-regional allocations and distribution capacity.
Investment advice: the company is entering the final phase of the H shares of China, is about to become the first whole industry chain, and covered medicine industry in medicine are leading A + H large pharmaceutical industry group. We expect the company 2011-2013 earnings per share for following yuan, 121 yuan, xiaogan yuan. The company fully benefit from future ascension of our country medicine industry concentration,MBT Kipimo , and big course expected this year stocks listed drive company valuations ascension, we give the 2011 30 times p/e ratio, corresponding target price of $28.8, maintain company buy rating. (LiShuHua) Orient securities institute
Actual controller angang group, will saddle thousand mining and Carla pull two quality assets and company profitability poor steel assets to ensure the replacement, April 25 to 29 secondary cash option (10.46 yuan) were not exercise.
Through calculation, saddle per thousand ores and Carla pull respectively for 7.6 yuanhe value of $10.7 3 yuan.
Assets displacement is tactics, but also a strategy, the company is about to enter vanadium, titanium "harvest" : comb in recent years the company strategy development and assets operation, can be divided into four words: "big vanadium and titanium industry". This not only bottom-up accord to company's own resources technology advantages, is also a top-down state policies of natural selection.
The company do big vanadium titanium superiority, alone the lack of funds. So from the "three-in-one" in 2007, the company began in more investment into the vanadium and titanium industry, also began a series of capital operation. Currently vanadium, titanium business part has entered the Lord, but the harvest harvest is mainly concentrated in waves will rise over the next two years.
The harvest of vanadium and titanium company not only embodies in performance doubled, but also the resource control:
The price rise the titanium product quantity is added to ensure 100% above a compound rate of future earnings. At the same time the company grasp our 95% titaniferous resources, there is no doubt that is the biggest beneficiaries of titanium industry development.
The company has been a leader in vanadium r&d status. At the same time the company controls nearly half the vanadium resources in China, and its holding company also in the monopoly of vanadium supply, 70% more have no will become great development of vanadium industry "pilot".
Vanadium and titanium: now reflect a country's strength, the future will directly determine a national strength:
Ti is "future metal", its not only reflect a nation in the airline military etc of high-tech field strength, also fully reflected a country in economic actual field level (through the paint), the future inevitable development.
Vanadium, not only directly determine a country the construction quality, more will be the fourth industrial revolution - new energy revolution's biggest bottleneck offers a solution. This means that the future of the first successful commercialization vanadium battery state, will become the world a new round of long-term economic "leadership eldest brother".
Fairy "vanadium", no extremely "titanium" and "buy" rating, the first target price of 23:
Fairy "vanadium", for the new energy development bottlenecks, and provides the solutions in the company's value ability also the big development vanadium and titanium industry in the extreme "titanium" ever.
We expect the company of ore vanadium and titanium industry resources original part 3.5 RMB per share value per share, vanadium and titanium industry for the first target value, and considering the nine yuan profit dish with the second cash option equity registers day nears has finished, selling to "buy" rating, the first target price of 23. (everbright securities (601788) research institute HuHao)
Shanghai pharmaceutical (601607) : under a rapid growth is about to usher stock listings
1 - march medicine commercial growth faster. The 2011 1 - march, pharmaceutical industry achieved sales revenue 21.75 billion yuan, an increase of 10.2%, gross margin, pharmaceutical business for 46.6% 91.6 billion yuan achieved sales revenue, year-on-year growth of 6.7%, gross margins 36.7% for commercial business growth faster denotative expansion, mainly thanks to the second half of last year the company consolidated financial statements including guangzhou zhongshan medical, a number of medical commercial enterprises. Citic medicine after the merger MBT Ema , of pharmaceutical commercial business gross margin level is expected to rise.
Pure pin proportion reduces impact during gross margin, good cost control. The company 2011 1-3 months for 15.8%, comprehensive c.m 3.57 percentage points lower than a commercial business and industry, pharmaceutical business gross margin in different degree down which commercial c.m down the main reason is the new merged into the business of relatively small, pure pin down overall pure pin proportion. 1-3 months for 4.12%, management fee, at least 1.44 percentage points lower than a 6.36%, sales rate for a percentage point, 1.63 year-on-year drop during good cost control.
