TongLing XinTai Electric Apparatus and Capacitor CO.,Ltd

Tong Fu Microelectronics: capacity to promote the transfer of substantial growth in performance

Industry is cyclical upward, operating income increased significantly. The first quarter of 2010, the company achieved operating income of 388 million yuan, up 100.12 percent surge; 30.1 million yuan net profit attributable to parent company, up nearly threefold. The earnings per share 0.09 yuan, up 2800 percent over the same period. A sharp increase year on year performance is mainly the first quarter of 2009, by the financial crisis, business and performance low, and the first quarter of 2010, the IC industry boom of improved significantly over the same period, the company orders full packaging and testing operations , capacity utilization is high, be consolidated gross margin. From the chain data, the performance of the company's business is not short off-season, in the first quarter revenues and net profits in the chain in the last quarter also increased by 2.0% and 9.1%, with peak season coming, the company expects full year sales income will occur over 40% growth.

R & D growing, high-end products continue to heavy volume. During the reporting period, the company greatly increased 62.96% year on year administrative costs, mainly the company increased R & D efforts, increase in R & D expenses. R & D costs increased, making the company the new product development have achieved remarkable results. The company has achieved BGA production, can be used for communications, consumer electronics and automotive electronics, in addition the company has also developed WLP (Wafer Level Packaging) technology, this technology is an international advanced packaging technology, its follow-up to realize the industrialization of grade of products to enhance the company has a positive role in promoting.

Productivity growth performance of the company transferred into another driving force. International IDM manufacturers are cost considerations, are part of the package and split-off or transferred to a Chinese manufacturing company in 2009 with the international semiconductor giant Toshiba on a strategic cooperation agreement, set up through Chicago semiconductor company, this will be the company received a follow-up More Japanese firms as well as other international IDM and Fabless lay the foundation for high-end product orders, when the company's products both in quality and quantity will get promoted.

Profit forecast: high capacity transfer and trade will become in 2010 the economy growth of twin-engine performance. 10,11,12 expects annual revenue will reach 1.76 billion yuan, 21.6 billion yuan and 2.48 billion yuan, the net profit of 1.38,1.80 and 2.06 billion, corresponding to EPS were 0.40,0.52 and 0.59 yuan, PE were 38.2,29.4 and 25.6 times, giving the company "overweight" rating. (China Securities Network)

Shenzhen Hui Cheng: Repeated strong support of multiple concepts can be of

2010, the company announced private placement, mainly for construction projects of polyimide fibers and products, the initial estimated amount of investment 300 million yuan. Polyimide fibers are high-performance fibers, widely used in aerospace, nuclear power stations, fuel gas filters.

Cheng Hui holding company principally engaged in the new super-capacitor energy R & D, production and sales. Super capacitors charge and discharge faster, environmental pollution, the advantages of long cycle life, can meet the market for high-frequency, high intensity, high cycle times, comply with environmental policy, the demand for power supply, mechanical, electronics, automotive, solar energy and other fields has excellent prospects for development.

Secondary market, the stock diluted active in, with new materials, environmental protection, military, and other multi-concept, bottom "Red three soldiers" on K line indicates that the market outlook is still up space, suggest that investors take an active interest. (Shen Gang Huarong securities)