Days can be dynamic (00819.HK) is the mainland’s largest electric bicycle powered battery suppliers, with 22% domestic market share. At present, the days can be the main profits come from electric bicycle batteries, first half of 2009 compared to 93%. Taking into account the impact of the replacement market, we estimate that the Mainland’s demand for battery-powered electric bicycles will remain at 15% -20% growth rate. Therefore, we believe that the current main business days to at least the next 3-5 years, the company’s development can provide a stable source of income.
Mainland’s large-scale promotion of new energy vehicles, lead-acid batteries in the middle and low-car market has a strong competitive edge. Compared to lithium batteries, lead-acid batteries with a clear cost advantage, the cost is only about 30% of lithium batteries; In addition, the lead-acid batteries are easy to recall and re-use nature. Therefore, the main three kinds of power hp 346970-001 battery,hp 367759-001 battery (lead-acid batteries, lithium batteries and nickel-metal hydride batteries) can share a huge market for new energy vehicles, but does not produce a complete substitutes for one another.
We are bullish days in low-speed electric vehicle motive power battery market competitiveness of days in low-speed electric vehicles, as well as middle and low expansion of new energy vehicle market, will most likely be another day to future performance growth. We expect that by 2010 the proportion of the new revenues will account for 10% of the company’s total revenue of about, and this proportion will continue to rise over the next five years. It is learned that day to have reached an agreement with Chery, Chery become a pure electric vehicle hp f2024a battery,hp f2024b battery (S11 models, with lead-acid battery-powered batteries) strategic cooperation factories. Chery 11-12 this year has reached 1000 monthly production is expected in 2010 that the model output in the 3-50000.
Low-speed electric vehicles generally refers to the speed of about 50 kilometers per hour, driving range of 100 kilometers vehicles. These models at the lower price, generally around 3-40000 yuan. Shandong, Jiangsu and Zhejiang and other places in recent years, some companies are seeking to develop low-speed electric vehicles. According to July 2009 opening of the National Conference of light electric vehicles, the current domestic production capacity reach 30 million units, sales of tens of thousands of vehicles, the market mainly in Shandong province and abroad. “Shandong Province, the revitalization of industrial restructuring bicycle electric car guidance,” points out that by 2011, the province’s electric bicycles, hp f4486b battery,hp f4809a battery,light electric vehicles, mini-electric four-wheel vehicle production reached 3.6 million, respectively, 800,000 and 15 million units. But the low-speed electric cars are also policy risks.
Most of the low-speed electric vehicle production enterprises do not have automobile production qualification, so can not be on the low-speed electric car motor vehicle license. Thus, despite the letter of the Ministry of National Development and Reform Commission and the Public does not expressly prohibit the development of low-speed electric car industry, low-speed electric vehicles are not in the Government’s energy-saving and new hp f4812a battery,hp hstnn-lb31 battery energy vehicles set out the scope of encouragement.
Days in low-speed electric vehicles, as well as medium and low new energy automotive business expansion, the company will bring new growth momentum, based on the most careful consideration, we offer days to 2010 PE of 11 times; based on the forecast earnings per share ,2009-2011 were 0.27 yuan, 0.35 yuan and 0.42 yuan, we have raised the target price to 4.33 Hong Kong dollars, hp pavilion zv6000 battery,hp pb992a battery,raised rating to “overweight.”
