129788454824843750_37Skilled and magical craftsmanship which only 6 cow-share your most promising? (Four-thirteenths)
Three rings: summary of the ND-Fe-b needs to thaw on track to exceeding expectations report: sign $ 250 million order on April 6, 2012 and Netherlands BakkerMagnetics sign of ND-Fe-b magnetic material product orders, total contract amount is approximately $ 40.137 million (about RMB 253.5353 million yuan). Delivery dates for the 2012April 9. BakkerMagnetics in Netherlands UNMEE temperature Fok, devoted to the application of a wide range of high quality magnetic materials applied products development and production, application in magnetic materials with more than 40 years of experience in the field, and has many patents and ground-breaking ideas, have a strong sales network all over the world, also hasLots of advanced production facilities. BakkerMagnetics is the company's long-term customers, its good reputation, compliance is guaranteed. Company of ND-Fe-b notice of orders may be expected according to the company, in 2008-2010, BakkerMagnetics to purchase amount $ 70.52 million, respectively, of the three rings 41.64 millionDollar, $ 86.2 million, respectively of the company's revenues that year, 3.34%
tera gold, 3.64%. Based on our valuation model, we estimate that in 2012, the company's operating income amounted to $ 5.25 billion, if the projection, BakkerMagnetics purchase amount in percentage of operating revenue will reach $ 4.83%, the percentage increase than in previous years. This may mean that we had to order and price forecast conservative; or BakkerMagnetics-representative of the strong growth of ND-Fe-b of the customer orders in Europe; both of which point to the company in 2012 ND-Fe-b order is possible than we had expected. ND-Fe-b needs to thawOr directly led to the recent price rally we had pointed out that the report of stabilising prices rebounded for three reasons: rare-earth policy continued to punch, supply tightened; trade link inventory to digest out; lower production of ND-Fe-b enterprise's raw material inventory levels lower, supplementary inventory requirements strongly. Since the end of March prices showed a significant rebound, neodymium-Iron-Boron-related raw materials of goldA neodymium-praseodymium, dysprosium iron rebound the most. Our research has shown that, with the advent season 2-quarter demand gradually
tera power leveling, high-end ND-Fe-b order significantly warmer, production line starts great. Traditional recovery and steady growth in demand, coupled with the demand for new application areas such as EPS brought ND-Fe-b order volume growth. ND-Fe-b manufacturer also added rare earth raw material procurement, which lead directly toPR-ND, dy, took the lead in rebounding, rebound and sharpest. Investment advice and ratings expected 2011-2013 earnings per share of $ 1.52, 2.02, respectively, $ 2.31. Taking into account the price rebound and company orders may be expected, upgrade their rating to "buy-B", upgrade their target price to $ 36. Risk Europe falling demand,Sharp fluctuations in prices. Yonghui supermarket: the rapid expansion of high growth performance is expected to continue in 2011 year, company achieved operating income of 17.732 billion yuan, an increase of 43.95%; operating profit of $ 588 million, an increase of 50.29%; vested in the owner of the parent company net profit of 467 million Yuan, an increase of 52.92%; per share basicReturn $ 0.61, in line with expectations. Profit appropriation plan: base intends to total equity at the end of 2011, distributing 2 million cash dividend every 10 shares (including tax). Rapid expansion, opened all year round almost 50 stores the company opened new stores for the year 49, only closed 1 store, four of the opening quarter 24, than 50%. SectionCompanies a total of 206 stores in late 2011, operating area of 1.57 million square meters, an increase of 49.5%. Comparable store sales grew by 13.36%, is higher than the industry growth of 5-10%. From the region, Chongqing region and a contribution to profit big in Beijing area during the reporting period, subsidiary, net profit growth of 70.67% in Chongqing, GuizhouCompany opened second-year net profit growth of 17 times. Beijing subsidiary, net earnings are doubles. Other cities the company stores outstanding business model be offsite consumer recognition of the company. From products, fresh decline in percentage, but gross margins improving during the reporting period, business fresh food processing and marketing company advantage better than of 50% less, primarily on the company storeRose, rapid growth of food supplies, fresh food section in the stores in the area due to the reduced percentage. But fresh business advantages in companies still exist, fresh operating gross margin per cent upgrade 0.6%. Employees and rental costs rise more. 0.32% company sales cost ratio rose during the reporting period, due to the artificial rate of fee rates and rental costs were up by 0.61 and 0.11%. Future the company will work to enhance the efficiency of the artificial, and to increase the proportion of own property. Store sufficient reserves, relies on effective models of high earnings growth is expected to continue at present, companies have signed up yet to open stores with 102, 1.16 million square meters, accounting for 74% of the company's current store area, involving a total of 16 provinces,Store sufficient reserves. We believe that the company "yonghui mode" fresh set of categories under ability, high management efficiency, stores, market-proven has been recognized by the consumers in an area, with stores in an area than the upgrade in the future, high growth performance is expected to continue. Construction of logistics center steadily, lay the Foundation for the rapid expansion of the company is focused on logistics and operational efficiencyImportant role, currently of Fujian Logistics Centre has been delivered, distribution center in Beijing, pengzhou is expected in 2012, is put into operation in the second half; Logistics Center is under construction in Anhui Province, Shenyang and other places. We believe that perfect logistics system to store provides powerful support for expansion of the company, will also get to release its new stores. Profit forecasts and investment rating assumes that the company's annual openingShop 50, we expect EPS to $ 0.85 per cent and $ 1.14 company 2012-2013, to the latest closing price, PE 37 times and 27 times times, respectively
tera power leveling, higher valuations of the company, but the business model is novel, growth is good, we maintain the company "overweight" rating on investment. Than-expected risk prompted the expansion of newRegional store training period is too long; artificial and risk of rental costs continue to rise.
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