The hottest Jinjing technology solidifies the pres

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Jinjing Technology: consolidate the current and future awesome

the overall operating ecological environment of the glass industry may be quietly changing: Although the overall implementation of capacity control and elimination of backward capacity in the glass industry in the past was not as good as that of the cement industry, looking forward to the future, especially during the 12th Five Year Plan period, the elimination rate of backward capacity is expected to accelerate (we predict that the industry will eliminate most of the backward capacity in the glass industry in the next three years), The speed of industry integration is expected to exceed market expectations, and the concentration is expected to be rapidly improved. We have reason to expect that the overall ecological environment of the glass industry during the whole 12th Five Year Plan period is expected to be qualitatively changed compared with that during the 11th Five Year Plan period. Compared with the cement industry, the investment logic of the glass industry pays more attention to differentiation, which seems to open up another new pattern and high-end development of China's new energy vehicles (the field of high-end glass continues to expand due to its good performance and visual effects). Companies represented by Jinjing technology and CSG adhere to high-end statistics and differentiation strategies, and face great development opportunities during the 12th Five Year Plan period

as far as Jinjing technology itself is concerned, it was previously recognized and deeply explored by the market because of ultra white glass. Although the company's ultra white sales in the solar field were not large in 2010 due to the lagging development of the thin-film solar cell industry, it is expected to become one of the three downstream fields of ultra white glass in the future, along with the solar field, due to its rapid development in the field of high-end buildings (high-rise building construction, etc.) and industrial products, Make the company give full play to its advantages in the field of ultra white glass

another highlight is that after the cold repair and technical transformation of the ordinary glass production line in the past 1-2 years, the positioning of the production line is more high-end, which is a change from the production and operation level of the company - the direct effect is that the profitability of the company's products is more stable and the profitability is improved

profit forecast and investment suggestions

our profit forecast for the company is as follows: from 2010 to 2012, the operating revenue was 3226, 3830 and 4515 million yuan respectively, with a year-on-year increase of 39.4%, 18.7% and 17.9%, and the net profit attributable to the parent company was 377, 571 and 727 million yuan respectively, with a year-on-year increase of 221.56%. The servo valve principle of 5 microcomputer screen hydraulic universal experimental machine: 1.43% and 27.26%, EPS before dilution is 639 yuan, 968 yuan and 232 yuan respectively (assuming the final issuance of 120 million shares, the EPS after dilution from 2011 to 2012 is 80 yuan and 1.02 yuan respectively)

referring to the business characteristics of the company and the valuation level of the same industry, we give the company a target price of 20 yuan in the actual production in the next 12 months, give a buy in investment rating, and suggest investors to participate in this additional issuance of the company


the risk is that the growth rate of commercial housing investment fell faster than expected, affecting the overall demand of the glass industry

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