Batteries Emotion: Ni-MH battery industry clearly

Ni-MH battery industry clearly

CICC released report is expected, the company forecast EPS in 2009-2010 were raised from the 0.03/0.97 0.133/0.98 Yuan Yuan, given the "Recommended" rating.

The report notes that more than 70% of the automotive market is the passenger car market, and with the cars into families, passenger car market is much room for continued growth in the future, so there is no doubt in hybrid passenger vehicles in the main market of new energy . Nickel-hydrogen battery hybrid passenger cars as the mainstream technology industry to further clarify the direction. Nickel-hydrogen batteries used in hybrid passenger cars have been identified as mature products, indicating that the current nickel-metal hydride battery technology as the mainstream hybrid vehicle development approved by the state, about to enter a large-scale industrialization stage.

Ni-MH battery is a hybrid vehicle is the current industry mainstream choice, the company as a pioneer in the field, first-mover advantage is very obvious, already has industrial capabilities, will significantly benefit from the promotion of new energy vehicles. Meanwhile, the Ministry of Industry and Information Technology issued "new energy automobile manufacturing companies and product access management rules", according to the rules attached to the new energy vehicle technology stage division table, the use of nickel-hydrogen batteries for hybrid vehicle technology in the mature stage .

Changes in short-term equity real estate projects thickening performance of the company, long-term value to enhance the real estate business. Mean time investment, and companies can not transfer shares held in the Department of the company's own cash flow problems due to the current commercial residential Zhongshan Station light rail planning and development is well under the overall progress, expected 2010 sales to achieve the first phase of settlement.

Additional boost profitability

China Merchants Securities released a report that the company's competitiveness is difficult to be copied is to have the core components of engineering machinery products and supporting the production capacity, which is conducive to control the machine product quality and production cycles. Turn in policy uncertainty and expected a good premise, the construction machinery industry should be a reasonable PE of 20 times, have a competitive advantage and strategic management advantages of leading enterprises should enjoy a premium valuation, the company should be no exception. Give "highly recommended-A" rating.

After the company has additional engineering machinery XCMG core assets. Directly or indirectly, heavy companies, import and export companies, hydraulic components company, special vehicle companies, lorry crane company, special machinery companies 100% equity. Xugong major shareholder's stake increased from 33.91% to 58.47%.

After issuance of the company's asset quality and profitability improved significantly. According to the 2007 and 2008 pro forma consolidated financial statements, if the transaction in January 1, 2007 completed, in 2007 the company achieved earnings per share was 0.91 yuan, 1.48 yuan in 2008.

Difficult to replicate the company's competitiveness is to have the core components of engineering machinery products and the production, supporting capacity, has operated for many years of domestic and international sales and procurement networks.

To be reassessed value of the company for two reasons: First, a complete industrial chain, the international brand awareness, leading R & D strength determines the competitiveness of the company; Second, the company operating cash flow and asset turnover ratio better than industry average level; the current market value of only Sany [28.79 -3.03%] of 60%, Zoomlion [23.10 -1.66%] of 78%, significantly underestimated.

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