Conch Two-year sales increased 60 million tons gezhouba like central and medium-sized board

In the case of overcapacity in the industry, conch cement to play a large enterprise synergy effect, the performance rose 50% year-on-year; Water Conservancy construction is just beginning conch cement rose by 50% in 2010.　　Cement prices in the four quarter of such a rally, the national leading conch cement has such a performance is expected. Conch Cement is the largest domestic cement and commodity clinker manufacturers and suppliers, with about 120 million tons of clinker production capacity.　　Its main markets include Anhui, Zhejiang, Jiangsu, Jiangxi, Guangdong and Guangxi, January 10, 2011, Conch Cement released performance notice said, 2010 attributable to the listed company shareholders net profit rose more than 50% year-on-year.　　Conch Cement said, the reason for the growth is that 2010 benefited from the national investment in fixed assets, cement demand to maintain a certain growth; at the same time, under the role of national energy conservation and emission reduction policy, the backward capacity elimination further accelerated, so that the cement market supply and demand relations continue to improve, product sales, selling prices have maintained a　　2010 years ago, the three quarter, conch Cement net profit of 3.159 billion yuan, than the same period of 2009 growth of 45.28%, and the annual performance growth of more than 50%, this benefit from the four seasons of production and price of rapid growth, as well as the second half of last year, power rationing energy-saving emission reduction promotion.　　Under the good synergy effect, the main battlefield of the company in East and South China cement prices significantly exceed expectations, the East China cement price from 300 yuan/ton, up to 500/ton; At the same time, production also increased, in 2010 a total of 10 production lines into production, new production capacity of 18.2 million tons. Conch Cement current total equity 3.23 billion shares, 2.67 billion shares of circulating capital, the first three quarters earnings per share of 0.89 yuan, dynamic PE for 23 times times, compared with the performance of peers, the best green pine to build but per share earnings 0.636 yuan, while the same area of Jiangxi Cement,　　Nest East shares and Fujian cement performance of 0.04 yuan,-0.04 yuan and-0.23 yuan, compared to performance, conch cement to a certain extent by the market underestimated. Entering the first quarter of 2011, the price of cement overall cut, in east China and South China, cement prices generally reduced by 20-50 yuan/ton, but analysts believe that these will not affect the above two areas of long-term demand, according to Citic Securities (11.87,0.00,0.00%) expected,　　2011 East China new production capacity of 20 million tons, and from the perspective of the elimination of backward production capacity, capacity elimination will reach 36 million tons, in order to calculate, East China Cement net supply of 16 million tons.　　UBS Securities believe that cement prices in the Chinese New year before the adjustment will be limited, so the Conch Cement 2011-year quarterly earnings per share should be far higher than 50%. From the point of view of demand, east China's demand growth in the next two years is more stable, although 4 trillion of investment opportunities have come to an end, but the future of high-speed rail and security housing construction will bring a lot of demand. From South China,Strong market demand, sales in the first half of 2010 year-on-year growth of 47.7%. Citic Securities analyst Yang that the future growth of conch cement is mainly reflected in two aspects, one is the increase in sales, with the new line production capacity, the company is expected to add 30 million tons of sales in 2011-2012, the second is the promotion of profit level,　　Taking into account the current high base of cement prices and the future cement industry supply and demand situation gradually improved, in the context of the growing synergy of large enterprises, conch as the national cement industry leading will fully benefit from the industry's profit level to upgrade. Gezhouba is like the Central and medium-sized Enterprises in the 2011 Center a document finally landed in the market uproar. The problem of Water conservancy construction becomes a problem.　　The relevant listed companies have also gone up a round.　　What will happen in 2011, but also to see the actual performance of listed companies.　　Gezhouba is the largest water conservancy and hydropower construction enterprises in the country, the business of construction as the core, involving cement, civil explosion, hydroelectric power, real estate and highways and other fields.　　January 4, 2011, Gezhouba issued a notice that 2010 the company's new signed contract amount of 55.61 billion yuan, compared with the same period last year, an increase of 31.98%.　　In addition, the company in the four quarter with Sudan, Mongolia and Venezuela and other countries of the company signed a total of about 805 million U.S. dollars of contracts. Gezhouba Total equity 3.49 billion shares, all for the circulation of shares, the current dynamic PE is 34 times times, this valuation relative to the same industry in Anhui Water Conservancy and Guangdong Hydropower has a certain underestimate, the latter two dynamic PE is 81 times times and 54 times times respectively.　　From the performance point of view, Gezhouba is better in Anhui Water Conservancy and Guangdong hydropower, the three earnings per share of 0.285 yuan, 0.13 yuan and 0.2 yuan.　　GF Securities that Gezhouba is like the "SME", compared with other similar companies have a huge development space, stronger growth momentum, more drivers, should be a higher valuation, taking into account the company faced with the development of water conservancy and hydropower, asset injection and other performance than expected, there is further increase the possibility of valuation.　　First, the National Water Conservancy and hydropower policy support, according to reports, central "1th" is expected to be announced on January 31, the establishment of a stable growth mechanism for water Conservancy investment in this year's central "document" occupies a prominent position.　　The "decision on speeding up Water conservancy reform and development" is about to be released and a series of policies, such as finance, investment and finance, will be issued to support the reform and development of Water Conservancy. Qiu Securities analyst, said the next 10 years, at least 170 million kilowatts of new installed capacity, in accordance with the Gezhouba in the domestic market 25% market share, he calculates that the company's hydropower business average annual revenue conservatively estimated to have 75% growth space, and water business growth space or up to 10 times times, therefore, Gezhouba hydropower business in　　The composite growth rate for the "Twelve-Five" period will reach 53%. Another worthy of concern is the expansion of international business, Gezhouba current business involving more than 30 countries and regions in the world, international expansionIs the company's construction business development long-term strategy.　　At present, the company's goal is about 2014 years overseas business to account for the proportion of 50% of the company's business, at present, the international project contract amounted to 22.545 billion yuan, about the new contract total of 40.55%, there is still a larger space for development, and from profitability, overseas business gross profit margin higher than domestic business.　　In the real estate, Gezhouba obtained valuable real estate development qualification, and Gezhouba Ichanyewu Foundation better, and a large number of land reserves, since 2010, in the real estate business layout frequently. In the field of civil explosion, the company's current annual production capacity of 175,000 tons of explosives, civil explosion business entry barriers to high, regional strong, the company has achieved in the southwest and Hubei local civil explosion business layout, the civil explosion industry will usher in a new high-speed growth period, Gezhouba is expected in the Southwest hydropower development, Xinjiang Energy and infrastructure in a piece.