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Yantai Wanhua: comprehensive superiority to uplift the event: Yantai Wanhua Announces 2011 annual report reporting period operating income of 13.662 billion yuan, an increase of 44.9%; operating profit $ 2.731 billion, an increase of 63.2%; achieve the net profit attributable to the shareholders of listed companies of 1.854 billion yuan, an increase of 21.2%. ByTotal equity-total of 2.162 billion, achieving EPS $ 0.86, operating cash flow is $ 0.93 per share. Fourth-quarter revenues 3.153 billion yuan, an increase of 15.8%, 315 million dollars in net profit, down 43.8%, and achieving EPS of $ 0.15. Comment: Yantai Wanhua 2011 year performance in line with our expectations, company growth is mainly derived from MDI pick-up in sales and profitability. Ningbo Wanhua sales increase and MDI price increase drives revenue growth. As the Wanhua District of Ningbo industrial park, a second device through technological innovation, productivity and strengthen our 2011 increase in our volume of production and marketing of products; products price representing aRose over the same period (in price, for example in East China, 2011 pure MDI average prices rose by about 6%, polymeric MDI price per cent flat), rise in price-driven increase in operating income over the same period a year earlier. MDI rebound in profitability overall. As prices rose, at the same time production costs with Ningbo Wanhua supporting devices into operation in aReduced 2011 's overall gross profit margin of MDI products is 32.98%, a year earlier, up to 5.28% profitability of companies throughout the overall recovery. Satisfactory condition of the core business growth. Because of the scale of production, research and development investment and an increase in labour costs, in 2011, the company management costs over the same period increased by $ 316 million; Due to the issue of short-term financing bonds and bank loans increased interest and increased spending related to the borrowing, corporate financial expenses increased by $ 114 million from a year earlier, corresponding management costs and financial costs rates rise in varying degrees. The other hand, non-operating income and expenditure during the reporting period wot power leveling, investment gains, and reduction of nonrecurring items, as well as minority interest income ratioAnd promotion of comprehensive income tax rate (Ningbo Wanhua proportion of sales promotion) a certain restriction of net profit growth for the company. Taking into account this background, in 2011 the company net profit by industry contributions, its main industry is growing conditions permitting. MDI economic short-term rebound at the bottom, good long-term supply and demand patterns. Although the MDI cost and profitability since the last 4 quartersDragged down by external factors have a significant decline since, but after in 2012, MDI more distinct pick-up in price: Yantai Wan Huachun MDI and polymeric MDI (for drums) March listing price 21 world of tanks power leveling,900, Yuan/ton respectively in February, representing a stock price will increase by $ 1200, 1000/ton wot power leveling, listed JanuaryRaised its cumulative price 1700, 1600 Yuan/ton, the market turnover has some better. According to the forecast of China polyurethane industry association, future five-year domestic MDI demand annual growth of about 7% per cent, and modification of 2-3 years in the future in addition to Ningbo Wanhua expansion (600,000 tons, step), no significant new capacity in the world (BASF, andRivals such as Bayer's expansion move certain obstacles still exist), overall supply and demand situation is still relatively good. The other hand, due to the global refining capacity remained stable, proportion of ethylene raw material of light rising global oil raw material source of benzene (naphtha, cracked gasoline) decreasing, supplies will be more nervous and starts domestic coke industry downturn has madeCoking benzene production, there is growth, we expect the domestic price of pure benzene series in the next 1-2 years will remain at high levels, may be appropriate to focus on MDI enterprises transfer capacity of these cost pressures. Comprehensive advantage further enhance, maintain the "recommended" rating. With its rise in the status of the industry, Yantai Wanhua MDI product pricing power in the future will synchronizeEnhancement, modification of Ningbo Wanhua expansion (600,000 tons, step) as a major growth in demand for new capacity will share industry; Wanhua group holdings and streamline business Bossou also laid the Foundation for the future development of the European market; in addition, the company PO/AE industrial park project in Yantai (contains Super absorbent resin, Acrylic paint and other products) and special isocyanate highValue added products is expected to gradually produce benefits, product line will be further enriched. We maintain the company and 2012 EPS forecast of $ 1.15, respectively, and introduced 2014 year EPS forecast of $ 1.73, maintaining the "recommended" investment rating. Risk: risk of sharp jump in oil prices, the lower-demandSeek risk remains in the doldrums. ����(Industrial securities research and Development Center) var selfURL= "http://quotes.cnfol.com/block/7018"; Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. InvestorsFor, at your own risk.