Lithium battery energy: Flying into the integrated stock price "goofy" doubled in 1 months

If the first half of the money and institutions to push up the Desay battery is the whole new energy plate the biggest bright spot, then announced in early July, the reorganization of the planning of the integration of the flight will undoubtedly play the role of the recent plate leader. From the announcement of the reorganization plan from July 6 onwards, 5 trading days into the integration of the integrated 5-pull trading.　　As at July 19, it was closed at $20.6, which doubles the closing price of the 10.2 yuan, which was one months ago June 18.　　According to the integrated announcement, the company intends to raise funds to engage in the development of lithium-ion power batteries, the production and sale of China Airlines Lithium (Luoyang) Co., Ltd. (hereinafter referred to as "China Airlines Lithium") to increase capital to achieve the latter's absolute holding, and China Airlines Lithium plan to invest 1.7 billion yuan to form 680 million AH high-capacity lithium-ion power battery production capacity.　　Hot money even push 5 trading July 6, in the suspension of 5 trading days, into the fly integration announced the direction of lithium battery into the additional program, the day the opening price of a word trading. July 7, into the fly integrated high opening minutes after the pull to the limit, turnover is about 4 times times the previous day, and set a 21.11% high turnover rate. From the same day SSE announced the return of the transaction, the day of the first 5 sales offices in three from the accumulation of hot money in Zhejiang, respectively, are GF securities Hangzhou Tianmu Road, Zhongshan Securities Hangzhou Yanggong Causeway and the Treasury of Shaoxing People's Middle Road 3 sales Department,　　Total buy about 33.2122 million yuan, on the day to calculate the price of about 2.38 million shares. It is worth mentioning that in the day of the sale of the top 5 sales department also has 4 from Zhejiang (3 Hangzhou, 1 Fuzhou), there may be two explanations for this phenomenon, one is the sale of the sales department to collect the chips in the day before the trading board to buy, the next smooth profit out　　The second explanation is through the sales department and the buyer's business department to complete the chip to knock on the attack.　　In fact, this is an integrated share of the shares on the attack has just begun the curtain.　　In the close of the fall of the price of the fall of the July 8, into the fly integrated early morning stock prices after opening again, but in the morning before the closing price was firmly sealed in the trading board. The purchase of the main from the Orient Securities and GF Securities in Shanghai, two sales department, the total buy 58.5818 million yuan, and the previous day to buy is the GF securities Hangzhou Tianmu Road, Zhongshan Securities Hangzhou Yanggong Embankment and build silver investment in Guangzhou Binjiang East Road Three sales department. From the turnover point of view, the construction Bank investment in Guangzhou, the Business department successfully profited 812100 yuan away from the field, while the other two sales department chips have not yet been done, but supplemented by July 6, 7th and 8th 3rd transaction returns,　　GF Securities Hangzhou Tianmu Road eventually sold 16.3827 million yuan, compared to the July 7 to buy 15.0987 million yuan profit of about 1.284 million yuan, 7.8% of the yield slightly lower investment in Guangzhou sales department 9.45% of the yield.　　The same day, into the fly integration of the turnover continued to enlarge to 405 million yuan, 41.31% of the high turnover reached the recent two years of new highs. 79th, into the fly integrated early in the suspension 1 hours after the license to continue to attack, and in half an hour to successfully sealed in the trading board, 22.33% of the exchange of hands compared to the previous trading day significantly decreased a lot.　　After a two-day weekend, the integration of the flight into the 5th after the July 12 recovery card trading. And the 9th transaction is different, experienced the previous 4 trading board transactions, many short-term funds have benefited from the market, the day the concentration of the sale of the lower, selling the top 5 sales department total sold 19.0807 million yuan for the day only 228 million of the total turnover of 8.37%,　　And each sales department sells also 200,000-300,000 shares. After the end of the 5 trading, July 13 prev Low open low and finally fell 40 points, but into the fly integration did not stop the pace of the rise, but the high consolidation, the day slightly up 3.95%; although since then the stock price of the unusual move was requested to suspend trading for 3 days, but after the July 19 recovery　　Into the fly integrated again on the attack and in the afternoon of the success of the share price up to the trading board, but eventually only to 7.12% of the gains reported.　　