SDIC Electric concession stand food Power (600886): The future of hydropower electricity price incr

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SDIC Electric concession stand food Power (600886): The future of hydropower electricity price increases are expected concession stand food to have a strong state securities (000728) December 1 Investment Report released giving SDIC Electric Power "recommended" rating. SDIC Electric Power announced: the company issued shares to buy assets of a major asset restructuring on November 26, 2009 was approved by China Securities Regulatory Commission to the State Development and Investment Corporation, the assets being acquired was November 27, 2009 In the State Administration for Industry and Commerce handle equity transfer concession stand food procedures, changes to equity holders voted for the country Huajing Power Holdings Co., Ltd.. Company at a price per share of 8.18 yuan / share private placement of 940 million shares, the acquisition of the Group's five power companies, the purchase concession stand food price of 7.69 billion yuan. Acquisition of the former State Development and Investment Corporation holds 44.26% stake in SDIC Electric Power, after the acquisition of shares in the company held by SDIC Electric Power rose 70.54%. State Securities that the company installed and profitability will be greatly enhanced. Upon completion of the reorganization, the company will add production capacity of 6.9 million kilowatts, 3.5 million kilowatts installed capacity interests which have been put into the hydropower capacity and equity capacity of 4.65 million kilowatts and 226 kilowatts; capacity and interests in construction projects installed capacity of 10.4 million kW and 5.31 million kilowatts. State Securities, said the company's power structure is more reasonable after the completion of the reorganization, become a variety of forms of electricity generation and hydropower, thermal power, wind power and other coexisting large independent power producers. At the same time the company began to get involved in the southwest of Beijing and Tianjin and power generation concession stand food market, the layout of the country. Overall, the acquisition of assets of hydropower to become the biggest bright spot, the company will change from "strong water weak fire" situation. Ertan Hydropower injection allows the company to have the right to Yalong upstream cascade development. Load Dachaoshan concession stand food hydropower allows the company began to get involved in the upper reaches of the Lancang River Hydropower Development. Future risk of state securities that the company comes from: high gearing ratio could affect company earnings and exchange rate risks. State Securities expects SDIC assets after the completion of the acquisition, in 2009, and 10-year net profit to reach 420 million and 620 million yuan respectively, corresponding to earnings per share to reach 0.20 yuan and 0.30 yuan. Hydro proportion than before because the company has significantly improved, there is a strong future hydro electricity concession stand food is expected to increase, while thermal power will be significant concession stand food improvement in profitability, thus giving "recommended" rating. Changyu A (000869): expected to realize than expected growth performance Everbright Securities (601788) on the 1st Investment Report released for the first time give Changyu concession stand food A (000869) "buy" rating, 12-month target price of 96.25 yuan, as follows: The company is Wine industry leader: Changyu has a century-old brand is the first in the industry to establish high-end brand image of the wine business, "1% 2B4" high-end concession stand food brands to enhance the company's success layout tons of wine prices and profitability, the company opened the gap with major competitors of the Great Wall and Dynasty. Currently, the company not only to sit tight in the throne of the wine industry leader in sales and net profit, but the growth rate and the level of sales and net profit margins are far ahead of the competition. As an industry leader, Changyu wine industry will be the first to benefit from the rebound in the second half of this year and the first half of next year is expected to achieve than-expected growth performance. The company's competitive advantages are obvious, it is hard to surpass rival: The company ranked first Chinese wine ideal brand, was "pre-order and the ideal brand champion"; companies adhere to a high degree of flattening of the "depth distribution system" concession stand food as the core of the marketing channels , supplemented by direct and large agents in the channel depth, breadth and dealers are so strong grasp competitors hold a candle; company focused on the advantages of the market economy is more developed coastal cities, better than high-end competitors have wine consumer groups and infrastructure; company has 25 acres of grape planting base, area ranks first in the country; company covering wine, brandy, concession stand food wine, sparkling wine four product lines, covering the low end of high school, dry, semi-dry and a variety of categories, concession stand food such as sweet, compared to competitors such as the Great Wall and Dynasty wider coverage, synergies to increase market share to a greater extent. Chinese wine industry in the jump phase, the high growth will not change: With the gradual economic recovery, the wine industry in the jump phase of rapid growth will not change, leading companies concession stand food in the industry will benefit from the economic recovery. But the "Big Three" monopolistic competition or changes concession stand food in industry structure, it could turn into Changyu and Great Wall duopoly pattern. The impact of imported wine wine industry in China is limited: further tariff reduction in 2005, accelerated the invasion of imported wine in the Chinese market, especially bottled wine imports of finished wine sales increased rapidly, in 2008 the market share of the finished wine bottles account for about China wine about 8% of the market. However, due to the lack of brand awareness and channel advantages in China over the next two to three years is difficult for imported wines still in the jump phase, "the