Showing posts with label MBT Kisumu. Show all posts
Showing posts with label MBT Kisumu. Show all posts
Friday, June 10, 2011
the rain in the Union of Once upon a star field
if the clue correctly, Lei Sin Temple who will give great benefits. If alone, be entitled to a celestial body to mine Sin Temple, the benefits of their personal gain, can not imagine, even his family will get great gains. If access to the body immortal monk, talented enough, can even be one of mine elders ten cents Hall to close for the disciples, since then, such as Albatron straight, thrive!MBT Sapatu, In addition to these, the real Star field Step Brothers Luo heart and desire to come here because, there is one, there is the inability to pit! Yuan Li Hang, the Once upon a time in the mine, only in the hundreds of thousands of years of clover, was found abandoned a half-existence, the discoverer, but a monk aspirations, he was unable to practice pit, the repair is actually an incredible breakthrough in the monastic final The first step, to the second step! I do not know why this is spread out, and immediately so that all monks, crazy. As for how the inability to form a pit, do not prepare people to know, even before the Once upon the numerous mine open pit did not exist was found to have weakness, like the pits, appeared out of thin air in general. Weakness in that pit, there are a large number of world weakness, the weakness is very rich, do not even need to refining, if not the second step brother, as long as medicines, can be absorbed. All kinds of magic, under the different opinions, so many people gathered in the Once upon a mine. Yuan Li Hang addition, there is a musical instruments, by the thunder of the Once upon a monk known as the second step of the source device, which inside sources, containing the zenith, and the Sin Yu Sin not the same force, but A strange power, if the first step monks absorbed into the zenith in the body, if the second step brother absorption is weak! MBT Kisumu2, These all, is the real heart of the reason for Wang Lin, he also had suspicions, why these, the rain in the Union of Once upon a star field, but it is never heard, or even did not even have read it. Only, but it is not the answer, but he vaguely guess, that Once upon a rain, Once upon a comparison with the Thunder, it seems that some small, although it may be seriously damaged, leading to the collapse of many parts no longer exist, but there may be , Once upon a time of rain in some man-made treatment, is no longer intact, or that not all open! Wang Lin to stop himself, his eyes staring. Ground and saw that the complete collapse of the depths, a trace of volatile Ruoyouruowu Bo zenith, slowly falling apart, a white curved handles, among the many dirt, exposing the half. Zenith fluctuations, it is shed on the matter from. Once upon a mine of debris on the continent, and that white-haired old man carrying his hands, eyes staring at the huge front of a towering mountain, and he licked his lips, was about to walk, suddenly meal, as if aware of what smiles: MBT Jawabu sale, things, the old collection of materials planning tens of thousands of years, now, finally success!!
Friday, May 6, 2011
Second-ranking five gang have? This session has 16
Eastern TV broadcast a paragraph about HuangYiBo news, this news was one of the lens, on the network users screenshots on crazy preach. Longhu net friend in Posting says "HuangYiBo called community you clouded a what! Flank classmate expression is window!" Many netizens from onlookers.
What is five gang itself? The young pioneers wuhan corps committee
How to five gang itself? Attached to the recommended
Second-ranking five gang? Sometimes major activities will choose the young pioneers representatives
The arm wearing "five gang" deputy ZongDuiChang HuangYiBo young pioneers wuhan corps, and because a night before the network father says he "two years watching the news broadcast, seven watching People's Daily, reference message" to many provoked criticism, also let wuhan existed for 22 years of young pioneers "five gang" suddenly become public opinion focus. So, five gang is what, five gang stem what, five gang of how chosen to, and how many five gang? Therefore, the reporter interviewed the communist youth league wuhan municipal party committee.
HuangYiBo this month will be retiring
According to the communist youth league wuhan municipal party committee had issued by the relevant ZongDuiBu about young pioneers show in wuhan city of wuhan in 1989, was established ZongDuiBu and city ZongDuiBu young pioneers area, has so far been 22 years, area DuiWei wear ZongDuiBu four gang, city ZongDuiBu corps committee wear five gang. So far, there are seven Olympic corps committee, and is at the end of May 8th elections committee was established, and the seventh corps of XuLiu Yang, vice ZongDuiChang ZongDuiChang HuangYiBo etc in high school because it has already been to substitute. The candidate as a city corps committee condition is: "4-6 grade excellent young pioneers, as big DuiWei above post, work actively, can finish related tasks assigned by the instructor; can play role models, and the leading role, have certain appeal" and so on six, each term two to three years.
