Technology + Monopoly + resources in the next three years of growth can be period (figure)

Diluted EPS (yuan) 2007A 2008A 2009A 2010E 2011E 2012E Forecast Home number----5 5 2 average 1. 1306 0. 5416 0. 3723 0. 2252 0. 3450 0. 4624 median----0. 2178 0. 3304 0. 4624 Max----0. 2757 0. 4735 0. 5229 minimum Value-----0. 1602 0. 1773 0. 4019 Standard deviation----0. 0452 0. 1137 0. 0856 industry average 0. 4295 0. 5551 0. 2271 0. 7153 0. 8707 1. 1500 Shanghai and Shenzhen 300 average 0. 7721 0. 5949 0. 6247 0. 7912 0. 9667 1. 1821 the next two years are in a major transition period.　　From natural gas chemical industry to coal head chemical industry, from pure production to resource control, from monopoly sales to radiation in Chongqing and Guangdong and Guangxi. The company is under construction of coal chemical projects in the next two years into production, into a rapid expansion period.　　Among them, Guizhou Tianyi Chemical Industry annual output of 300,000 tons of synthetic ammonia, 150,000 tons of dimethyl ether coal Chemical 10 commissioning; Tongzi Coal chemical Phase I project 300,000 tons of ammonia, 520,000 tons of urea, 300,000 tons of methanol project in 2011, the next two years the company entered a rapid expansion period. The company's technical advantages are mainly embodied in the coal species-setting technology.　　The holding subsidiary of Tian Fu Chemical (Holdings 51%) and the Golden Red Chemical (100% Holdings) respectively adopted the shell, Texaco Coal gasification Technology, and hired a rich driving experience in the domestic technology backbone, the year and the end of the production of the probability of a large. Monopoly Advantage: Urea products occupy the main market share in Guizhou, urea price is higher than the national average 100 yuan/ton. Kinch chemical 520,000 tons of urea, 300,000 tons of methanol project put into production, will further enhance the urea market share, and radiation to Chongqing and Guangdong and Guangxi.　　In addition, the company launched in Tongzi to establish the only railway transport line, with products and coal transport monopoly advantage. Resources Advantage: Guizhou Coal resources are rich, the company adjacent to the local important coal production base, is the agreement to participate in two annual production capacity of 900,000 tons of coal mine construction, and Chengdu Railway Bureau joint venture (accounted for more than 51%) railway connected Yu-Qian railway, convenient products and coal transport, the second half of next year Due to the local coal buried shallow, low mining costs, compared to east and North China enterprises related to coal costs of about 150-200 yuan/ton, compared to China Hualu 200 yuan/ton, the future cost of the company is expected to further decline.　　and the project location water resources abundant, the natural environment is fine, the environmental protection pressure is small, the waterway transportation cost is low. Natural Gas Urea Technical reserve project to deal with the rise in natural gas prices. Domestic natural gas prices gradually higher is the general trend, the company did not rainPreparation of reserves of natural gas technical renovation project, through the equity of paper companies supply of steam to reduce power consumption of 20% of natural gas.　　If the natural gas up to more than 0.9 yuan/m3, the company will further start the KBR cooperation Technology project, the ammonia gas consumption reduction of 30%, the technical transformation project required energy consumption equivalent to 0.9 yuan/m3 natural gas, effective response to natural gas rise. Rating Date Research institute researcher newest rating target price range 2010-6-30 German state securities Li Xiangfeng increased holdings in 2010-4-23 Wanguo Zheng Country increased holdings of 2010-4-7 Group Benefit Securities Li Mingxia hold 15. 3