Fuyao: focus on the future of automotive glass is expected to grow – Mortar Pump
neutral
Fuyao is to translate these into action, the breakdown in the glass industry, is actively adjust product structure, drastic strategic exit the field of architectural glass, specializing in auto glass. From the ups and downs in the plight of the
After the company's future growth is expected to be neutral.
Hainan two production lines have been sold architectural glass, architectural glass and Fuqing Shuangliao construction glass production lines have been discontinued. August 17, 2009 the company announced that: consideration by investing 203 million yuan for the construction of float glass upgrade three lines into high-quality automotive float glass production line, further strengthening the product of concentration and improve profitability. Normal operation of the building now are down to two glasses, and basically be able to achieve profitability. As of first half of 2009, the company's automotive glass and float glass main revenue income accounted for 82.97% and 30.18% (including related party transactions). Domestic auto glass companies now account for more than 40% of market share, is the industry leader, are expected to share at home and abroad continue to expand.
First half of 2009 revenues of 2.5 billion, down 12%. Income of 2.1 billion in auto glass, up 4.36%; as shutting down the four float glass production line construction, building glass float revenues of 768 million yuan, down 37.73 percent. After deducting non-recurring gains and losses net profit of 193 million yuan, down 54.94 percent year on year significantly. First half of the discount sale of the two float glass production line in Hainan, a 215 million provision for impairment of, Excluding the factor of basic net income was flat with a year earlier. Reporting period, the proportion increased as automotive glass, integrated gross margin reached 38.56%, higher than 4.74 percentage points a year ago to upgrade. Second quarter of 2009, benefiting from capacity utilization to enhance and lower raw material prices, profit margins as high as 41.9%, the highest level in recent years, the quarterly gross margin.
Widely that the growth rate of China's automotive industry is expected to remain in the next few years, more than 10% level, Fuyao super capacity development of the industry, coupled with its increasing volume of export business, future income growth is expected to reach 15 % or more. Consider Fuyao leading automotive glass industry, business and asset structure of orderly contraction of the gradual improvement in the industry and products while the company has a deep understanding of, and management and cost control is also very mature, we believe that it neutral growth is quite sure of.
According to the company's second quarter data, analysis and forecasts on the situation in the second half of the industry, the market have improved the forecasting performance of the company, expects 2009 to 2011, after deducting non-recurring income and earnings per share were 0.42 yuan, 0.61 yuan and 0.71 yuan. The current share price of its future prospects and growth has been the response.
(Shenzhen Jun Liang Asset Management Ltd. / text)
Analysis report describes the
1. Growth momentum Category: It is said that the value of stock relative to the overall trend of 500 shares in the next 12 to 18 months the performance of power. The highest ranked 1, 2 or more for the average, more than 3 average, 4 is average and 5 is below average.
2. Security and stability index: a combination of the company's financial structure, management and profitability of the stable and predictable level of price volatility in the past, such factors as strength, comprehensive consideration derived. The highest ranked 1, 2 or more for the average, more than 3 average, 4 is average and 5 is below average.
3. PE: share price / last known over the last two quarters earnings per share and + the next two quarters and earnings per share forecast. Drag PE: share price / last known over the past four quarters and earnings per share. The relative price-earnings ratio, price-earnings ratio and the company's Shanghai and Shenzhen 300 Index (or trade) by comparing price-earnings ratio.
4.Beta: CSI 300 Index to reflect changes in the strength of the overall price index. A price change that synchronization with the CSI 300 Index, is greater than 1 indicates volatility greater than the Shanghai and Shenzhen 300 index, stock price volatility is less than 1 indicates weaker than the CSI 300 Index.
5.PS is the price and the ratio of sales per share. Sometimes, the valuation of important reference value.
6. The reasonable value of current bid price: According to the current ownership of data and information, the valuation of the company after the reasonable value of the bid price obtained. In this price below the bid more favorable.
7. Expected price range: Based on anticipated growth, combined with the next period's earnings and earnings momentum, and stocks and market practice given an estimated price range. The gain and return on share price the day of the report calculated.
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