129773188847187500_9Skilled and magical craftsmanship which only 6 cow-share your most promising? (Three-twenty sixths)
Western resources: resource expansion West of comment on the performance of both quantity and quality of resources achieving revenues of $ 312 million for the year 2011, an increase of 47.45%, vested in the shareholders of listed companies achieve net profits of $ 247 million, an increase of 82.85%. Realization of basic earnings $ 0.67 per share diluted, rose 78.05%, in line with ourExpected. Company plans are: not for profit distribution, capital reserve per 10 go to all shareholders increased 8. Operation analysis of dam-Yang copper sales were substantially reduced: in 2011, Yang dam copper copper powder sold for 15,500 tons, to 20,200 tons in the same period last year
swtor credits, up by 23.27%; iron powder sales 12,800 tons, up by 8.6%. At the same time, Yang dam copper concentrate the decline in gross profit margin per cent in 2010 to per cent in 2011. We are displayed according to the report, calculation of costs, in the case of the assumed rate of production and sales of the company 100%, in 2011 the company tons of copper concentrates in a 14.65% per cent rise in the cost of production. But we think Sun dam of falling sales in part isInfluence of weather factors caused due to poor transportation. Nanjing silver Mau performance exceeded: 2011 silver Mau Mining Corporation Nanjing bought new year vest in the owner of the parent company net profit of 232 million dollars, for contributions of $ 39.086 million in net profit for the year, well above the company acquired commitments made by no less than $ 133 million for the year. Largely due to Nanjing silver MauLead and zinc ores rich in gold and silver, silver associated grade reach 77.67 g/t. Silver price $ 7,622/kg for the year 2011, rose 64.69%, company so lucrative. Continue on the improvement of mining rights, external continue to seek expansion: during the reporting period the company submitted two new applications for mining rights, one arm of copper industry in Gansu province is Yang dam Kang XianFurnace iron oil House Groove-Groove copper mining rights, its reserves of about 30,000 metric tons of copper metal second spodumene in guangchang County Pei pit mining rights, nearly 60,000 tons of LiO2 content, and accompanied by a certain amount of niobium and tantalum. Company has been formed "by means of acquisitions, mergers and cooperative development, and constantly improve the quantity and quality of resources, optimize the allocation of resources" development strategy. Adjustment of profits and investment adviceWe expect 2012-2014 net profit forecast to $ 280 million, $ 327 million, $ 368 million, basic maintenance forecast unchanged, to 367.72 million after the issuance of equity calculations, equivalent to EPS0.763 dollars, $ 0.89 and $ 1. 12-13 year PE 25.62 times times, three times. IOf the company's strategic sustainability, in line with China's national conditions, the company continued through the acquisition of profit increase chances, we maintain the company a "buy" rating, price target $ 25 unchanged. Risk management abilities prompted the company's development strategy, professional ability are higher requirements for exploration, metal prices fell sharply. Wangfujing: performance in line with the expected skill improvementRecord high growth performance in line with expectations, 2011 net profit increased 54.94%: 2011 company achieved operating income of 16.761 billion yuan, an increase of 20.18%; vested in the parent company's net income of $ 621 million, an increase of 54.94%. According to the latest equity diluted full year EPS at $ 1.26, before you meet our $ 1.25Forecast. Company a higher net profit growth thanks to: 1) gross margins steady improvement and cost controls; 2) 4Q2011 company acquire Chengdu Wangfujing 13.51% minority interests, and form factor increased net profits by about 11,650,001; 3) property holding company Chengdu Wangfujing shopping center lease compensation of 5,000Million caused net income of a low base last year, after the arrest of non-vested in the parent company's net profit growth for the year is 40.69%. 4Q 13.96% one-quarter revenue growth of the company, growth in net profit amounted to 147.85%, if all of the above factors 2, 3, we estimate 4Q net profit growth of about 31.4%. Steadily increasing interest rates, good cost control: reportDuring the consolidated gross margin rose 0.46% per cent of the company, Department store business gross margin rose 0.35% per cent, mainly due to pay close attention to margin management, through the control of marketing activities, enhanced business process management, enhance brand offers measures such as arrest rate, more than 70% store gross profit compared with a year earlierBoost. At the same time cost effective control during the company, slightly increase 0.03% per cent per cent compared with last year, sales/management/finance charges percentage points respectively compared 0.33/-0.06/-0.24 to 9.01%/3.08%/0.44%. Company sales cost rate increase is mainly newly opened shops and rentalsDue to the rising, and financial expenses decline was attributable to convertible bonds redeemed in advance since October 10 companies, financing costs fell by about $ 20 million during the reporting period. Midwest stores performance of high growth, double-shop reloading debut performance power for 12 years: during the reporting period, high growth company stores in Central and Western performance. Chengdu subsidiary, net profit amounted to 327 million, Rose 62.5%, Changsha and Xining branch net income amounted to $ 67.8 million and $, rose and 47.4%, respectively. At present, Kunming and Tai Hing restaurant has-store quick through the cultivation period, will provide new impetus for the company's future development. Company Shuang due March 10 decoration transformation, affecting the normal operation of the Mall
tera power leveling,Only $ 20.08 million in annual net profit, fell to 73%. The shop has been to reinstall the debut on October 11, 12 profitability increase for the company are expected to have a positive impact. Investment recommendations and rating the company a total of 25 stores, is expected in 2012 will be newly opened stores 3-5 (Fuzhou, Xining 2 shops, 1 branch Zhengzhou, Fushun stores will open now at the planning stage), At the same time the company main store modification of chunxi road store decoration and Xining Wangfujing, pressures on the performance. Chengdu, but bi-reload debut of ' shop and subsidiaries and minority interests table performance in 2012 will be providing some support. We adjusted EPS $ 1.68/2.08/2.56 respectively 2012-2014 years (prior to 1.67/2.$/07), the strategic development of the company's future direction is clear, the national expansion of devoting major efforts to developing shopping center business, we are optimistic about the company Midwest chain layout strategy of maintaining buy ratings, medium-and long-term strategic interest to investors and the allocation of the company. New store training period is too long for risk analysis
diablo 3 gold, talent management risk scale expansion.
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