Xinyi Automotive Glass needs to upgrade
Xinyi Automotive Glass needs to upgrade
zhangtianyu
We will recommend a list of faith into the glass, the company is the largest exporter of automotive glass. The global demand for glass products and prices dragged down, Lutheran in 2009 in the first half year net profit decreased 44% to 225 million. 09 years in the first half, Lutheran’s float glass business and production Chaobai Guang Fu glass, while the business turnover in the first half of 2009 fell 89% year on year, but the two vehicles and architectural glass products business turnover were only moderate year decreased by 12% and 17%. Valuation, according to Lutheran 13 times 2010 estimated price-earnings ratio calculation, since the average price-earnings ratio since listing, our stock price target to 6.80 yuan.        Lutheran automotive original equipment manufacturers of glass, automotive glass replacement market is also a producer. The company uses the glass for the replacement market in 2009 in the first half of their total business turnover of more than 50%, relative to the business needs of original equipment manufacturer market cycle of rise and fall less there, and has been the company’s core revenue growth driver, accounting for the global More than 15% market share. As customers increasingly want to pay a huge amount for the purchase of new vehicles, especially the U.S. client, so the market for replacement glass business with the company should be able to bring stable income.        The Central Government cash rebates and tax concessions, the Chinese auto sales this year are encouraging, it should be sustainable in the mainland market for the replacement market Lutheran glass and original equipment manufacturing automotive glass needs. In 2009 the first 9 months China’s car sales increased 34 percent year on year to 9.6 million. Lutheran accelerate the advancement of its national market penetration of the original equipment manufacturers and the government continued industry support measures, the company remains automotive glass business in 2010, the two most important positive factor.        Lutheran architectural glass business in the first half chunk of the company in 2009 16% of total turnover, due to increased demand for downstream properties, it is expected that the company’s architectural glass business in 2009 will contribute to the second half of the segment increased.        Benefit from solar plan Float Glass        Lutheran’s float glass manufacturing business also Chaobai Guang Fu glass, the business was hit by the first half of 2009, but data show that multiple regions of the float glass price is picking up, so the business should be able to recover some of the second half of 2009 lost. Although the Lutheran float glass medium to long term business should benefit from the Mainland and the U.S. government announced early this year respectively, the solar subsidy program, but European and U.S. importers to add the short term the slow pace of inventory, it is expected that Chao Baiguang V glass downstream demand remained soft for some time will be.        On the other hand, faith in the new production plant in Wuhu in 2009 in the second half was put into operation, the plant will be natural gas replacement of heavy oil as fuel float glass production. Lower cost of natural gas and supply stability, such as the company’s other production plants also use the high performance fuel, should be able to increase its float glass business, gross margin, gross margin and the operating current of only 11%.
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