2 Continuous trading North New bridge 135.74 times times the value of P/E is not worth

May 24, the North New Road and Bridge (002307) continued trading after trading in Friday, according to wind information statistics, the latest week, the North New Road and bridge rose to 19.82%, its P/e rose to 135.74 times times. In response to the recent sharp rise in the shares of the new bridge, the North New Road and Bridge, the Secretary to the "Securities daily" reporter said: "The company's stock trading is the market decision, there is no notice should not notice information." And recently, many stocks in Xinjiang plate are rising, and the regional revitalization planning document of Xinjiang is also transparent. "Indeed, by the Xinjiang regional revitalization plan is expected to launch the news stimulus, Xinjiang plate of other companies are also surging, the 24th Xinjiang Plate also has 6 stock trading, including days rich thermoelectric (600509), Xinjiang Day Industry (600075), Days Kang Biological (002100), etc.,　　Xinjiang Urban Construction (600545) is also a continuous trading day. "The new road and bridge stock price rises continuously, also relates to the company attribute," said a Chinese securities analyst who went to Xinjiang north New Road and bridge for a survey. The company is a construction enterprise, with light asset attributes, the capacity to double more easily, limited by the restrictions, more likely to achieve a jump-type growth, so the performance elasticity. Unlike the steel industry, which is a heavy asset, the capacity to double will require a lot of money to build production lines. "According to road Traffic" Eleven-Five "development Plan and" National Highway Network Planning "," Eleven-Five "during the west is the key construction area of highways. It is understood that the North New Road and bridge in the Xinjiang plate belongs to the infrastructure or infrastructure supporting category of listed companies, Xinjiang is an important channel for Asia and Europe, Asia-Europe land bridges throughout Xinjiang, if the international energy city is really established, will drive its traffic along the city's development. Moreover, after the central Xinjiang work symposium, Xinjiang's regional revitalization plan is expected to be promulgated, including fiscal, finance, industry and other "package policy" will provide all-round support for Xinjiang's economic development.　　So the strong eruption of the Xinjiang plate yesterday should be in the sense. The problem is that the current price-to-earnings ratio of the new bridge is up to 135.74 times times, and can its performance sustain such gains? "At present, Xinjiang working Conference has not yet disclosed specific support methods, there are various statements, such as the central direct investment, counterpart support, state-owned enterprises to develop the economy, the implementation of the new bridge in the north, the company, if the highway construction will increase the new road bridge new contract, the company will have substantial performance growth. "the analyst said. Last year, the company's main income of 53% from overseas, mainly in Central Asia, 47% from domestic, mainly central and western regions, of which the Xinjiang region accounted for only 13%. Cash flow is good, for the cold area construction company has a certain technical advantages. At the beginning of 2010, the contract amount was more than 5 billion, and the contract income was more than 2:1. Without considering the impact of Xinjiang revitalization planning, the company expected 2010, 2011, 2012 main income of 3.1 billion, 3.9 billion, 5.1 billion, corresponding to 2010, 2011, 2012 EPS respectively0.42, 0.57, 0.77 yuan, taking into account the company's main revenue in 09 only 2.3 billion, the absolute value is small, because the construction enterprises by the small capacity constraints, not to exclude the revitalization of the plan to the company in the hands of the doubling of the contract May. However, it is slightly regrettable that the North New Road and bridge construction qualification has not reached the highest level is the special, currently has a highway engineering construction general contracting a qualification, the one-time to undertake large items have restrictions, but can be divided into small projects. When the reporter confirmed, the north New road and Bridge Dong said: "The company has not applied for the construction of Highway Engineering general contractor Super Qualification, is still in the approval process." ”