As shown in 2008 annual report, the company gained operating revenue of Rmb1.792bn (-8.20% yoy), operating profit of Rmb62.34mn (-72.98% yoy), net profit attributable to parent of Rmb136mn (-32.74% yoy) and basic EPS of Rmb0.36. According to profit distribution plan of 2008, Rmb1.50 dividend was proposed for every 10 shares.
We predict 2009-2011E EPS at Rmb0.41, Rmb0.58 and Rmb0.81. Based on closing price of Rmb8.58 on March 4, corresponding P/E ratio are at 21x, 15x and 11x. Thus, we maintain “Neutral” rating for the counter.