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"This research report rating of the company introduced" ruijie star network: next generation networks and significant beneficiaries of the cloud computing event 2011 ? Star Network annual report, annual revenues 2.644 billion yuan, an increase of 32.4%, operating profit of 216 million Yuan, an increase of 53.79%, achieving a net profit of 179 million dollars of shareholders of listed companies of belonging, up28.91%, realization of diluted EPS0.51. Review results in line with expectations the company achieve diluted $ EPS0.51 for the year, in line with our expectations. 2011 corporate enterprise network devices
tera gold, thin clients, and EPOS terminal for fast growth in overall sales volume growth of incomes, operating profit growth is higher than operating incomeCaused by fall in rate of growth largely due to expenses for the period 0.95%, is expected as the next adjustment of the company's business structure, fee rate will be further reduced during the period. Raised its consolidated gross profit margin slightly's overall gross profit margin of 41.25% 2011, representing a rising trend of 2010, the main reason is that: 1) relies on differences of position
tera power leveling, in the face of Huawei's strong involvement, Enterprise-class network equipment company's gross margin remained high 57%; 2) with the gradual promotion of cloud computing architecture and in-depth, company's thin-client terminals Qi Sheng scenario occurs, after the introduction of ARM architecture, cost savings, significantly, boosted by 2010 in gross margin is expected to still have some upside in the future. Company is building next generation networkSignificant beneficiaries of the architecture and cloud computing 1) size of the next-generation network based on IP data communication over existing telecommunications network will be significantly upgraded, broadband network and intelligent network equipment providers put forward higher requirements, but also bring more opportunities; 2) schema means that localized deployment of cloud computing devices to the data center for centralized device interconnection betweenLevel increase geometrically, bring a network device needs expansion; 3) cloud computing also means "thin terminals" coming of age; 4) market share in the education network 30% network device, thin-client market share of more than 30%, mainly because of differences in network devices on the market road, as well as in the field of thin-client technology and service advantagesAnd with the advent of next generation networks and cloud computing, the company's rapid growth is worth looking forward to. Profit forecasts and investment advice companies are expected EPS in 2012-2014, $ 0.87 and $ 1.09
tera power leveling, taking into account the high prosperity of the field of next-generation networks and cloud computing, giving companies 2012 PE, half-year target price18.43 Yuan, giving the "overweight" rating. Risk enterprise-class networking equipment market intensified competition. Zhongke sanhuan: scale of sintered ND-Fe-b capacity of leading world's third scale leading investment logic of sintered ND-Fe-b capacity: 2003-2009, China neodymium-Iron-Boron yield increase from 15,000 tons to 62,000 tons of compound rate 30%, high global shareUp to 78%. In 2010, the global sintered ND-Fe-b output 96200 tons, of which more than more than 100 Chinese enterprises, production accounted for 85% of the world. Sintered ND-Fe-b industries production capacity in recent years entered the stage of rapid expansion, particularly low capacity increasingly fierce industry competition, our judgment is the industry into the washing phase, industry leading companies for survival in rare earth pricesBoom will usher in a significant consolidation opportunities after the collapse, the company is the world's second-largest, the first large producer of sintered ND-Fe-b, now has 12,000 tons/year of sintered ND-Fe-b stock capacity. Companies will benefit significantly from the high end of sintered ND-Fe-b fast growth in demand: in the fiercely competitive world of industry beyond the scale advantages of product quality advantages; for high-end products with high-tech wallBase supply shortage, the company's products include N35-N52 multiple grades, from low end to high end full coverage and dominated by high-end sintered ND-Fe-b. High quality sintered ND-Fe-b together about 11,000 tons of production capacity, 2011 global high yield is expected only about 30,000 tons of neodymium-iron-boron, the company dominant position significantly. Bonded ND-Fe-b top three: bonded ND-FeCompared to sintered boron industries, have a higher degree of scale and barriers to technology, the company is the world's first manufacturer of bonded neodymium-Iron-Boron magnets, Epson has its Shanghai bonded ND-Fe-b of 1500 tons/year capacity, between global production capacity is expected to be 6000-8000 tons, bonded ND-Fe-b materials in the future as the 2014 MQ power all the patents expired, bonded ND-Fe-bCosts and prices will fall sharply, bonded ND-Fe-b of the application will also be expanding rapidly. The company will fully benefit from. Investment recommendations and ratings we believe will significantly benefit from its scale and technical advantages, in this round of ND-Fe-b expansion of industry in the ascendancy. Based on the above assumptions, we expected the main income of 2011-2013-54.58Billion, $ 6.286 billion, 7.654 billion yuan, vested in the parent company's net income of $ 716 million, $ 851 million, $ 1.064 billion, EPS of $ 1.41 and $ 1.676, and $. We maintain the company's "buy" rating the company's future 6-12 months $ target price, equivalent to 19.69x12PE and 15.74x13PE. Risk loss brought large amounts of stock prices fell sharply, and overcapacity affecting the company starts falling sharply.
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