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Data:2009-12-12 2:34
Source: and News
Early strong upside transaction reasons:
Bohai Securities Research Institute Gao Xiaochun expected Jinxi Axle (600,495) has recently sold three axles 10 million, 120,000 and 150,000 vehicle sales for the 1500,1650 and 1900, EPS were 0.53,0.76 and 0.88. Company a reasonable price should be 15.9-16.7 yuan, maintaining the "Recommended" investment rating.
Investment Highlights:
1 "Eleventh Five-Year" period, the state will increase investment in railway construction, the existing railway lines to speed up transformation and upgrading of existing vehicles, the railway transport sector in the "Eleventh Five-Year" period will be a key support for the country to give priority to the development of industry. Axle parts, as vehicles to an important part of their demand will also grow steadily.
Two companies first to complete the 70-ton heavy trucks RE2B development and trial-type axle; in introducing and absorbing advanced manufacturing technology, based on the completion of the Qinghai-Tibet railway line dedicated bus-axis ultra-low temperature manufacturing technology and the key test the technical feasibility, adaptation of demonstration and mass production work; successfully passed the hollow axle high-speed train project assessment R & D projects to further enhance the company's capability of independent innovation and technological leadership.
3 axle domestic industry, including companies currently has 10 manufacturers, the company in production scale, technology and equipment level, the production cost advantage has a clear lead, and the products of high quality, with strong international competitiveness, foreign trade sales growth was evident. Company is rare in the domestic industry, axles, one of several listed companies, industry leading position is relatively stable, operations and profitability of a continuing nature, stability.
Risk Tip:
The acceleration of the railway equipment, upgrade and increase the company's new product development and market competition in the market pressure on the company's overall manufacturing capacity and R & D capabilities put forward higher requirements.
Investment advice:
Company is rare in the domestic industry, axles, one of several listed companies, industry leading entrenched, management and profitability of a continuing nature, stability; operation bargain-hunting interest. The first reference target bit 16.7 yuan.
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