Hailey: Avoiding the common thread of competition and making the difference.

     Sina Tip: This article belongs to a stock comment column, only for securities consultants on the relevant stocks or plates of personal views and analysis, and informal news reports, Sina does not guarantee its authenticity and objectivity, investors operate on this basis, risk from the bear.　　For accurate information about the unit, please refer to the Bulletin of the Shanghai and Shenzhen Stock Exchange. CIC Securities Kong Jun Company for the family business, 09 with restricted shares of the lifting pressure. Hayley's company for the family business, the actual control of the people to the people, the Gaolimin family total holds Hailey 41.52% of the shares. As of 09.5.17 Day, as the 27.2 million restricted shares of the business venture investment were lifted on 09.1.23 Day, the company's circulating shares increased 86.32% before the lifting.　　The company 09 has a larger restrictions on the lifting of restricted stocks pressure. Company profits mainly from polyester industrial filament and light box cloth, light box cloth to export-oriented, polyester filament inside the export of half. 08 company polyester filament and light box cloth gross margin of the company's gross margin of 95%, of which polyester filament, light box cloth in total gross margin accounted for the ratio: 68%, 27%.　　08 Polyester Industrial yarn export revenue accounted for 44.45%, light box cloth export revenue accounted for 84.3%. 09 The company's ordinary high-strength wire pressure, growth will rely on high modulus low shrinkage wire. The company's ordinary high-strength Silk 09 will be increased by domestic production capacity, the impact of increased competition, but the company's high mold low order full orders.　　09 The company will open 30,000 tons of production capacity, the company's high modulus of low shrinkage (HMLS) is based on the planned expansion of production, to ensure full production of total sales. Therefore the high modulus low shrinkage (hmls) Silk 09 will become the core product which guarantees the company achievement growth.　　Other differentiated fibers due to the small amount of profits to the company to create a limited profit growth. Company Light box will maintain the existing production scale, emphasis on broad light box cloth sales. Company Light box cloth divided into ordinary and wide light box cloth. The company's future main direction is high modulus low shrinkage wire, so the next few years will not increase the capacity of light box cloth. Although the company wide-width light box cloth production accounted for higher than in the peer, but still with ordinary light box cloth mainly.　　Because of wide-width light box cloth price high, high gross margin, so the company will expand the width of the distribution of light box cloth sales accounted for. Company High-strength Low Mold wire has a larger market space, the project may be subsidized by the state. In recent years, the average annual meridian tire of our country is increasing at 20-30% rate. The rapid development of half steel radial tire stimulated the rapid expansion of polyester cord, and increased the demand of high modulus and low shrinkage (HMLS) polyester industrial filament. At present, the domestic high modulus low shrinkage (hmls) silk capacity of 149,000 tons/year, the domestic downstream hmls polyester cord fabric demand for 100,000 tons per year, coupled with high mold low shrinkage (hmls) export volume, domestic high mold low shrinkage polyester industrial yarn is still a larger development space.　　In addition, because the company project in line with national Industrial Policy planning, the company 25,000 tons project has entered the Treasury Bond Project library, may obtain 10% of the government subsidy. Give the Company a "recommended" investment rating. We forecast the company 09-10 EPS to be 1.01, 1.30, 1.65 yuan, the next 6-12 months target price can reach 23.00 yuan, give "recommended" rating.