|
|||||||||||||||
|
||||||||||||||||||
Data:2009-12-12 2:34
Source: Bank of China Wang Yue
After the broader market Friday after Balian Yang correction order trends, China Petrochemical, Industrial and Commercial Bank, Bank of China shares callback and other indicators did not affect the enthusiasm of the market speculation, stocks to rise more or less the pattern appear, hot from the market perspective in order to Lujiazui in Shanghai, represented by the rise of the local real estate stocks, the Shenzhen property stocks also have better performance, speculation turns hot trend continues, a broad market index is expected to continue after finishing in a strong upward. Operation should pay attention to the industry leading performance of individual stocks is not yet, for example, Baotou Aluminum (600,472), the company is the only one aluminum / aluminum alloy income accounted for more than 50% of the aluminum companies, but also the country's largest aluminum and aluminum rod manufacturer, a joint venture in China after Chalco acquired excess earnings results for the third quarter surge 165.36% year on year and is expected to report an increase of 150% or more still. Technically, the unit experienced repeated convergence order, the bottom of the consolidation of the full, Yang Friday to confirm the bottom of the upside after the close, start signs of obvious, can be watched closely.
Technological upgrading, and further consolidate the leading position of electrolytic aluminum
Company's main aluminum and aluminum alloy and aluminum pole downstream aluminum products, is the only one aluminum / aluminum alloy income accounted for more than 50% of the aluminum companies, but also the country's largest manufacturer of aluminum and aluminum pole, the above two kinds of products in the market share of respectively 30% and 20%. Statistics show that in the first half of this year, LME Aluminum average price from last year about 1900 U.S. dollars / ton up to 2,500 U.S. dollars / ton, or 30% or so. The first half of the average selling price of domestic electrolytic aluminum are 20.3 thousand yuan / ton in the vicinity, more than 16,567 yuan last year rose 22.5 percent, the company also benefited. As in September 2006 the company completed an electrolytic aluminum production line technology upgrade, the company expects 2006 output of aluminum products rose 9.5% to 26.5 million metric tons, annual output of 07 is expected to grow to 30 million tonnes. From product quality perspective, Baotou Aluminum of China's best known manufacturers of aluminum and aluminum pole, with the electrolytic aluminum production growth, the company will be a corresponding increase production of aluminum pole, the company aluminum and aluminum pole of the processing fees can be maintained In the 600-800 yuan / tonne, which will help its earnings remain stable. At present, all of the electricity supply from the local power grid. July 1, 2006, the price per kilowatt-hour rose 0.02 yuan, this impact, the company's production costs will rise. The company plans to build a capacity of 600,000 kilowatts of power plant. Taking into account the company's adjacent areas rich in coal resources, after the completion of new power plants the company the cost of electricity will decline. At present, the project has yet to be approved by relevant departments, once the trip will enable the company lower costs, performance to be more improved significantly.
Expected full-year results year on year increase of more than 1500%
Chalco (2600.HK / HKD 5.13, behind the big city) ---- China Aluminum Group, the parent company will acquire Baotou Aluminum Group (Baotou Aluminum's parent company) 80% stake. Therefore, Baotou Aluminum Group, will become a subsidiary of Chalco. We believe that this will help to protect the raw material supply and Baotou Aluminum product sales, improve management and gain more opportunities for development. Baotou Aluminum Chinalco has signed a long-term agreement, according to the agreement, in 07-10 years, the company will deal price (three months, the Shanghai Futures Exchange aluminum price of 17%) to buy alumina from Chalco. While 30% of the company in 2006 in order to spot prices for alumina spot price much higher than the price of the above agreement. Therefore, we expect an average of alumina in 2007 the company reduced the cost of 850 yuan higher than in 2006 / MT, a decline of up to 20% (assuming 2007 aluminum prices down 10%). 1-9 months in 2006 produced 187,059 tons aluminum products, an increase of 3.60%; the production of carbon products 103,122 tons, an increase of 32.92%. In particular, the company's alloy aluminum and rare earth electrical round aluminum products such as aluminum production accounts for the proportion of output of up to 84% over the same period last year increased by 5 percentage points, to enhance the enterprise's profitability. From January to September realized main business income of 3.573 billion yuan, increased 34.93% over the same period the previous year, the main business profit of 592 million yuan, increased 83.85 percent over the same period the previous year, net profit of 258 million, compared with growth of 165.98 percent over the same period last year . And predicted in early 2006 to the end of the next reporting period (ie, the whole of 2006) of cumulative net profit a year earlier, compared with an increase of 150% or more.
Complete the bottom to lead to the imminent start at the bottom of Baotou Aluminum (600,472) of the share capital of 1.82 billion shares in circulation in 2006, three quarterly earnings per share of up to 0.5996 yuan, an increase of 165.36 percent year on year, the net assets of 3.5787 yuan per share, are outstanding growth performance shares of industry leader. From a technical point of view form, the Unit has been in recent months repeatedly order situation, forming a triangle pattern of convergence, the current share price has been running to the top of the triangle, is brewing a breakthrough opportunity for repeated short-term consolidation in the vicinity of 7.4 yuan at the bottom has been adequate, Friday Yang received heavy volume upside, there to complete the bottom of the confirmed outbreak of pulled Quotes worth the wait to start.
