Data:2009-12-12 2:34
Category: Money tips Release Date: 2007-02-06
Source: China Securities Journal
CITIC Securities Research Institute, Fang Jian-cast that, G public and in the technology, products, cost, etc. have obvious advantages. 2006,2007 expects annual earnings per share were 0.88,1.56 yuan. For the new material in aluminum-based businesses, to give a more reasonable 20 times earnings. If the results calculated according to 2007 projections, the company a reasonable price should be 31.2 yuan; while the 2008 forecast terms of performance, the company a reasonable price should be 38. To give a "buy" investment rating.
Fang said the company is a complete industrial chain, high value-added products. Company to form "Coal - electricity - Aluminum - New Materials," a complete industrial chain. Total installed capacity of power plants owned 5 × 2.5 Wan kw, now in use for nearly five years, price 0.22 yuan, far below the industry average tariff level. The company has high purity aluminum production capacity of 2 million tons, electronic aluminum foil production capacity of 1.2 million tons. High purity aluminum and electronic aluminum foil gross margin has remained at around 40%.
Fang pointed out that the company's products and continued strong demand. High purity aluminum in military, aviation used more often. With the next few years, China's military industry, aviation industry, the rapid development of high purity aluminum demand growth will remain strong. In addition, the excessive competition in the domestic aluminum concentrated in civil, not high-tech areas in low-end products, while the company's aluminum foil, high-aluminum pressure of market competition is not capable of maintaining high gross margins in the long period of time. With the further expansion of production capacity in 2008, the company will enter the second round performance of high-growth periods.