Beihai Port investment value is obvious

Oversold Port shares: to June 4 close to 12 yuan, the share price has tumbled 28.87% since April 15, running the same period of Shanghai index 9.52%.　　The concept of transport facilities, the concept of middle price. Overall Listing: Beibu Gulf Port group 57.96 million shares of the company was completed in October 2009. Guangxi Beibu Gulf International Port Group Co., Ltd., to build billion-ton of modern international regional shipping hub port as the goal, currently has a productive berth 54 (including 12 under construction), the largest design berthing capacity of 200,000 tons, the annual capacity of more than 60 million tons.　　After the completion of this subject, Beibu Gulf Group will carry out a major asset reorganization, the Beibu Gulf Group and its associated side of the relevant quality assets and business into the listed companies in legal form. 2010-Year Plan: the completion of port cargo throughput 7.1 million tons, an increase of 15.6%; efforts to achieve the port main business revenue than 2009 growth of more than 20%, and further control the cost of costs.　　The company 2010 Fixed assets budget investment of 123.14 million yuan, of which the stone Step Ridge Operation Area Three phase project construction special investment 50 million yuan, capital construction project Investment Capital Construction project invests 43.7 million yuan, mainly uses in the construction fertilizer specialized storehouse and so on, the equipment renewal investment 29.44 million yuan. The latest research report of Shanxi Securities believes that the 2009 performance of Beihai Port in line with expectations, the future development of a broad space, investment proposals, maintain the original rating "overweight." Assuming that the reorganization is not considered, 2010 cargo throughput completed 7.739 million tons, 2011 completed 10.07 million tons, 2010 years to achieve net profit of 28.405 million yuan, do not take into account the 2009 years of asset impairment preparation for the return factor, the year-on-year increase of 13.59%,　　2010 earnings per share of 0.20 yuan, 2011 earnings per share of 0.26 yuan. Shanxi Securities believe that if the 2010 reorganization of the matter is completed, according to the target acquisition of asset prices unchanged, the first 20 trading days close the average price issued equity, conservative forecasts,　　2010 earnings per share of 0.95 yuan, corresponding to the current stock price of 12 yuan, 2010 P/E ratio of 12.63 times times, low valuations, investment value is obvious, maintain the original rating "overweight."　　Shenzhen energy profit margin remained stable oversold power shares: to June 4 close to 10.26 yuan, the share price since April 15 tumbled 24.39%, the same period of the Shanghai index.　　Power concept, deep into 40 concept, social Security heavy storehouse concept, the Shanghai and Shenzhen 300 concept, the new energy concept, the QFII shareholding concept, the concept of energy conservation and environmental protection, the concept of venture capital, the concept of equity participation, and the concept of certificate 100. Overall listing: After the acquisition of all assets owned by Shenzhen Energy Group, the rights installed capacity will increase from 1.53 million-kilowatt to 4.1557 million kw, increase 1.6 times times, the total installed capacity reached 5.865 million kilowatts.　　The company will be wholly owned by the largest natural gas power plant in Shenzhen-East power plant. Wind: Wholly-owned subsidiary North Energy in Tongliao, Inner Mongolia Autonomous RegionLu County set up a wholly-owned project company Shenzhen Energy Tongliao Wind Power Co., Ltd., investment in the construction of righteousness and Tara Wind farm (300MW) project, the total investment plan is 3,112,868,700 yuan. Nuclear power: The company and China Guangdong Nuclear Power Group Co., Ltd. signed the Framework Agreement on strategic cooperation. According to the country's active development of nuclear power industry-oriented, in order to give full play to their advantages, and further accelerate the scientific and sustainable development of enterprises, the spirit of "long-term, equality and mutual benefit, cooperation and mutual win" principle, through friendly consultations, the two sides reached the Guangdong province to carry out cooperation in the　　and agreed to further deepen and develop in the conventional energy sector inventory and incremental integration and cooperation.　　China Securities believes that in the first quarter, the Guangdong region generated a year-on-year increase in electricity generation of 27%, both the impact of rising demand for the southwest arid hydroelectric power generation, the replacement of power generating units, if the two-quarter drought, the Guangdong area of thermal power generation is very favorable. State-owned securities are expected to increase the company's power generation growth of more than 10% per cent in 2010, assuming that the annual average price of coal is 8% higher than 2009, the National Securities calculation in 2010 can be realized attributable to the parent shareholders of the net profit of 1.9 billion, a share of 0.86 yuan, such as the increase in electricity Can realize the ownership of the parent company's net profit of 1.45 billion, earnings per share of 0.66 yuan, and 2009 after deducting the non-recurrent profit and loss is basically equivalent. such as coal prices rose more than 8% of the extent of the year-on-year decline in performance. At present the stock price corresponds to the 2010 dynamic earnings ratio 15.5 times times, the company valuation below the industry comparable level.