Incident description We recently investigated Pioneer New Materials. The main content and our main views are as follows: The company's growth in 2011 was mainly due to the release of production capacity in fund-raising projects, while the growth in 2012 and 2013 came from new products such as film materials. We expect that in 2011-2013, the company's earnings per share were 0.71, 1.23, and 1.88 yuan, respectively. The company's current stock price is 25.19 yuan, and the corresponding price-earnings ratio is 35.64, 20.52, and 13.43 times, respectively. No investment ratings will be given to the company yet.
【长江证券】先锋新材:短期看产能扩张,长期看新产品投放
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