According to reporter understanding, now there are 16 ZongDuiBu young pioneer in wuhan, including deputy team members who ZongDuiChang each one, bearer and organization committee, learning, member of the committee, labor commissioner, propaganda committee, member of recreational sports every two. HuangYiBo is the seventh corps committee vice ZongDuiChang, its duty is to: "in ZongDuiChang, under the leadership of the ZongDuiChang well corps work; to assist the preservation corps for finishing documents and materials that is responsible for organizing committee on duty and ShengQiShou work team." ZongDuiChang duty is: "convene and preside over the corps committee; according to the corps committee opinion is responsible for formulating corps work plan and working summary, responsible convey orders and inspection resolution executive circumstance; guide every department to work, is responsible for organizing the corps activities." ZongDuiBu have their own offices, located in wuhan city in the children's palace.
A wuhan 16 five gang
Wuhan to vice minister visited pku young department introduces to the reporter, "five gang" MBT Fanaka GTX, city of any number ZongDuiBu corps of this committee, there are 16 people, wuhan 15 have primary school district each have a quota, city bureau of education 4 primary with a Shared quota directly, recommended internal elects 16 after ZongDuiChang again according to deputy special distribution other positions.
"Four gang" area by organizing the corps is according to the circumstances of each school area to area recommendations on multi-candidate election ruling by jianghan district one to lead students, according to participated in the area of teacher introduction corps committee election, its place school in recent years had two recommend students to attend the district office in organizing elections, once lost,MBT Panda, campaign project has a self-introduction, a talent show, "selected the child blew the hulusi, unsuccessful child dancing".
To the deputy minister, told reporters that the corps committee without any substance and policy incentives, five gang, four gang also "not official", no position and class differences, city corps committee, area DuiWei corps committee and other big also not membership and subordinate relationship, just "from the different level of speaking, responsibility and obligation is different, service object different". She,mbt sandals sale for example, the city some significant activities will choose from corps committee young pioneers representatives, such as first secretary of the Chinese communist party secretary and lu hao before YangSong in wuhan are accompanied by committee's office in wuhan inspected young pioneers corps.
What is five gang itself? The young pioneers wuhan corps committee
How to five gang itself? Attached to the recommended
Second-ranking five gang? Sometimes major activities will choose the young pioneers representatives
The arm wearing "five gang" deputy ZongDuiChang HuangYiBo young pioneers wuhan corps, and because a night before the network father says he "two years watching the news broadcast, seven watching People's Daily, reference message" to many provoked criticism, also let wuhan existed for 22 years of young pioneers "five gang" suddenly become public opinion focus. So, five gang is what, five gang stem what, five gang of how chosen to, and how many five gang? Therefore, the reporter interviewed the communist youth league wuhan municipal party committee.
HuangYiBo this month will be retiring
According to the communist youth league wuhan municipal party committee had issued by the relevant ZongDuiBu about young pioneers show in wuhan city of wuhan in 1989, was established ZongDuiBu and city ZongDuiBu young pioneers area, has so far been 22 years, area DuiWei wear ZongDuiBu four gang, city ZongDuiBu corps committee wear five gang. So far, there are seven Olympic corps committee, and is at the end of May 8th elections committee was established, and the seventh corps of XuLiu Yang, vice ZongDuiChang ZongDuiChang HuangYiBo etc in high school because it has already been to substitute. The candidate as a city corps committee condition is: "4-6 grade excellent young pioneers, as big DuiWei above post, work actively, can finish related tasks assigned by the instructor; can play role models, and the leading role, have certain appeal" and so on six, each term two to three years.
According to reporter understanding, now there are 16 ZongDuiBu young pioneer in wuhan, including deputy team members who ZongDuiChang each one, bearer and organization committee, learning, member of the committee, labor commissioner, propaganda committee, member of recreational sports every two. HuangYiBo is the seventh corps committee vice ZongDuiChang, its duty is to: "in ZongDuiChang, under the leadership of the ZongDuiChang well corps work; to assist the preservation corps for finishing documents and materials that is responsible for organizing committee on duty and ShengQiShou work team." ZongDuiChang duty is: "convene and preside over the corps committee; according to the corps committee opinion is responsible for formulating corps work plan and working summary, responsible convey orders and inspection resolution executive circumstance; guide every department to work, is responsible for organizing the corps activities." ZongDuiBu have their own offices, located in wuhan city in the children's palace.