Citic medicine and antibiotics will be and table processing. The company has on April 2 completed 100% all the procedures of citic medicine takeover, its operating conditions will be included in the second quarter consolidated financial statements, moreover MBT Kipimo clog antibiotics business scope of buy-out issue was underway, is expected to complete in the second quarter.
And China's postal cooperation and achieve complement each other. Recently the company and China post group signed a comprehensive strategic cooperative frame agreement, intended to build national new medicine logistics distribution network, with the aid of national network covering China post, irrigation, can significantly enhance drug trans-regional allocations and distribution capacity.
Investment advice: the company is entering the final phase of the H shares of China, is about to become the first whole industry chain, and covered medicine industry in medicine are leading A + H large pharmaceutical industry group. We expect the company 2011-2013 earnings per share for following yuan, 121 yuan, xiaogan yuan. The company fully benefit from future ascension of our country medicine industry concentration,MBT Kipimo , and big course expected this year stocks listed drive company valuations ascension, we give the 2011 30 times p/e ratio, corresponding target price of $28.8, maintain company buy rating. (LiShuHua) Orient securities institute
Among them: air passenger agent competition more fully
Mass tourism + mobile Internet = online travel industry high-speed development. Our business development space is large, online is at high speed development; Products include air tickets hotel holiday, products, price competition tends to homogeneity primarily, industry barriers lower. Among them: air passenger agent competition more fully; Hotel development space big; and the agency Vacation productMBT Ema , standardization, short-term difficult to do difficult.
Online travel industry diversification, competition white cosmetic trend. Competitors include traditional agents, traditional resources operators, new marketing mode, e-commerce sites. Online travel industry is the core competitive power of user/downstream channel, competitors are the target users.
High-end business customers, hotel agency business is the development direction of the company. Industry will face new marketing mode on traditional marketing challenge, ticket agency industry gradually atrophic; Should grab the high-end business customers, USES the existing ticket agent channels continue rapid development hotel agency business.
Goal - travel industry alibaba. The company existing agency channel is B2B core competitiveness, foreign land expansion have capital advantage; High-end businessmen, earnings growth is B2C group clients; The downstream channel is the biggest advantage that buys platform; AC, the third-party payment platform, thrusting e-commerce development.
Should dialectically perceive the company. The company is facing a single, regional business are too centralized problem; Ticket agent industry shrinking phenomenon is facts; The effectiveness of unknown foreign expansion. However, as agents of role, companies can use existing ticket agent channels quickly opened hotel agency business; B2B flat as the role, the company has Taiwanese downstream agents its biggest core competitiveness, AC system will boost the business development.
Profit forecast and investment advice. 11, 12EPS respectively are expected to 0.85, 1.2 yuan, current share price corresponding 2011 PE for 27 times, well below the industry average of 36 times, less than 45 times ctrip.com. Bullish on industry development and corporate performance elasticity, immediately. Note: short-term lacks catalyst events. (cathay XuJuanJuan) prosperous country people safe institute
Gemale group (600383) : stretch and dye-in-the-wood
Event description and comment on: gemale group report released today in the first quarter in 2011, quarter to achieve the company operating income 21.44 billion yuan, 70.31% year-on-year drop; Realize profits 2.4 billion yuan, 86.21% year-on-year drop; MBT Kipimo clog Realize 1.62 billion yuan net belongs parent company, 86.08% year-on-year drop, earnings per share 0.04 yuan.
The current expenses rise faster, financial relatively steady current performance the year-on-year decline in the first quarter, and the reason is because more less complete consign, 2011 completion time for the more projects in the fourth quarter of this year. It is expected that the company will still be lower than the medium-term performance level compared to the same period last year. Gross margin, company's current period in approximately 36%, gross settlement with the same period last year, the basic equal in annual settlement is expected gross margin by around 40%. In cost, relative to current contract for the current period, the company sales management fee and cost of sales rise faster. In comparison with China vanke and poly we can clearly see, gemale in sales and management or has the disparity, also in another side proof high-end projects relative sales difficulty ascension. The company in the first quarter to land market, not with a final financial relatively stable. Mobile money as much as 14 billion, with a maturity short-term borrowing for 92 billion total debt, the company financial pressure is relatively minor.
