129773984766562500_52SINA Tip: belongs to the research reports section of this article, only those for the analysis of personal views and opinions on a stock, news reports and informal, SINA does not guarantee the truthfulness and objectivity, all valid information about the unit, is subject to the notice on the Shanghai and Shenzhen stock exchanges, please investors pay attention to risk. Weak market demand, performance fell. During the reporting period,Company achieved operating income of 991.2855 million Yuan, an increase of 16.08%; total 69.9841 million yuan in profits, up by 17.85%; 57.4351 million achieve the net profit attributable to the shareholders of listed companies, up by 18.99%. Earnings per share of $ 0.61 per cent reduction 32%. Product positioning in suchAnd increasing market share. Company is the company with the highest level of domestic PU leather, relative to the price of super high-fiber leather, PU leather affordable, performance is superior to PVC leather
tera power leveling, the current relatively weak market environment, with certain advantages. Raising investment project is progressing over the next two years released capacity. Now a total of 12 wet lines and 11 dry production line (including 1 dry pilot line), with an annual output of polyurethane synthetic leather production and operating capacity of 48 million m
tera gold, the next two years the company would then added 8 dry 8 wet line, integrated production capacity reached an annual output of polyurethane polyurethane resins for synthetic leather 88.5 million meters, with an annual output of around 70,000 tonnes. Price is reasonable, given the "overweight" rating。 Expected 12-13 earnings per share of $ 0.80 and 1, respectively, to maintain "outperform" rating and target price of $ 20. Potential factors of uncertainty: Europe is a major export company of PU leather, European debt crisis may lead to a slump in external demand
tera power leveling, at the same time the euro could cause Exchange rate risk. (Author: Zu Guangping; Zhang Yanming)
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