A wuhan 16 five gang
Wuhan to vice minister visited pku young department introduces to the reporter, "five gang" MBT Fanaka GTX, city of any number ZongDuiBu corps of this committee, there are 16 people, wuhan 15 have primary school district each have a quota, city bureau of education 4 primary with a Shared quota directly, recommended internal elects 16 after ZongDuiChang again according to deputy special distribution other positions.
"Four gang" area by organizing the corps is according to the circumstances of each school area to area recommendations on multi-candidate election ruling by jianghan district one to lead students, according to participated in the area of teacher introduction corps committee election, its place school in recent years had two recommend students to attend the district office in organizing elections, once lost,MBT Panda, campaign project has a self-introduction, a talent show, "selected the child blew the hulusi, unsuccessful child dancing".
To the deputy minister, told reporters that the corps committee without any substance and policy incentives, five gang, four gang also "not official", no position and class differences, city corps committee, area DuiWei corps committee and other big also not membership and subordinate relationship, just "from the different level of speaking, responsibility and obligation is different, service object different". She,mbt sandals sale for example, the city some significant activities will choose from corps committee young pioneers representatives, such as first secretary of the Chinese communist party secretary and lu hao before YangSong in wuhan are accompanied by committee's office in wuhan inspected young pioneers corps.
Hong Kong "remain female" up and doing
Hong Kong male joyfully north looking for single women marry, Hong Kong with the left are?
Hong Kong women clearly, if don't want to do "remain female", only two options: one is to accept the reality, marry a degree and professional than their poor men; Another is to learn them as north and expand their choice scope.
Hong Kong single women move quickly, launched "marry a mainland lang" boom, many from Hong Kong's lone woman recently active group to xiamen, quanzhou, etc minnan region mutually close, so-called "with female corps" Hong Kong to!
"Since this year, we have three batches of men and women from Hong Kong to xiamen special group member has attended mutually close activity, each batch of more than 20 people. As for himself to xiamen mutually close of members scattered, almost every day." Xiamen organization mutually close activities OuYangAiZhu memorablia.woolies orgnaization controller, "said spouse object mostly port female business people, perhaps and Hong Kong city atmosphere for business, they related people have a familiar feeling, affinity, the communication up will have more topics can chat. As for civil servants and other professionals, port female can have a kind of strangeness."
Hong Kong "remain female" grouping to the mainland mutually close, Taiwan "legislators" QiuYi some "taste", in micrombt sandals sale bo out on "invited" -- "Hong Kong 'why didn't Taiwan with female'? I also 'left', or good men with male '? '."
Relax also should put a loose
Today's Hong Kong, male girl.
According to the latest census, Hong Kong government announced the proportion of people in Hong Kong, about men and women than 100, expected 95 in 30 years, Hong Kong female than male gap will expand, and may even become than 100 80. So more port female may be single.
Published by the Chinese university of Hong Kong university, related to the line, MBT Fanaka GTX, monthly magazine from Hong Kong who visit 315 situation at six universities of girl, found that 30% of four female university students worry about finding suitable to marry and alone, two female college students think of as the number of Hong Kong boys too little, but attend "speed dating" meeting of the opposite sex. And female college students joked that will run in the way finding love!!!
Of course, Hong Kong's single women also have some more leisurely. "Don't worry is false." Hong Kong media senior personage ester had 36 years old, so far, "feelings of the single thing must let nature take its course, shoes match not appropriate, only wear people know."
Watched married beside his boudoir honey still left alone, is continue to love no discount orMBT Panda, low requirements to start a family? "Days of being wild" teddy boy in a classic Andy lau line, "not everyone so good luck, be an upright person never comparison."
Have expert proposal, to build an open society culture atmosphere, the relaxed social environment, eliminate "remain female" groups of external environment pressure. Meanwhile, "remain female" will treat correctly finding love, relax can also choose a spouse standard easing the appropriate
Hong Kong women clearly, if don't want to do "remain female", only two options: one is to accept the reality, marry a degree and professional than their poor men; Another is to learn them as north and expand their choice scope.
Hong Kong single women move quickly, launched "marry a mainland lang" boom, many from Hong Kong's lone woman recently active group to xiamen, quanzhou, etc minnan region mutually close, so-called "with female corps" Hong Kong to!
"Since this year, we have three batches of men and women from Hong Kong to xiamen special group member has attended mutually close activity, each batch of more than 20 people. As for himself to xiamen mutually close of members scattered, almost every day." Xiamen organization mutually close activities OuYangAiZhu memorablia.woolies orgnaization controller, "said spouse object mostly port female business people, perhaps and Hong Kong city atmosphere for business, they related people have a familiar feeling, affinity, the communication up will have more topics can chat. As for civil servants and other professionals, port female can have a kind of strangeness."
