tera power leveling contract coal price slightly up. In March of this year - PAY

SINA Tip: belongs to the research reports section of this article, only those for the analysis of personal views and opinions on a stock, news reports and informal, SINA does not guarantee the truthfulness and objectivity, all valid information about the unit, is subject to the notice on the Shanghai and Shenzhen stock exchanges, please investors pay attention to risk. 2011 haitong securities company revenues$ 48.8 billion, an increase of 39.96%, attributable to the shareholders of the parent company's net profit of 8.623 billion yuan, up by 4.28%, basic earnings per share of $ 1.75. Raw coal production company completed 55.68 million tons, an increase of 12.7%; coal sales 64.25 million tons, an increase of 29.45%; in coal chemical business is growing fast, methanol productionRose 44.96%; railway cargo transport business volume per cent reduction 8.35%; output of electricity, heat and flat compared to last year.　　Company plans distribute cash dividends to its shareholders total of 2.8035 billion yuan (including tax), or RMB 0.57 per share to $ (including tax). Coal production increased steadily, increments for years to come mainly fromAnd Inner Mongolia coal mining projects in Australia. Company output of raw coal 55.68 million tons, an increase of 12.7%; production of commercial coal 50.91 million tons, an increase of 11.81%. Coal production remained stable in this part; heze Zhao of coal mine production, Yanzhou coal of Australia, Ordos can yield steady rise. Yanzhou coal of Australia-Australian star, Ai Shidun, Mo Laben and the new sunny gKanbeitangsi mine, and Ordos zhuanlongwan under construction tera gold, operation of Daqing, xintai gram kanbeitangsi of main coal mine is the company's future coal production upgrade, after 2014 years coal production capacity will be brought into full play. Coal plans significant sales growth. Coal sales income of 45.469 billion yuan, an increase of 38.1%; sales of coal 64.25 millionTons, an increase of 29.5%. Major increments to 4.38 million tonnes of coal sales in Ordos, Yanzhou coal sales increase by 2.04 million tons of coal in Australia and outsourcing sales rose 7.93 million tons of coal. Company sales plan 75.9 million tons of coal this year, including 33 million tons of this part, Shanxi to 1.15 million tons of heze to 2.4 million tons, Ordos7 million tons, yanmei Australia 12.35 million tons, and trade of 20 million tons of coal. Vulnerable stability coal market price, contract coal price slightly up. In March of this year, Shandong Yanzhou coal car plates up to 900 Yuan/ton, down 8.16%; Australia coal spot prices BJ 106 $/ton, down 17.19% tera gold, coal pricesVulnerable stability. Domestic coal sales company has signed the contract and intention of 33 million tons, of which: had signed a contract of 7.72 million tons, up by 14.2%, including tax reference price rose an average $ 3.1% to $/ton; signed sales interest: 25.28 million tons of coal, sale prices as the market changes and adjustments. Yanmei Australia has signed a 1 coal salesContract 3.01 million tons, the average contract price 133.71 USD/ton. Gross margin remained stable at high levels above 40%. Company sales gross profit 40.6%, down 5.14%, and in recent years has held steady at about 40% more than hengbi other coal mine listed company, gross profit margin still have an advantage. Coal sales cost $ 9.66 billion, up10.1%; tons coal cost of sales of $ 290.31, an increase of 11.4%, mainly due to higher raw material prices and an increase in wages. Coal sale fee $ 2.438 billion, an increase of 37.44%, from Yanzhou coal Australia and Ordos coal sales; financial cost $ 257 million from negative to positive because of Yanzhou coal in AustraliaExchange gain per cent reduction of $ 2.185 billion and interest expense increased $.　　Cost rate during 13.99% and rose 4.36%. Resources integration to accelerate overseas expansion speed. Group has developed the "Twelve-Five" double growth planning, efforts will be made to achieve twice to 150 million tons of coal output growth, sales rose twice timesBillions of dollars. Company increased capital intensity of mineral resources and acquisition integration, speeding Inner Mongolia Erdos zhuanlongwan coal field, started construction in Daqing in shilawusu coalfield and Ying Pun coalfield. Yanmei Australia back-door listing goes overseas, and Gloucester coal company mergers have been Australia's approval. Merged company after acquisition, production will substantially increase, optimistic about the Australian expansionZhang's advantage. Profit forecasts and investment ratings. Coal production will achieve stable growth this year, is expected to exceed 60 million tons. Incremental coal for years to come mainly from Australia and Inner Mongolia coal mine project in 2014, will be the turning point of the jump in performance. Continued growth in capacity of Yanzhou coal profitability remained stable, compared with the similar listed coal company, company salesGross profit margin higher operation and of good quality.　　Expects EPS in 2012-2014, 2.03 and $ 2.25, maintaining a "buy" rating on investment, PE corresponds to 2012 times over the next 6-month target price $ 30.08. Risk factors. 1) decline in Australian dollar exchange rates affect exchange rate gains; 2) o carbon emission taxes, the tax levyCollection standards. Others:

• tera power leveling 000 - SEC
• tera power leveling Jinghua times - ZBQ
• tera gold smiling friendly appearance - XXC
• tera power leveling propelled by good price report ECB Makuch pessimistic - HDY
• tera power leveling Gong a breath had collapsed in the car - CTZ