tera gold of 100% equity. Xin activated carbon limited - ARJ

Yuan Li shares: acquisition of Xin-activated carbon-rich low-cost rapid expansion Main points on March 13, 2012 Zhejiang Hangzhou xinfu pharmaceutical company and investment company limited (hereinafter referred to as "xinfu pharmaceutical industry") signed the Zhejiang Hangzhou xinfu pharmaceutical company limited and Fujian Yuan activated carbon company limited on the transfer of activated carbon from Manchuria xinfu Ltd 100% shares of equity transfer agreement, the company intends to 29.5 million RMBXinfu pharmaceutical holdings of manzhouli xinfu activated carbon company limited (hereinafter referred to as "target company") of 100% equity. Xin activated carbon limited, there are converter six sets of activated carbon, with an annual output of 8,000 tons of wooden activated carbon production. Investment: company productivity layout more rational northeast of manzhouli in Inner Mongolia autonomous region, is the country's largestLand boundary city, after completion of the acquisition of the company will have production bases in Fujian, Jiangxi province and Inner Mongolia, layout more rational production capacity. Xin Fu now activated carbon with an annual output of 8,000 tons of wooden activated carbon production capacity is expected in April on the production line of the company to be transformed, while significantly expanding capacity, relies on cheap resources to expand rapidly. Manzhouli municipal forest "of the three remaining" andCoal-rich, low price tera gold, expect tons of activated carbon cost is relatively low in Fujian 800-1000 Yuan/ton. Manzhouli municipal "Eleven-Five" end of year imported wood floor process 3.5 million cubic metres, is the largest wood-processing base, produces large amounts of wood-processing residues, wood prices in the region are only about 50 Yuan/square, just in Fujian provinceHalf, while coal price 200 Yuan/ton, the activated carbon per ton fuel and power cost savings of about $ 200. Now $ 8,100/t sale price calculation of activated carbon, 800 Yuan/ton cost savings can increase the gross margin of nearly 10%. Buy a solid company's industry leading status in technology and cost leader in wooden activated carbonOther competitors, 11 acquired main rival of Jiangxi Yushan activated carbon tera gold, the acquisition of Xin Fu and plans to significantly expand capacity tera power leveling, is expected to total production capacity could reach around 75,000 tonnes in the future (other manufacturers capacity not exceeding 10,000 tons), scale far exceeded other competitors will further change the market pattern of wooden activated carbon industry, improve market share, on a reinforced companyBargaining power in the lower reaches. Investment advice and ratings company after acquiring xinfu activated carbon, with cheap local resources for rapid expansion, we increase the EPS for company 12-14 1, and 1.43 respectively, currently shares corresponds to 12-14 of years of PE twenty five-seventeenths/three times, respectively, giving the "highly recommended" rating. RiskPrompted to raise investment and project progress than expected, rising raw material prices. Others:

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