Zhongke Three Ring

X China Newspaper Notice: 2010 Quarterly disclosure, is expected in the middle of 2010 net profit of 31 million yuan, an increase of more than 100%; basic earnings per share of 0.06 yuan, an increase of more than 100%. 2009 in the interim net profit of 15.36 million yuan, the basic earnings per share of 0.03 yuan.　　The reason for the growth is due to the overall economic situation in the domestic and international recovery, the company's orders since the fourth quarter of 2009, the first half of 2010, better orders. Industry Leader: The company is the world's second, China's largest manufacturer of NdFeB permanent magnet materials, the company's main products are sintered NdFeB and bonded ndfeb, production capacity of 10000 tons and 1500 tons respectively.　　NdFeB Rare earth Permanent magnet materials in the global market share of more than 15%. Epson Device: The company holds the world class technology and market share of bonded nd-FE-B products. Shanghai Epson Magnetic Device Co., Ltd. (registered capital of 1.083 billion yen, accounting for 70%), is committed to the development of bonded ND-FE-B magnets, The company 2009 to achieve the main business income of 262.4374 million yuan, net profit of 5.2045 million yuan; Ningbo Corning Industrial Co., Ltd. (registered capital of 21.5 million U.S. dollars, the company holds a 75% per cent)　　2009 to achieve the main business income of 376.4957 million yuan, net profit of 36.4051 million yuan. Benefit Digital TV: The investment value of the digital TV industry is about 1.5 trillion yuan, in the digital TV equipment, the market scale is over trillion yuan, the next 2010 years average annual nearly hundred billion yuan, the company's main product one soft ferrite core is widely used in the production of digital TV equipment,　　This will give the company the opportunity to develop. Chase Securities Calculation, the company 2010 and 2011 earnings per share of 0.31 yuan, 0.37 yuan, taking the June 18 closing price of 12.99 Yuan, the company 2010 and 2011 Dynamic PE is 41.9 times times, 35.1 times times. Refer to the company's historical P/E ratio and consider its operating conditions to enjoy a higher valuation level, giving the company 45 times times the price/earnings ratio, the target value of 14 yuan.　　First rating, to give the company "overweight" investment rating, need to remind investors is because the company has the concept of energy and new materials, sometimes by the market speculation suspicion, stock prices or will be large fluctuations, pay attention to risk, every low intervention. Japan letter securities are expected to achieve 2010-2012 earnings per share of 0.32 yuan, 0.39 yuan and 0.45 yuan, taking into account the company's market position, research and development advantages and capacity expansion of the flexibility of large, to give "overweight" rating. Days congenial Gutianxiang Forecast company 2010-2012, operating income will reach 2.05 billion yuan, 2.41 billion yuan and 3 billion yuan respectively, year-on-year growth of 30%, 17% and 25%, the company is expected 2010-2012 earnings per share of 0.34 yuan, 0.41 yuan and 0.53 yuan. The company's current share price is 37 times times, 31 times times and 24 times times the dynamic P/E. ForensicThe company's valuation in the electronic components industry in a relatively reasonable level, and the company will substantially benefit from energy conservation and environmental protection, new energy and other fields of continuous development, raise the company's investment rating to "overweight." Citic believes that the 2010 forecast price/earnings ratio of 42 times times, comparable to the company's average P/e ratio of 40 times times, Ningbo Yun-p earnings ratio of 44 times times. Combined with the company's research and development, capacity and customer market advantages, should enjoy a higher level of valuation. 2010 to give the company 48 times times-50 times times P/E more reasonable, corresponding to the price range of 14.88 yuan-15.50 yuan. It should be noted that the company's earnings forecasts for the next three years do not take into account the impact of the new energy industry effective demand, so the forecast is more conservative. It is recommended to pay close attention to the development of new energy industry at home and abroad, especially the changes in the field of wind power and new energy vehicles, and the release of demand in these areas will be very significant to the company's performance.