TBEA recently released a three-quarter report showing that operating income in the third quarter was 4.517 billion yuan, an increase of 9.56% and 1.06% year-on-year and a quarter-on-quarter increase respectively, and a net profit attributable to the parent company was 331 million yuan, a year-on-year decrease of 19.4%, but a growth of 6.02 from the previous quarter. %, a single quarter earnings per share of 0.13 yuan.
Coal mining and power generation has made polysilicon cost an advantage and maintained its “overweight†rating. It is expected that the company's earnings per share for the next three years will be 0.56/0.72/0.89 yuan respectively, and the current stock price will correspond to 19 times, 15 times and 12 times for the 2011/13 PE, respectively. Maintain the company's "overweight" rating.
It is understood that in the future, the company's focus will be on the strength of the UHV market, the low cost of photovoltaic products, and the launch of investment projects. In terms of UHV, subject to the slow progress of project approval, there is no obvious support for the performance. However, the construction of UHV projects is deterministic. With the gradual acceleration of the approval process, it will effectively support the growth of the company's performance in the future. For photovoltaics, the development of the photovoltaic business is in line with expectations. Relying on resource advantages, the competitiveness of the company's photovoltaic products in terms of cost is unmatched by other companies. In terms of raising funds, in 2010, the company's incremental investment projects will gradually begin to contribute. Continue to maintain the company's recommended investment rating.
Coal mining and power generation has made polysilicon cost an advantage and maintained its “overweight†rating. It is expected that the company's earnings per share for the next three years will be 0.56/0.72/0.89 yuan respectively, and the current stock price will correspond to 19 times, 15 times and 12 times for the 2011/13 PE, respectively. Maintain the company's "overweight" rating.
It is understood that in the future, the company's focus will be on the strength of the UHV market, the low cost of photovoltaic products, and the launch of investment projects. In terms of UHV, subject to the slow progress of project approval, there is no obvious support for the performance. However, the construction of UHV projects is deterministic. With the gradual acceleration of the approval process, it will effectively support the growth of the company's performance in the future. For photovoltaics, the development of the photovoltaic business is in line with expectations. Relying on resource advantages, the competitiveness of the company's photovoltaic products in terms of cost is unmatched by other companies. In terms of raising funds, in 2010, the company's incremental investment projects will gradually begin to contribute. Continue to maintain the company's recommended investment rating.
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