Overall, in the 6 trading days after the transaction, the first two trading days of the main buying power to Zhejiang hot money as the leading force, they have chosen to profit from the field, but the Guangdong province, Hangzhou Tianmu Business Department is the choice of continuous participation, rolling profit.　　Ultimately, however, the power of bargaining chips comes mainly from Oriental securities. According to the reporter not complete statistics, in the 6 trading days from July 6 to 13th, the Oriental Securities Shanghai Zhangyang Sales Department, Heqing Road Sales department and Zunyi Road Sales department, respectively, bought 39.9685 million yuan,　　36.3482 million yuan and 13.9689 million yuan, the three sales department to total 90 million yuan to become the capital of the following 4 trading day absolute buy the main force.　　The valuation of the debate according to the integration in the July 6 disclosure of the reorganization plan, the company plans to be no less than 9.7 yuan per share of the price to the agency and other investors issued no more than 106 million shares, the collection of not more than 1.02 billion yuan will be all used in China Airlines lithium ion Power battery project. What is now certain is that this part of the $1.02 billion increase, Yu Fung investment and/or its management of investment funds, China Airlines investment and Hongdu Airlines respectively plan to contribute 155 million yuan, 45 million yuan and 38 million yuan, the three companies are integrated into the actual control of the flight of the Chinese Aviation Industry Group Corporation (hereinafter referred to as "AVIC industry"　　) affiliated enterprises or affiliated enterprises, the AVIC industry and other investors are to participate in the increase of 60 million yuan-75 million yuan. Data show that, founded in September 2009, China Airlines lithium has not generated revenue last year, as at the end of the first quarter of this year net worth of about 131 million yuan.　　At present, China Aviation industry held the cause of the Missile Research Institute wholly-owned China Airlines Lithium, as of June 30 this year, China Airlines lithium net assets estimate of about 360 million yuan, the group invested about 1.318 billion yuan-1.333 billion yuan to obtain China Airlines lithium 60% of the controlling power. If all goes well, China Airlines lithium will be countedA total investment of 1.7 billion yuan to build 680 million AH high-capacity lithium battery capacity, in the completion of the 38-month project construction cycle, "The estimated average annual net profit of 374 million yuan." With the current integration of 206 million shares of total equity and the issuance of no more than 106 million shares of the plan, completed after the release of the total share capital of about 312 million shares, which means that lithium battery project will be expected to bring the company an annual average of 1.176 yuan per share of earnings.　　Of course, the prerequisite is to complete the first fund-raising, and then in 3 years after the completion of the project to achieve smooth production and normal operation. There is a lot of uncertainty about this, as the "fly-through" integration said in a clarification bulletin released on July 19.　　such as the market capacity risk after 3 years, overseas counterparts to enter the market during this period of competition risk, the company itself faced with the technology behind the elimination of risk and supporting procurement, such as raw materials, anode materials, lithium iron phosphate supply risk.　　More importantly, the construction cycle of this project is 38 months, even if the first increase in July or August after the launch of the initial, at least in the second half of 2013 will be able to fully produce and for listed companies to contribute 1.176 yuan per share of earnings.　　CIC Securities in the July 6 reorganization plan announced the day of the report of the Flying Group 2010-2012, respectively, 0.22 yuan, 0.25 yuan and 0.29 yuan per share earnings forecasts, this is clearly based on the company's existing CNC machining and automotive Mold Business Foundation. With this part of the performance, it seems hard to support the current share price.　　As of July 22, the integration of the flight into the 19.83 yuan, the performance forecast for the investment securities in 2010-2012, the dynamic P/E ratio is 90 times times, 79 times times and 68 times times respectively.　　However, whether for the integration of the fly or its later through the increase in the holding of China Airlines lithium, its backed by the AVIC industry is its ability to give up the most important guarantee. China Airlines, the current shareholder of the Chinese Air Missile Research Institute in the field of lithium battery has many years of research, product coverage of the 40AH-500AH series, can be customized power modules and storage modules, and has a certain scale, is the domestic high-capacity lithium-ion power battery leader.