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Event: December 8-10, invited German-American Chemical Management Guoxin Securities participated in the investment strategy in 2009 will, with institutional investors to do the exchange.
Comments: 1, the downstream industry differentiation and the formation of consumer upgrades good for the industry leader. August 2008 became a turning point in China's textile and apparel industry: 1-8 May 2008,[link widoczny dla zalogowanych], textile and garment export tax rebate rate from 15% all the way down, to reach 13%, 11% final adjustment. State hopes to cut export tax rebate rate to promote industrial upgrading, but the reality is that the export tax rebate rate of decline,[link widoczny dla zalogowanych], increased environmental investment, bank lending freeze, rising labor costs and other factors that together form 80% of the industry enterprises of losses; in August after With the increase of foreign sub-prime crisis, highlights the textile and apparel industry employment (1,[link widoczny dla zalogowanych],000 textile and apparel industry can be solved million jobs, the whole industrial chain could affect about 5,000 people actually employed),[link widoczny dla zalogowanych], the state began to adjust export tax rebate rate along the way, from the 11% to 13% to 15%, up to the present 17%. The future of China textile and apparel industry in the global supply chain is expected to consolidate the position.
continuation of our consistent view, step by step as the representative of the regional retailer, with obvious long-term investment value, the company expects earnings per share for 2008-2010 was 1.3 yuan,[link widoczny dla zalogowanych], 1.7 yuan, 2.2 yuan , in accordance with the 2009 30 times PE,[link widoczny dla zalogowanych], the company value 51 yuan / share, to maintain the \
2, differentiation of textile and apparel industry good for the formation of industry leading textile auxiliaries: the current sound development of textile and apparel industry has been the opportunity to standardize operations to further expand the leading edge. Downstream to the company's largest customer, Fujian Warburg, for example, the January 2009 order sufficient, and the overall growth rate of textile and garment industry decline contrast.
3,[link widoczny dla zalogowanych], consumer upgrades to bring opportunities to the development of the industry auxiliaries: auxiliaries of the industry chain mainly pre-treatment - dye - post-processing, which focuses on German-American Chemical relatively high technology content post-processing auxiliary products, such as permanent press agents, softening agents and other functional finishing agent. Short term, the global economic recession due to the decline in overall consumption levels in the low-end market for Chinese textile and apparel industry has little effect. The long term,[link widoczny dla zalogowanych], to bring the living standards of consumption upgrade, the amount of textile and clothing will be more and more additives.
German-American Chemical (002054): differentiation of the downstream industry is facing a double opportunity to upgrade and consumption [Guoxin Securities] [recommend]
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