Hong Kong "remain female" grouping to the mainland mutually close, Taiwan "legislators" QiuYi some "taste", in micrombt sandals sale bo out on "invited" -- "Hong Kong 'why didn't Taiwan with female'? I also 'left', or good men with male '? '."
Relax also should put a loose
Today's Hong Kong, male girl.
According to the latest census, Hong Kong government announced the proportion of people in Hong Kong, about men and women than 100, expected 95 in 30 years, Hong Kong female than male gap will expand, and may even become than 100 80. So more port female may be single.
Published by the Chinese university of Hong Kong university, related to the line, MBT Fanaka GTX, monthly magazine from Hong Kong who visit 315 situation at six universities of girl, found that 30% of four female university students worry about finding suitable to marry and alone, two female college students think of as the number of Hong Kong boys too little, but attend "speed dating" meeting of the opposite sex. And female college students joked that will run in the way finding love!!!
Of course, Hong Kong's single women also have some more leisurely. "Don't worry is false." Hong Kong media senior personage ester had 36 years old, so far, "feelings of the single thing must let nature take its course, shoes match not appropriate, only wear people know."
Watched married beside his boudoir honey still left alone, is continue to love no discount orMBT Panda, low requirements to start a family? "Days of being wild" teddy boy in a classic Andy lau line, "not everyone so good luck, be an upright person never comparison."
Have expert proposal, to build an open society culture atmosphere, the relaxed social environment, eliminate "remain female" groups of external environment pressure. Meanwhile, "remain female" will treat correctly finding love, relax can also choose a spouse standard easing the appropriate
Mainland women are more traditional
Hong Kong anecdotal play about older unwed men and women: 25 to 30 singles, and morale, BieHao "remain fighter"; mbt sandals sale 30 to 35 years of singles, few opportunities, BieHao "will remain guest"; 35 singles, seen it all BieHao "monkey, with" big.
Friend's wife was posted to work in Hong Kong more than a year, I jokingly asked his wife, and separation don't worry about his wife hooked up? Friends say with smile: "my wife said, her side a heap of Hong Kong 'in finding love with female', less than her." affair wheel
Nowadays, a lot of age as the Hong Kong man tacit moderate, are north looking for a partner.MBT Fanaka GTX, A Hong Kong man complained that Hong Kong woman very material, open asked a man's job, educational background, salary, like the "target was news-gathering for insurance of this".
"Before I contact few Hong Kong women say they don't like kids, don't have children, is a man will be disappointed,, have their own baby that just like a home." Hong Kong Mr. Wang's incumbent girl friend is his colleagues in Shanghai, they have decided to lives in Shanghai. "Comparatively, mainland women more traditional family, more suitable for some."
"Hong Kong woman synthetical condition is good, but their higher requirements for life,MBT Panda, the man has to avoid stress. In contrast, the mainland comparative cleverly, easy to get along with women." The expert points out, the Hong Kong women in all walks of life in recent years they've shown capable and excellence, better than men in many areas. Hence, the male soon move, instead of a wife northward. And, as in recent years, more and more people seek development space, north northward and a wife who has become more widely, not only conditions ordinary port male can do that, even the highly educated, have certain assets of men will do such a choice. "This continues, Hong Kong women married the chance to be diminished."
Friend's wife was posted to work in Hong Kong more than a year, I jokingly asked his wife, and separation don't worry about his wife hooked up? Friends say with smile: "my wife said, her side a heap of Hong Kong 'in finding love with female', less than her." affair wheel
Nowadays, a lot of age as the Hong Kong man tacit moderate, are north looking for a partner.MBT Fanaka GTX, A Hong Kong man complained that Hong Kong woman very material, open asked a man's job, educational background, salary, like the "target was news-gathering for insurance of this".
"Before I contact few Hong Kong women say they don't like kids, don't have children, is a man will be disappointed,, have their own baby that just like a home." Hong Kong Mr. Wang's incumbent girl friend is his colleagues in Shanghai, they have decided to lives in Shanghai. "Comparatively, mainland women more traditional family, more suitable for some."
"Hong Kong woman synthetical condition is good, but their higher requirements for life,MBT Panda, the man has to avoid stress. In contrast, the mainland comparative cleverly, easy to get along with women." The expert points out, the Hong Kong women in all walks of life in recent years they've shown capable and excellence, better than men in many areas. Hence, the male soon move, instead of a wife northward. And, as in recent years, more and more people seek development space, north northward and a wife who has become more widely, not only conditions ordinary port male can do that, even the highly educated, have certain assets of men will do such a choice. "This continues, Hong Kong women married the chance to be diminished."
