The overall performance was basically in line with expectations. In 2009, the main business improved significantly: the company achieved operating income of 1.707 billion yuan in 2009, which was basically the same as the same period of last year. The net profit was 212 million yuan, equivalent to 0.22 yuan for EPS, which was basically the same as the same period of last year. Since the company had an investment income of 165 million yuan in 2008, and only 3 million investment income in 2009, if the non-recurring gains and losses were deducted, the net profit in 2009 increased by 66% compared with 2008. In fact, the company's comprehensive gross profit margin in 2009 was In 2008, 20.1% rose to 26.7%, and the main business improvement was more obvious. In the first quarter of 2010, the company realized operating income of 374 million yuan, which was basically the same as the same period of last year. The net profit was 27.66 million yuan, equivalent to EPS of 0.03 yuan, down about 30% year-on-year. The main reason for the decline in the first quarter of 2010 was the rise in raw material costs. There is a certain time lag in the cost transfer of the company's products. In fact, the company's products have already been priced at the beginning of April. We judge that the company's profitability will return to normal in the second quarter. In addition, the company's board of directors decided to continue the high dividend policy, and plans to send a cash dividend of 2.2 yuan for every 10 shares.
The energy-saving and new energy strategy will bring huge growth potential to the company's future: the company's traditional electric light source business will maintain a relatively stable growth in the future. The long-term growth potential of its performance lies in the new energy vehicle battery integration industry chain and LED energy-saving lamp business. New energy vehicles entered the government work report for the first time this year. The development of new energy vehicles has risen to the national strategic level. It is expected that the relevant state departments will release subsidies, standards, charging station infrastructure construction, other incentives, etc. related to new energy vehicles in July this year. Policy and strong support from national policies will accelerate the pace of commercialization of new energy vehicles. The lithium battery industry chain will usher in an unprecedented feast. We judge that with the advancement of commercialization of new energy vehicles, companies with lithium resources and lithium battery powertrain technology Will occupy the commanding heights of the new energy automobile industry chain. On March 19, 2010, the Guangdong Provincial Government issued the “Guangdong Province Electric Vehicle Development Action Planâ€, proposing to form a comprehensive production capacity of more than 200,000 electric vehicles by 2015. The company will be the key support enterprise of the Guangdong Provincial Government to enter the field of new energy vehicles. . The company enters the upstream resources of lithium batteries and the downstream battery field through share participation. In the future, it will realize the complete industrial chain of resources (lithium carbonate)-iron-lithium materials-power battery packs, and has obvious advantages in the field of power batteries. In addition, the company is planning to take advantage of the brand image and channel advantages accumulated over the years to actively enter the LED field.
Long-term optimistic about the company's development prospects, maintain Buy-A investment rating: We maintain our previous earnings forecasts, 2010, 2011, 2012 EPS were 0.29 yuan, 0.43 yuan, 0.75 yuan. In view of the company's future strategic layout in line with the national industrial structure adjustment orientation, it will fully benefit from the explosive growth of new energy vehicles and LED industry. We will maintain the buy-A according to the 50-fold PE valuation in 2011 and the 12-month target price of 21.5 yuan. The investment rating remains unchanged.
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