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Jinjing Technology: the performance of ultra white glass has greatly increased

the performance has greatly increased compared with the market expectation, which is consistent with our previous expectation

on January 5, 2011, Jinjing Technology issued a performance pre increase announcement, which is expected to increase the net profit in 2010 by more than 200% year-on-year, which is consistent with our previous expectation. In the report "soda ash brings more than expected, optimistic about the prospects of raised investment projects" issued on november2,2010, we carefully analyzed all parts of the company's business, and gave a more optimistic forecast higher than the market expectation. Now we maintain the original judgment. It is estimated that the company's undiluted EPS in 2010, 2011 and 2012 will be 0.65, 0.83 and 1.03 yuan respectively. Considering its new energy concept, leading position and the high growth of the raised investment project after it is put into operation, the target price is given as 20.75 yuan, corresponding to 25 times the P/E ratio in 2011, maintaining the "buy" rating

with the combination of soda ash and ultra white glass, the company's performance increased significantly

the company's performance increased significantly mainly due to two reasons: first, the price of main products, especially soda ash products, increased year-on-year. Since the fourth quarter, the price of soda ash has continued to rise, with an increase of 1000 yuan/ton. This alone will increase the EPS of the company by 0.27 yuan in 2010. Second, the production and sales of ultra white glass products increased significantly year-on-year. The operating income of this part of business in 2009 was 279million yuan, accounting for 12.07% of the total operating income, and the gross profit margin was 39.52%. Due to the increase in sales of this part of products in 2010, it is expected that this part of revenue will directly contribute nearly 400million yuan. Meanwhile, the gross profit margin will remain high, which will significantly improve the company's performance

risk tips:

1, ultra white glass for thin film batteries is highly dependent on technology and has certain risks

2, after the Low-E glass project invested by the company was put into production, the competition became more intense. The main sensing and detection targets include drive system, bearing and rotation system, temperature monitoring and control, safety, etc. as new entrants, the market expansion situation deserves close attention

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