129773932891406250_24Wolong electric: performance turning signals a clear strategic collaborative maintenance of high efficiency motors and ATB motor high business growth. Home appliances to the countryside policy gradually due home appliances sales fell clearly
tera gold, differential motor growth will slow down in the future 2012 in energy-saving under pressure, motor efficiency standards upgrading, while the Ministry of finance changed subsidies, actively promoting new and modification of the stock market, high efficiency motorsFaster future growth; managed after ATB, insufficient project motor advantages will fill the company's internationalization process will be smoother, while the company will do OEM for ATB.
We expect 24.4% 2011 the revenue growth, growth in 2012 more than 30%; level of gross profit margin remains stable. Transformers profitability will improve. Power transformers: considerDongyuan transformer and table 11-year revenue was expected to reach 420 million Yuan, an increase of 143%; 12 expected not too optimistic, gross margin will bottom to pick up. Railway traction transformer: slowing construction of high-speed rail accident, falling demand
tera power leveling, gross profit margin decline significantly; 11-year revenue growth is expected, after the financing channels for the opening of the railway Ministry, 12 the business will improve. CityIn railway transportation traction: part of Metro construction project delays, its nature is different from high speed rail investment, at the same time actively expanding its Beijing markets, revenue growth will pick up 12, profitability will improve. Battery business substantially reversed. Under the influence of pits, 11-year loss of more than 13 million Yuan; laochangqu will be moved to the new plant, formed of 1.2 million kVAhCapacity in April is expected to be put into production. Company the project intends to invest 150 million dollars of additional, forming lithium ion battery production capacity 200,000 kVAh, will gradually replace lead-acid batteries in the field of communications. Taking into account the Wolong nature reserve, Lighthouse closures expected 11 power business income fell by 38%, gross margins around 11%; 12 as the new plant into operation and complex production, lead-acid batteries lithium batteryPool step by step operation, battery business revenues grew 120%, while gross margins are removed from the bottom to pick up. Earnings forecasts: we 11-13 annual EPS forecast to $ 0.23/0.32/0.43 respectively, corresponding to March 21 closing price of $ 6.22, 11-13 PE 27/19/15, respectively. Taking into account the motor business stabilityPerformance
tera gold, business profitability, as well as the battery business full complex of transformer production, performance will be better, given for the first time a "buy" rating. Risk disclosure: high efficiency motor to promote progress of uncertainty; railway investment, power grid to invest less than expected; increasing competition. (Century securities) var selfURL= "http://quotes.cnfol.com/block/7021"; Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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