129788454867812500_120Brokerage lijian Hua Lu Heng liter 10 share target or 64%
"This research report rating of the company introduced" alcoholic liquor: the enormous room for unstoppable and investment on the basis of an alcoholic drink 2012Q1 notice, its net profit after tax of 1.1-$ 120 million, an increase of 430-470%; growth substantially exceeded market expectations of about 200% we raised over a three-year EPS to 1.07, and 2.39 Yuan; performance Super expected confirms has we for drunkard wine province within fine layout and province outside times high-end national of of analysis judge, on future performance judge we has three points continued in-depth of cognitive: first, drunkard wine of province within deep has to has mode copy and scale effect double drive growth period, drunkard wine local high-end more price operations and mass price of added will further reduced its intoRates and costs, and continue to enhance local profitability, strong home advantage; the second, drinkers of wine country is unstoppable, and huge room. In the context of diversification of internal reference brand with high-end niche opportunities, alcoholic liquor brand high-end prices driven by external and internal layout of active demand management, will continue to be national investment and more mature management model to copyPotential market, the company will continue to promote the construction of Marketing Center 2012-2014 third, out of faster-growing, higher sustainable growth and strong 2011 companies reach and 75.2% in North China and South China growth, faster than the market in the province, indicating the alcoholic liquor of national capacities further enhanced, plate market effectively build a reinforced company of national copies2012 earnings further exceeded expectations were more likely; 2011 with revenue growth of the company reached 71.61% cases, growth in operating costs only 33.66%, 2011 annual operating expense ratio is 28.08%, down 8.09%, show the company's cost control capacity upgrading and scale effect of highlighting, taking into account thatAlcoholic liquor prices in the first quarter, we cautiously raised its full year results. Investment recommendations and ratings forecast sales, 14.5 and $ 2.9 billion in 2012-2014; EPS $ 0.97, and 1.42; taking into account the enormous room for companies in the province, province of expansion in the early stages, 012 years 40 times, pE valuations, corresponding to 2013 times PE,2012-year target price $ 42.8, price range $ 41.7 per cent, maintaining a "buy" rating. Hua Luheng rise: the road of new type coal chemical industry initiative investment based on the gasification of coal chemical industry leader, notable company industry comparative advantages by virtue of coal gasification technology development and expansion of leading enterprises of chemical industry,Now includes 1.5 million tons of urea, 250,000 tons of production capacity mainly DMF, 500,000 tons of acetic acid, 60,000 tons of trimethylamine. Company introduction of gasification furnace technology and deep knowledge of the field of application is the core competitiveness and Shenhua coal in raw material supply areas and China signed a long-term cooperation agreement, guaranteed prices, special trains for coal company expense control abilityStrong, high efficiency (this year's target is selling and administrative expenses per cent do not grow): technology, raw materials and management of significant comparative advantages laid the company's leadership in the industry. Urea products, for example, the company has $ 3-400 compared with the industry average cost advantages. Traditional business pressures increased, costs to upgrade industrial break through the recent, MFPrices subject to demand and marginal cost push factors, such as, $ 2,060 urea prices from the beginning of the company rose to its current $ 2,260, company earnings to improve. But the demand for credit, such as pressure, chemical industry as a whole, including the coal chemical industry slightly chill; in the long run, although the cost advantages, but traditional coal chemical industry production capacity graduallyExcess pressure is expected to grow year by year. Company cost advantages on the one hand to ensure sustained profitability in an existing area, on the other hand the positive towards new coal chemical industry such as DMF, adipic acid, ethylene glycol, to structure
tera power leveling, industry breakthrough. 160,000 tons of adipic acid plant of the company recently successfully put into production. Corporate planning, by 2015 of urea in company revenueAccounted for more than than from current 40% you want to drop to around 25%. Diversified, high end will be the main direction of the company's future growth. Raising investment projects to break the bottleneck of synthesis gas, new materials for future planning all along, synthesis gas supply company subject to capacity
tera gold, unit load long failed to improve. Raising investment and project construction of acetic acid production capacity on the one hand, more important is that the companySynthesis gas supply capacity increased dramatically to more than 1 million tons to 2 million tons. Total new capacity of two 4-bed Gasifier, there are now two have basically have the feeding conditions, phase II before two grades are expected to achieve. Syngas bottleneck after the break, companies can significantly improve the capacity load, integrated unit costs down even further. In the long run, companies will develop a plan"New materials", positive development of DMF, adipic acid, ethylene glycol and acetic acid (we will go further downstream in the future is expected) new coal chemical products, industry leading suppliers. Ethylene glycol clinical breakthroughs in coal gate, once successful market capitalisation significantly thickened coal technology of ethylene glycol with Shanghai e is currently 50,000 ton device have entered a joint testState plans to feed around end of April beginning of May, now coal of ethylene glycol technology break through a gate near. Based on successful experience in coal chemical industry over the years, the company's coal final breakthrough in the technology of ethylene glycol have greater confidence. We believe that the company plant coal quality high, less impurities in raw materials company in the field of coal chemical industry experience, team design, construction, operationRelatively, 50,000 tons of equipment as the first industrial laboratory scale is moderate
tera gold, and run less risk. Integrated, coal companies successfully breaking through the higher probability of ethylene glycol. We are in the preliminary report of the coal production of ethylene glycol: raised in the last fortress of the localization of the polyester industry chain, once a company successfully achieved a breakthrough, are considered company (Dan coal technology of ethylene glycol is expected to contribute to the companyAround 10 billion market value), thickening of the company will be worth $ 7.5 billion, equivalent to the current market value of nearly 90%. Investment recommendations and ratings we expected 2012-14 earnings per share of $ 0.48, 0.60, and 0.72, 12 years of traditional business valuation of 15 times, reasonable price for $ 7.2; If hualu glycol test success, taking into account industrializedProgress of problem, the glycol corresponds to the market value at about $ 7.5 billion, corresponding to each stock at $ 7.8, hualu glycol test successful, the reasonable price of about $ 15, and traditional business performance guarantees, corporate annual report 12-year income of $ 7.5 billion is expected, PS 1, thus defending both the company and give the company a "buy" rating.
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