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Data:2009-12-12 2:34
Source: Tianxin Investment Authors: Yong You-Jie
PVC is the largest of China's use of synthetic resin, in the "Eleventh Five-Year" period of China's GDP average annual growth rate of 7.5% to 8% of the premise, PVC annual growth rate will remain at 13% ~ 15% of the demand growth is still very strong.
Production capacity to significantly invest to make PVC industry, the competition has come to fight the cost of the state. Only those who have the advantage of upstream and downstream integration, enterprises can significantly reduce costs in the next can only survive the fierce competition, a large number of high cost of enterprises will be eliminated.
Acetylene method is the development direction of China's PVC industry, in recognition of the price of acetylene should be less than 300 yuan per ton of ethylene France circumstances, when oil prices above 35 dollars per barrel, the cost of ethylene do not have the method and acetylene France's competitiveness.
Ying Li is a special advantage of upstream and downstream integration of acetylene PVC production enterprises, the next three years will cost advantages and new projects due to gain substantial increase in performance, we estimate that 06 ~ 08 years, the company earnings per share reached 0.31 yuan, respectively , 0.53 yuan and 1.01 yuan.
We select the best basis for the chemical industry's average of 06,07 years of dynamic price-earnings ratio of 19.77 times, respectively, and 15.01 times, compared with this, the British special forces in 2006 to almost normal while the 2007 price-earnings ratio of dynamic price-earnings ratio is low. Take into account the company's 06 ~ 2008 results substantially increase the performance of our forecasts do not take into account the contribution of coal mines and to bring companies to participate in the performance of sponge titanium items as well as investors in their understanding of the contribution of the change, we think that we should give the company 07 Year 15 times, the dynamic price-earnings ratio is a very prudent and active interest in the afternoon.
Historical Information: G-British special forces (000,635): the market outlook is expected to rely on the support of average arising from retaliatory rally May 11, 2006
Source: Industrial Securities Author: Chen Yi Ang
G English Lite (000,635) low-cost + capacity expansion of the rapid growth prompted the company main business, I believe the future of our products with the capacity and the expected rapid growth in demand year on year, the company outlook is bright. This is something with the G space, G Su sunlight and so on have dramatically increased the performance of stocks is in no way inferior to that afternoon with their company's share price will do the same explosion of a row? We will see.
The company is located in the west, rich in natural resources and low prices. Its products PVC is one of the top five thermoplastic synthetic resin, with its cheap and good characteristics of synthetic resin account for 29% of total sales. Because of its excellent chemical resistance, electrical insulation, flame resistance, light weight, high strength and easy processing, low-cost, so PVC products are widely used in industry, agriculture, construction, electrical and electronics, and people's lives various fields. 2005, China's PVC demand of 700 million tons in 2010, an annual 7% to 10% rate. In order to keep pace with market developments, the company continued to expand production of its 100 thousand tons PVC project has been started in March this year, to put into the first half of 2007, when the PVC production capacity will reach 25 million tons, worth looking forward to the future performance of the company.
It is worth mentioning that at the same time, the company has reserves of 50 million tons of limestone mines, an annual output of 140,000 tons of lime products base, 400MW thermal power unit, an annual output of 280,000 tons of calcium carbide plant, an annual output of 150,000 tons PVC production plant, forming a complete industrial chain, in order to further reduce costs has achieved a lot. Following the 05 companies achieve good success, after a quarterly then the future of our company's high expectations eating a centering medicine; company's main business revenue to achieve 236 million, an increase of 239%, and the momentum is larger. It also further enhance the company's intrinsic value, as foreign and domestic fund companies to find undervalued stocks wave becomes stronger, it may be phase, competition will come Quotes.
The secondary market point of view, G-British special forces (000,635) by the bad news, the next oscillation down, the amount can be reduced still further proof of the main one, with the stock's recent double needle bottom to stabilize, the market outlook is expected to rely on the support of average emerged retaliatory rally can focus on.