The company quarter sales in the first quarter, receive zhang quadrature cumulative increase 26.8 million square meters, signing area, the cumulative 44.6 percent year-on-year growth in 37.2 billion yuan, sum signed earliest year-on-year. The comparison of the leading enterprises, the company quarter sales calculate can say, the main reason is the quadrature in quarter, making relatively few push shipments first quarter sales account for only the target tenth. On the other hand is the company sales average sales price is high, pressure does exist. In the final for 223 million receive zhang, this is divided into companies in order to lock EPS about 0.84 yuan.
The company commercially available resources are rich, within the existing advanced project commercially available in 2011 pressure area approximately 500 square meters, can sell for the amount of 600 million, the company years 400 million sales targets without change. The 2011 is the year towards gemale, it is expected that the company high-end 11 years days character in the series and other high-end products to more than 10%. We believe that the current market conditions, these high-end projects sales is there is greater pressure. In the second city, 11 years expected in shenyang, xian, wuhan, tianjin etc will increase sales share. Expanding in land in southwest expected this year, with Yangtze river delta second-tier cities will continue to expand.
Profit forecast and valuations: company for 11 years commercially available more, but because MBT Chapa ,supply under current market adjustment, currently has gradually entered the opening phase of high-end projects achieving sales is our focus of concern. At the same time the company is also four enterprise, elastic higher enterprise, it is expected that the company 11 to 12 years EPS respectively, maintain "0.81, 1.04 recommend" rating. (Yangtze river securities (000783) research institute SuXueJing)
slightly below the price year-on-year increase
Daye steel (000708) : performance can be period. Excellent forgings earnings
Event: the company announced: 2011 quarter daye steel achieve revenue 22.6 billion yuan, Tory Burch Sandals, an increase of 25%, achieve 1.8 billion yuan, profits, realize the year-on-year increase in net 13.5% 160 million yuan, earnings per share 0.355 yuan, an increase of 11%.
Conclusion.. Corporate earnings basic meet our had expected, a substantial beyond the industry average: company quarter year-on-year increase price annulus, steel, cost increase by 4%, 16 percent, slightly below the price year-on-year increase profits annulus, steel 11%, 5% to 550 yuan/ton.
We prefer daye steel in high-end steel especially forgings areas of extension strategy: 1) first, high quality steel demand remained strong, at present the company forging production already cannot satisfy the existing order contract; 2)Tory Burch Flip Flops company in high quality special ouzhi forging areas of production and design aspects, strong technical force and experience accumulation, has the good market access basis and broader marketing network; 3) citic Pacific efficient management will be beyond rivals the important guarantee. After DaXiao 28220000yuan, forgings completely over 0.5 yuan shall contribute their EPS.
The future will significantly benefit from higher iron rapid development: daye steel is the largest railway use carburizing bearing steel suppliers (about 65 percent), nearly three years railway bearings, mainly for the company income accounts for 17% of 21%, profits than the other part spring steel also used in the railway industry in the domestic steel companies, business income and railway, daye correlation highest.. We remain positive on the strong performance of future earnings deals with strong orders, product structure, continuously improve and citic Pacific's efficient management, we think the company than expected driver will continue. From the order look, is expected to remain strong 2011:1) expected production will remain in the domestic machinery higher level, railway high-growth continue; 2) global manufacturing boom obvious picks up, steel exports will be improved obviously.
3) the domestic steel (especially in high-end) new capacity is less than of carbon-steel,Christian Louboutin Evening Sale,supply pressure products. Investment strategies:
Because forging production, we raised earlier than expected, 2012 EPS to 2011 effect yuan, vale yuan ($1.46 belonged 1.86 yuan), and price target 25 yuan. Current valuations have advantage, reiterated that recommendation: expected future three years compound growth of 22 percent. Comprehensive daye steel unique the profit pattern of steel industry stability, advanced manufacturing attribute, future good growth and efficient management competitive advantage, reference currently steel industry valuation levels, we think that the reasonable daye P/E valuation should be in 20 times above. Now buy rating maintain company stock. (Yang b f.effects XuWei Orient securities institute);
Event: the company announced: 2011 quarter daye steel achieve revenue 22.6 billion yuan, Tory Burch Sandals, an increase of 25%, achieve 1.8 billion yuan, profits, realize the year-on-year increase in net 13.5% 160 million yuan, earnings per share 0.355 yuan, an increase of 11%.
