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[Financial News]
1. The price of waste oil will be reduced by 190 yuan per ton starting tomorrow, the seventh adjustment within the year
According to China News Network: The National Development and Reform Commission recently issued a notice and decided to lower the prices of gasoline and diesel by 190 yuan per ton starting from 0:00 on September 30. The wholesale prices of No. 90 gasoline and No. 0 diesel are estimated to be ( National average) increased by approximately 0.14 yuan and 0.16 yuan per liter respectively. This is the seventh adjustment in China’s waste oil prices in recent years.
In early to mid-September, oil prices in the international market continued to fluctuate around US$70 per barrel. Recently, affected by factors such as the uncertain economic recovery prospects and high oil inventories, oil prices in the international market have fallen to a certain extent. The price of WTI crude oil futures fell from around US$72 per barrel in mid-September to US$66.84 per barrel on September 28. Based on the improved waste oil price formation mechanism, analyzing and considering factors such as oil price changes in the international market and the supply and demand situation in the international waste oil market, the state decided to appropriately lower the international waste oil price.
The notification requires China National Petroleum Corporation and Sinopec to work hard to connect the consumption and transportation of waste oil to ensure market supply. Pricing departments at all levels must strengthen price supervision and inspection, severely crack down on various price violations, and effectively protect the stability of the waste oil market. (Cao Zhu)
2. The idea of multiple ministries and commissions to curb overcapacity in some industries was approved by the State Council
According to China News Network: The State Council recently approved the Development Reform Commission and other departments’ “On Suppressing Overcapacity in Certain Industries” Overcapacity and repeated establishment of several opinions to guide the healthy development of industries”, and issued a notice requiring all ministries and central authorities to conscientiously implement them.
The report said that in response to the impact and impact of the international financial crisis, the central government reviewed the situation and promptly formulated and implemented a package plan to expand domestic demand and promote economic growth. In accordance with the overall requirements of “maintaining growth, expanding domestic demand, and adjusting structure”, the restructuring and revitalization plan for ten key industries such as steel has been introduced. In terms of promoting structural adjustment, it has proposed controlling the total, eliminating outdated, absorbing and reorganizing, technological transformation, independent A series of countermeasures such as innovation, and various localities have also successively introduced some policies and measures to help the industry develop. At present, the policy effects have initially appeared, the production and operation difficulties of enterprises have been alleviated, and the overall development of the industry is improving.
However, the report also pointed out that, judging from the current industrial development situation, although structural adjustment has made some progress, the overall progress is uneventful across regions and industries. The problems of overcapacity and repeated construction in many fields are still common, and some are even getting worse. What needs special attention is that not only traditional industries with overcapacity such as steel and cement are still expanding blindly, but emerging industries such as wind power equipment and polysilicon have also shown repeated construction trends. The construction scene has bowed again.
The notice believes that if overcapacity and repeated construction in some industries are not regulated and guided in a timely manner and allowed to develop, vicious competition in the market will be inevitable, economic benefits will be difficult to improve, and it will lead to the bankruptcy or collapse of enterprises. A series of problems such as insufficient completion, laid-off personnel, and a large increase in bank non-performing assets will not only seriously affect the implementation results of the national package plan to expand domestic demand and the hard-won stabilization and improvement situation, but also miss the opportunity to take advantage of the market situation caused by the international financial crisis. A historical opportunity to promote structural adjustment.
Therefore, the notice requires that all regions and departments must effectively integrate their thoughts and actions into the central decision-making and deployment, further strengthen the awareness of the overall situation, responsibility awareness and worry awareness, and pay more attention to promoting organizational adjustments while maintaining growth. , maintain the orientation of industrial policies, strictly implement relevant rules on environmental supervision, land use management, financial policies and project investment management, and resolutely suppress overcapacity and repeated construction in some industries as a key task of structural adjustment. It is necessary to vigorously develop high-tech industries and service industries that meet market demand, grasp the direction, intensity and rhythm of adjustments, effectively change the mode of economic development, improve the quality and efficiency of economic development, and promote comprehensive, coordinated and sustainable economic and social development.
Some opinions on curbing overcapacity in some industries and repeatedly establishing guidance for the healthy development of industries
Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Supervision, Ministry of Finance, Ministry of Land and Resources, Ministry of Environmental Protection, Ministry of Environmental Protection, Public Bank The General Administration of Quality Supervision, Inspection and Quarantine, the China Banking Regulatory Commission and the China Securities Regulatory Commission, in order to effectively implement the package plan of the Party Central Committee and the State Council in response to the international financial crisis, stabilize and develop the current economic stabilization and improvement momentum, accelerate structural adjustments, and resolutely curb overcapacity and duplication in some industries. To establish and guide the orderly development of emerging industries, the following opinions are hereby put forward:
1. The problem of overcapacity and repeated construction in some industries requires great attention.
In order to cope with the impact of the international financial crisis and Affected by the epidemic, the Party Central Committee and the State Council reviewed the situation and promptly formulated and implemented a package plan to expand domestic demand and promote economic growth. In accordance with the overall requirements of “maintaining growth, expanding domestic demand, and adjusting structure”, the restructuring and revitalization plan for ten key industries such as steel was introduced. In terms of promoting structural adjustment, it proposed to control the total, eliminate outdated, absorb and reorganize, technological transformation, independent A series of countermeasures such as innovation, and various localities have also successively introduced some policies and measures to help the industry develop. The current policy effectQian Qian completed the orders on hand on time, while CNR was facing many difficulties. Regarding future EMU orders, we believe that we will enter a state of paying orders based on production capacity, which will undoubtedly be more beneficial to CSR.
