China Automation agree with the Ningxia Petrochemical Industries Silver Star Pro
As more new subway lines and railway stations and rail construction in various parts of China, China automatic signal and control systems in the coming years demand will continue to rise.
Automation has agreed with China's Ningxia Silver Star Energy joint venture production of petrochemical industrial control valves, automatic Chinese yuan has been invested 80 million yuan in the venture, holding 25%. As a safety valve automation and critical control systems downstream products, with the existing business has a good synergy. The total size of the business market, estimated at 10 billion yuan.
Automation plans to increase stake in China in order to consolidate customer accounts at the end of 2010, which may enhance the turnover of 20% in 2010, short-term profit can be used as a catalyst.
The bank raised its net profit forecast of China Automation 2010-11 9.6% and 7.0%, target price of 7.6 yuan, the equivalent of 24 times 2010 price-earnings ratio, maintaining a "buy."
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