129787266826718750_40Changyuan group: specializing in return a good start
Conclusion and recommendations: 1Q11 results released today by the company notices, net profits fell by about 10%, after deduction of non-recurring profit and loss, net profits rose 40.0%~60.0%, growth mainly due to the network equipment business of the significant growth in revenues and net income. Main businesses increased net profit in the first quarter is a good start and we maintain after earnings forecast, 2012 and 2013, is expected to achieve revenues of $ 2.617 billion (YOY 35.7%), $ 3.5 billion (YOY 33.7%), net profit of 326 million Yuan (YOY-51.0%), {net non-recurring profit and loss after net profits of approximately $ 284 million (YOY 32.7%)},4.10 billion yuan (YOY 26.1%), EPS0.38, $ 0.48, corresponding to the current share price and 2012 dynamic PE 21X, respectively 16X, dynamic undervalued, maintaining a "buy" recommendation. First-quarter net profit fell 10%, arrest of growth in net profit after nonrecurring 40%~60%: the company expects net profit in the first quarter and theRatio of about 10%
tera power leveling, but after deducting non-recurring profit and loss business net profit grew by 40%~60%. There are two main nonrecurring: first, 2011Q1 sells financial assets earnings of $ 10.58 million, 2012Q1 without the investment income and, second, incentive 2012Q1 amortization cost $ 7.5 million, 2011Q1This cost-free. Distribution networks and smart grid investment increasing, grid equipment demand: industry point of view
tera gold, "Twelve-Five" power and Smart grids will be the focus of network investment with a total investment of about 50% into the distribution network in the area, "Eleven-Five" 30% increased significantly; intelligent of 180 billion yuan investment, than "Eleven-Five" surged by nearly 5 times. ThisNET year bid Directory displays in the second set, tender size up 100% 110KV and below products; substation protection and monitoring class
tera gold, intelligent substation tender respectively and 40%, not to 20% over the same period last year increased dramatically. Company network equipment product broke out in the Nick of time: 2011 wholly-owned holding company after a long deep insight,Formation in changyuan electric power (in power distribution products such as ring), Zhuhai create (five measures of microcomputer), long deep insight (intelligent substation control and protection) structure of collaborative development. Changyuan electric power 2011 in two net tenders, the market share of top three, this scale is expected to continue bidding for power distribution network merchant company is located in Shenzhen, the original product in winning percentage South networkHigh, with the deep insight (formerly welcome group company, mainly to participate in tenders for national grid) wholly-owned holding, hopefully with deep insight in advantages of network bidding to achieve bi-directional development of its own products in the two networks. Network equipment revenues surged in the first quarter, is a good beginning of the outbreak of the business. Radiation warming in the lower material profitability recovery period: domestic householdWarming trend of electronic appliances, automobile industry, recovery will enable electronic downstream industries, automotive heat-shrinkable materials needs to restore the pace of growth in the market; the next few years pipeline transportation of crude oil, refined oil and gas pipeline construction project will show rapid growth, thereby providing huge market for pipeline corrosion protective heat shrinkable material; benefited from the rapid growth of high-end smart phones as well as companies in the circuitProtection for leading status in the industry, business profitability recovery period. Earnings forecasts and ratings are expected in 2012 and 2013 to achieve net profit of 326 million Yuan (YOY-51.0%), {net non-recurring profit and loss after net profits of approximately $ 284 million (YOY 32.7%)},4.10 billion (YOY 26.1%), EPS0.38, $ 0.48, corresponding to the current share price and 2012 dynamic PE 21X, respectively 16X, dynamic undervalued, maintaining a "buy" recommendation.
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