Conclusion.. Corporate earnings basic meet our had expected, a substantial beyond the industry average: company quarter year-on-year increase price annulus, steel, cost increase by 4%, 16 percent, slightly below the price year-on-year increase profits annulus, steel 11%, 5% to 550 yuan/ton.
We prefer daye steel in high-end steel especially forgings areas of extension strategy: 1) first, high quality steel demand remained strong, at present the company forging production already cannot satisfy the existing order contract; 2)Tory Burch Flip Flops company in high quality special ouzhi forging areas of production and design aspects, strong technical force and experience accumulation, has the good market access basis and broader marketing network; 3) citic Pacific efficient management will be beyond rivals the important guarantee. After DaXiao 28220000yuan, forgings completely over 0.5 yuan shall contribute their EPS.
The future will significantly benefit from higher iron rapid development: daye steel is the largest railway use carburizing bearing steel suppliers (about 65 percent), nearly three years railway bearings, mainly for the company income accounts for 17% of 21%, profits than the other part spring steel also used in the railway industry in the domestic steel companies, business income and railway, daye correlation highest.. We remain positive on the strong performance of future earnings deals with strong orders, product structure, continuously improve and citic Pacific's efficient management, we think the company than expected driver will continue. From the order look, is expected to remain strong 2011:1) expected production will remain in the domestic machinery higher level, railway high-growth continue; 2) global manufacturing boom obvious picks up, steel exports will be improved obviously.
3) the domestic steel (especially in high-end) new capacity is less than of carbon-steel,Christian Louboutin Evening Sale,supply pressure products. Investment strategies:
Because forging production, we raised earlier than expected, 2012 EPS to 2011 effect yuan, vale yuan ($1.46 belonged 1.86 yuan), and price target 25 yuan. Current valuations have advantage, reiterated that recommendation: expected future three years compound growth of 22 percent. Comprehensive daye steel unique the profit pattern of steel industry stability, advanced manufacturing attribute, future good growth and efficient management competitive advantage, reference currently steel industry valuation levels, we think that the reasonable daye P/E valuation should be in 20 times above. Now buy rating maintain company stock. (Yang b f.effects XuWei Orient securities institute);
jumps by as much as 137% caused by financial
A, quarter net income rose by 52 percent year-on-year, 32 percent. The 2011 quarter essay realize advocate business wu income shares of guangdong yuan, advocate business wu cost 10.2 billion yuan, up 52 percent and 55% respectively growth; Tory Burch Flip Flops Three cost standing 1.83 billion yuan, an increase of 62%, mainly is the management cost and cost of sales growth and 58 percent respectively, jumps by as much as 137% caused by financial expenses actual declined 54 percent. Company profits for the first quarter realize 4.89 million yuan, an increase of 35%; Ownership net profit for 4.1 billion yuan parent company, year-on-year growth of 32%; Realize EPS to 0.37 yuan, an increase of 32%, basic accord with our previous expectations.
Second, the company January 11-150 yuan price plant gross margins up have fallen. The company 2011 hike on January 1, part of the price, high quality smelting plant plant (1/3 coke plant) by 13.9 yuan/ton rise to 1500 yuan/ton (tax); Poor plant by 1040 yuan/ton rise to 1190 yuan/ton (tax), total company plant without tax average rises in 94 yuan, and the company has since last quarter gross dropped to 42.2% of 44.7%, we may think of the main reason: it is in the national don't let electricity coal prices, the electricity coal prices is not obvious, two is affected by material and wage costs rise, lead to a company's costs have bigger rise. The company management fees appear bigger risen mainly because the company worker pay and mineral compensation by measures to improve the provision.
Third, the 2011 annual plan: the company plan 2011 6.45 billion yuan, realize gross total expenditures 47.8 million yuan, profit total 17 million yuan, total EPS1.55 yuan. The company 2010 11.4 million tons of coal production, including plant 350 million tons of coal, mixing, 397 tons of coal 753 tons, generating sales income 450 million degrees, realize 53.9 billion yuan, the main cost 29.6 million yuan RMB, the net 13.45 billion yuan. It is expected that the company realized in 2011, 1273 tons raw coal rights year-on-year increase yield 12%, if future coal price to rise to 11%, the company achieved sales revenue target is very difficult not quite, according to the business, we can see the first quarter company want to plan is not difficult. The whole existence of EPS super 1.55 possible.
