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【华龙证券】三毛派神:专一于主营业务做精做强毛纺主业

華龍證券 ·  Jun 7, 2010 00:00  · Researches

The company is the only listed company in the wool spinning industry in northwest China. 1/3 of its products are exported abroad, and the products have characteristics such as good quality, high technical content, and a large variety of colors. It has successively won titles such as “Domestic Boutique”, “Famous Chinese Products”, “Popular Chinese Fabrics”, “First Prize for New Products by Weierjia”, and “100 Famous Chinese Brands Going Global”. The company will continue to focus on wool textiles in the future, and there are no plans to restructure in the short term. In the future, the company will adjust the product structure, develop marketable products, continue to explore new sales markets, and steadily improve the added value of products and the profitability of the main business by concentrating on refining and strengthening the main wool spinning business, and steadily improving the added value of products and the profitability of the main business. The business goal for 2010 is to produce 5 million meters; achieve operating income of 260 million yuan. Performance forecast and investment rating: The company's EPS for 2010, 2011, and 2012 is estimated to be 0.05 yuan, 0.09 yuan, and 0.14 yuan, respectively. The corresponding PE is 76 times, 45 times, and 28 times, respectively, giving the company a “neutral” rating. Risk warning: Risk of rising raw material prices and financial risk. The company still faced execution of two lawsuits in 2010. The total principal liability was 57.52 million yuan, and the financial risk still exists.

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