129823520528906250_23Ke San Huan high goals in a brokerage lijian 10 or 19%
"This research report rating of the company introduced" 31: comment on the performance results for the small increase cash flow needs to be improved with 11 total operating income of 14.678 billion yuan, an increase of 4.93%; 2.804 billion yuan in net profit of the shareholders of belonging, an increase of 5.30%,EPS at $ 0.369, in line with expectations. ByBusiness analysis relies on concrete machinery business revenue and gross margin growth: as income and gross margin exceeds the maximum business 40% more than 50%, we estimate concrete machinery 1 quarter revenue increase by more than 20%, which maintain a slight growth in overall income. At the same time as ' gross profit margin for the quarter 38.42%, an increase of 1%,Over the level in year 11 36.48%. But the company's concrete machinery business also face greater competitive pressure. Excavator and crane market share further increased: quarter of 12 General drop in demand for construction machinery, excavator and crane product market share but company has improved. According to the Association, when a quarter of companies selling miningAbout 7,200, down 12.3%, market share by 11 4.6% per cent, excavator market leading position; the company achieved sales of truck cranes about 800 units, up by 26.97%, more market share by 11 2% per cent. Financial costs and rapid growthLength: 1 cost 2.034 billion yuan during the quarter, cost rate for the period was 13.86%, representing 11 rise of the 1.9%. Selling and administrative expenses rose and 16.68% respectively, growth rates are higher than income growth; finance charges since interest expenditures grew fairly rapidly and reaches $ 94 million,-$ 33 million in the same period last year increased dramatically. End of the company's short-term borrowings and long-term borrowings and 12,828 Yuan respectively, representing an increase of 11 and 1,533, significantly increased financial pressures. Substantial increase in accounts receivable, operating cash flow decreased significantly: 1 the end of the quarter the company's accounts receivableReached $ 20.123 billion, increased by $ 8.8 billion in the early period; although early accounts receivable increased distribution and factors of concrete machinery business agency system, but probably also reflects the company's promotions and downstream customers back to the difficulty in increasing. Company's cash flow from operating activities in the period a net outflow 4.389 billion yuan, representing a11 decrease of 983 million dollars, far lower than the net profit level. Money stress: as operating cash flow reduced monetary funds at the book value of the company at the end of the 1 quarter $ 6.893 billion, earlier than reduced $ 3.353 billion, representing 11 per cent of 30.29%, the completion of the acquisition Germany elephants after the company, the company's goodsMoney funds may be more nervous, we believe companies need further financing. Profit forecasts and investment advice companies 1-quarter results in line with our expectations, we keep on 2012-2014 year earnings forecast, expects operating income is $ 60,009, and 81.532 billion, respectively, net profit was 9,805, 1And 1,798 dollars, an increase of 13.37%, 18.36% and 17.97%;EPS, 1.291, respectively, and of $. Company is a construction machinery industry leading enterprises, leading overall strength, corresponding to the current stock price 2011 PE, maintaining a "buy" on theLevel. Risk companies planning to issue shares
wow power leveling, performance will be diluted. Real estate adjustment and negative impact on the housing area of new construction and real estate investment growth is emerging, if the duration is longer, could adversely affect demand for concrete machinery and other products of the company. Three rings: rare earth prices helps to improve the performance expectations of ND-Fe-b price hit bottom, subsequent increases couldSince mid-March, large, neodymium-Iron-Boron-neodymium-praseodymium metal core material price has risen to $ 585,000/t, close to the 30% increases. Neodymium-praseodymium oxide from 360
TERA CD-key,000 yuan/ton in mid-March to reach the current 460,000 yuan/ton. Due to the limited 12 added rare earth production in the international market. Accompanied by the implementation of special invoices for domestic rare earth and rare earth region continued consolidation, ChinaCapacity increases will also be relatively limited in supply. Recent price rises from a certain extent, reflect the supply and demand sides of the rare earth market trends for 12 relative optimism. On the downstream market of ND-Fe-b magnetic material, continuous adjustments to reduce the cost of transferring early price region of low pressure. While a few alternative resources may occur, but the widespread use of iron and oxygenMagnetic materials are less likely. Under continued to fall in price is no longer expected, expected to prompt buyers back to the market. At the same time taking into account the current inventory status of the industry chain, and demand season come step by step, we judge the price of ND-Fe-b at the end of current foundation built on, will increase the probability of subsequent rebound. New booster, zhongke sanhuan elastic high performance three-ring as a domesticND-Fe-b magnetics leading enterprises, will benefit from the industry chain price rises and new industry growth is expected. In the context of ND-Fe-b prices rallied, company results for the subsequent quarters there is a big up flexibility. In addition to the price
Diablo 3 power leveling, the company 12 years there is still capacity space. 11 the end of inventory into the low point of the company. Since the beginning of this year has begun to gradually increase the inventory,Reflect product prices and demand of optimism for the future of the company judge. Also by raising the level of automated production, reduce the use of heavy rare earth and other ways to improve production efficiency. 12 years will maintain a robust income growth, gross margin remained relatively high. Investment recommendations and ratings from ton capacity corresponds to the market value of the scale, comparable company zhongke sanhuan static capacity is 2Times market value but only 1.6 times of other times. From the industrial chain of comparable companies, rare earth magnetic materials as materials of rare earth extending system, already have a resources property. Baotou steel rare earth 12 PE 32 times for comparable companies, and three rings of only 19 times in times. After the first stage of our target price is reached, we increase the company the next target price to $ 50, 12 25 times times PE. Follow-up still has raised its performance space, giving the overweight rating.
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