brand and channel first" Chinese wine market have a huge impact. For the first time to give a "buy" rating, concession stand food 12-month target price 96.25 yuan: China Everbright Securities forecasts 09-11 EPS were 2.08,2.75 and 3.44 yuan, for the first time to give a "buy" rating, 12-month target price to 96.25 yuan. ST in the Run (000506): strong profitability, sales better than expected Qilu Securities Investment Report said the 1st release, ST in the Run (000506) issuance soon, for the first time give the company "recommended" rating, as follows: concession stand food After the reorganization of the company's assets to become leading real estate companies in Shandong, Jinan currently has three projects in the Run Century City, Zibo Run OCT, Weihai Korea window. Rich in resources available for sale, strong profitability, sales better than expected, concession stand food more advances from customers. Project reserves can ensure the company's future development of the amount of 5-6 years. The company issuing the approval smoothly, this will be the catalyst for the stock. concession stand food The company will invest 970 million concession stand food yuan fund-raising Century three Jinan, Zibo and windows, three of the five OCT Weihai Korea, the three projects will have better return prospects. By the end of 2008 the company re-side commitments 09,10 EPS of not less than 0.30 yuan, 0.35 yuan, Qilu Securities is expected to exceed the performance of the company's commitment to reorganization, in 2009, 10-year and 11-year earnings per share of 0.32 yuan, 0.50 yuan and 0.87 yuan. For the first time give the company "recommended" rating. Three flower shares (002,050): Through enter the new energy industry, and further increase the company's competitiveness on the 1st Industrial Securities issued three flower shares (002,050) Foreign Investment Review, continue to give "highly recommended" rating, maintaining a reasonable goal for the next 12 months price of $ 25. Three flower shares (002050.sz) foreign investment announcement released today, the company invested $ 10.5 million concession stand food to invest concession stand food in HelioFocus.Ltd (hereinafter referred to as HF Company), to obtain a 30% stake in the company, involved in the study of solar thermal power generation technology and development. Societe Generale Securities Comments follows: HF Founded in October 9, 2007, is an Israeli development of solar thermal technology development company, a non-publicly traded companies, as of December 31, 2008, HF total assets $ 2,789,000, liabilities of $ 511,000 and net assets of $ 2,278,000, operating income of $ 00,000, net income of $ -510.50 thousand. As of September 30, 2009, HF total assets $ 2,412,000, concession stand food liabilities of $ 574,000 and net assets of $ 1,838,000, operating income of $ 00,000, net income of $ -246.20 thousand. The HF Company is a B stage financing, to be issued 7,179,524 concession stand food shares of common B shares to raise $ 11,560,000 will be used for the construction of Ramat Aviv Alpha Capacity system, the completion of the first prototype. After the completion of the engineering prototype (2011), HF Company will conduct the next round of financing plans, expected $ 40 million, for authentication and build a complete product Bertha systems, the start of the project. If the project goes well, the company is expected to HF in 2012 revenue. Societe Generale Securities believes that with the implementation of the project investment will enable the company to achieve major breakthroughs in new energy, new industries. Innovation and development company based in existing refrigeration industry leading position on the energy industry by entering new master high-tech precision manufacturing technology, timely access to science and technology in the field of solar thermal power industry, the real from the "cost leadership" to "technology leader" strategy concession stand food to further increase the company's concession stand food competitive strength concession stand food for the company to develop new profit growth. Implementation concession stand food of the project also provides technical support for research in achieving solar cooling, solar air conditioning and so on. Meanwhile, in this process of cooperation to get R & D technology concession stand food and production technology for the company to enter the field of solar thermal power generation or to provide a foundation for other parts of solar thermal power plants home. Greater flexibility in the presence concession stand food of 12-month target price of 25 yuan a result of this investment in research concession stand food and development goes well, the revenue in 2012, Societe Generale Securities not consider concession stand food the business impact concession stand food on company earnings results: concession stand food Earnings forecasts and valuations . Societe Generale Securities maintain the company in 2009, 2010 and 2011 earnings per share were 0.89 yuan, 1.11 yuan and 1.34 yuan profit concession stand food forecast. At the closing concession stand food price of 22.53 yuan November 30, 2009 calculation, the corresponding 2009,2010,2011 dynamic earnings of 25 times, 20 times and 17 times, the company September 30, 2009 the net assets of 4.45 yuan per share calculation, the company's current P / B of 5.06 times. The company's position in the air conditioning concession stand food valves duopoly as a solid, expanding the company's advanced manufacturing technology to the field of solar thermal power generation as well as spillover and refrigerator parts market will add another dynamic growth of the company's performance, relative to 2010 to give 20-25 times earnings level, the next 12 months to maintain a reasonable target price of 25 yuan. Taking into account the energy companies to expand concession stand food into new areas of growth to further concession stand food open space, continue to give "highly recommended" rating. concession stand food Zijin Mining: acquisition will help promote the internationalization of Zijin Mining into Essence Securities concession stand food on the 1st release Zijin Mining (601,899) offer to acquire Indophil Resources NL Review, maintain "Buy-A" investment rating, as follows: