The company reported turnover of Rmb6.378bn (+66.80% yoy), total profit of Rmb10.3mn (-96.76% yoy), net profit attributable to parent of Rmb12.12mn (-94.67% yoy), and diluted EPS of Rmb0.014. Besides, the company planned to distribute dividend cash of Rmb0.50 for every ten shares.
We forecast that the company’s EPS in 2009-2010E to be Rmb0.02 and Rmb0.08; based on closing price of Rmb4.96 on March 9, 2009, P/E ratio is at 248x and 62x, and “Neutral” rating remains intact.