This week 7 new shares: Ssangyong capacity of the Dragon source technology experience

Financial weekly IPO Laboratory researcher Vera/WEN 1. Build new shares (the price of 38 yuan, corresponding to 61.29 times times P/E, August 9) to build a new stock is to produce benzene dye intermediates mainly modern industrial enterprises, scientific research, production and sales. 建新 Chemical project is used to develop the market of pharmaceutical intermediates and fiber intermediates, which makes it become a new profit growth point, but the target market, competition situation and marketing model are different from dye intermediates, the new market development has certain risks.　　In the light of the expected 2010 diluted EPS for the calculation of 0.91 Yuan, 30-35 times PE, recommended reasonable purchase price of 27.30-31.85 yuan. 2. Western Animal Husbandry (offering a price of 11.90 yuan, corresponding to P/e 51.74 times times, August 9) The Western animal husbandry has the livestock breeding, feed production and processing, intensive dairy farming, livestock slaughter and processing, fresh milk purchase and cold chain distribution, such as the complete animal husbandry economic chain. 2007-2009, Western animal husbandry forward five customer sales revenue accounted for the current operating income ratio of 56.14%, 85.25% and 80.07%, which can be seen in the high reliance on large customers. But its investment project and the current main business relationship is close, the risk is relatively small.　　With reference to the 2010-year EPS for 0.32 Yuan and 35-40 times PE, it is recommended that the reasonable purchase price be 11.20-12.80 yuan. 3. Longyuan Technology (price 53 yuan, corresponding to P/e 53.46 times times, August 9) Longyuan technology to the application of plasma ignition technology as the core, engaged in the combustion control equipment system research and development, design and manufacture business. However, the Dragon source technology is facing the plasma ignition equipment market competition will gradually increase, when the overall gross margin may appear to decline. The low NOx combustion system of the plasma is still insufficient in engineering experience.　　Referring to the Central Plains Institute estimated 2010 EPS for 1.31 Yuan, to give 35-40 times PE, the proposed reasonable purchase price of 45.85 yuan-52.40 yuan. 4. Everbright Bank (August 10), according to the total assets calculated on December 31, 2009, Everbright Bank is China's sixth largest joint-stock commercial banks, with prudent and efficient risk management and industry-leading innovation capabilities. This year, the government began to curb the overheated real estate policy measures, and as of December 31, 2009, personal housing loans to the Everbright Bank's total personal loans of 67%, Everbright may be adversely affected by the policy.　　Reference to Ping An securities estimated 2010 years after the diluted earnings per share of 0.31 yuan, to give 9-10 times PE, the proposed reasonable purchase price of 2.79-3.10 yuan. 5. Huaren Pharmaceutical (August 11 purchase) Huaren Pharmaceutical industry's main business is not PVC soft bag infusion and related ancillary product development, production and sales. The project of the non-PVC infusion packaging membrane material project Because of the need for product trial success before applying for a noteBook certificate, so Huaren pharmaceutical currently does not obtain the required registration certificate, another project SPC portfolio cover production capacity is unable to digest the risk.　　Reference to the capital of the estimated 2010EPS of 0.37 yuan, 31-36 times PE, recommended reasonable purchase price of 11.47-13.32 yuan. 6. Ssangyong shares (August 11 purchase) Ssangyong shares the main business for high disperse white carbon black research and development, production and sales. Ssangyong shares the project is to expand production scale, white carbon black products will increase the annual production capacity of 20,000 tons, an increase of 167%. But it could also lead to a downside risk.　　Reference to the securities of the estimated 2010 full diluted EPS for 0.54 yuan, to give 40-45 times PE, the proposed reasonable purchase price of 21.60-24.30 yuan. 7. New Open Source (August 11) New Open source is mainly engaged in all kinds of PVP products production and sales. At the end of 2007-2009, the total liabilities ratio of new open source flows was 100%, 100% and 93.77% respectively, and there was a certain pressure to repay the debt. And if its future sales capacity cannot adapt to the expansion of the production scale brought about by the investment project, the new production may not be able to achieve full sales as scheduled. Reference to the securities of the estimated 2010 full diluted EPS for 0.72 yuan, to give 38-42 times PE, the proposed reasonable purchase price of 27.36-30.24 yuan.