According to its 2008 annual report, the company realized business turnover of Rmb45313mn (+28.77% yoy), operating profit of Rmb1727mn (-5.58% yoy), net profit attributable to parent of Rmb1033mn (14.78% yoy), and EPS of Rmb0.55.
We predict the company’s EPS in 2009-2010E to be Rmb0.64 and Rmb0.82, representing P/E ratio of 16x and 13x, and “Overweight” rating is hereby given.