法拉电子：新厂新气象新开始.docVIP

报告作者：王海军撰写日期：2009-08-18 搬进新的厂房也预示着新的开始，母目前电容器产能为30亿只，新的厂房将为未来产能的扩展打下坚实的基础，解决了原来厦门岛内旧厂房对生产设备扩张的长期瓶颈。 半年报显示毛利率同比不降反升，其中母电容器毛利率同比提升5.11个百分点。毛利率提升的主要原因：1)原材料没有发生大的变化，主要原材料金属化膜、金属锡的采购成本同比没有大的变化；2)产品结构调整逐渐发挥效果，高价值产品所占的比重同比提升，使得平均有所提升。 投资评价与建议：维持推荐的投资评级。中性预测09-11年EPS为0.46、0.57、0.69元，考虑目前的估值水平，给予2010年20-25倍的P/E水平，对应相对估值为11.40-14.25元的区间。目前股价为11.05元，维持推荐的评级。  2fg0f2c7a 打鸟 / including incentives) to ensure the achievement of the quality objectives. According to the companys quality system documents, combined with the specific circumstances of the project, preparation of project quality manual, procedures and work related to the project implementation rules to improve the quality management system of the project. A management review meeting held each year, on the implementation of the quality policy, objectives and review of the problems and propose corrective measures. Efforts and resources necessary for optimal allocation of project construction management (personnel, finance, facilities, information, etc). 3.2 with customer focus project staff establish a customer-focused thinking, fully aware that meet their customers needs and expectations is the fundamental pursuit of production and services projects. Projects in production and service processes, to: 3.2.1 identify and determine the needs and expectations of the project legal person, interests as the interests of the customer, with customer satisfaction as satisfied, good faith and cooperation, win-win and development; 3.2.2 needs and expectations of the project legal person into production and service management or technical requirements, and allocation of appropriate resources; 3.2.3 meet legal requirements and strive to exceed their expectations. 3.2.4 customers on the quality of projects put into operation for standards, in accordance with the national standard of quality works. 3.2.5 regulations and standards requires the State and issued by the Ministry of the project rel