(1) Policy level: The local government provides greater tax incentives for the non-recurring gains and losses arising from the appreciation of Auman's medium-to-heavy-duty truck business assets. The 2008 annual performance is more than expected; the development of new energy vehicles in the mid-to-long term has increased and the scope of subsidies has increased. From pilot cities to first-tier and second-tier cities, and even nationwide; the probability of subsidy policies for cars to the countryside continues to increase in 2010; (2) Integration expectation: The company, as a leading enterprise in commercial vehicles, will use state policies to support implementation during industry adjustment. There is a high probability of external M&A expansion; the overall listing platform of BAIC Group is expected;
Earnings Forecast and Investment Proposal: It is expected that the 09-10 EPS of the company will be 0.67 yuan and 1.07 yuan respectively; the dynamic PE corresponding to the current stock price will be 26.6 times and 17.9 times respectively, and the valuation level is slightly higher than the average level of the entire vehicle industry. Excluding the non-recurring new gains and losses of Auman’s asset appraisal value, it was 0.25 yuan and 0.36 yuan, corresponding PE was 39.1 times and 27.1 times, and the valuation level was higher than the industry average. However, considering the multiple stock price catalysts in the medium and long term, and optimistic about the company's strategic transformation, we give the company an "overweight" investment rating with a target price of 11 yuan for 6 months.
Iron Oxide Orange
Iron Oxide orange is a mixture of Iron Oxide Red and Iron Oxide Yellow. It has all kinds of colors from light orange powder to dark orange powder. At present, most of the preparation methods of iron oxide orange are mechanically mixed with iron oxide yellow and iron oxide red. This kind of iron orange mechanically mixed has a high oil absorption of about 35g / 100g and a specific gravity of about 0.45g/ml. Iron oxide orange has the characteristics of bright color, high coloring power, dispersibility, light resistance, weather resistance, acid resistance, alkali resistance and excellent performance. It is heat-resistant to 150 ℃. Insoluble in water, alcohol and acid. It has good pigment characteristics, fine powder, good coloring power, covering power, light resistance, alkali resistance and heat resistance, bright color and so on.
Application: it is widely used for coloring all kinds of building floors (marble floor, terrazzo floor). It has a good improvement effect on cement buildings and exterior wall coatings. It is also widely used in cement bricks, coatings, paints, building materials, rubber, plastics, papermaking and other fields.
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Henan Chuange Industry CO.,LTD , https://www.cgpvcresin.com