129757186397031250_158Yantai Wanhua District (600,309): into the gold for three years, chemical March 2011 from Wanhua polyurethane to the Wanhua company achieved operating income of 13.662 billion yuan, an increase of 44.88%; operating profit of $ 2.731 billion
world of tanks power leveling, an increase of 63.24%; vested in the shareholders $ 1.854 billion in net profit, an increase of 21.15%; Basic earnings per share of $ 0.86. Results for the year grew significantly, four-quarter slightly; gross margin return 30%. Wanhua Ningbo second MDI plant in full production in late 2010, 2011 product production and sales increase, and product prices also rose, Qi Sheng company 2011Performance per cent growth. However from the quarterly revenue share, revenue share slightly in the fourth quarter, we think mainly due to the decline in real economic boom.
2011 gross profit margin of the company 30.55%, back 30%, 5.22% improvement in 2010. Second phase of Ningbo, we think this is the end of 2010, the company put into productionBring and 2011 MDI prices rose due to the effects of integration. Medium-term only expansion in the industry, the company entered the gold for three years. Due to approval and the financial crisis a few years ago, common investment binge in the chemical industry in the past does not appear in the MDI sector, the company 2011-2013 is the industry's only new capacity within the enterprise. 2011 despite the ups and downs of the world economy, but growth in global demand for MDI 7%, 12% market demand growth in China, MDI demand growth also in other emerging economies as a two-digit number.
So we think that MDI market demand growth will continue, the company has entered the gold for three years, market share will continue to grow in the future. Yantai Wanhua industry Park started construction,China to Wanhua polyurethane chemistry to enter. 2011 officially started construction of Yantai industrial park, covers an area of 4.2 square kilometres of the first phase with a total investment of about $ 28 billion, main construction integrated polyurethane, epoxy and acrylic acid ester of propylene integrated three major industries, special coatings, steady progress in current project is on schedule. From a product perspective, these three industry future prospectsWell, have greater room for growth.
From the company's research capacity and reserves, such as capital size, market position, we are optimistic about the company extend the industry chain strategy, international chemical giant BASF such as benchmarking, from single manufacturers of polyurethane is expected to grow into the next generation of the company's international chemical giants
wot power leveling, we believe that the company has long-term investment value. Profit forecasts and investment advice. ToAt present the total share capital of the company as the base, expected 2012-2014 earnings per share of $ 1.33, $ 1.61, respectively, and $ 2.04, according to the calculation of yesterday's stock closed at $ 14.95, dynamic price-earnings ratio of 11 times, 9 times times and 7 times, respectively. Taking into account the future investment value of the company, raised its investment rating to buy the company. (Zhang Shulong TX investment)
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