Shuangliang Shares: Closely Linked To Growth And More Energy-saving Environmental Performance -

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HC HVAC & R Network Bromine cooler business: bromine cooler is the company's traditional business customers to industrial users, mainly civilian auxiliary. In 2009 by Financial Crisis, shrink slightly lower customer demand, this part of its business by 22.7% negative growth, but due to the decline in raw material prices, gross margin of 47.5% as high, very strong profitability. In 2009 the company successfully developed a thermoelectric heat applied Heating The world's largest domestic initiative Absorption Heat Pump Unit, product line with the general direction of energy saving, follow-up vast markets. We expect the company to resume operations Bromine Refrigeration steady growth, waste heat utilization of the business will show a higher growth rate.

Cooler business: business development momentum of rapid air cooler, in 2009 operating income of 5.7 billion, up 144%. Products successfully in the field of 60 million KW, breakthroughs, market expansion for the follow-up support provided. Companies cooler business is currently in hand orders for about 9 million, will continue to be the performance of the last 2 years growth. As the business grows, this part of the business of the gross margin will show a steadily situation.

Chemical Business: Company holding 75% of Li Shide Chemical in 2009 net profit of more than 2.3 million contribution to a company's key performance points. From the recent situation, the chemical business gross margin fluctuations, and in 2009 nearly 20% of the 2,3-quarter, while only 8.6% in the fourth quarter, about a quarter of the year 2010 is about as low as 6.9% (see Figure 2) . To this end, we have slightly reduced the fast business profit forecast. Chemical business the company is currently expanding to the downstream, a project 240,000 tons eps is expected to be put into operation in May, choose the second phase project started construction, eps project can extend the industrial chain, thickened margins. In our earnings forecasts has been considered.

Other performance growth: One of the company raise investment projects Desalination Equipment At present the company already has the capacity and intention of orders, the performance starts depends on the implementation of orders. Desalination project is an extension of traditional business company, mainly heat exchange technology, the company has competitive advantage. In addition the company shares of Shenzhen Technology Co., Ltd. Main Sincere do RFID-related equipment, in 2009 net profit of 2.19 million, up a GEM expectations.

Investment advice: the business are closely linked to energy companies Environmental protection , Development prospects to look forward to. Considering the profitability of each section, we forecast a slight reduction in performance of the company, expects 2010,2011 annual operating income of 4.68 billion yuan respectively, and 5.49 billion yuan, respectively, net profit was 480 million yuan and 6.4 billion, earnings per share earnings were 0.6 yuan and 0.79 yuan, respectively, the current price earnings ratio corresponding to 37 times and 28 times less attractive valuation in the current property market regulation Environment Next, consider the follow-up of capital market liquidity, we lowered investment rating to "recommended."

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