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Data:2009-12-12 2:34
Source: and News
Morning heavy volume limit -
Transaction reasons: the company's largest shareholder, China Aerospace Science and Industry Corporation business scope includes a variety of missile weapons systems, satellite and radar. The concept of a space defense.
Investment Highlights:
1, to accelerate the development of China's space industry, through asset reorganization, the company's largest shareholder change to the China Aerospace Science and Industry Corporation, is a large state-owned enterprises directly under the State Council, launched into the Beijing branch of engineering technology, all the sub-name and KT-1 solid-rocket launching technology roadbed, the main business to the area of solid rocket production and launch of transformation.
2, the company moved into aerospace science and technology industrial park, the implementation of organizational restructuring and resource integration, write-offs of electronic branch, sophisticated branch into the company headquarters, company headquarters to achieve centralized control, saving management costs.
Risk Tip:
1, raw materials, transport and electricity prices led to high production costs, while the domestic market continue to price reductions lead to automobile factory automobile parts suppliers for lower prices significantly by the impact of squeezing two, accounting for revenues greater weight of vehicles electronic products substantially lower gross margins, resulting in increased sales of automotive electronic products, but less profitable sales, operating profit at a loss.
2, the company aerospace products processing business development prospects, but because of limited processing capacity, while product development is lagging behind the rapid changes in market demand, high value-added products in the proportion of low income.
3, the product quality problems can not be optimistic, due to quality problems caused by "three guarantees" the amounts claimed, affecting the stability of sales channels.
4, the company long cycle Sales Outstanding supporting vendors, inventory, receivables, the high amount of funds used, the financial costs are higher.
Investment advice: the external operating environment of severe competition in the domestic auto market increased, power, transportation of raw materials prices, profit margins significantly compressed, midline little chance. But the short-term space-based defense of the plate, driven by strength may be positive attention. Reference price region in the 4.40 - 4.80 yuan, 5.08 yuan in the first target position.
