Data:2009-12-12 2:34
Category: Money tips Release Date: 2006-07-22
Midea Electric Appliances (000,527 market, information, reviews, search) the gradual development towards a diversified large white home appliance companies, including household air-conditioning, compressors, commercial air-conditioning, refrigerator, washing machine business, etc.. Company's domestic air-conditioning design capacity of more than 12 million units, the estimated annual output of 06 of about 11 million units. Raise efficiency through technical innovation, 07 output may exceed 13 million units. The company is no big expansion plans.
Toshiba Carrier with the cooperation of the United States and the refinement of the electrical management and flexible manufacturing capacity can be improved. Excluding minority interests and tax rates, the U.S. electrical level of profitability of around 4%, in the forefront of the same industry, the company's competitiveness of their products should be recognized. Company intends to introduce strategic investors Goldman Sachs as a diversification of white goods will play an active role in development strategies. Introduced pre-equity incentive plan, stock options, a total of 50 million total. The implementation of new accounting standards will have a negative impact on current profits, after a preliminary calculation of profit for 2007 at 0.6-1.2 billion impact, equivalent to earnings per share of approximately 0.1-0.19 million, which brought pressure on the management team. Recent oil prices, copper prices on the household appliances industry is certainly good, at least in the short term can increase profit margins.
Guotai Junan analyst Wang Zhen brings business activities that the company will significantly increase the performance of more than 15%, 06-08 year earnings forecast upward to 0.75 yuan, 0.94 yuan and 1.18 yuan, the corresponding price-earnings ratio of 22 times, 17 times and 14 times more . Compared to A-share market and the industry average price-earnings ratio of listed companies, the United States is still relatively low price-earnings ratio of electrical appliances; raised its target price to 22 yuan, to continue to maintain "overweight" rating.