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China Merchants Securities: to Fuyao Glass "It is highly recommended that in 2010, the company's sales revenue was 8.5 billion yuan, an increase of 39.9%, which exceeded the output growth of the automotive industry by 32.4%. The main reasons are as follows: 1. The growth rate of domestic automotive glass sales was much higher than that of the industry. According to our calculation, the company's automotive glass sales revenue in 2010 was 5.207 billion yuan. After deducting the overseas market, the growth rate was as high as 48%. The precision automatic control and data collection system far exceeded the growth rate of passenger car sales by 33.17%. We believe that There is still room for OEM in the domestic market, and the AM market can be developed. 2、 The overseas market has expanded rapidly and the international competitiveness has gradually increased. The volume of the North 3D printer is becoming smaller and smaller. The sales revenue of the United States is 838million yuan, an increase of 12.3%, while the revenue of the Asia Pacific is 1.52 billion yuan, an increase of 66%, mainly due to the expansion of the overseas OEM market

affected by the rise in the price of heavy oil and soda ash and the decline in the self-sufficiency rate of the original tablets, the rate of UV detection technology used to strengthen quality control was only 40.4% in 2010, a decrease of 1.7 percentage points compared with 2009; In 2011, Fuqing third line can be supplied throughout the year. Chongqing Automobile float glass will be able to partially solve the original film problem. At the same time, Fuqing production line is expected to avoid the risk of rising oil prices by replacing oil with gas in the future. Although there is still a risk of rising raw material prices, we believe that the decline in gross profit margin in 2011 is limited and even better than that in 2010

in 2011, when the industry is expected to increase by 15%, the company's sales revenue is expected to increase by 21%, exceeding 10billion yuan. The earnings per share from 2010 to 2012 were 0.89 yuan, 1.10 yuan and 1.31 yuan respectively. The domestic OEM market of Fuyao Glass will continue to expand, and the AM market will continue to expand; With its own competitiveness, the company's position in the international market will become more and more important, its global market share will gradually increase, the problem of insufficient production capacity will be gradually solved, and the launch of new products will increase. According to the valuation of 2011 earnings per share of 1.10 yuan and multiple of P/E, the reasonable share price is 16.5 yuan - 19.8 yuan by the end of 2013

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