Survey results have important academic value
Although the sexual violence against women in Japanese court lawsuit suffered a lawsuit, but the court ruled that violated the facts. In order to let more people know the historical truth, "find out will" will investigate results published constituencies. In 2004, "happened in loess village in the Japanese sexual violence - the big niang not at the end of the war, was published responded with a annual Japan" mountains chrysanthemum honor award." The award is a memorial to the pioneers of Japanese women liberation movement of Japanese women, had made great contribution to research the mountains and chrysanthemum glory and the establishment of the year ", award about women in the solid research and survey, and made mbt sandals sale outstanding achievements in the future, expect to get better grades of individuals, organizations, groups ".
Book detailed record every survey time, investigate place, listen to object and survey participants. "Found" accumulated the 150 dish total each coil tape (120 minutes), for critical testimony, not just rely on the Japanese translation, but repeated the words, listens to tape on record, according to the final categorize it as were formed the data. Its access to large Japanese literature material also has in detail labeling.
Have some scholars in the mainland after reading book "rhetorically, this is a let Chinese scholars" was delighted and shame "book," rejoicing is this is a rare very solid about wartime China women suffer historical works, shame is such works by not accounted for sharing is the Japanese scholars to finish." Unfortunately, such a work has important academic value in the mainland and not too many readers.
From the start, "find out in 2007" will be held in China members have begun preparing for a world war ii the Japanese sexual violence exhibition. The first reason is that the court in Japan "comfort women" sexual violence lawsuits have a lawsuit, will push the women victims of intense anger and clinking of despair. "We hope more Chinese people, especially young generation can pass MBT Fanaka GTX, figure show understanding of the women victims of their deeds, deepen tribute." fight ShiTian said.
March 17, 2010, the exhibition has been held in shanxi WuXiangXian the eighth route memorial. In a year of exhibition, "Shanxi Province during the investigation, will" find work continues, they continue to listen to the women victims gambits, collect and analyze the literature material, continue to raise money for the big niang, continue to conduct medical requirements XieZui and compensation for the Japanese government exercise?
They are also trying to visit at that time were victimizers - original Japanese invading army soldiers, explore its inner world, locating its harm to the cause, but the difficulties, are willing to accept the survey of Japanese soldiers very few. HuiLi ChiTian lifetimes1, son always want to "go to ask those who keep silence of the Japanese soldiers, why should exert such cruel sexual violence?MBT Panda, Do you have any regrets? Whether be guilty of consciousness? Torture have what life over the war?"
(this paper writing, ShiTian reference [within]] son, and unity of rice field editor-in-chief occurred in loess village of Japanese sexual violence "(ZhaoJinGui translation), [day] little syncretization positron" using oral historical study the possibility of modern China "(GeTao translation), LiuPing" Japanese scholars eyes of the Japanese sexual violence problem, not a one works in this acknowledgement, indicate the source.
Book detailed record every survey time, investigate place, listen to object and survey participants. "Found" accumulated the 150 dish total each coil tape (120 minutes), for critical testimony, not just rely on the Japanese translation, but repeated the words, listens to tape on record, according to the final categorize it as were formed the data. Its access to large Japanese literature material also has in detail labeling.
Have some scholars in the mainland after reading book "rhetorically, this is a let Chinese scholars" was delighted and shame "book," rejoicing is this is a rare very solid about wartime China women suffer historical works, shame is such works by not accounted for sharing is the Japanese scholars to finish." Unfortunately, such a work has important academic value in the mainland and not too many readers.
From the start, "find out in 2007" will be held in China members have begun preparing for a world war ii the Japanese sexual violence exhibition. The first reason is that the court in Japan "comfort women" sexual violence lawsuits have a lawsuit, will push the women victims of intense anger and clinking of despair. "We hope more Chinese people, especially young generation can pass MBT Fanaka GTX, figure show understanding of the women victims of their deeds, deepen tribute." fight ShiTian said.
March 17, 2010, the exhibition has been held in shanxi WuXiangXian the eighth route memorial. In a year of exhibition, "Shanxi Province during the investigation, will" find work continues, they continue to listen to the women victims gambits, collect and analyze the literature material, continue to raise money for the big niang, continue to conduct medical requirements XieZui and compensation for the Japanese government exercise?
