Sharp rise in raw materials caused by gross margin decline in net profit fell a certain extent
March 29, 2011, Fluoride release 2010 Annual Report. In 2010 the company achieved sales of 794 million yuan, compared with 2009 growth of 5.24% over the same period, operating profit of 49.4119 million yuan, compared with 2009 decreased 40.55% over the same period in 2010, the company achieved net profit of 48.3543 million yuan, down 39.50% in 2010 company to achieve EPS of 0.44 yuan, basically in line with our expectations.
Fluoride in 2010 the company net profit fell sharply principal business is the company leading product raw materials (including fluorite, sulfuric acid, aluminum hydroxide, sodium fluoride, caustic soda, etc.) showed different degrees of price increases, especially fluorite prices increase in more than 30% greater impact on corporate profits. dell 1G222 battery, Our products are mainly used in aluminum industry, aluminum industry by the State macro-control policies, sales price and quantity of fluoride present periodic fluctuations.
Highest market share in the first
The company cryolite, aluminum fluoride annual production capacity of 12 million tons, accounting for 8.51% of global capacity, domestic production capacity of 17.65%. Among them, the cryolite capacity of 60,000 tons / year, accounting for about 23.08% of total capacity of similar products, accounting for 35.29% of total capacity of similar products; capacity of 60,000 tons of aluminum fluoride / year, accounting for the total global similar products production capacity of 5.22%, accounting for 11.76% of total capacity of similar products.
Enhance the company's equity incentive team cohesiveness
Introduced the company's core equity incentive plan to enhance cohesion. Equity incentive plans 300-million to be granted stock options, all of the line of the right to increase the share capital of 300 million shares, representing approximately 2.8% of the existing shares of the company.dell BAT3151L8 battery Options granted to company executives, and 64 8 core technology (business) and some middle managers. Incentive core 64 are located in technology, marketing, production, administration, finance, auditing, security, new energy companies, logistics and human multiple systems, and technology incentives and the market system by the largest number of 22 and 12, respectively , reflecting the company's technology and market attention. Overall, the company's core technical staff has been taken seriously, and boosting the company cohesion.
Company equity incentive vesting conditions more easily achieved. Under the equity incentive plan, equity incentive valid for 5 years, of which 1 year waiting period, assessment conditions for 2011 and 2014, respectively, in 2010 net profit up 30%, 60%, 120%, dell 1G222 battery, dell BAT3151L8 battery,dell Latitude X300 battery, dell W0465 battery, dell Inspiron 2000 battery,180%, or an average annual compound growth rate of 29%, results in 2010 as the company is very low base, the next few years, the traditional capacity expansion fluoride business growth and profitability brought steady progress in lithium profitable business growth, we believe that equity incentives are more easily implemented.
Secondary market investment advice
Company's traditional business of fluoride will be substantially improved profitability, with the mass production of lithium hexafluorophosphate, lithium battery business share of total revenues and profits will be increased gradually. We forecast the company in 2011 to 2013 EPS was 1.20 yuan, 2.62 yuan, 3.55 yuan, the company short-term high valuation, but given the lithium hexafluorophosphate as the project of production, will bring the company to enhance performance and valuation levels, dell Latitude X300 battery, We maintain our overweight rating company
Tianjin Bicycle Industry Productivity Center Executive Director Ji Xing Hua March 30 interview that, according to the China Bicycle Association, the current lead-acid battery electric bicycle occupy the domestic market share of 97.5%, less than 3% market share of lithium batteries. "Demonstrates the proportion of the poor spread of two batteries and the unbalanced nature of the market dosage, reflects China's true level of electric bicycles and development limitations." Xing Ji Hua said. It is understood, 48V lead-acid batteries for the price of about 400 yuan, while the ordinary 36V lithium-ion battery pack for the price of the thousand or so, a huge spread lead-acid batteries to drive the market to tilt, electric bicycle electric bicycle lithium and lithium Product prices hit the threshold of a hard sell. To promote the development of electric vehicles, the introduction of electric vehicles in China subsidy support policies; Currently, lithium is also a low-carbon products, electric bicycle products, there is no similar subsidies. In this regard, Xing Ji Hua proposal to increase Lithium-ion batteries support efforts. "If the electric bike's 36V lithium-ion battery giving 400 yuan subsidy per 60,000 yuan subsidies for electric vehicles can be set to support 150 or 150 lithium lithium battery electric vehicle development. In accordance with the price of 2500 yuan per bike basis, 6 ten thousand yuan subsidies will create 375,000 yuan in sales, to open the lithium and lithium electric scooter sales, driven electric bicycle products significantly enhance the level of
Lithium battery plate: usher in new opportunities to do more
Although the A-share market on Friday, bounced back, but hard to change a single week downward trend in shock. However, once the weak lithium plate was again active in the last week, Jiangsu Guotai (002,091), Shanshangufen (600,884), dell W0465 battery, when l Technology (300,073) and other related stocks were down in the stock market trend during tough.
Lithium battery plate active recently, mainly due to the impact of two messages.
First there were reports that in 2020 China's total production of new energy vehicles will be sold 5 million. This figure depicts the future of new energy vehicles a bright future, and therefore opened the lithium batteries of high growth.
Second, the lithium battery industry structure after the earthquake in Japan or will change greatly. Japan is the lithium battery industry, the traditional power, lithium batteries produce more than 50% of the world. Earthquakes, tsunamis and nuclear accidents on the Japanese homeland lithium-ion battery industry a serious blow. China in the anode material, electrolyte and other fields already have a certain competitiveness, it can be a certain substitution effect.
The message means that the lithium battery industry faces two major new development opportunities, will inevitably drive the funds from various quarters to re-valuation of the lithium plate to form a new buying power.
Meanwhile, the lithium battery plates in this year's performance has lagged behind the market, the two positive factors mentioned above, means that the lithium batteries is expected to get a new plate-than-expected growth performance of the kinetic energy,dell 1G222 battery, dell BAT3151L8 battery,dell Latitude X300 battery, dell W0465 battery, dell Inspiron 2000 battery, so as to provide a new rise in stock price momentum.
Investors can focus on two types of stocks: First, break the pattern of standing industry point of view, the domestic lithium industry remains short board, divide, lithium hexafluorophosphate core products such as lack of technical support, has been subject to import restriction. dell Inspiron 2000 battery, Downstream of the strong demand in recent years to promote related products, technology research breakthrough, industry trends are more optimistic, so you can divide the Fosugufen production, production of lithium hexafluorophosphate Jiangsu Cathay Pacific, Hong waiting for attention. Second, the rapid expansion of production capacity is expected to become the global lithium industry in Japan after the earthquake of high-quality alternative enterprises, such as when the rise and Technology, China Baoan, Shanshangufen, also deserves a positive track
