Investment in building an annual output of 363 million Ah nickel-hydrogen battery assembly expansion project: The project is undertaken by a subsidiary of Ju Sen Lai, the company will be the torch Senlai replenishment. Project total investment 1.315 billion yuan, in two phases, the first phase in 2009 to 2010, investment 338 million, adding 8,000 million, an hours (Ah) capacity, with a total production capacity reached 100 million Ah; second period in 2011, investment 617 million yuan, the new 263 million Ah capacity, with a total production capacity reached 363 million Ah.
Ju Sen Lai is the driving force in the battery industry leader: the company’s “hybrid cars use nickel-hydrogen battery research and development” projects as key components of electric vehicles has been included in the national “863″ plan; conducted under the auspices of the National Standard GB / T18332.2 “Power Road Vehicles-metal hydride battery,” the amendment, the standard has been reported in the processed; nickel-hydrogen battery pack through the northern Quality Supervision, Inspection and identification of vehicle tests carried out according to the state compulsory QC/T744-2006 test; has formed an annual output of 20 million Ah nickel-hydrogen battery production capacity to meet about 28000 hybrid electric car market demand.
Frequency of blowing warm air industry promotion policy: in March 2009, China’s government issued the “auto industry adjustment and the revitalization of the planning rules,” and proposed in 2011 before the formation of 500 thousand pure electric, hybrid and plug-in hybrid and other common type Energy Qijuchanneng to form one billion Ah vehicle power battery production capacity of high-performance single. The next three years in the new arrangements for central government 10 billion yuan investment, as advances in technology, special funds for technological transformation, new energy vehicles and spare parts is also a dedicated fund to support the direction of the focus.
A substantial increase in output power battery, is put into production profitability impressive: 363 million Ah nickel-hydrogen battery Ah occupy one billion domestic market, 36.3%, to become a leader in power batteries can be 360 thousand units supporting the needs of hybrid electric cars. Suppose in 2010 the company’s 100 million Ah battery is fully up to production in 2011 reached 363 million Ah battery is fully produced. In accordance with Section power far from the selling price and 17% of the net profit rate, the increase in 2010 earnings per share 0.43 yuan, an increase in 2011 earnings per share 1.53 yuan, showing that the project is put into production on the very considerable contribution to corporate profits.
Maintaining a “buy-A” rating, raising target price to 15 yuan: the company’s motive power battery business will quickly become a major source of profit. We are optimistic about the company’s growth long-term prospects for maintaining a “buy-A” rating. Projected 2009 earnings per share 0.21 yuan, in 2010 EPS to reach 0.75 yuan according to 20 times earnings in 2010, we have raised the target price to 15 yuan.
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