They are also trying to visit at that time were victimizers - original Japanese invading army soldiers, explore its inner world, locating its harm to the cause, but the difficulties, are willing to accept the survey of Japanese soldiers very few. HuiLi ChiTian lifetimes1, son always want to "go to ask those who keep silence of the Japanese soldiers, why should exert such cruel sexual violence?MBT Panda, Do you have any regrets? Whether be guilty of consciousness? Torture have what life over the war?"
(this paper writing, ShiTian reference [within]] son, and unity of rice field editor-in-chief occurred in loess village of Japanese sexual violence "(ZhaoJinGui translation), [day] little syncretization positron" using oral historical study the possibility of modern China "(GeTao translation), LiuPing" Japanese scholars eyes of the Japanese sexual violence problem, not a one works in this acknowledgement, indicate the source.
Find out will" have been trying to solve the mystery.
After 50 years, they heard the Japanese words with the whole body trembles
The Chinese academy of social sciences modern history research institute in understanding their step ping, also deeply felt after investigation, "comfort women" just imposed on them by Japanese organized a form of violence, while in war time and situation on women regardless of violence, it is more common in the Japanese sexual violence the phenomenon. He said, "get this damage the number of Chinese women shall have large number and scale of the problem, but the survey, research is not full."
Because all sorts of reasons, China's official or folk, the Japanese invading army sexual assault of literature material are very few. ShiTian etc in shanxi carefully retrieval of archives of resistance loss survey and war criminals archives, found the survey in a strange phenomenon: about the Japanese killing, burning and looting in such investigation and statistics, there are a lot of statistics, only in rape captioned, record Numbers very little, even majority is blank.
"The Japanese aggression in suffered in rural China, get sexual violence hurt women, what makes them keep silent? "Find out will" have been trying to solve the mystery.
When they took all sorts of doubts first stood to that when women victims, not to mention the investigation before, even ordinary conversation is a hard thing. After 50 years, heard Japanese man said Japan would be enough to make their words with the whole body trembles. When the conversation touched on sexual violence, someone vomiting, someone feel uncomfortable, someone even suddenly psychosis.
"A lot of the big niang all think this is the greatest shame and disgrace, was looked in the village, mbt sandals sale oneself also can't lift head. We repeatedly told them: this happen not your sin, not your fault." ShiTian meters son say.
Not just themselves, the villagers also think these survive sexual violence victims are community disgrace. The local historical materials to mainland post-war local government, party organization's survey as the foundation, respondents generally constitute by men. But, for the village women suffer sexual violence case, more than a certain age though men in the village, but does anyone know said. So sexual violence victimized records is extremely rare.
Long-term since, the women victims didn't accept investigation, they encountered not mentioned, don't be recorded, and "village history" not only on the rails, era. In silent bear Not suicide, choose risk-drivers. An example is the HeDongCun fall for. By a Japanese army corporal exclusive a year and a half, and gave birth to a child's for servants was later dozen "historical counter-revolutionary", sit spent three years in prison, after the outbreak of the "cultural revolution" is again being political persecution. In 1967, she left "avenging himself" word suicide.
In "find out the YuXian will" members came to his first two, they realized that in big niang home couldn't for quiet, do not suffer interference, so we want to talk a way, please them to stay for a few days, in taiyuan city hotel rooms, for two or three days for everyone detailed interview. Little by little, segments, although telling the process is very painful memories, but both thus gradually establish a trusting relationship.
"Every time an interview must have families together." ShiTian meters son wrote that note in the investigation is "first with her husband, or daughter, sons and daughters and granddaughter, niece, sit together, chatting. MBT Fanaka GTX, As the relationship between us more and more harmonious, from second or third start, an interview decline male relatives there."
Investigation of the third year, older, let them come for victims in taiyuan in physical strength also becomes a burden. "But at this moment, the village's comments also slowly changed." ShiTian said, "they also become don't mind if I watched people around the village and they began to accept interview in his own home." This is they recover gradually confident performance.
In this process, among women in the same also started to talk to one another,MBT Panda, and gradually restored confidence, become optimistic rise, start methodical tells his murder process.
Originally, they always sigh with regret "death", as the investigation started, they gradually propose to export gas ", to "restore his reputation", to "in the village can stand tall and live", even said later going to Japan "and" not "a lawsuit that gently" death. The big niang by lawsuit found himself "now alive meaning".
The Chinese academy of social sciences modern history research institute in understanding their step ping, also deeply felt after investigation, "comfort women" just imposed on them by Japanese organized a form of violence, while in war time and situation on women regardless of violence, it is more common in the Japanese sexual violence the phenomenon. He said, "get this damage the number of Chinese women shall have large number and scale of the problem, but the survey, research is not full."
