Ju Sen Lai is currently holding company in the Ni-MH battery capacity 20 million Ah, to produce power tools, lighting, battery-based, small-scale Ni-MH battery (1.2V 6Ah) annual sales income of 10 million yuan or so, the small nickel-metal hydride batteries are secondary Battery low-end products, market competition and adequate, the current gross margin is only 20% of the company’s battery business long-term Gateway Solo 600YG2 battery losses. Corporate planning in 2010 Ni-MH battery production capacity to 100 million Ah, 2010 years later, the national policy-oriented will gradually increase production capacity and eventually to reach an annual output of 363 million Ah Ni-MH battery production capacity.
December 10, the State Council executive meeting pointed out that in the five cities on the private purchase of energy-saving and new energy vehicles auto pilot subsidies, we forecast that in 2010 the first batch of pilot scale 50000 about subsidies for new energy vehicles in 2011 is expected to 15-20 cities to start production of new energy vehicles will reach 200,000 or more, we have to determine nickel-hydrogen cell MSI Wind U100 battery vehicles will account for more than 80% market share, in the torch high-tech nickel-metal hydride batteries as the leading enterprises in 2010-2011 is expected to nickel-metal hydride battery shipments will reach 8500 and 40000 units.
We forecast 2010-2011 net profit of nickel hydride battery business of 029 million and 1.48 billion yuan, equivalent to EPS0.03, 0.14 Yuan.
Company controlled by the confluence of record is a leading developer of light Zhongshan Station business district, the company has a land area of 1374 mu, the ground can be developed an area of nearly 200 million square meters, planned to use 11 years to develop in groups, has developed an area of 15-20 million square meters, we expect settlement of 2010-2011 will be 80000 and 20 million square meters Sony VGP-BPL2C battery, at present the average residential lot has reached 4,000 yuan / square meters, in 2010 the average profit of 800 yuan / square meter.
We expect 2010 to-2011 net profit of 0.64 years of corporate real estate business and 1.76 billion yuan, equivalent to EPS0.07 yuan and 0.19 yuan.
Main high-end subsidiary of Guangdong delicious fresh soy sauce, seasoning, laptop battery etc., on behalf of the brand, “chef states” are currently being marketed region to Guangdong, Zhejiang, Hainan, Fujian-based, soy sauce, 2-3% market share, the annual growth rate of around 20% , next year’s new expansion of soy sauce production capacity will reach production, total output of 32 million tons. In 2008 by the soybean price increases of raw materials, condiments business gross margin decline in 2009 combined with soy sauce, soybean prices fell to enhance battery production, gross margin is expected to rise to 25% or so.
We forecast 2009-2011 net profit of the company condiment business 0.60,0.68,0.85 billion, equivalent to EPS0.08, 0.09 and 0.12.
We forecast that the company 2009-2012, EPS, respectively 0.11,0.24 and 0.46 yuan, giving the company “overweight” investment rating.