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Dongfang Electric Guotai Junan maintain investment grade collection

    Sina Financial News Dongfang Electric 01072.HK09 in the third quarter net profit rose 17.2%, Guotai Junan to maintain its "collection" investment rating.

    Guotai Junan Securities, said the first three quarters Dongfang Electric Corporation income rose 19.23% to 22.79 billion yuan,booster cables net profit rose 39.32% to 1.058 billion yuan, corresponding to earnings per share of 1.20 yuan, respectively, equivalent to our full-year forecast and the average market 65% and 67%, worse than we expected.battery clip Third quarter consolidated gross profit margin was 15.49% higher than the first half of 2009 rose by only 0.17 percentage points, we believe that the slow recovery in gross margin was worse than we are led to company performance and market the main reason. The third quarter, new orders is only 13.8 billion yuan, worse than our expectations.tow rope So, we were 09-11 down the annual income of -4%, -2%, -2%. Although the company's third quarter gross margin recovery slower than expected, but the fix did not change the trend. We were raised to 15.4% gross profit margin of 09-11 years, 15.9%, 16.0%.

    Guotai Junan means,ratchet tie dowm according to the adjusted revenue and gross profit margin of 09-11 years, 09-11 years, we have reduced the company's earnings forecast: -7%, -4% -1%. In view of the overall recovery in market valuation, we will raise the target price to 43.5 Hong Kong dollars, equivalent to 17 times the 2010 P / E. Maintain the "collection" investment rating.

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