Because all sorts of reasons, China's official or folk, the Japanese invading army sexual assault of literature material are very few. ShiTian etc in shanxi carefully retrieval of archives of resistance loss survey and war criminals archives, found the survey in a strange phenomenon: about the Japanese killing, burning and looting in such investigation and statistics, there are a lot of statistics, only in rape captioned, record Numbers very little, even majority is blank.
"The Japanese aggression in suffered in rural China, get sexual violence hurt women, what makes them keep silent? "Find out will" have been trying to solve the mystery.
When they took all sorts of doubts first stood to that when women victims, not to mention the investigation before, even ordinary conversation is a hard thing. After 50 years, heard Japanese man said Japan would be enough to make their words with the whole body trembles. When the conversation touched on sexual violence, someone vomiting, someone feel uncomfortable, someone even suddenly psychosis.
"A lot of the big niang all think this is the greatest shame and disgrace, was looked in the village, mbt sandals sale oneself also can't lift head. We repeatedly told them: this happen not your sin, not your fault." ShiTian meters son say.
Not just themselves, the villagers also think these survive sexual violence victims are community disgrace. The local historical materials to mainland post-war local government, party organization's survey as the foundation, respondents generally constitute by men. But, for the village women suffer sexual violence case, more than a certain age though men in the village, but does anyone know said. So sexual violence victimized records is extremely rare.
Long-term since, the women victims didn't accept investigation, they encountered not mentioned, don't be recorded, and "village history" not only on the rails, era. In silent bear Not suicide, choose risk-drivers. An example is the HeDongCun fall for. By a Japanese army corporal exclusive a year and a half, and gave birth to a child's for servants was later dozen "historical counter-revolutionary", sit spent three years in prison, after the outbreak of the "cultural revolution" is again being political persecution. In 1967, she left "avenging himself" word suicide.
In "find out the YuXian will" members came to his first two, they realized that in big niang home couldn't for quiet, do not suffer interference, so we want to talk a way, please them to stay for a few days, in taiyuan city hotel rooms, for two or three days for everyone detailed interview. Little by little, segments, although telling the process is very painful memories, but both thus gradually establish a trusting relationship.
"Every time an interview must have families together." ShiTian meters son wrote that note in the investigation is "first with her husband, or daughter, sons and daughters and granddaughter, niece, sit together, chatting. MBT Fanaka GTX, As the relationship between us more and more harmonious, from second or third start, an interview decline male relatives there."
Investigation of the third year, older, let them come for victims in taiyuan in physical strength also becomes a burden. "But at this moment, the village's comments also slowly changed." ShiTian said, "they also become don't mind if I watched people around the village and they began to accept interview in his own home." This is they recover gradually confident performance.
In this process, among women in the same also started to talk to one another,MBT Panda, and gradually restored confidence, become optimistic rise, start methodical tells his murder process.
Originally, they always sigh with regret "death", as the investigation started, they gradually propose to export gas ", to "restore his reputation", to "in the village can stand tall and live", even said later going to Japan "and" not "a lawsuit that gently" death. The big niang by lawsuit found himself "now alive meaning".
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.
Friday, April 22, 2011
some fund company intensive research infrastructure in April
Benefit from domestic security room, the fund manager of long-term demand for infrastructure industry increasingly optimistic, valuations and growth has been attracting domestic many fund company to research infrastructure industries. The reporter learns, mbt sandals sale some fund company intensive research infrastructure in April this year and spent hundreds of millions of fund industry of infrastructure industry related hold stocks.
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Reporters from related channels learned that, in some domestic fund company in April this year to three, frequent industry laison, domestic infrastructure construction industry investment mark some intense attention by the fund manager. mbt shoes sale A domestic fund company to the chief investment officer has already revealed, Shanghai securities news in April this year listed company, sent researchers investigation also began to personally to main mark company for field visit.
Recommended reading
Fund of an ancient name for China heavy warehouse shares at a glance (form)
Bank stocks WangYaWei words and deeds doMBT Kafala, a empty differ
23 April only fund secrete strands strengthened themselves
Theme in favour payable to fund small cap
Fund announcement a word express daily
[BBS] disorderly city base civilian credible?
