Oriental Tantalum (000962): performance is expected to gradually improve

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 the basis of risk.　　For accurate information about the unit, please refer to the Bulletin of the Shanghai and Shenzhen Stock Exchange. National Yuan Securities Yao Spring Thunder Company is mainly engaged in rare metal tantalum niobium and beryllium alloy series products research and development, production and sales, products are mainly used in electronics, aerospace and Atomic energy and other High-tech fields, leading products tantalum powder, tantalum wire accounted for the world market share of 20% and 50%, the company's existing tantalum metal products, niobium metal products, Beryllium Alloy products Three major types, 35 series of 188 varieties of products are widely used in electronics, nuclear, aerospace, aviation and other High-tech fields.　　From the 2008 income composition, tantalum products accounted for 71.01% of the main profit composition, tantalum products accounted for 77%. Under the impact of the economic crisis, we assume that the company's 09 sales of Tantalum products slipped slightly, tantalum product prices remained stable at the bottom, assuming 10 tantalum product sales and prices increased by 5%.　　NB-Beryllium products maintain stability.　　We assume that 09 years of corporate governance costs have declined slightly, sales costs have declined slightly, and as a result of the new project investment, corporate loans will increase, financial costs will be increased. We forecast that the company's earnings per share for 2009 and 2010 were 0.18 yuan and 0.32 yuan respectively. Given the robustness of the group and the business, and the potential of the company's future development, we have given the company a carefully recommended investment rating.