Gem Poineering: Jinsheng Stock &Nbsp; Target Price Adjusted To 43 Yuan.

This week Gem Continue to wander at the bottom, technology index Repair, the index fell slightly, fell slightly more than the number of households, the growth enterprise market as a whole is still weak. However, the author believes that the phenomenon of bleeding in small and medium sized boards and gem is temporarily suspended. Last week, the stock market rose and small stocks fell. Valuation The difference is further narrowed. However, from the perspective of capital distribution, the proportion of small and medium-sized board spanactions began to pick up slightly, and the phenomenon of investors getting bigger and smaller, and getting low and avoiding high has not worsened. According to the law of quantity first, this may indicate that investors' withdrawal from small and medium sized boards and gem and spanferring to large market capitalization stocks will come to an end.

Dry photoelectricity

Total capital stock: 118 million shares

Circulating capital stock: 29 million 500 thousand shares

Quarterly earnings per share in 2011: 0.29 yuan

Restricted stock issue (August 12, 2011): 31 million 548 thousand and 400 shares

The company is mainly engaged in R & D, production and sales of semiconductor optoelectronic products. The company is the leading enterprise of high brightness four yuan red and yellow light emitting diode (LED) chips in China. In 2010, the company's high brightness four yuan red and yellow LED chips sold 22 billion 630 million pieces, only to meet the downstream core customers 50% demand.

GaAs solar cell business will develop rapidly, GaAs solar cell is the future development direction of solar cells. At present, domestic supply is far from meeting the needs, and will certainly achieve rapid growth in the future. The company's ground concentrating three junction GaAs solar cell chip has achieved the photoelectric conversion efficiency of 35% to 39% under the condition of 500 to 1000 times concentrated light. The technology has reached the international advanced level, and has established the cooperation intention with many manufacturers at home and abroad, giving the "recommended" rating.

Han de information

Total capital stock: 162 million shares

Circulating capital stock: 33 million 810 thousand shares

Quarterly earnings per share in 2011: 0.14 yuan

Restricted stock issue (May 1, 2011): 8 million 190 thousand shares

The company is committed to providing high-end enterprise resource planning (ERP) implementation services for enterprises. Initial public offering (IPO) accelerates company development, and new 18 has a greater impact on company performance. As a leader in domestic ERP implementation with 15 years of industry experience, IPO helps the company speed up its development and pull the gap between competitors. The company's implementation of ERP business benefits from the impact of the "new 18" business tax reduction policy. According to our estimation, the company's ERP revenue can reach about 300 million yuan in 2011. According to the 5% business tax rate, the performance will increase by about 15 million, accounting for about 20% of the 2010 income.

The company's first quarter revenue usually accounts for a relatively low proportion of annual revenue. Without considering business tax relief, the company's forecast for the company's performance from 2011 to 2012 is 0.75 yuan and 1.04 yuan. In view of the increase in business tax concessions, a certain P / E premium can be granted. We believe that the 2011 earnings corresponding to the reasonable price earnings ratio should be 40 to 45 times, corresponding to the price of 30 to 34 yuan, to maintain the "recommended" rating.

weel

Total capital stock: 53 million shares

Circulating capital stock: 10 million 700 thousand shares

Quarterly earnings per share in 2011: 0.24 yuan

Restricted stock issue (June 16, 2011): 2 million 600 thousand shares

The company is mainly engaged in the development, production and sales of environmental protection equipment. A large part of the leachate treatment equipment provided by the company is imported from abroad. As a light asset company, production equipment is not the purpose of the company's growth and development. The company provides a complete set of landfill leachate solutions to downstream customers.

According to the opinions of the Ministry of environmental protection and the Ministry of housing and the Ministry of housing on strengthening the treatment of municipal solid waste and comprehensive pollution control, by the end of 2015, the rate of harmless disposal of municipal solid waste has reached 80%. Among them, 36 big cities have reached 95%, and all the counties and cities in China have built more than 1 sanitary waste disposal facilities. In the past 5 years, the garbage disposal market will show explosive growth. We expect that the overall growth rate of the solid waste treatment companies will be higher than that of the market for the 20% to 30% growth rate of the environmental protection industry.

We expect the company's diluted earnings per share (EPS) from 2011 to 2013 to be 1.56, 2.25 and 3.04 yuan. Considering that the company is currently a leading enterprise of landfill leachate, it occupies more than 50% of the market share in large projects. We give the company "recommended" rating.

Jinsheng stock

Total capital stock: 100 million shares

Circulating capital stock: 25 million shares

Quarterly earnings per share in 2011: 0.11 yuan

Restricted stock issue (May 20, 2011): 13 million 500 thousand shares

The company is mainly engaged in R & D, design, production and sales of precision molds and precision structural parts in the field of consumer electronics. The growth of company revenue is mainly due to the increase of orders from old customers such as Samsung, HUAWEI and ZTE, and the successful development of new customers such as KYOCERA.

This year, the company will adjust its product structure and spanform from low end to high-end mobile phone zero component. It has become a high-end supplier of HUAWEI and ZTE. The company will actively develop new customers and optimize the structure of customer sales. At the same time, it will expand products such as tablet computers, medical electronics and other fields. In mid 2010, the company had an annual capacity of 55 million units. Since the fourth quarter of last year, the 36 million set of annual production capacity of Changsha Bo Ye factory has been released. The capital raising project of the upper Jiao and Chang Shi is expected to reach production this year, and 55 million new production capacity will be added. Among them, there are 40 million sets of mobile phones and other products, 10 million sets of Internet cards and 5 million sets of tablet computers.

In addition, the company will invest 50 million yuan to build capacitive touch screen optical glass project. Since the first quarter of 2012, the annual production capacity will reach 10 million pieces, and it will be expected to contribute 270 million yuan in annual sales and net profit of 39 million yuan. Optimistic about the long-term performance of the company, it is estimated that the annual growth of operating income and net profit of the company from 2011 to 2013 will be 43% and 45% respectively, and the target price will be adjusted to 43 yuan.