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High-performance NdFeB industry leaders, product advantages more apparent. Our main performance NdFeB permanent magnet materials, high performance NdFeB permanent magnet materials belong to the state industrial policy priorities to encourage the development of new materials. 2009 high performance NdFeB permanent magnet materials in sectors of the market share of 31.67%. In the "anaerobic process is the sea" under the guarantee, the company produces high performance NdFeB permanent magnet
Material with "6A" feature, that is, low weight loss, high uniformity, high operating temperature, excellent coating adhesion, corrosion resistance and excellent high-pro-glue. New energy and energy saving applications market leading supplier of large downstream market space. Our products are mainly used in the field of new energy and energy saving as well as traditional VCM, mobile phones and other consumer electronics and other fields, in 2009 in the field of new energy and energy saving market share of 57.42%, in the field of wind power generation and energy-saving elevator is dominated. With NdFeB patent the basic ingredients in the world's major consumer the United States expires, the international market demand is expected to rapidly rise.
Rapid revenue and profit growth, a high degree of product customization, more stable gross margins. 2008-2010, respectively, the company achieved operating income of 216,342,700 yuan, 390,957,600 yuan and 671.0821 million yuan, revenue compound annual growth rate of 45.84%; net profit of 15,675,800 yuan, 63,636,300 yuan and 105.3453 million yuan, a CAGR of to 88.71%. Companies in the past three years, consolidated gross profit margin was 28.60%, 34.39% and 27.82%. Our products are mostly customized non-standard products, product margins are more stable unit. Product gross margin is the margin of the main factors affecting the company, while the price of rare earth materials have a certain influence on the finished product margins.

Equity investment and project analysis. Companies to raise funds for 2,000 tons / year expansion of high performance NdFeB permanent magnet materials, high performance NdFeB upgrade after processing three projects. Equity investment will help expand the company's project implementation performance NdFeB rough capacity and enhance R & D and post-processing capabilities.

Earnings forecasts and investment recommendations. 2011 - 2013 EPS was 0.92 yuan, 1.27 yuan, 1.59 yuan, the current issue price corresponds to the dynamic PE were the next three years, 23 ??, 17 ?? and 13 ?? or so, the valuation is reasonable, prudent investors to purchase in the future 6-month target price reasonable at 23 yuan.

Risk Warning. Downstream customers a higher concentration risks; raw material prices will erode profit; downstream industries adverse changes in industrial policy-induced risk.

ZheJiang DongYang Strong Electron Co., Ltd