9 Yang shares: further strengthen the brand – 9 Yang – Hardware Industry – V.35
9 Yang shares mainly engaged in small household appliances series product development, production and sales. Among them, nine Yang Soymilk has become the industry's first brand, the market share of more than 80%. Investment Research today shows: Company 2008 to 2010 consolidated earnings per share forecast for the 2.18,2.83 and 3.44 yuan respectively, corresponding to dynamic price-earnings ratio for the 19,15 and 12 times; the current total of 11 analysts tracking, four analysts recommend " strong buy ", five analysts recommend" buy ", two analysts to" wait and see "rating, comprehensive rating factor 1.82.
Company reduced performance, but still fast-growing channel. Chinese Spring Festival, the company announced profits of up to 2008 growth target from 90 to 140% down to 70 to 110%. Assuming a growth rate of 80%, while full year 2008 net profit of 5.67 billion in Q4 net profit was 1.67 billion yuan, basically the same chain. Last five quarter net profit growth rate of the chain average 26%.
GF Securities that the slowdown in corporate profits, they built up strong barriers to competition. Milk caused the event to stimulate the emergence of competitors, the company can continue to maintain a good ship, stable earnings and high market share, has been fully demonstrated excellent overall competitiveness, Yang's product technology encompasses nine patents, design, pricing strategy innovative marketing and promotion, channels reflect the speed, service quality and so on. Recently the company invested a lot of investment in marketing, R & D activities, dragged down current profit, but built up a strong competitive edge and deter competitors infringe on the market recently, and further enhance the brand, to avoid Galanz fall down from the absolute dominance situation.
Event effects tended to be stable milk, soy milk, but to promote the concept of universal health drinks. Milk "melamine" incident a few months makes the hot soybean milk, this effect is clearly driving a 2008 3,4-quarter shipments Soymilk. With the healthy image of milk marketing and enterprises gradually over time, people will be buying the warm water down Soymilk. However, the incident makes the soy milk as a health drink to the people in long-term development for the industry, expand access.
Based on the economic downturn and the distributors of the New Year, Chinese New Year early stocking, GF Securities estimated that in 2009 a quarter of the volume is difficult to have high hopes. However, the soybean milk growth potential and strong competitiveness Nine Yang, sound financial characteristics (advance payment and delivery, less fixed assets and inventory, cash-rich, etc.) help the company to withstand economic shocks. In addition, the company is expected to expand the brand soybean milk machine business formation, management, technical and service advantages and gradually extended to other small household electrical appliances. United Securities, said, given the slowdown in economic growth and enhance the background of uncertainty, the company established a relatively rapid growth prospects, the maintenance of the company "overweight" rating.
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