We have raised the company’s EPS by 0.01 yuan and 0.03 yuan respectively in 2010 and 2011. After adjustment, the company’s EPS forecast for 2009-2011 is 0.15 yuan, 0.21 yuan and 0.30 yuan. The company’s current stock price is 4.51 yuan, and the PE from 2009 to 2011 is 30.1 times, 21.5 times, and 15 times respectively. The rating of China South Locomotive & Rolling Stock Corporation is raised to “buy”, with a static price-earnings ratio of 28 times in 2010. The target price for the next six months is 5.7-6 yuan.
Shengyi Technology (600183)
Rating: Recommended
Rating agency: Huatai Securities
The company is a large international printed circuit company Manufacturer of copper-clad laminates and adhesive sheets for PCBs, positioning its products in the mid- to high-end range. At present, the company’s production capacity range is 28 million square meters of various types of copper-clad laminates annually, ranking fourth in the country and the world in terms of scale.
The company was affected by the financial crisis in the first half of the year, and product shipments fell by about 15%. At the same time, product prices fell, resulting in a 35% decline in revenue. The production capacity utilization rate in the first half of the year was 60%-70%, entering the third quarter. Then it gradually became prosperous. The company’s production capacity is currently at full capacity. Based on past experience, the company’s products are very likely to drop in price in early October. If the price rises by 5%, the net cost will increase by about 40 million yuan.
We believe that the electronics industry will experience restorative growth in 2010, and the growth forecast for the global semiconductor industry is about 10%. Therefore, the company’s performance in 2010 will continue to rise. We estimate the company’s earnings per share in 2010-2011 to be 0.48 yuan and 0.54 yuan. The company’s stock price is currently clearly undervalued in the component industry. Based on a price-earnings ratio of 30 times in 2009 and a price-earnings ratio of 25 times in 2010, the company’s fair share price is 11.4 yuan to 12.0 yuan. We request a “recommended” investment rating.
Yantai Wanhua (600309)
Rating: Buy-A
Rating agency: Essence Securities
The company’s MDI profits stabilize and rise Compared with previous years: the company’s MDI equipment has been operating at full capacity since June, and profits have increased month-on-month. The current net profit per ton is approximately 3,000 yuan. At the same time, the launch of the building energy-saving market may greatly boost the demand for MDI. According to the 2009 Energy Conservation and Emission Reduction Responsibility Arrangement of the State Council, the proportion of mandatory energy conservation standards during the construction phase will be increased to more than 90% by the end of 2009, and some large rural areas will be mandated to implement 65% energy conservation standards. Taking into account the demand brought about by building energy conservation, in fact, my country’s MDI will still face a net import situation. In addition, the company intends to acquire Hungary’s Bosu Chemical to open the door to the European market.
We assume that the company’s MDI sales volume in 2009, 2010, and 2011 are 400,000 tons, 550,000 tons, and 800,000 tons respectively. It is estimated that the company’s EPS in 2009, 2010, and 2011 are 0.76 yuan, 1.09 yuan, and 1.68 yuan respectively. Yuan. Based on the general trend of low-carbon economy and the company’s domestic strategic layout, we maintain a “buy” rating on Yantai Wanhua and increase the 12-month target price to 25 yuan.
Huaneng International (600011)
Rating: Outperform
Rating agency: Shanghai Securities
We have recently suspended the company’s Research mainly focuses on understanding the company’s power generation situation, contracted coal situation, and whether there is room for an increase in electricity prices in the future. Judging from the understanding, the usage hours of the company’s power generation equipment are better than the national average. We estimate that the company’s annual power generation equipment usage hours can reach 4,900 hours, which is better than the national average (4,550 hours). In 2009, the company increased its efforts to import domestic coal and signed domestic contracts for 10 million tons of coal, accounting for about 1/4 of the coal consumption of power plants in the northwest mainland. The actual usage of imported coal in the first half of the year was 3.815 million tons. We believe that the international thermal coal supply is generally loose and the company still has a large number of domestic coal contracts available. It is expected that the gross profit margin in the second half of the year will be the same as that in the first half.
It is difficult to say that electricity prices will rise in the short term, and the company actively participates in coal mine consolidation. We believe that there is still room for increases in sales electricity prices and on-grid electricity prices, but it is unlikely that they will increase in the short term. Due to imperfect power transmission and distribution price formation mechanisms and other reasons, direct power purchase by large users is difficult to implement nationwide. The company strives to achieve a controllable coal supply capacity of 50 million tons/year in 2010 through its participation in coal mines and other means.
We believe that the company’s P/E ratio is significantly lower than the industry average, and we maintain the company’s “outperform” rating.
Risk factors: The company’s key coal contracts have not yet been signed, and the price of thermal coal is still uncertain.
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