Four, plan 2015 coal output 3,000 tons: company plans to achieve 2015 crude output 3,000 tons, realize gross industrial output 300 billion yuan of above. 3000 tons planning production is currently yield 2.6 times and according to state the relevant requirement of integration of coal mine, guizhou will integrate the existing 1737 colliery, establish into about 200 coal enterprise group, including 1 output 5,000 tons and 2 annual output of 3,000 tons of large coal enterprise group. Essay group currently capacity, 16 million tons, Tory Burch Boots Sale simultaneously has the listing and financing platform shares essay, the relative guizhou second only 10 million tons of shuicheng group (no output listed financing platform) have more chances to become 5000 tons of production, according to the group merger of commitment to avoid competition, if all listed company, five years into the coal output will reach 3,000 to 5,000 tons, the company will have BaoFaShi growth.
Five, the 2011 eps is expected to 1.62 yuan, PE valuations 21 times. From the current industry overall valuations look, the company's PE valuations have obvious on the high side, but the endogenous and exogenous expected future growth advantage, and companies are very prominent in the integration of the guizhou region environment, may bring coal supply bottlenecks, companies may enjoy better future prices growth, simple give PE valuations do not reflect the actual value of the company, maintain company buy rating. Currently shares Tory Burch Flats Salehave close to our initial given target price, we will update on the assessment of the company.
Risk hint: the great western development 15% discount income tax rates may end in 2011, according to 25% to tax on worldwide income. (WuJie) Orient securities institute
Second, the company January 11-150 yuan price plant gross margins up have fallen. The company 2011 hike on January 1, part of the price, high quality smelting plant plant (1/3 coke plant) by 13.9 yuan/ton rise to 1500 yuan/ton (tax); Poor plant by 1040 yuan/ton rise to 1190 yuan/ton (tax), total company plant without tax average rises in 94 yuan, and the company has since last quarter gross dropped to 42.2% of 44.7%, we may think of the main reason: it is in the national don't let electricity coal prices, the electricity coal prices is not obvious, two is affected by material and wage costs rise, lead to a company's costs have bigger rise. The company management fees appear bigger risen mainly because the company worker pay and mineral compensation by measures to improve the provision.
Third, the 2011 annual plan: the company plan 2011 6.45 billion yuan, realize gross total expenditures 47.8 million yuan, profit total 17 million yuan, total EPS1.55 yuan. The company 2010 11.4 million tons of coal production, including plant 350 million tons of coal, mixing, 397 tons of coal 753 tons, generating sales income 450 million degrees, realize 53.9 billion yuan, the main cost 29.6 million yuan RMB, the net 13.45 billion yuan. It is expected that the company realized in 2011, 1273 tons raw coal rights year-on-year increase yield 12%, if future coal price to rise to 11%, the company achieved sales revenue target is very difficult not quite, according to the business, we can see the first quarter company want to plan is not difficult. The whole existence of EPS super 1.55 possible.
Four, plan 2015 coal output 3,000 tons: company plans to achieve 2015 crude output 3,000 tons, realize gross industrial output 300 billion yuan of above. 3000 tons planning production is currently yield 2.6 times and according to state the relevant requirement of integration of coal mine, guizhou will integrate the existing 1737 colliery, establish into about 200 coal enterprise group, including 1 output 5,000 tons and 2 annual output of 3,000 tons of large coal enterprise group. Essay group currently capacity, 16 million tons, Tory Burch Boots Sale simultaneously has the listing and financing platform shares essay, the relative guizhou second only 10 million tons of shuicheng group (no output listed financing platform) have more chances to become 5000 tons of production, according to the group merger of commitment to avoid competition, if all listed company, five years into the coal output will reach 3,000 to 5,000 tons, the company will have BaoFaShi growth.
Five, the 2011 eps is expected to 1.62 yuan, PE valuations 21 times. From the current industry overall valuations look, the company's PE valuations have obvious on the high side, but the endogenous and exogenous expected future growth advantage, and companies are very prominent in the integration of the guizhou region environment, may bring coal supply bottlenecks, companies may enjoy better future prices growth, simple give PE valuations do not reflect the actual value of the company, maintain company buy rating. Currently shares Tory Burch Flats Salehave close to our initial given target price, we will update on the assessment of the company.
Risk hint: the great western development 15% discount income tax rates may end in 2011, according to 25% to tax on worldwide income. (WuJie) Orient securities institute
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