Ii Diablo 3 CD-KEY Ii - BQZB

Machinery industry: peak coal chemical equipment orders will be kicked 1. Shenhua tender notice of bid network show, $ 55 billion total investment of 4 million tons/year of God huaning coal indirect liquefaction of coal project recently started bidding, has 3 recently overrun devices in single tender. 2. Analysis and judgment of our (a) God huaning coal blew "Twelve-Five" God huaning coal coal chemical industry start Horn is "Twelve-Five" during the first startup of new coalChemical demonstration project, has a symbolic significance. The total project investment of $ 55 billion, construction scale for 4.04 million tons of oil products. Total coal chemical industry equipment investments usually becomes prohibitive, we expect that the device needs at around 30 billion dollars. After the tender: (1) God huaning coal will continue to tender, large orders are expected to be there, (2) other large-scale coal chemical engineering project(Such as in Thailand, China and Iran vote, coal, etc) is expected to be up and tender. (Ii) 3 large oversize equipment orders, is expected to amount to about $ 2 billion of God huaning coal fire excess equipment in the near future all 3 packages a, b, c of the tender notice (see Appendix 1). According to the number of unrestricted devices (total 157) and price (estimated average 100.015 billion yuan per unit) Judgment, we believe that the total amount of the tender may reach about $ 2 billion. Domestic pressure vessel of major enterprises, land and sea, Dalian heavy industries, a heavy, double gold, ls heat enterprises. We think in view of land and sea of heavy industry in Datang Doran God huaning coal, coal chemical industry experience in the project, the more likely of the two companies recently won the bid. (Three) Bullish on coal chemical equipment industry opportunities, the most bullish on taking into account of coal chemical equipment orders were up to, that no company can package all orders, we think that major companies are likely to get a large amount of orders, the key is to see which enterprise capacity most adequate preparation, which is expected to grow the best companies maximum flexibility, performance. (1): noIt could spread very large: old base of 30,000 tons ($ 1 billion), raising investment projects of 60 Diablo 3 CD-KEY,000 tons (2 billion dollars), the two bases in Xinjiang 60,000 tons (2 billion dollars), the company limited capacity could reach more than $ 5 billion in the coming years. (2): elastic the most coal chemical equipment company. 2008 coal chemical equipment revenues accounted for more than 53%,2011 30% (2011, out of lack of land and sea 15% Diablo 3 Gold, hangyang 10%, Shaanxi drum less than 5%). Coal chemical industry, petrochemical pressure vessel capacity can also be converted to each other. (3): performance turning-point has been determined, the "recommended" rating. We estimate the company 2012-2014 EPS:0.62, $ 0.85,; pE 21, respectively, 15 times. Earnings growth in the first quarter 5.68%, pre-percent increase in the first half, 30% about compound growth rates are expected in the next 3 years. 3. Investment advice we are bullish on coal chemical equipment industry opportunities wow power leveling, maintain industry "recommended" rating. We look after, hangyang shares, land and sea of heavy industry development prospects, Burger machine. Others:

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