Shopkeeper magnetism: 873 million yuan to pound heavily in solar market
By the positive news, July 26, shopkeeper magnetic (17.47,0.57,3.37%) (002,056) 18.59 yuan upward in order to limit the opening. The latest announcement, plans to invest 873 million yuan in Hengdian East magnetic crystalline solar park investment and construction of 300MW and 50MW silicon solar cell component project. Shopkeeper magnetism secretaries WU Xue-ping the "Securities Daily" correspondent said: "Although the market is expected to shrink the market next year, short-term overcapacity, fierce competition in the market saying, but we are optimistic about the prospects for the solar industry, the company began investing last year 100MW crystalline silicon solar cell production line, are now relatively smooth, good earnings. "
Main magnetic materials recovery
Large contribution to first-half profit
According to the shopkeeper magnetism July 6 announcement, the company expects in 2010 a quarterly net profit from January to June 2010, an increase of 100-140%. The estimated results are corrected for the 2010 first half net profit rose 130% -160%. Said, the overall warming of the economic situation this year, plus the company's management strengths, reduce costs, develop new markets, greatly enhance the revenue and net profit.
Deputy General Manager WU Xue-ping said: "The first half of the profits or the main contribution to large, but crystalline silicon solar cell production line quick, investment and output have three to four months, ended June 30, solar cell production line sales revenue of 8800 yuan, total profit of over 100 million. "
Great Wall Securities Yuexiong Wei introduced shopkeeper for domestic ferrite magnetic ferrite materials and leading manufacturers, market share of the first, which the world's first permanent production (in 2008 about 7.4 million tons), Soft production first (in 2008 about 2.6 million tons). 2008's ferrite permanent magnet and soft rice cake products in the country's market share was 16% and 10%. For the shopkeeper main magnetic ferrite magnetics products, Everbright Securities (16.27, -0.05, -0.31%), Zhao Lei that, globally, Ferrite Magnets higher degree of homogeneity of products, product prices with demand volatility, so the industry is a high flexibility. For style sound shopkeeper magnetism, the business should be to broaden the board of the chess.
Indeed, as Deputy General Manager WU Xue-ping said shopkeeper magnetism, the solar industry should be optimistic. The Chinese government in the "long-term renewable energy plan" put forward, solar photovoltaic power generation capacity by 2010 will be developed to 450MWp, while the installed capacity of solar power by 2005 only 6.5MWp, which means that the compound growth of China's solar energy capacity rate will be up to 38%, and "low-carbon economy" is that fossil fuels such as coal, oil, etc. to use as much as possible the use of biomass energy, wind energy, solar energy. New solar energy as a renewable energy, is considered to be the 21st century, one of the most important new energy, the development of a larger space.
Solar-oriented
See European "face."
Deputy General Manager WU Xue-ping, admits: "Our risk from those who we are later involved in, and now the scale is 100MW, 300MW to vote in, to 400MW." According to the announcement, 873 million yuan project will be fully operational 300MW per year production of crystalline silicon solar cells film and 50MW of solar modules production capacity, annual sales income of 3.1 billion, total profit 304 million. Shopkeeper magnetism gradually improved solar PV industry chain, related to the solar cells into the upstream and downstream products.
Shopkeeper magnetism related parties: "The company put into production lines in March and April, the third production line is expected to put into the third quarter, a total of five production lines." It is understood that the first solar cell production line started production in March, the current full load condition, the major suppliers of solar energy manufacturers in Zhejiang province, monthly income of 1,000 million, due to the beginning of the cost of inputs and scale advantages, low-margin, mass production after the current industry average net profit margin of about 10%.
Zhou Tao, the Great Wall Securities, said: "The solar industry profits volatile over the past few years, in 2009 also by the financial crisis, a quarter of a collective loss, some loss in Q2 because 96% of exports of solar panels, and mainly in Europe, if analysis of domestic solar energy companies, mainly to see the European market, while the euro exchange rate fluctuations, risks to the export-oriented enterprises. "Jun Ma, chief economist at Deutsche Bank, said central bank Deputy Governor Hu Xiaolian published a report entitled "managed floating exchange rate of three points," the article said the Chinese government to further promote market-oriented exchange rate formation mechanism reform, the determination and confidence. Because of the impact of exchange rate fluctuations, therefore, domestic production of solar panels will increase the company's future performance creates uncertainty. To export enterprises, to increase European demand uncertainty.
Donghai Securities predicted the electronics industry researcher Yuan Cheng, shopkeeper magnetism in 2010, 2011 and 2012 EPS was 0.55 yuan and 0.69 yuan and 0.86 yuan, based on company fundamentals and good future prospects for the development of new energy, to give 30 times 2012 PE, the target price 25.8 yuan.
However, the Great Wall Securities analyst Yuexiong Wei pointed out that "Although the shopkeeper magnetism 873 million yuan investment in the construction of 300MW crystalline silicon solar cells, etc., but with the current companies listed in the U.S., Suntech, LDK, in comparison, there are still a gap. "This is to be the company secretaries to WU Xue-ping said: the company's risk from those who he is later involved.
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