Reporters from related channels learned that, in some domestic fund company in April this year to three, frequent industry laison, domestic infrastructure construction industry investment mark some intense attention by the fund manager. mbt shoes sale A domestic fund company to the chief investment officer has already revealed, Shanghai securities news in April this year listed company, sent researchers investigation also began to personally to main mark company for field visit.
closing session of micro fall than on 0.38%
Two consecutive "a word" stop, shanghui development (after 000895) finally wait to bold copy on the bottom of the funds. Yesterday, shanghui development stayed drop stop, and closing session of micro fall than on 0.38%. Round-the-clock change hands, clinch a deal amount up to 34 astonishing in billion yuan, the shenzhen two city and the flow of more than 9% chips easy advocate.
Recommended reading
Fund of an ancient name for China heavy warehouse shares at a glance (form)
Bank stocks WangYaWei words and deeds do empty differ
23 April only fund secrete strands strengthened themselves
Theme in favour payable to fund small cap
Fund announcement a word express daily
[BBS] disorderly city base civilian credible?
Huge deal between agencies, is behind for different operation. Remit Released in after-hours mbt sandals sale trading shenzhen public information display, April 19th to April 21st, shanghui development before the total amount of five buy four seats for institutions dedicated seats, aggregate net buying amount 6.4 billion yuan.
But more than sell bought. The data shows, shenzhen in some institutions margin at the same time, there are some institutions but fled cries. 19 to 21 daytime, shanghui development of top five seats in total sold are orgnaization, total net selling amount 13.3 billion yuan as. Among them, the maximum amount of net selling a institutions seats sweeping "sale" shanghui 6.3 billion yuan, the amount equivalent to sell buy institutions seats four combined.
Shuanghui development of the price in three day in about 60 yuan, 6.3 billion yuan of selling amount equivalent to 100 million shares. Shuanghui development in March 2010, Numbers of holdings inc. shows the number of nearly 1,000 shares have industrial trends fund organization, fine fruit dovish 1294 million shares fund 1227 million shares, industrial global vision fund 1015 million shares, debbi Ann stock (love base, net, information) fund 995 million shares, bo theme when industry 8.8 million shares fund. Industry insiders accordingly guessing, sale mbt shoes sale in the institutions of the fund.
Of course, buying fund also has a buy reasons. "After two successive company considered crude, shanghui share price has dropped from the value, so the resolute choice margin." A heavy storehouse of fund holding shanghui MBT Fora,development because insiders told reporters yesterday, share prices sharply lower early plate to remit goes high, its open part margin chips have earned money.
See more decentralized shanghui research report, not a few. Securities says, shanghui present MBT Goti,n actual controlling shares are already approaching $56's offer, continue to crash is unlikely.
Recommended reading
Fund of an ancient name for China heavy warehouse shares at a glance (form)
Bank stocks WangYaWei words and deeds do empty differ
23 April only fund secrete strands strengthened themselves
Theme in favour payable to fund small cap
Fund announcement a word express daily
[BBS] disorderly city base civilian credible?
Huge deal between agencies, is behind for different operation. Remit Released in after-hours mbt sandals sale trading shenzhen public information display, April 19th to April 21st, shanghui development before the total amount of five buy four seats for institutions dedicated seats, aggregate net buying amount 6.4 billion yuan.
But more than sell bought. The data shows, shenzhen in some institutions margin at the same time, there are some institutions but fled cries. 19 to 21 daytime, shanghui development of top five seats in total sold are orgnaization, total net selling amount 13.3 billion yuan as. Among them, the maximum amount of net selling a institutions seats sweeping "sale" shanghui 6.3 billion yuan, the amount equivalent to sell buy institutions seats four combined.
Shuanghui development of the price in three day in about 60 yuan, 6.3 billion yuan of selling amount equivalent to 100 million shares. Shuanghui development in March 2010, Numbers of holdings inc. shows the number of nearly 1,000 shares have industrial trends fund organization, fine fruit dovish 1294 million shares fund 1227 million shares, industrial global vision fund 1015 million shares, debbi Ann stock (love base, net, information) fund 995 million shares, bo theme when industry 8.8 million shares fund. Industry insiders accordingly guessing, sale mbt shoes sale in the institutions of the fund.
Of course, buying fund also has a buy reasons. "After two successive company considered crude, shanghui share price has dropped from the value, so the resolute choice margin." A heavy storehouse of fund holding shanghui MBT Fora,development because insiders told reporters yesterday, share prices sharply lower early plate to remit goes high, its open part margin chips have earned money.
See more decentralized shanghui research report, not a few. Securities says, shanghui present MBT Goti,n actual controlling shares are already approaching $56's offer, continue to crash is unlikely.
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