Category: Money tips Release Date: 2007-05-11
In 2006-than-expected income tax credits: Local Tax Bureau, Texas, corporate announcements received notice of the 2006 income tax 36.24 million yuan of domestic credit facilities, resources, comprehensive utilization of 1 million yuan income tax credit, a total of 37.24 million yuan income tax credit, higher than the We expect 28 million yuan.
Methanol production capacity expansion, price increase is a new growth point: Currently has 16 tons of methanol, the new 20 million tonnes of methanol is a trial run in January 2007 production, methanol production capacity of 3.6 million tons, In addition to supporting 150 thousand tons with the DMF addition, the new 200,000 tons capacity will primarily be sold outside. Methanol price is higher than the year 2006, is the company's new growth point.
The next three years to sustain growth: the company since its listing in 2003 maintained a growth rate of more than 40% of the compound. 2007 200,000 tons of methanol will result in benefits; early 2008 the new 80,000 tons will be put into operation DMF; 200,000 tons acetic acid and 30 tons of methanol at the end of 2008, completed in 2009 began to release. Therefore, the company continued the next three years will maintain rapid growth, compound growth rate of over 30%.
Increase in 2007, 2008 profit forecast: methanol prices will be higher than our expectations, as well as the new release of 80,000 tons DMF08 year, we raised two years, the company's future earnings forecast for 2007 earnings per share increased from 1.02 to 1.09,2008-year EPS increased from 1.34 to 1.43.
Valuation of low-lying land, the revaluation of space great: the company's current earnings per share calculated according to the 2007 level was only 10 times earnings, valuation attractive.
Cases from the international perspective, Brazil's energy alternatives such companies experienced significant beyond the market's revaluation. Large-scale promotion of China's future coal-based alternative energy sources, in the context of the revaluation of China's broad market, coal-based alternative energy sources will benefit from the experience of the company's future beyond the market's revaluation. We believe that the valuation at least doubled, according to 20 times earnings in 2007, Hua Lu Hengsheng 12-month target price of 21.8, to maintain "optimum -1" rating, compared with the current share price of 100% of the space, it is recommended to buy .
